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Registration number: NI679014

ERAH Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

ERAH Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

ERAH Limited

Company Information

Director

Mrs A E A Gardiner

Registered office

2 Ashleigh Park
Ballymena
Antrim
BT42 1DR

Accountants

DT Carson & Co.
51 - 53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

 

ERAH Limited

(Registration number: NI679014)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

474,290

474,290

Current assets

 

Debtors

5

1,338

322

Cash at bank and in hand

 

26,316

16,363

 

27,654

16,685

Creditors: Amounts falling due within one year

6

(469,864)

(473,276)

Net current liabilities

 

(442,210)

(456,591)

Net assets

 

32,080

17,699

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

31,980

17,599

Shareholders' funds

 

32,080

17,699

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mrs A E A Gardiner
Director

 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
2 Ashleigh Park
Ballymena
Antrim
BT42 1DR
Northern Ireland

These financial statements were authorised for issue by the director on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared on a going concern basis.

The presentational currency of these financial statements is sterling and all amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Investment properties are valued based on recent market sales of similar properties. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. . The carrying amount is £474,290 (2023 -£474,290).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation, or for both. Investment properties are initially recognised at cost.

Subsequent to initial recognition, investment properties whose fair value can be reliably measured are held at fair value, derived from the current market prices for comparable real estate and are determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss in the period that they arise. No depreciation is provided.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity istruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value throigh profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled; the company transfers to another party substantially all the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards or ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Investment properties

2024
£

At 1 June

474,290

At 31 May

474,290

For the purposes of the financial statements, investment properties have been valued by the Director. The director is of the opinion that the above valuations reflect the open market value of the investment properties at 31 May 2024.


There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,338

322

 

1,338

322

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

8

463,685

466,478

Other payables

 

3,373

3,398

Accruals

 

2,806

3,400

 

469,864

473,276

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

ERAH Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors who received no remuneration from the company in either the current or prior years.

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

313,684

2023

Key management
£

Amounts payable to related party

316,476

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

150,000

150,000

At end of period

150,000

150,000

2023

Entities with joint control or significant influence
£

Total
£

At start of period

150,000

150,000

At end of period

150,000

150,000

Terms of loans from related parties

Loans owed are denominated in sterling, interest free and repayable on demand.
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Anita Gardiner.