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REGISTERED NUMBER: 08446930 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

ETEC HOMES (UK) LIMITED

ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ETEC HOMES (UK) LIMITED

Company Information
for the year ended 31 May 2024







Director: M D Smith





Secretary: M D Smith





Registered office: New Derwent House
69-73 Theobald's Road
London
WC1X 8TA





Registered number: 08446930 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Investment property 4 250,000 250,000

Current assets
Stocks - 1,155,095
Debtors 5 26,870 541,991
Cash at bank 63,715 22,414
90,585 1,719,500
Creditors
Amounts falling due within one year 6 1,011,469 2,374,119
Net current liabilities (920,884 ) (654,619 )
Total assets less current liabilities (670,884 ) (404,619 )

Creditors
Amounts falling due after more than one
year

7

10,833

20,834
Net liabilities (681,717 ) (425,453 )

Capital and reserves
Called up share capital 10 30 30
Retained earnings (681,747 ) (425,483 )
Shareholders' funds (681,717 ) (425,453 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





M D Smith - Director


ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

ETEC Homes (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Interest income
Interest income is recognised in profit and loss using the effective interest method.

Going concern
The financial statements have been prepared on the going concern basis. The director has reviewed the company's cashflows over the next twelve months from the date of signing the financial statements and considers that, based on the support that is likely to be available, the company will be able to meet its debts as and when they fall due.

Finance costs
Finance costs are charged to the profit or loss over the term of the debt using effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. Investment property
Total
£   
Fair value
At 1 June 2023
and 31 May 2024 250,000
Net book value
At 31 May 2024 250,000
At 31 May 2023 250,000

The above represents trade investment in Etec Contract Services Limited in the form of preference shares.

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors - 11,731
Amounts owed by associates 9,773 316,036
Other debtors 17,097 214,224
26,870 541,991

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 10,000 10,000
Trade creditors - 10,491
Amounts owed to associates 993,673 2,346,068
Other creditors 7,796 7,560
1,011,469 2,374,119

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 8) 10,833 20,834

8. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,833 20,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 834

ETEC HOMES (UK) LIMITED (REGISTERED NUMBER: 08446930)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


8. Loans - continued

The Bank loan is guaranteed by the UK Government as part of the Bounce Back Loan Scheme (BBLS). Under the terms of the scheme the UK Government will cover any interest charges due on the loan for the first 12 months. This bank loan was received on 5 June 2020.

9. Secured debts

Under other creditors is a secured mortgage loan over the property known as 83 Churchfields, South Woodford, London, E18 2RB and a debenture containing first ranking fixed and floating charges over all the current and future assets of the company.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30 Ordinary 1 30 30

11. Related party disclosures

As at the year end, amounts owed by associated undertakings is £9,773 (2023: £316,036) due from companies related by virtue of common ownership.

As at the year end, amounts due to companies related by virtue of common ownership is £993,673 (2023: £2,346,068). All the companies are connected by virtue of having M Smith as a common director.

12. Ultimate controlling party

The company is under the control of Whitesquare Investments Ltd by virtue of its 100% shareholding.