REGISTERED NUMBER: |
Financial Statements for the Year Ended 30th June 2024 |
for |
ERACO Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30th June 2024 |
for |
ERACO Ltd |
ERACO Ltd (Registered number: 12229044) |
Contents of the Financial Statements |
for the Year Ended 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ERACO Ltd |
Company Information |
for the Year Ended 30th June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
29a Crown Street |
Brentwood |
Essex |
CM14 4BA |
ERACO Ltd (Registered number: 12229044) |
Balance Sheet |
30th June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ERACO Ltd (Registered number: 12229044) |
Notes to the Financial Statements |
for the Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
ERACO Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
This assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. |
Notwithstanding net current liabilities of £703,829 as at 30 June 2024 the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. |
Through its funding from other companies within the Woods Bagot group, the company would continue to meet its liabilities as they fall due. |
The other companies within the Woods Bagot group not seeking repayment of the amounts currently due to them, which at 30 June 2024 amounted to £2,090,547, and providing additional financial support during that period if required. |
Woods Bagot Holdings Pty Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date within the short-term. |
ERACO Ltd (Registered number: 12229044) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured based on the consideration specified in a contract with a customer. The Company recognises revenue when it transfers control over a good or service to a customer. |
The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue recognition policies. |
Professional services revenue |
The Company performs consultancy services. These activities tend to be highly integrated and accordingly where appropriate will be accounted for as a single performance obligation. Performance obligations are fulfilled over time as the services are delivered, as the Company has a right of payment for services delivered to date together with the highly customised nature of the services provided. Consequently, the Company recognises revenue for these service contracts over time rather than at a point in time. |
Variable Consideration |
Where consideration in respect of a contract is variable, the expected value of revenue is only recognised when the uncertainty associated with the variable consideration is subsequently resolved, known as "constraint" requirements. The Company assesses the constraint requirements on a periodic basis when estimating variable consideration to be included in the transaction price. The estimate is based on all available information including historic performance. Where modification in design or contract requirements are entered into, the transaction price is updated to reflect these. Where the price of modification has not been confirmed, an estimate is made of the amount of revenue to recognise whilst also considering the constraint requirement. |
Variable consideration such as incentives, as well as accounting for claims and variation as contract modifications which all impart a higher threshold of probability for recognition, is only recognised as revenue when it is highly probable that a significant reversal of revenue will not occur. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
Related entities |
VAT |
ERACO Ltd (Registered number: 12229044) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
VAT |
Accruals and deferred income |
Related entities |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ERACO Ltd (Registered number: 12229044) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
8. | RELATED PARTY DISCLOSURES |
Woods Bagot Europe Ltd |
During the year, Woods Bagot Europe Ltd charged project fees and costs to the company amounting to £1,149,469 (2023: £661,270). Also during the year, the company charged project fees and costs to Woods Bagot Europe Ltd amounting to £160,214 (2023: £79,869). The amount due by the company to Woods Bagot Europe Ltd at 30th June 2024 amounted to £1,521,883 (2023: £1,237,208). |
Woods Bagot Architectural Design Consultants (Beijing) Co Ltd |
During the year, Woods Bagot Architectural Design Consultants (Beijing) Co Ltd recharged project fees and costs to the company amounting to £Nil (2023: £6,250). The amount due by the company to Woods Bagot Architectural Design Consultants (Beijing) Co Ltd at 30th June 2024 amounted to £635 (2023: £652). |
ERA-CO Holdings Pty Ltd |
The amount due to the company from ERA-CO Holdings Pty Ltd at 30th June 2024 amounted to £100 (2023: £100). |
Woods Bagot Pty Ltd (Dubai Branch) |
During the year, Woods Bagot Pty Ltd (Dubai Branch) charged project fees and costs to the company amounting to £7,976 (2023: £Nil). Also during the year, the company recharged project fees and costs to Woods Bagot Pty Ltd (Dubai Branch) amounting to £1,706,138 (2023: £Nil). The amount due to the company from Woods Bagot Pty Ltd (Dubai Branch) at 30th June 2024 amounted to £370,310 (2023: £235). |
Woods Bagot New Zealand Pty Ltd |
The amount due to the company from Woods Bagot New Zealand Pty Ltd at 30th June 2024 amounted to £8,422 (2023: £8,442). |
Woods Bagot Asia Ltd |
The amount due to the company from Woods Bagot Asia Ltd at 30th June 2024 amounted to £9,418 (2023: £9,338). |
Woods Bagot North America Inc |
During the year, Wood Bagot North America Inc charged project fees and costs to the company amounting to £73,231 (2023: £Nil). The amount due by the company to Woods Bagot North America at 30th June 2024 amounted to £63,729 (2023: Due to the company £8,934). |
ERA CO Pty Ltd |
During the year, ERA CO Pty Ltd charged project fees and costs to the company amounting to £1,983 (2023: £Nil). Also during the year, the company charged project fees and costs to ERA CO Pty Ltd amounting to £10,348 (2023: £Nil). The amount due to the company from ERA CO Pty Ltd at 30th June 2024 amounted to £147,003 (2023: £133,654). |
ERACO Inc |
During the year, the company charged project fees to ERACO Inc amounting to £34,754 (2023: £181,118). Also during the year, ERACO Inc recharged costs to the company amounting to £50,978 (2023: £40,121). The amount due to the company from ERACO Inc at 30th June 2024 amounted to £301,821 (2023: £243,996). |
Woods Bagot Pty Ltd |
During the year, Woods Bagot Pty Ltd charged project fees and costs to the company amounting to £237,190 (2023: £189,777). Also during the year, the company charged project fees and costs to Woods Bagot Pty Ltd amounting to £10,500 (2023: £3,107). The amount due by the company to Woods Bagot Pty Ltd at 30th June 2024 amounted to £485,608 (2023: £258,700). |
Woods Bagot Architects PC |
During the year, Woods Bagot Architects PC recharged project fees and costs to the company amounting to £4,404 (2023: £14,910). The amount due by the company to Woods Bagot Architects PC at 30th June 2024 amounted to £18,692 (2023: £14,271). |
All charges between related entities have been transacted on an arm's length basis. |
ERACO Ltd (Registered number: 12229044) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
9. | POST BALANCE SHEET EVENTS |
There are no adjusting events identified after the reporting date. |
10. | ULTIMATE CONTROLLING PARTY |
The directors confirm that the company's ultimate parent company is Woods Bagot Holdings Proprietary Limited a company incorporated in Australia. There is no single individual having an overall controlling interest in Woods Bagot Holdings Proprietary Limited. |
The largest and smallest group in which the results of the Company are consolidated is that headed by Woods Bagot Holdings Proprietary Limited. The registered office address of the ultimate parent is Mezzanine, 498 Little Collins Street, Melbourne 3000, Victoria Australia. |