Eraglow Building Limited |
Registered number: |
01326147 |
Balance Sheet |
as at 30 September 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investment properties |
3 |
|
|
11,579,075 |
|
|
12,729,075 |
Tangible assets |
4 |
|
|
4,281 |
|
|
4,326 |
|
|
|
|
11,583,356 |
|
|
12,733,401 |
|
Current assets |
Debtors |
5 |
|
282,771 |
|
|
288,781 |
Cash at bank and in hand |
|
|
1,113,488 |
|
|
150,464 |
|
|
|
1,396,259 |
|
|
439,245 |
|
Creditors: amounts falling due within one year |
6 |
|
(291,197) |
|
|
(216,604) |
|
Net current assets |
|
|
|
1,105,062 |
|
|
222,641 |
|
Total assets less current liabilities |
|
|
|
12,688,418 |
|
|
12,956,042 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,359,150) |
|
|
(1,784,808) |
|
Provisions for liabilities |
|
|
|
(1,616,075) |
|
|
(1,684,122) |
|
|
Net assets |
|
|
|
9,713,193 |
|
|
9,487,112 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Non distributable reserves |
8 |
|
|
7,128,874 |
|
|
7,060,827 |
Profit and loss account |
|
|
|
2,584,219 |
|
|
2,426,185 |
|
Shareholders' funds |
|
|
|
9,713,193 |
|
|
9,487,112 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Rachael Millar |
Director |
Approved by the board on 21 March 2025 |
|
Eraglow Building Limited |
Notes to the Accounts |
for the year ended 30 September 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
15% Reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
£ |
|
Investment properties |
|
|
Cost |
|
At 1 October 2023 |
12,729,075 |
|
Disposals |
(1,150,000) |
|
Revaluation |
- |
|
At 30 September 2024 |
11,579,075 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2024 |
11,579,075 |
|
At 30 September 2023 |
12,729,075 |
|
|
|
|
|
|
|
|
|
|
The fair value of the investment properties have been determined by the directors based on their knowledge of the market and recent comparable transactions. The directos believe that the carrying amount of the investment properties continue to reflect the fair value at the balance sheet date. The directors have elected not to undertake a formal revaluation during the current financial year. In accordance with the company's accounting policy, investment properties are stated at fair value which is typically determined based on the market conditions and professional valuations. The last formal valuation was carried out last year and no material change in values have been identified during the current year that would necessitate a reassessment. The directors will continue to monitor the market condidtions and review the need for a revaluation in future reporting periods. |
|
|
4 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Office equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 October 2023 |
8,051 |
|
- |
|
8,051 |
|
Additions |
- |
|
806 |
|
806 |
|
At 30 September 2024 |
8,051 |
|
806 |
|
8,857 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2023 |
3,725 |
|
- |
|
3,725 |
|
Charge for the year |
649 |
|
202 |
|
851 |
|
At 30 September 2024 |
4,374 |
|
202 |
|
4,576 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2024 |
3,677 |
|
604 |
|
4,281 |
|
At 30 September 2023 |
4,326 |
|
- |
|
4,326 |
|
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
50,104 |
|
55,396 |
|
Bad debt provision |
|
(44,192) |
|
(41,567) |
|
Corporation tax repayable |
|
|
|
|
57,549 |
|
57,549 |
|
Prepayments |
|
|
|
|
16,192 |
|
10,819 |
|
Other debtors |
203,118 |
|
206,584 |
|
|
|
|
|
|
282,771 |
|
288,781 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
83,900 |
|
83,900 |
|
Trade creditors |
10,741 |
|
6,971 |
|
Taxation and social security costs |
136,496 |
|
48,364 |
|
Other creditors |
60,060 |
|
77,369 |
|
|
|
|
|
|
291,197 |
|
216,604 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
1,359,150 |
|
1,784,808 |
|
|
|
|
|
|
|
|
|
|
The long-term bank loans are secured by fixed charges over the freehold investment properties. The bank loans are repayable by quarterly instalments, with the balancing payment being due at the end of the loan terms. |
|
8 |
Non distributable profits |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 October 2023 |
7,060,827 |
|
7,293,685 |
|
Non distributable profits in the year |
68,047 |
|
(232,858) |
|
|
At 30 September 2024 |
7,128,874 |
|
7,060,827 |
|
|
|
|
|
|
|
|
|
9 |
Related Party |
|
|
During the year ended, the company entered into transactions with its directors, primarily in the form of loans and advances. The balances outstanding with the directors at the end of the year were as follows: Rachael Millar 2024: £150,626 2023: £145,626 Tracey Millar 2024: £33,408 2023: £33,408 The above balances represent the amounts owed to the company in respect of the loans made to or from the diretors during the year. These loans were either new advances made by the company to the directors, repayments by the directors against existing balances, or funds introduced by the directors into the company. The loans are repayable on demand or subject to informal agreements between the company and the respective directors. |
|
|
|
10 |
Other information |
|
|
Eraglow Building Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
4-5 Russell Court |
|
Palace Street |
|
Plymouth |
|
PL1 2AS |