Registered number
01326147
Eraglow Building Limited
Filleted Accounts
30 September 2024
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
Eraglow Building Limited 01326147 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts July 2024 Rachael Millar No description of principal activity 01326147 2022-10-01 2023-09-30 01326147 core:RevaluationReserve core:LandBuildings 2022-10-01 2023-09-30 01326147 core:WithinOneYear 2023-09-30 01326147 core:AfterOneYear 2023-09-30 01326147 core:ShareCapital 2023-09-30 01326147 core:OtherReservesSubtotal 2023-09-30 01326147 core:RetainedEarningsAccumulatedLosses 2023-09-30 01326147 core:RevaluationReserve 2022-09-30 01326147 2023-10-01 2024-09-30 01326147 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01326147 bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 01326147 bus:Director40 2023-10-01 2024-09-30 01326147 1 2023-10-01 2024-09-30 01326147 2 2023-10-01 2024-09-30 01326147 core:Goodwill 2023-10-01 2024-09-30 01326147 core:PlantMachinery 2023-10-01 2024-09-30 01326147 core:Vehicles 2023-10-01 2024-09-30 01326147 core:RevaluationReserve core:LandBuildings 2023-10-01 2024-09-30 01326147 countries:England 2023-10-01 2024-09-30 01326147 bus:FRS102 2023-10-01 2024-09-30 01326147 bus:FilletedAccounts 2023-10-01 2024-09-30 01326147 2024-09-30 01326147 core:WithinOneYear 2024-09-30 01326147 core:AfterOneYear 2024-09-30 01326147 core:ShareCapital 2024-09-30 01326147 core:OtherReservesSubtotal 2024-09-30 01326147 core:RetainedEarningsAccumulatedLosses 2024-09-30 01326147 core:Goodwill 2024-09-30 01326147 core:PlantMachinery 2024-09-30 01326147 core:Vehicles 2024-09-30 01326147 core:RevaluationReserve 2024-09-30 01326147 2023-09-30 01326147 core:Goodwill 2023-09-30 01326147 core:PlantMachinery 2023-09-30 01326147 core:Vehicles 2023-09-30 01326147 core:RevaluationReserve 2023-09-30 iso4217:GBP xbrli:pure