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COMPANY REGISTRATION NUMBER: 07294235
Earlcrown Construction Services Limited
Filleted Financial Statements
31 March 2024
Earlcrown Construction Services Limited
Directors' Responsibilities Statement
Year ended 31 March 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Earlcrown Construction Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,277
12,450
Current assets
Debtors
6
1,154,124
836,039
Cash at bank and in hand
1,285,176
3,877,417
------------
------------
2,439,300
4,713,456
Creditors: amounts falling due within one year
7
468,824
1,284,890
------------
------------
Net current assets
1,970,476
3,428,566
------------
------------
Total assets less current liabilities
1,975,753
3,441,016
------------
------------
Net assets
1,975,753
3,441,016
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,975,752
3,441,015
------------
------------
Shareholders funds
1,975,753
3,441,016
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
G S Katzeff
Director
Company registration number: 07294235
Earlcrown Construction Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Mount Street, London, W1K 2SA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents fees for project management services which are recognised in the period in which those services are provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
13,462
22,264
35,726
--------
--------
--------
Depreciation
At 1 April 2023
6,457
16,819
23,276
Charge for the year
4,488
2,685
7,173
--------
--------
--------
At 31 March 2024
10,945
19,504
30,449
--------
--------
--------
Carrying amount
At 31 March 2024
2,517
2,760
5,277
--------
--------
--------
At 31 March 2023
7,005
5,445
12,450
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
214,497
539,290
Amounts owed by group undertakings and undertakings in which the company has a participating interest
235,057
Other debtors
939,627
61,692
------------
---------
1,154,124
836,039
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
275,124
6,902
Amounts owed to group undertakings and undertakings in which the company has a participating interest
18,285
16,738
Social security and other taxes
199,808
Other creditors
175,415
1,061,442
---------
------------
468,824
1,284,890
---------
------------
8. Summary audit opinion
The auditor's report dated 12 March 2025 was unqualified .
The senior statutory auditor was Paul Mattei , for and on behalf of Leaman Mattei .
9. Related party transactions
At the balance sheet date, the amount due to Earlcrown Limited, a fellow subsidiary of Mermaidbay Inc, was £Nil (2023: £108). During the year, the company received consultancy services from Earlcrown Design International Limited, a fellow subsidiary of Mermaidbay Inc, to the value of £240,000 (2023: £240,000). At the balance sheet date, there was an amount owed to Earlcrown Design International Limited, of £4,916 (2023: £235,057 due from Earlcrown Design International Limited).
10. Controlling party
The company is a wholly owned subsidiary of Mermaidbay Inc, a company registered in the British Virgin Islands.