REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
EGC INC LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
EGC INC LTD |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EGC INC LTD |
COMPANY INFORMATION |
for the year ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
ABRIDGED BALANCE SHEET |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Investments |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
RESERVES |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
ABRIDGED BALANCE SHEET - continued |
30 April 2024 |
The financial statements were approved by the director and authorised for issue on |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Egc Inc Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due, due to the continued support of the director. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
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. |
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. |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Investments |
Investments comprises of cryptocurrency, which is recognised as a current asset when the entity has control over the asset and it is probable that future economic benefits will flow to the entity. The entity's intention is to buy and sell these cryptocurrencies in the normal course of trading. |
At initial recognition, cryptocurrencies are measured at cost, which includes the purchase price and any directly attributable transaction costs. |
Cryptocurrencies are subsequently measured at fair value. Changes in fair value are recognised in the profit or loss account.. The fair value is determined based on the market price of the cryptocurrency at the reporting date. |
Cryptocurrencies are assessed for impairment at each reporting date. If the fair value of a cryptocurrency falls below its cost, an impairment loss is recognised in the profit or loss account. Reversals of impairment losses are recognised when the fair value increases, but only up to the original cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
EGC INC LTD (REGISTERED NUMBER: 10720872) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 16,580 |
NET BOOK VALUE |
At 30 April 2024 | 16,580 |
At 30 April 2023 | 16,580 |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Other investments | 5,295 | 5,295 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans | 6,407 | 8,945 |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company was owed £54,173 (2023: £70,173) by EGC Development Consultancy Ltd, £123,304 (2023: £128,978) by EGC Social Housing Ltd, £20,068 (2023: £23,988) by EGC Investments Ellesmere Ltd, £57,500 (2023: owed £59,250) by/(to) EGC Investments Noel Road Ltd and £42,651 (2023: £nil) by EGC Investments 44SR Ltd. The director and majority shareholder of EGC Inc Limited, either has control, joint control or significant influence in all the aforementioned companies. |
Also at the balance sheet date, the company owed £163,951 (2023: £5,000) to EGC Capital Ltd and £18,500 (2023: £26,000) to EGC Investments 50SR Ltd, companies in which the director and majority shareholder of EGC Inc Ltd has joint control. |
At the balance sheet date, the company owed £449,936 (2023: £261,415) to Mr B M Allnutt, the director. |