IRIS Accounts Production v24.3.2.46 10720872 director 1.5.23 30.4.24 30.4.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh107208722023-04-30107208722024-04-30107208722023-05-012024-04-30107208722022-04-30107208722022-05-012023-04-30107208722023-04-3010720872ns15:EnglandWales2023-05-012024-04-3010720872ns14:PoundSterling2023-05-012024-04-3010720872ns10:Director12023-05-012024-04-3010720872ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3010720872ns10:SmallEntities2023-05-012024-04-3010720872ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3010720872ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3010720872ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3010720872ns10:AbridgedAccounts2023-05-012024-04-3010720872ns10:RegisteredOffice2023-05-012024-04-3010720872ns5:CurrentFinancialInstruments2024-04-3010720872ns5:CurrentFinancialInstruments2023-04-3010720872ns5:Non-currentFinancialInstruments2024-04-3010720872ns5:Non-currentFinancialInstruments2023-04-3010720872ns5:FurtherSpecificReserve3ComponentTotalEquity2024-04-3010720872ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-3010720872ns5:RetainedEarningsAccumulatedLosses2024-04-3010720872ns5:RetainedEarningsAccumulatedLosses2023-04-3010720872ns5:ComputerEquipment2023-05-012024-04-30
REGISTERED NUMBER: 10720872 (England and Wales)












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: Mr B M Allnutt





REGISTERED OFFICE: 44A Shakespeare Road
Acton
London
W3 6SJ





REGISTERED NUMBER: 10720872 (England and Wales)





ACCOUNTANTS: Raffingers Holdings Limited
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 1,368 1,304
Investments 5 21,875 21,875
23,243 23,179

CURRENT ASSETS
Debtors 418,703 233,345
Investments 507,186 189,152
Cash at bank 45,036 52,590
970,925 475,087
CREDITORS
Amounts falling due within one year 722,923 428,736
NET CURRENT ASSETS 248,002 46,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

271,245

69,530

CREDITORS
Amounts falling due after more than one
year

6

(16,007

)

(18,545

)

PROVISIONS FOR LIABILITIES (54,952 ) -
NET ASSETS 200,286 50,985

RESERVES
Fair value reserve 174,213 -
Retained earnings 26,073 50,985
SHAREHOLDERS' FUNDS 200,286 50,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





Mr B M Allnutt - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on reducing balance

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 2,852
Additions 406
At 30 April 2024 3,258
DEPRECIATION
At 1 May 2023 1,548
Charge for year 342
At 30 April 2024 1,890
NET BOOK VALUE
At 30 April 2024 1,368
At 30 April 2023 1,304

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.