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EGS TURBINES LIMITED

Registered Number
SC762605
(Scotland)

Unaudited Financial Statements for the Period ended
31 December 2024

EGS TURBINES LIMITED
Company Information
for the period from 1 April 2024 to 31 December 2024

Directors

JOBLING, Michael Robert
WACHTER, Roger

Registered Address

Unit1 Unit 1
Altens Trade Park, Souter Head Road
Aberdeen
AB12 3ZS

Registered Number

SC762605 (Scotland)
EGS TURBINES LIMITED
Balance Sheet as at
31 December 2024

Notes

31 Dec 2024

31 Mar 2024

£

£

£

£

Fixed assets
Tangible assets36,83710,255
6,83710,255
Current assets
Stocks257,95625,531
Debtors97,18365,945
Cash at bank and on hand14,36133,205
369,500124,681
Creditors amounts falling due within one year(260,680)(13,802)
Net current assets (liabilities)108,820110,879
Total assets less current liabilities115,657121,134
Creditors amounts falling due after one year(619,051)(279,225)
Net assets(503,394)(158,091)
Capital and reserves
Called up share capital100100
Profit and loss account(503,494)(158,191)
Shareholders' funds(503,394)(158,091)
The financial statements were approved and authorised for issue by the Board of Directors on 24 April 2025, and are signed on its behalf by:
JOBLING, Michael Robert
Director
Registered Company No. SC762605
EGS TURBINES LIMITED
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the parent company will continue to financially support the company until it can support itself.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242024
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 2413,674
At 31 December 2413,674
Depreciation and impairment
At 01 April 243,418
Charge for year3,419
At 31 December 246,837
Net book value
At 31 December 246,837
At 31 March 2410,255
4.Related party transactions
Parent company Euro Gas Systems Srl is owed £619,051.01 at 31 December 2024 increasing from £279,224.97 at 31 March 2024. This loan will be repaid as and when the company is financially stable, however parent company will continue to support for the foreseeable future.