7 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02687822 2024-01-01 2024-12-31 02687822 2024-12-31 02687822 2023-12-31 02687822 2023-01-01 2023-12-31 02687822 2023-12-31 02687822 2022-12-31 02687822 core:PlantMachinery 2024-01-01 2024-12-31 02687822 core:MotorVehicles 2024-01-01 2024-12-31 02687822 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 02687822 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 02687822 bus:OrdinaryShareClass4 2024-01-01 2024-12-31 02687822 bus:OrdinaryShareClass5 2024-01-01 2024-12-31 02687822 bus:Director1 2024-01-01 2024-12-31 02687822 bus:Director2 2024-01-01 2024-12-31 02687822 core:WithinOneYear 2024-12-31 02687822 core:WithinOneYear 2023-12-31 02687822 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02687822 core:PlantMachinery 2023-12-31 02687822 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 02687822 core:PlantMachinery 2024-12-31 02687822 core:MotorVehicles 2024-12-31 02687822 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02687822 core:AfterOneYear 2024-12-31 02687822 core:AfterOneYear 2023-12-31 02687822 core:ShareCapital 2024-12-31 02687822 core:ShareCapital 2023-12-31 02687822 core:RevaluationReserve 2024-12-31 02687822 core:RevaluationReserve 2023-12-31 02687822 core:RetainedEarningsAccumulatedLosses 2024-12-31 02687822 core:RetainedEarningsAccumulatedLosses 2023-12-31 02687822 core:BetweenOneFiveYears 2024-12-31 02687822 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02687822 core:PlantMachinery 2023-12-31 02687822 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-12-31 02687822 bus:SmallEntities 2024-01-01 2024-12-31 02687822 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02687822 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02687822 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02687822 bus:FullAccounts 2024-01-01 2024-12-31 02687822 bus:OrdinaryShareClass2 2024-12-31 02687822 bus:OrdinaryShareClass2 2023-12-31 02687822 bus:OrdinaryShareClass3 2024-12-31 02687822 bus:OrdinaryShareClass3 2023-12-31 02687822 bus:OrdinaryShareClass4 2024-12-31 02687822 bus:OrdinaryShareClass4 2023-12-31 02687822 bus:OrdinaryShareClass5 2024-12-31 02687822 bus:OrdinaryShareClass5 2023-12-31 02687822 bus:AllOrdinaryShares 2024-12-31 02687822 bus:AllOrdinaryShares 2023-12-31 02687822 core:OfficeEquipment 2024-01-01 2024-12-31 02687822 core:OfficeEquipment 2023-12-31 02687822 core:OfficeEquipment 2024-12-31 02687822 core:AllAssociates 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 02687822
EGN Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
EGN Services Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
28,058,988
28,022,532
Current assets
Debtors
6
1,034,010
1,634,920
Cash at bank and in hand
3,115,798
1,295,827
------------
------------
4,149,808
2,930,747
Creditors: amounts falling due within one year
7
14,232,165
10,802,403
-------------
-------------
Net current liabilities
10,082,357
7,871,656
-------------
-------------
Total assets less current liabilities
17,976,631
20,150,876
Creditors: amounts falling due after more than one year
8
58,477
23,226
Provisions
Taxation including deferred tax
219,797
361,763
-------------
-------------
Net assets
17,698,357
19,765,887
-------------
-------------
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
1,048,913
689,444
Profit and loss account
16,649,344
19,076,343
-------------
-------------
Shareholder funds
17,698,357
19,765,887
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EGN Services Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr A C Cock
Ms L Fitzturner
Director
Director
Company registration number: 02687822
EGN Services Limited
Notes to the Financial Statements
Year ended 31 December 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 The Old Mill, Blisworth Hill Farm , Stoke Road, Blisworth, Northampton, Northants, NN7 3DB.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and Machinery
-
25% straight line
Motor Vehicles
-
25% reducing balance
Office equipment
-
25% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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: 7 ).
5. Tangible assets
Investment property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
27,832,660
197,431
4,806
28,034,897
Additions
1,396,957
24,500
66,511
1,487,968
Disposals
( 1,333,311)
( 14,989)
( 1,348,300)
Other movements
( 74,250)
( 74,250)
-------------
---------
--------
-------
-------------
At 31 December 2024
27,822,056
206,942
66,511
4,806
28,100,315
-------------
---------
--------
-------
-------------
Depreciation
At 1 January 2024
11,770
595
12,365
Charge for the year
19,673
11,085
1,201
31,959
Disposals
( 2,997)
( 2,997)
-------------
---------
--------
-------
-------------
At 31 December 2024
28,446
11,085
1,796
41,327
-------------
---------
--------
-------
-------------
Carrying amount
At 31 December 2024
27,822,056
178,496
55,426
3,010
28,058,988
-------------
---------
--------
-------
-------------
At 31 December 2023
27,832,660
185,661
4,211
28,022,532
-------------
---------
--------
-------
-------------
Tangible assets held at valuation
Some of the company's investment properties were last revalued on 30th June 2023 by Charter Surveyor, Stratton Creber Commercial with the remainder valued by the Directors @ 31 December 2023. The Directors are of the opinion that the company's investment properties represents both market and fair value.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2024
55,426
--------
At 31 December 2023
--------
6. Debtors
2024
2023
£
£
Trade debtors
73,506
125,693
Prepayments and accrued income
107,550
49,963
Other debtors
852,954
1,459,264
------------
------------
1,034,010
1,634,920
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,500,000
3,000,000
Trade creditors
8,923
41,085
Accruals and deferred income
427,799
8,048
Corporation tax
101,100
395,685
Social security and other taxes
104,595
23,552
Obligations under finance leases and hire purchase contracts
3,182
Director loan accounts
11,079,866
7,244,157
Other creditors
6,700
89,876
-------------
-------------
14,232,165
10,802,403
-------------
-------------
Included in bank loans is a loan facility with Handlesbanken PLC which is secured by way of a fixed charge on some of the company's investment properties.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Rent deposits
17,133
23,226
Other creditors
41,344
--------
--------
58,477
23,226
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £23,226 (2023: £23,226) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
3,182
Later than 1 year and not later than 5 years
41,344
--------
----
44,526
--------
----
10. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.50 each
10
5
10
5
Ordinary B shares of £ 0.50 each
10
5
10
5
Ordinary C shares of £ 0.50 each
45
23
45
23
Ordinary D shares of £ 0.50 each
45
23
45
23
Ordinary E shares of £0.50 each
45
23
45
23
Ordinary F shares of £0.50 each
45
23
45
23
----
----
----
----
200
100
200
100
----
----
----
----
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.50 each
10
5
10
5
Ordinary B shares of £ 0.50 each
10
5
10
5
Ordinary C shares of £ 0.50 each
45
23
45
23
Ordinary D shares of £ 0.50 each
45
23
45
23
Ordinary E shares of £0.50 each
45
23
45
23
Ordinary F shares of £0.50 each
45
23
45
23
----
----
----
----
200
100
200
100
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
8,659
Later than 1 year and not later than 5 years
1,090
-------
----
9,749
-------
----
12. Related party transactions
Included in other creditors is a loan from a director of £11,079,867 (2023:- £7,244,157) which is interest free and subject to repayment without notice. Included in other debtors are loans provided to Loxbrook Developments Limited, a company owned and controlled by Mr A C Cock And Mrs N May, of £545,003 (2023:- £541,034). During the year the company contracted services for the development of one of its investment property totalling £1,037,997 (2023:- £521,063).