Errol & Co Ltd - Filleted accounts

Registered number

SC583629

Errol & Co Ltd

Filleted Accounts

31 December 2024

Errol & Co Ltd
Registered number:		SC583629
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Investments	3		1,163,569			1,163,982

Current assets
Cash at bank and in hand		101			101

Creditors: amounts falling due within one year	4	(100)			(100)

Net current assets			1			1

Net assets			1,163,570			1,163,983

Capital and reserves
Called up share capital			1,163,983			1,286,483
Profit and loss account			(413)			(122,500)

Shareholders' funds			1,163,570			1,163,983

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




KH Cromar
Director
Approved by the board on 31 May 2025

Errol & Co Ltd
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Exemption from preparing consolidated financial statements
	The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

	Going concern
	The company has a positive reserves position and thus the Board of Directors is satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the Directors have adopted the going concern basis of accounting in preparing the financial statements.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	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 is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

	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.

	Financial instruments
	The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

	Share capital
	Ordinary shares are classified as equity. Called up share capital represents the nominal value of shares that have been issued.


2	Employees	2024		2023
Number			Number

	Average number of persons employed by the company	0		0


3	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 January 2024			1,163,982
	Impairment			(413)

	At 31 December 2024			1,163,569

	Historical cost
	At 1 January 2024			4,500,000
	At 31 December 2024			4,500,000

	Kilrevin Holdings Ltd is a wholly owned subsidiary undertaking of the company specialising in the wholesale supply of industrial consumables and packaging materials. The registered office of this company is at 127 Elliot Street, Glasgow G3 8EX. At 31 December 2024 the directors are of the opinion that the holding value of the company's investment in Kilrevin Holdings Ltd is impaired to the extent of £413. Consequently an impairment charge of £413 has been taken to the profit and loss account in the year thereby reducing the carrying value of the investment to £1,163,569. This reflects the net asset value of Kilrevin Holdings Ltd at 31 December 2024.


4	Creditors: amounts falling due within one year	2024		2023
£			£

	Amounts owed to related parties	100		100


5	Related party transactions

	Kilrevin Holdings Limited is a wholly owned subsidiary of Errol & Co Ltd. As permitted under FRS 102 Section 1A, transactions with companies wholly owned by Errol & Co Ltd have not been disclosed as related party transactions. During the years ended 31 December 2024 and 31 December 2023 there were no related party transactions.


6	Controlling party

	There is no ultimate controlling party.


7	Other information

	Errol & Co Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
	127-137 Elliot Street
	Glasgow
	Scotland
	G3 8EX