Ergo Flex Enterprises Ltd 29/02/2020 iXBRL

Ergo Flex Enterprises Ltd 29/02/2020 iXBRL

ERGO FLEX ENTERPRISES LIMITED - Company Information

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Company registration number: 06496168
Ergo Flex Enterprises Ltd
Unaudited filleted financial statements
29 February 2020
Ergo Flex Enterprises Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ergo Flex Enterprises Ltd
Directors and other information
Director Gerald Joseph MacEwan
Secretary Margaret Jack
Company number 06496168
Registered office 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Business address 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Accountants Harrison Hutchinson Ltd
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Ergo Flex Enterprises Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Ergo Flex Enterprises Ltd
Year ended 29th February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ergo Flex Enterprises Ltd for the year ended 29th February 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Ergo Flex Enterprises Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ergo Flex Enterprises Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ergo Flex Enterprises Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Ergo Flex Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ergo Flex Enterprises Ltd. You consider that Ergo Flex Enterprises Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ergo Flex Enterprises Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Ergo Flex Enterprises Ltd
Statement of financial position
29th February 2020
2020 2019
Note £ £ £ £
Fixed assets
Investments 3 2 2
_______ _______
2 2
Current assets
Debtors 4 1,182,770 1,282,002
Cash at bank and in hand 1,497,134 1,464,335
_________ _________
2,679,904 2,746,337
Creditors: amounts falling due
within one year 5 ( 4,973) ( 4,774)
_______ _______
Net current assets 2,674,931 2,741,563
_________ _________
Total assets less current liabilities 2,674,933 2,741,565
_________ _________
Net assets 2,674,933 2,741,565
_________ _________
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,674,931 2,741,563
_________ _________
Shareholders funds 2,674,933 2,741,565
_________ _________
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2020 , and are signed on behalf of the board by:
Gerald Joseph MacEwan
Director
Company registration number: 06496168
Ergo Flex Enterprises Ltd
Statement of changes in equity
Year ended 29th February 2020
Called up share capital Profit and loss account Total
£ £ £
At 1st March 2018 2 2,766,044 2,766,046
Profit for the year 207,519 207,519
_______ _______ _______
Total comprehensive income for the year - 207,519 207,519
Dividends paid and payable ( 232,000) ( 232,000)
_______ _______ _______
Total investments by and distributions to owners - ( 232,000) ( 232,000)
_______ _________ _________
At 28th February 2019 and 1st March 2019 2 2,741,563 2,741,565
Profit for the year 183,368 183,368
_______ _______ _______
Total comprehensive income for the year - 183,368 183,368
Dividends paid and payable ( 250,000) ( 250,000)
_______ _______ _______
Total investments by and distributions to owners - ( 250,000) ( 250,000)
_______ _________ _________
At 29th February 2020 2 2,674,931 2,674,933
_______ _________ _________
Ergo Flex Enterprises Ltd
Notes to the financial statements
Year ended 29th February 2020
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
2. 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st March 2019 and 29th February 2020 2 2
_______ _______
Impairment
At 1st March 2019 and 29th February 2020 - -
_______ _______
Carrying amount
At 29th February 2020 2 2
_______ _______
At 28th February 2019 2 2
_______ _______
4. Debtors
2020 2019
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 316,044 355,559
Other debtors 866,726 926,443
_________ _________
1,182,770 1,282,002
_________ _________
5. Creditors: amounts falling due within one year
2020 2019
£ £
Corporation tax 4,308 4,109
Other creditors 665 665
_______ _______
4,973 4,774
_______ _______
6. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Gerald Joseph MacEwan 749,860 218,904 ( 250,000) 718,764
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Gerald Joseph MacEwan 821,509 160,351 ( 232,000) 749,860
_______ _______ _______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2020 2019
£ £
Dividends to directors 125,000 120,000
_______ _______