Company registration number 01473991 (England and Wales)
EAGIL TRUST CO. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2022
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
EAGIL TRUST CO. LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
EAGIL TRUST CO. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 24 DECEMBER 2022
24 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
2
171,117
171,117
Net current assets
171,117
171,117
Capital and reserves
Called up share capital
3
275,000
275,000
Profit and loss reserves
5
(103,883)
(103,883)
Total equity
171,117
171,117
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 September 2023
Mr L Faust
Director
Company registration number 01473991 (England and Wales)
EAGIL TRUST CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Eagil Trust Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
It is the intention of the director to liquidate the company in the near future and, as a result, the going concern basis is no longer considered appropriate. Prior to liquidation, the director will arrange for the company's assets to be transferred to a fellow subsidiary undertaking.true
For the above reason, the director and member have determined that the going concern basis is no longer appropriate, and the financial statements have been prepared on a basis other than going concern in order to give a true and fair view of the assets, liabilities, financial position and the results of the company for the year ended 24 December 2022. This basis includes writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed to at the statement of financial position date.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The company is registered as the legal owner of an underlease in respect of a certain number of properties but it holds this as nominee for another group company and this group company is the beneficial owner of these underleases. Therefore, these assets have not been included in the balance sheet of Eagil Trust Co. Limited.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
EAGIL TRUST CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Debtors
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
171,117
171,117
3
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,000
75,000
75,000
75,000
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
7% non-cumulative redeemable preference shares of £1 each
200,000
200,000
200,000
200,000
Preference shares classified as equity
200,000
200,000
Total equity share capital
275,000
275,000
EAGIL TRUST CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2022
- 4 -
4
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified and drew the user's attention to the financial statements not being prepared on a going concern basis.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 1.2 to the financial statements which explains that the director intends to liquidate the company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Darren Hill FCA
Statutory Auditor:
Rayner Essex LLP
5
Profit and loss reserves
2022
2021
£
£
At the beginning and end of the year
(103,883)
(103,883)
The company has not traded during the year or the preceding year. During these years, the company received no income and incurred no expenditure and no Income Statement is therefore included in these financial statements.
6
Parent company
The company's immediate parent undertaking is Newcom Limited, a company incorporated in England and Wales. The company's ultimate parent undertaking is Clydpride Limited, a charity company incorporated and registered in England and Wales and the company's results have been included in the consolidated accounts of Clydpride Limited.