Registration number:
Erimus Automobiles Limited
for the Year Ended 30 June 2021
Erimus Automobiles Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Erimus Automobiles Limited
(Registration number: 09815852)
Balance Sheet as at 30 June 2021
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2020 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Erimus Automobiles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
In light of the continuing spread of the Coronavirus “COVID-19”, the director has reviewed projections and budgets for the next twelve months. Following this review, the director considers that it will not prevent the Company’s ability to act as a going concern.
The director has review the supply chains, key customers and the capital resource available and considers that the company has adequate resources in place to continue trading for the next twelve months.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Erimus Automobiles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Erimus Automobiles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
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2021 |
2020 |
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Receivables from related parties |
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Other debtors |
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Creditors |
Due within one year |
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2021 |
2020 |
Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2021 |
Parent |
Total |
At start of period |
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Repaid |
( |
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At end of period |
- |
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Erimus Automobiles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
2020 |
Parent |
Other related parties |
Total |
At start of period |
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Repaid |
- |
( |
( |
At end of period |
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- |
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Loans from related parties
2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2020 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The ultimate parent is
The ultimate controlling party is