Registration number:
European Raid Arrays Limited
for the Year Ended 30 November 2022
European Raid Arrays Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
European Raid Arrays Limited
Company Information
Directors |
Mr S R Baker Mr J M Weston Paddy Gardner |
Company secretary |
Mr J M Weston |
Registered office |
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Accountants |
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European Raid Arrays Limited
Directors' Report for the Year Ended 30 November 2022
The directors present their report and the financial statements for the year ended 30 November 2022.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Principal activity
The principal activity of the company is the provision of IT solutions.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
European Raid Arrays Limited
for the Year Ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of European Raid Arrays Limited for the year ended 30 November 2022 as set out on pages 4 to 11 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/regulation.
This report is made solely to the Board of Directors of European Raid Arrays Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of European Raid Arrays Limited and state those matters that we have agreed to state to the Board of Directors of European Raid Arrays Limited, 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 European Raid Arrays Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that European Raid Arrays Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of European Raid Arrays Limited. You consider that European Raid Arrays Limited 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 accounts of European Raid Arrays Limited. 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 accounts.
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Chartered Accountants
Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
European Raid Arrays Limited
(Registration number: 03680211)
Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
- |
30,000 |
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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 current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
322 |
322 |
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Capital redemption reserve |
678 |
678 |
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Retained earnings |
1,568,443 |
1,013,022 |
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Shareholders' funds |
1,569,443 |
1,014,022 |
For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
European Raid Arrays Limited
(Registration number: 03680211)
Balance Sheet as at 30 November 2022
Approved and authorised by the
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European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
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 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.
Contract revenue recognition
Revenue from contracts are recognised as the contract is commenced and spread evenly over the length of the contract.
Foreign currency transactions and balances
Balances in foreign currencies at the period end are converted to sterling using the rate prevailing at the period end.
Any exchange gains or losses are charged or credited direct to profit and loss in the year.
European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% on cost |
Furniture and fittings |
25% on reducing balance |
Computer equipment |
over 6 years on a straight line |
Motor vehicles |
20% on reducing balance |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
between 2-7 years straight line |
Trade 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 reviewed 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
Stock is stated at cost excluding vat.
European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over 6 years. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 December 2021 |
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Additions acquired separately |
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At 30 November 2022 |
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Amortisation |
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At 1 December 2021 |
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Amortisation charge |
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At 30 November 2022 |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2021 |
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Additions |
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- |
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At 30 November 2022 |
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Depreciation |
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At 1 December 2021 |
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Charge for the year |
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At 30 November 2022 |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Included within the net book value of land and buildings above is £66,259 (2021 - £74,448) in respect of short leasehold land and buildings.
European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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European Raid Arrays Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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322 |
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322 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchase and finance lease liabilities |
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2022 |
2021 |
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Current loans and borrowings |
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Hire purchase and finance lease liabilities |
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Ultimate Controlling Party |
The ultimate parent company is ERA NewCo Ltd.
At the year end, the company owed it's parent company ERA BidCo Ltd £824,387 on an interest free loan repayable on demand.
During the year, ERA BidCo Ltd charged a management fee of £66,943 to the company.
In June 2022, the company received funding from Rockpool Investments LLP, a UK focused private equity investor. This has enbabled the company to accelerate plans to develop their workforce and supporting infrastructure to support business growth.