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COMPANY REGISTRATION NUMBER: 03649630
EASTWOOD FINANCIAL SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2018
EASTWOOD FINANCIAL SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
Contents
Page
Balance sheet 1
Notes to the financial statements 3
EASTWOOD FINANCIAL SERVICES LIMITED
BALANCE SHEET
30 April 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
77,758
52,645
Investments
6
1
1
------------
------------
77,759
52,646
Current assets
Debtors
7
237,225
247,692
Cash at bank and in hand
388,659
269,745
------------
------------
625,884
517,437
Creditors: amounts falling due within one year
8
( 381,929)
( 262,330)
------------
------------
Net current assets
243,955
255,107
------------
------------
Total assets less current liabilities
321,714
307,753
Creditors: amounts falling due after more than one year
9
( 25,266)
Provisions
Taxation including deferred tax
2,955
1,104
------------
------------
Net assets
299,403
308,857
------------
------------
Capital and reserves
Called up share capital
11
10,000
10,000
Capital redemption reserve
3,333
3,333
Profit and loss account
286,070
295,524
------------
------------
Members funds
299,403
308,857
------------
------------
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 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 profit and loss account has not been delivered.
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EASTWOOD FINANCIAL SERVICES LIMITED
BALANCE SHEET (continued)
30 April 2018
These financial statements were approved by the board of directors and authorised for issue on 6 November 2018 , and are signed on behalf of the board by:
J Eastwood
Director
Company registration number: 03649630
EASTWOOD FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, West Yorkshire, HD1 1DT.
2. 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 the Republic of Ireland'.
3. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the value of services provided.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
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 of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2017: 34 ).
5. Tangible assets
Short Leasehold Property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2017
27,543
59,086
62,289
137,813
286,731
Additions
3,644
3,965
38,720
5,024
51,353
Disposals
( 34,373)
( 34,373)
------------
------------
------------
------------
------------
At 30 April 2018
31,187
63,051
66,636
142,837
303,711
------------
------------
------------
------------
------------
Depreciation
At 1 May 2017
25,519
41,740
50,817
116,010
234,086
Charge for the year
1,998
5,694
6,979
10,566
25,237
Disposals
( 33,370)
( 33,370)
------------
------------
------------
------------
------------
At 30 April 2018
27,517
47,434
24,426
126,576
225,953
------------
------------
------------
------------
------------
Carrying amount
At 30 April 2018
3,670
15,617
42,210
16,261
77,758
------------
------------
------------
------------
------------
At 30 April 2017
2,024
17,346
11,472
21,803
52,645
------------
------------
------------
------------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2017 and 30 April 2018
1
------------
Impairment
At 1 May 2017 and 30 April 2018
------------
Carrying amount
At 30 April 2018
1
------------
The company owns the whole of the issued share capital of Eastwood Wealth Management Limited. This company was dormant at 30 April 2018 and had net assets of £1.
7. Debtors
2018
2017
£
£
Trade debtors
178,284
193,560
Prepayments and accrued income
58,507
54,132
Other debtors
434
------------
------------
237,225
247,692
------------
------------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
32,372
43,395
Accruals and deferred income
139,590
106,508
Corporation tax
35,612
17,713
Social security and other taxes
43,453
41,275
Obligations under finance leases and hire purchase contracts
8,712
5,466
Amounts owed to group and related undertakings
121,818
47,973
Other creditors
372
------------
------------
381,929
262,330
------------
------------
Amounts in respect of hire purchase creditors of £8,712 (2017:£5,466) are secured on the related assets.
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
25,266
------------
------------
Amounts in respect of hire purchase creditors of £25,266 (2017:£nil) are secured on the related assets.
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2018
2017
£
£
Included in provisions
( 2,955)
( 1,104)
------------
------------
11. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
6,972
10,553
Later than 1 year and not later than 5 years
4,810
11,782
------------
------------
11,782
22,335
------------
------------
13. Contingencies
The company is party to a cross-guarantee with various group and related undertakings in support of bank facilities.
14. Related party transactions
At the balance sheet date, the company owed £61,393 (2017:£47,158) to and was owed £434 (2017:£nil) from companies under common control. Amounts of £149,433 (2017:£174,262) are included in administrative expenses representing services provided in the year. At the balance sheet date, the company owed £60,424 (2017:£814) to the parent company. Amounts of £61,678 (2017:£61,628) are included in administrative expenses representing services provided in the year. At the balance sheet date, £1 was owed to the subsidiary (2017:£1).