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COMPANY REGISTRATION NUMBER: 2757561
East Anglian Renovations Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 March 2022
East Anglian Renovations Limited
Financial Statements
Year Ended 31st March 2022
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
East Anglian Renovations Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of East Anglian Renovations Limited
Year Ended 31st March 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st March 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
15 August 2022
East Anglian Renovations Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
4
570,000
570,000
Investments
5
100
100
---------
---------
570,100
570,100
Current Assets
Debtors
6
32,576
3,193,134
Cash at bank and in hand
5,315
10,143
--------
------------
37,891
3,203,277
Creditors: amounts falling due within one year
7
29,388
3,278,860
--------
------------
Net Current Assets/(Liabilities)
8,503
( 75,583)
---------
---------
Total Assets Less Current Liabilities
578,603
494,517
Provisions
Taxation including deferred tax
137,360
137,360
---------
---------
Net Assets
441,243
357,157
---------
---------
Capital and Reserves
Called up share capital
200
200
Fair value reserve
422,149
422,149
Profit and loss account
18,894
( 65,192)
---------
---------
Shareholders Funds
441,243
357,157
---------
---------
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.
For the year ending 31st March 2022 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 .
East Anglian Renovations Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
I.J. Newman
A.L.K. Boyer
Director
Director
Company registration number: 2757561
East Anglian Renovations Limited
Notes to the Financial Statements
Year Ended 31st March 2022
1. General Information
The company is a private company limited by shares, registered in England. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.
Consolidation
The company 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 company and its subsidiary undertakings comprise a small group.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
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.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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 statement of financial position 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible Assets
Investment properties
£
Cost
At 1st April 2021 and 31st March 2022
570,000
---------
Depreciation
At 1st April 2021 and 31st March 2022
---------
Carrying amount
At 31st March 2022
570,000
---------
At 31st March 2021
570,000
---------
Tangible assets held at valuation
During the year the directors of the company revalued the investment properties to £570,000. The revaluation was carried out on a fair value basis.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31st March 2022
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31st March 2021
Aggregate cost
10,491
Aggregate depreciation
--------
Carrying value
10,491
--------
5. Investments
Shares in group undertakings
£
Cost
At 1st April 2021 and 31st March 2022
100
----
Impairment
At 1st April 2021 and 31st March 2022
----
Carrying amount
At 31st March 2022
100
----
At 31st March 2021
100
----
6. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,650
3,192,628
Other debtors
4,926
506
--------
------------
32,576
3,193,134
--------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,250,000
Corporation tax
5,016
Other creditors
29,388
23,844
--------
------------
29,388
3,278,860
--------
------------