Company Registration No. 03684956 (England and Wales)
EASTWAY ESTATES LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
EASTWAY ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
EASTWAY ESTATES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EASTWAY ESTATES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 11 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Eastway Estates Limited for the year ended 31 December 2022 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Eastway Estates Limited and state those matters that we have agreed to state to the Board of Directors of Eastway Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eastway Estates Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Eastway Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Eastway Estates Limited. You consider that Eastway Estates 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 financial statements of Eastway Estates 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 financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
5 October 2023
EASTWAY ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,310
32,620
Tangible assets
4
3,280
2,669
Investments
5
1,019,084
1,019,086
1,038,674
1,054,375
Current assets
Stocks
3,469,665
1,873,552
Debtors
8
9,641,423
11,599,069
Cash at bank and in hand
913,198
445,849
14,024,286
13,918,470
Creditors: amounts falling due within one year
9
(9,007,092)
(9,871,193)
Net current assets
5,017,194
4,047,277
Total assets less current liabilities
6,055,868
5,101,652
Creditors: amounts falling due after more than one year
10
(564,186)
(39,456)
Provisions for liabilities
12
(4,898)
(6,705)
Net assets
5,486,784
5,055,491
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
15
5,486,684
5,055,391
Total equity
5,486,784
5,055,491
The directors of the company have taken advantage under section 444 of Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EASTWAY ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr V S Patel
Director
Company Registration No. 03684956
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Eastway Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Prideview Place, Church Road, Stanmore, Middlesex, HA7 4AA.
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 £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of the properties in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and software costs
20% per annum on straight line basis.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% per annum on straight line basis.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to fellow group companies 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
5
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
81,550
Amortisation and impairment
At 1 January 2022
48,930
Amortisation charged for the year
16,310
At 31 December 2022
65,240
Carrying amount
At 31 December 2022
16,310
At 31 December 2021
32,620
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
4,618
Additions
815
At 31 December 2022
5,433
Depreciation and impairment
At 1 January 2022
1,949
Depreciation charged in the year
204
At 31 December 2022
2,153
Carrying amount
At 31 December 2022
3,280
At 31 December 2021
2,669
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,019,084
1,019,086
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2022
1,019,086
Valuation changes
99
Disposals
(101)
At 31 December 2022
1,019,084
Carrying amount
At 31 December 2022
1,019,084
At 31 December 2021
1,019,086
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Baypride Properties Limited
England and Wales
Ordinary
100.00
Newview Developments Limited
England and Wales
Ordinary
51.00
Vital Investments Limited
England and Wales
Ordinary
100.00
Westway Ventures Limited
England and Wales
Ordinary
100.00
Northport Waltham Cross Ltd
England and Wales
Ordinary
100.00
Goldmile Ventures Ltd
England and Wales
Ordinary
100.00
Citiview Properties Limited
England and Wales
Ordinary
100.00
7
Associates
Details of the company's associates at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sungold Investment Limited
England and Wales
Ordinary
50.00
TRI Capital DS PV Limited
England and Wales
Ordinary
50.00
Grovemile Ventures Ltd
England and Wales
Ordinary
50.00
Harkalm M10 Ltd
Enland and Wales
Ordinary
50.00
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,723,110
7,033,272
Other debtors
4,918,313
4,565,797
9,641,423
11,599,069
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
517,499
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,628,604
1,595,010
Corporation tax
89,604
30,885
Other taxation and social security
19,655
Other creditors
7,269,229
7,727,799
9,007,092
9,871,193
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
564,186
39,456
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
34,215
11
Loans and overdrafts
2022
2021
£
£
Bank loans
564,186
556,955
Payable within one year
517,499
Payable after one year
564,186
39,456
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Loans and overdrafts
(Continued)
- 10 -
The aggregate amount of bank loans for which security has been given amounted to £564,186 (2021: £556,955). The bank loans are secured by first legal charge over the properties held as stock and joint and several personal guarantees provided by the directors and shareholders.
12
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
13
4,898
6,705
13
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
4,898
6,705
2022
Movements in the year:
£
Liability at 1 January 2022
6,705
Credit to profit or loss
(1,807)
Liability at 31 December 2022
4,898
14
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
15
Profit and loss reserves
The only movements in reserves for the current year and previous period are profits for the year.
EASTWAY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
5,559
5,559
Between two and five years
4,634
10,193
10,193
15,752
2022-12-312022-01-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr P S PatelMr J R PatelMr V S PatelMr J R Patel036849562022-01-012022-12-31036849562022-12-31036849562021-12-3103684956core:IntangibleAssetsOtherThanGoodwill2022-12-3103684956core:IntangibleAssetsOtherThanGoodwill2021-12-3103684956core:OtherPropertyPlantEquipment2022-12-3103684956core:OtherPropertyPlantEquipment2021-12-3103684956core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103684956core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103684956core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103684956core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3103684956core:CurrentFinancialInstruments2022-12-3103684956core:CurrentFinancialInstruments2021-12-3103684956core:ShareCapital2022-12-3103684956core:ShareCapital2021-12-3103684956core:RetainedEarningsAccumulatedLosses2022-12-3103684956core:RetainedEarningsAccumulatedLosses2021-12-3103684956bus:Director22022-01-012022-12-3103684956core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3103684956core:FurnitureFittings2022-01-012022-12-31036849562021-01-012021-12-3103684956core:IntangibleAssetsOtherThanGoodwill2021-12-3103684956core:OtherPropertyPlantEquipment2021-12-3103684956core:OtherPropertyPlantEquipment2022-01-012022-12-3103684956core:Subsidiary12022-01-012022-12-3103684956core:Subsidiary22022-01-012022-12-3103684956core:Subsidiary32022-01-012022-12-3103684956core:Subsidiary42022-01-012022-12-3103684956core:Subsidiary52022-01-012022-12-3103684956core:Subsidiary62022-01-012022-12-3103684956core:Subsidiary72022-01-012022-12-3103684956core:Subsidiary112022-01-012022-12-3103684956core:Subsidiary222022-01-012022-12-3103684956core:Subsidiary332022-01-012022-12-3103684956core:Subsidiary442022-01-012022-12-3103684956core:Subsidiary552022-01-012022-12-3103684956core:Subsidiary662022-01-012022-12-3103684956core:Subsidiary772022-01-012022-12-3103684956core:Associate12022-01-012022-12-3103684956core:Associate22022-01-012022-12-3103684956core:Associate32022-01-012022-12-3103684956core:Associate42022-01-012022-12-3103684956core:Associate112022-01-012022-12-3103684956core:Associate222022-01-012022-12-3103684956core:Associate332022-01-012022-12-3103684956core:Associate442022-01-012022-12-3103684956core:WithinOneYear2022-12-3103684956core:WithinOneYear2021-12-3103684956core:Non-currentFinancialInstruments2022-12-3103684956core:Non-currentFinancialInstruments2021-12-3103684956core:BetweenTwoFiveYears2022-12-3103684956core:BetweenTwoFiveYears2021-12-3103684956bus:PrivateLimitedCompanyLtd2022-01-012022-12-3103684956bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103684956bus:FRS1022022-01-012022-12-3103684956bus:AuditExemptWithAccountantsReport2022-01-012022-12-3103684956bus:Director12022-01-012022-12-3103684956bus:Director32022-01-012022-12-3103684956bus:CompanySecretary12022-01-012022-12-3103684956bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP