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REGISTERED NUMBER: 05757298 (England and Wales)












The Balancing Eel Limited

Unaudited Financial Statements

for the Year Ended 31st May 2023






The Balancing Eel Limited (Registered number: 05757298)






Contents of the Financial Statements
for the Year Ended 31st May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


The Balancing Eel Limited

Company Information
for the Year Ended 31st May 2023







DIRECTORS: N D Whitham
Mrs D Whitham





SECRETARY: N D Whitham





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 05757298 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

The Balancing Eel Limited (Registered number: 05757298)

Statement of Financial Position
31st May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 12,129 19,059
Tangible assets 5 4,371 5,733
16,500 24,792

CURRENT ASSETS
Stocks 8,173 11,122
Debtors 6 5,345 4,095
Cash at bank and in hand 74,445 75,168
87,963 90,385
CREDITORS
Amounts falling due within one year 7 (60,563 ) (49,507 )
NET CURRENT ASSETS 27,400 40,878
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,900

65,670

CREDITORS
Amounts falling due after more than one
year

8

(29,551

)

(36,794

)

PROVISIONS FOR LIABILITIES (740 ) (968 )
NET ASSETS 13,609 27,908

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 13,607 27,906
13,609 27,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Balancing Eel Limited (Registered number: 05757298)

Statement of Financial Position - continued
31st May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th October 2023 and were signed on its behalf by:





N D Whitham - Director


The Balancing Eel Limited (Registered number: 05757298)

Notes to the Financial Statements
for the Year Ended 31st May 2023

1. STATUTORY INFORMATION

The Balancing Eel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, is being written off over the remaining life of the lease which expires in February 2025.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost
Improvements to property - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The Balancing Eel Limited (Registered number: 05757298)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are accounted for based on the accrual model. Grants relating to revenue are recognised in income in the periods in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 121,278
AMORTISATION
At 1st June 2022 102,219
Charge for year 6,930
At 31st May 2023 109,149
NET BOOK VALUE
At 31st May 2023 12,129
At 31st May 2022 19,059

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1st June 2022 3,032 3,620 19,880 583 27,115
Additions - - 300 - 300
Disposals - - (1,101 ) - (1,101 )
At 31st May 2023 3,032 3,620 19,079 583 26,314
DEPRECIATION
At 1st June 2022 2,430 3,585 15,220 147 21,382
Charge for year 152 9 1,185 109 1,455
Eliminated on disposal - - (894 ) - (894 )
At 31st May 2023 2,582 3,594 15,511 256 21,943
NET BOOK VALUE
At 31st May 2023 450 26 3,568 327 4,371
At 31st May 2022 602 35 4,660 436 5,733

The Balancing Eel Limited (Registered number: 05757298)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 5,345 4,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,243 6,996
Trade creditors 21,311 18,399
Tax 3,138 3,374
Social security and other taxes 1,253 1,200
VAT 18,374 14,280
Other creditors 3,501 -
Directors' current accounts 3,398 3,128
Accrued expenses 2,345 2,130
60,563 49,507

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1 to 5 years 29,551 22,486
Bank loans - over 5 years - 14,308
29,551 36,794

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years - 14,308

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 35,000 27,500
Between one and five years 26,250 48,125
61,250 75,625

The Balancing Eel Limited (Registered number: 05757298)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 36,794 43,790

The bank loans are secured by a debenture over the company's assets, personal guarantees from the directors and legal charges over the lease of the fish and chip shop and the directors' residential property.