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Company registration number: 05015821
Eastbury Road Limited
Unaudited filleted financial statements
31 January 2023
Eastbury Road Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Eastbury Road Limited
Directors and other information
Directors Dr Kuldhir Kaur Johal
Dr Timothy Michael Burford
Dr Mario Di Monaco
Secretary Kuldhir Kaur Johal
Company number 05015821
Registered office Baring Cottage
53 Camp Road
Gerrards Cross
Buckinghamshire
SL9 7PG
Accountants Nagle James Associates Ltd
Amba House, 4th Floor, Kings Suite
15 College Road
Harrow
HA1 1BA
Eastbury Road Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 22,767 20,146
Investments 5 3,250,100 3,250,100
_______ _______
3,272,867 3,270,246
Current assets
Debtors 6 1,249,719 1,303,242
Cash at bank and in hand 4 4
_______ _______
1,249,723 1,303,246
Creditors: amounts falling due
within one year 7 ( 250,561) ( 256,225)
_______ _______
Net current assets 999,162 1,047,021
_______ _______
Total assets less current liabilities 4,272,029 4,317,267
Creditors: amounts falling due
after more than one year 8 ( 2,073,878) ( 2,236,277)
Provisions for liabilities ( 313,674) ( 313,731)
_______ _______
Net assets 1,884,477 1,767,259
_______ _______
Capital and reserves
Called up share capital 9 3 3
Fair Value Reserve 10 1,528,777 1,528,777
Profit and loss account 10 355,697 238,479
_______ _______
Shareholders funds 1,884,477 1,767,259
_______ _______
For the year ending 31 January 2023 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Dr Kuldhir Kaur Johal
Director
Company registration number: 05015821
Eastbury Road Limited
Statement of changes in equity
Year ended 31 January 2023
Called up share capital Fair Value Reserve Profit and loss account Total
£ £ £ £
At 1 February 2021 3 1,326,277 160,660 1,486,940
Profit for the year 310,319 310,319
Other comprehensive income for the year:
Non-distributable profit - 202,500 ( 202,500) -
_______ _______ _______ _______
Total comprehensive income for the year - 202,500 107,819 310,319
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 30,000) ( 30,000)
_______ _______ _______ _______
At 31 January 2022 and 1 February 2022 3 1,528,777 238,479 1,767,259
Profit for the year 147,218 147,218
_______ _______ _______ _______
Total comprehensive income for the year - - 147,218 147,218
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 30,000) ( 30,000)
_______ _______ _______ _______
At 31 January 2023 3 1,528,777 355,697 1,884,477
_______ _______ _______ _______
Eastbury Road Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eastbury Road Limited, Baring Cottage, 53 Camp Road, Gerrards Cross, Buckinghamshire, SL9 7PG.
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 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2022 233,210 233,210
Additions 8,313 8,313
_______ _______
At 31 January 2023 241,523 241,523
_______ _______
Depreciation
At 1 February 2022 213,064 213,064
Charge for the year 5,692 5,692
_______ _______
At 31 January 2023 218,756 218,756
_______ _______
Carrying amount
At 31 January 2023 22,767 22,767
_______ _______
At 31 January 2022 20,146 20,146
_______ _______
5. Investments
Shares in group undertakings and participating interests Investment Property Total
£ £ £
Cost
At 1 February 2022 and 31 January 2023 417,274 3,250,000 3,667,274
_______ _______ _______
Impairment
At 1 February 2022 and 31 January 2023 417,174 - 417,174
_______ _______ _______
Carrying amount
At 31 January 2023 100 3,250,000 3,250,100
_______ _______ _______
At 31 January 2022 100 3,250,000 3,250,100
_______ _______ _______
The investment property has been valued by the directors as at 31 January 2022
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
AAK Properties Limited Baring Cottage, 53 Camp Road, Gerrards Cross, Bucks, SL9 7PG Ordinary Shares 100
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,764 6,764
Other debtors 1,242,955 1,296,478
_______ _______
1,249,719 1,303,242
_______ _______
Other debtors includes advances made to Directors amounting to £987,131 as detailed in note 12. The outstanding balance is repayable on demand and interest at the official rate has been charged.
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 194,663 197,263
Accruals and deferred income 7,248 7,022
Corporation tax 39,199 41,941
Social security and other taxes 9,451 6,402
_______ _______
250,561 256,225
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 2,073,878 2,236,277
_______ _______
The bank loans is secured by fixed and floating charges over all property and assets of the company.
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.01 each 300 3 300 3
_______ _______ _______ _______
10. Reserves
Called-up share capital - represents the nominal value of shares that have been issued.Reserves - includes all current and prior period retained profits and losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dr Kuldhir Kaur Johal 331,256 ( 17,515) 313,741
Dr Timothy Michael Burford 304,229 ( 16,067) 288,162
Dr Mario Di Monaco 387,544 ( 2,316) 385,228
_______ _______ _______
1,023,029 ( 35,898) 987,131
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dr Kuldhir Kaur Johal 354,307 ( 23,051) 331,256
Dr Timothy Michael Burford 329,382 ( 25,153) 304,229
Dr Mario Di Monaco 391,745 ( 4,201) 387,544
_______ _______ _______
1,075,434 ( 52,405) 1,023,029
_______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
AAK properties Ltd - - 6,764 6,764
_______ _______ _______ _______