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Company registration number: 07074469
Eleven Eastgate Limited
Trading as Eleven Eastgate Limited
Unaudited filleted financial statements
28 February 2023
Eleven Eastgate Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Eleven Eastgate Limited
Directors and other information
Director Mr Peter Richard Walker
Company number 07074469
Registered office 11 Eastgate
Sleaford
Lincolnshire
NG34 7DL
Business address 11 Eastgate
Sleaford
Lincolnshire
NG34 7DL
Accountant Bush & Co
95 Boston Road
Sleaford
Lincolnshire
NG34 7HP
Eleven Eastgate Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 12,000 13,000
Tangible assets 6 8,449 1,627
_______ _______
20,449 14,627
Current assets
Stocks 4,790 4,790
Debtors 7 16,401 16,738
Investments 2 2
Cash at bank and in hand 15,373 12,325
_______ _______
36,566 33,855
Creditors: amounts falling due
within one year 8 ( 27,910) ( 31,696)
_______ _______
Net current assets 8,656 2,159
_______ _______
Total assets less current liabilities 29,105 16,786
_______ _______
Net assets 29,105 16,786
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 28,105 15,786
_______ _______
Shareholders funds 29,105 16,786
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 25 October 2023 , and are signed on behalf of the board by:
Mr Peter Richard Walker
Director
Company registration number: 07074469
Eleven Eastgate Limited
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2021 1,000 7,410 8,410
Profit for the year 78,376 78,376
_______ _______ _______
Total comprehensive income for the year - 78,376 78,376
Dividends paid and payable ( 70,000) ( 70,000)
_______ _______ _______
Total investments by and distributions to owners - ( 70,000) ( 70,000)
_______ _______ _______
At 28 February 2022 and 1 March 2022 1,000 15,786 16,786
Profit for the year 74,319 74,319
_______ _______ _______
Total comprehensive income for the year - 74,319 74,319
Dividends paid and payable ( 62,000) ( 62,000)
_______ _______ _______
Total investments by and distributions to owners - ( 62,000) ( 62,000)
_______ _______ _______
At 28 February 2023 1,000 28,105 29,105
_______ _______ _______
Eleven Eastgate Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Eleven Eastgate Limited, 11 Eastgate, Sleaford, Lincolnshire, NG34 7DL.
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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.
Turnover
Turnover represents amounts receivable for goods supplied and services rendered.
Taxation
Current tax is recognised on taxable profit for the current and past period using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 4.00 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
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:
Plant and machinery - 20 % straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 25,000 25,000
_______ _______
Amortisation
At 1 March 2022 12,000 12,000
Charge for the year 1,000 1,000
_______ _______
At 28 February 2023 13,000 13,000
_______ _______
Carrying amount
At 28 February 2023 12,000 12,000
_______ _______
At 28 February 2022 13,000 13,000
_______ _______
6. Tangible assets
Plant and machinery
£
Cost
At 1 March 2022 53,289
Additions 8,248
_______
At 28 February 2023 61,537
_______
Depreciation
At 1 March 2022 51,662
Charge for the year 1,426
_______
At 28 February 2023 53,088
_______
Carrying amount
At 28 February 2023 8,449
_______
At 28 February 2022 1,627
_______
7. Debtors
2023 2022
£ £
Other debtors 16,401 16,738
_______ _______
An employee loan made to Dr Peter Walker was outstanding at the end of the year. This is a commercial loan with interest charged at the rate of 2.5% per annum.
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 15,741 18,722
Other creditors 12,169 12,974
_______ _______
27,910 31,696
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Richard Walker 738 199,367 ( 199,704) 401
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Richard Walker ( 94) 149,730 ( 148,898) 738
_______ _______ _______ _______
10. Related party transactions
The director Peter Walker received dividends totalling £31,000 during the year by virtue of his ordinary shareholding.
11. Controlling party
During the year the director Dr P R Walker and Mrs I M Walker controlled the company by virtue of a controlling interest(directly or indirectly) of 100% of the issued share capital.