Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr J R R Mcconnell 12/10/2020 Mrs A D Egglestone 24 November 2023 The principal activity of the company is that of property developers and management of holiday let properties. 03312635 2023-02-28 03312635 bus:Director1 2023-02-28 03312635 2022-02-28 03312635 core:CurrentFinancialInstruments 2023-02-28 03312635 core:CurrentFinancialInstruments 2022-02-28 03312635 core:Non-currentFinancialInstruments 2023-02-28 03312635 core:Non-currentFinancialInstruments 2022-02-28 03312635 core:ShareCapital 2023-02-28 03312635 core:ShareCapital 2022-02-28 03312635 core:RetainedEarningsAccumulatedLosses 2023-02-28 03312635 core:RetainedEarningsAccumulatedLosses 2022-02-28 03312635 core:PlantMachinery 2022-02-28 03312635 core:Vehicles 2022-02-28 03312635 core:OfficeEquipment 2022-02-28 03312635 core:PlantMachinery 2023-02-28 03312635 core:Vehicles 2023-02-28 03312635 core:OfficeEquipment 2023-02-28 03312635 bus:OrdinaryShareClass1 2023-02-28 03312635 bus:OrdinaryShareClass2 2023-02-28 03312635 2022-03-01 2023-02-28 03312635 bus:FullAccounts 2022-03-01 2023-02-28 03312635 bus:SmallEntities 2022-03-01 2023-02-28 03312635 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03312635 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03312635 bus:Director1 2022-03-01 2023-02-28 03312635 bus:CompanySecretary1 2022-03-01 2023-02-28 03312635 core:PlantMachinery 2022-03-01 2023-02-28 03312635 core:Vehicles 2022-03-01 2023-02-28 03312635 core:OfficeEquipment 2022-03-01 2023-02-28 03312635 2021-03-01 2022-02-28 03312635 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 03312635 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03312635 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 03312635 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 03312635 bus:OrdinaryShareClass2 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03312635 (England and Wales)

EGGLESTONE DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

EGGLESTONE DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

EGGLESTONE DEVELOPMENT LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
EGGLESTONE DEVELOPMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTOR Mr J R R Mcconnell
SECRETARY Mrs A D Egglestone
REGISTERED OFFICE Torbay Rise
Old Mill Road
Chelston
TQ2 6HL
United Kingdom
COMPANY NUMBER 03312635 (England and Wales)
ACCOUNTANT Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
EGGLESTONE DEVELOPMENT LIMITED

BALANCE SHEET

As at 28 February 2023
EGGLESTONE DEVELOPMENT LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,783 15,712
11,783 15,712
Current assets
Stocks 0 8,000
Debtors 4 11,446 70,751
Cash at bank and in hand 9,316 409
20,762 79,160
Creditors: amounts falling due within one year 5 ( 79,061) ( 113,060)
Net current liabilities (58,299) (33,900)
Total assets less current liabilities (46,516) (18,188)
Creditors: amounts falling due after more than one year 6 ( 23,180) ( 33,445)
Net liabilities ( 69,696) ( 51,633)
Capital and reserves
Called-up share capital 7 164,714 164,714
Profit and loss account ( 234,410 ) ( 216,347 )
Total shareholders' deficit ( 69,696) ( 51,633)

For the financial 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 financial statements of Egglestone Development Limited (registered number: 03312635) were approved and authorised for issue by the Director on 24 November 2023. They were signed on its behalf by:

Mr J R R Mcconnell
Director
EGGLESTONE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
EGGLESTONE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Egglestone Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Torbay Rise, Old Mill Road, Chelston, TQ2 6HL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £69,696. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue when the value of services provided to date can be reliably measured.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2022 26,682 30,355 16,019 73,056
At 28 February 2023 26,682 30,355 16,019 73,056
Accumulated depreciation
At 01 March 2022 24,515 18,193 14,636 57,344
Charge for the financial year 542 3,040 347 3,929
At 28 February 2023 25,057 21,233 14,983 61,273
Net book value
At 28 February 2023 1,625 9,122 1,036 11,783
At 28 February 2022 2,167 12,162 1,383 15,712

4. Debtors

2023 2022
£ £
Trade debtors 7,063 69,724
Amounts owed by associates 3,486 0
Other debtors 897 1,027
11,446 70,751

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,153 9,888
Trade creditors 4,016 4,670
Other taxation and social security 3,105 16,779
Other creditors 61,787 81,723
79,061 113,060

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,180 33,445

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
164,704 Ordinary shares of £ 1.00 each 164,704 164,704
10 B Ordinary shares of £ 1.00 each 10 10
164,714 164,714