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Registration number: 02153195

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Company Information

Directors

Mr L Sidoli

Mr MAG Sidoli

Registered office

36 Greenway
London
N20 8ED

Accountants

Mawson Breskal & Co
Chartered Accountants
6 Parkgate Avenue
Barnet
Herts
EN4 0NR

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

(Registration number: 02153195)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

1

Investment property

287,151

287,151

Investments

5

50

50

 

287,202

287,202

Current assets

 

Stocks

6

3,157,825

3,597,587

Debtors

3,510,704

3,561,465

Cash at bank and in hand

 

4,441,510

3,161,739

 

11,110,039

10,320,791

Prepayments and accrued income

 

18,329

30,000

Creditors: Amounts falling due within one year

(675,341)

(675,341)

Net current assets

 

10,453,027

9,675,450

Total assets less current liabilities

 

10,740,229

9,962,652

Accruals and deferred income

 

(2,820)

(2,670)

Net assets

 

10,737,409

9,959,982

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

10,736,409

9,958,982

Shareholders' funds

 

10,737,409

9,959,982

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

(Registration number: 02153195)
Abridged Balance Sheet as at 30 November 2023

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 December 2023 and signed on its behalf by:
 

.........................................
Mr L Sidoli
Director

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
36 Greenway
London
N20 8ED
United Kingdom

These financial statements were authorised for issue by the Board on 15 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of stocks and shares in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

6,202

6,202

At 30 November 2023

6,202

6,202

Depreciation

At 1 December 2022

6,201

6,201

At 30 November 2023

6,201

6,201

Carrying amount

At 30 November 2023

1

1

At 30 November 2022

1

1

Investment properties

2023
£

At 1 December

287,151

There has been no valuation of investment property by an independent valuer.

5

Investments

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Total
£

Cost or valuation

At 1 December 2022

50

Provision

Carrying amount

At 30 November 2023

50

At 30 November 2022

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Associates

AFA Estates Ltd

Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH

Ordinary shares

33.33%

33.33%

 

England

     

Associates

AFA Estates Ltd

The principal activity of AFA Estates Ltd is the buying and selling of own real estate..

6

Stocks

2023
£

2022
£

Other inventories

3,157,825

3,597,587

 

Earlyworld Estates Limited

trading as EARLYWORLD ESTATES LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000