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REGISTERED NUMBER: 02414013 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Eastern Hardwoods Limited

Eastern Hardwoods Limited (Registered number: 02414013)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Eastern Hardwoods Limited (Registered number: 02414013)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 530,790 483,529

CURRENT ASSETS
Stocks 5 5,412 17,523
Debtors 6 127,446 130,257
Cash at bank and in hand 207,108 288,426
339,966 436,206
CREDITORS
Amounts falling due within one year 7 192,128 231,053
NET CURRENT ASSETS 147,838 205,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

678,628

688,682

CREDITORS
Amounts falling due after more than one
year

8

(61,667

)

(25,633

)

PROVISIONS FOR LIABILITIES (60,279 ) (34,937 )
NET ASSETS 556,682 628,112

CAPITAL AND RESERVES
Called up share capital 25,001 25,001
Revaluation reserve 11 319,470 336,156
Retained earnings 212,211 266,955
SHAREHOLDERS' FUNDS 556,682 628,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Eastern Hardwoods Limited (Registered number: 02414013)

Balance Sheet - continued
30 November 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 8 April 2024 and were signed on its behalf by:





N J Sargeant - Director


Eastern Hardwoods Limited (Registered number: 02414013)

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

1. STATUTORY INFORMATION

Eastern Hardwoods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02414013

Registered office: 4 Ash Industrial Estate
Flex Meadow
Pinnacles West
Harlow
Essex
CM19 5TJ

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost/valuation
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 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.

Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all of its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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 balance sheet date.


Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates defined contribution money purchase pension schemes on behalf of its staff and directors. The pension charge represents the amounts payable by the company to these funds in respect of the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2022 495,000 50,007 7,708 20,212 572,927
Additions - - - 78,755 78,755
At 30 November 2023 495,000 50,007 7,708 98,967 651,682
DEPRECIATION
At 1 December 2022 19,800 46,480 7,702 15,416 89,398
Charge for year 9,900 706 - 20,888 31,494
At 30 November 2023 29,700 47,186 7,702 36,304 120,892
NET BOOK VALUE
At 30 November 2023 465,300 2,821 6 62,663 530,790
At 30 November 2022 475,200 3,527 6 4,796 483,529

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2001 16,408 - - - 16,408
Valuation in 2002 7,000 - - - 7,000
Valuation in 2003 28,000 - - - 28,000
Valuation in 2004 5,000 - - - 5,000
Valuation in 2007 80,000 - - - 80,000
Valuation in 2008 (115,000 ) - - - (115,000 )
Valuation in 2015 215,000 - - - 215,000
Valuation in 2017 10,000 - - - 10,000
Valuation in 2021 60,000 - - - 60,000
Cost 188,592 50,007 7,708 98,967 345,274
495,000 50,007 7,708 98,967 651,682

If freehold property had not been revalued it would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 188,592 188,592
Aggregate depreciation 86,756 82,984

Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

An updated valuation was not performed by the company as the directors believe the open market valuation determined by Presidential Estates Ltd, an independent, professionally-qualified valuer, on 12 January 2022, is not materially different from the carrying value at 30 November 2023.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 78,755
At 30 November 2023 78,755
DEPRECIATION
Charge for year 19,689
At 30 November 2023 19,689
NET BOOK VALUE
At 30 November 2023 59,066

5. STOCKS
30.11.23 30.11.22
£    £   
Stocks 5,412 17,523

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 121,798 115,345
Other debtors 2,850 5,250
Directors' current accounts 13 13
Prepayments 2,785 9,649
127,446 130,257

Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 9) 10,102 9,891
Hire purchase contracts 14,963 -
Trade creditors 144,375 176,693
Corporation tax - 19,715
Social security and other taxes 18,609 20,013
Other creditors 829 1,816
Accruals 3,250 2,925
192,128 231,053

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 9) 15,530 25,633
Hire purchase contracts 46,137 -
61,667 25,633

9. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans and overdrafts 10,102 9,891

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,317 10,102

Amounts falling due between two and five years:
Bank loan 1-5 yrs 5,213 15,531

The company received £50,000 during 2020 in relation to a Bounce Back Loan Scheme under which the government made a Business Interruption Payment to cover the first 12 months of interest payments. The loan is repayable over 6 years including a 12 month repayment holiday from the date on which the loan was drawn, and is subject to interest at a rate of 2.5% per year.

Eastern Hardwoods Limited (Registered number: 02414013)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Hire purchase contracts 61,100 -

11. RESERVES
Revaluation
reserve
£   
At 1 December 2022 336,156
Deferred tax movement on revaluation
of property

(10,558

)

Transfer to profit and loss account (6,128 )

At 30 November 2023 319,470

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
N J Sargeant and Mrs K A Sargeant
Balance outstanding at start of year 13 13
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13 13

The directors' current account balance is unsecured, interest free and repayable on demand.