Company registration number SC082988 (Scotland)
EASTERN EXHIBITION & DISPLAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EASTERN EXHIBITION & DISPLAY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
EASTERN EXHIBITION & DISPLAY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Kapoor
Mr IG Hutchison
Secretary
Mr S Kapoor
Company number
SC082988
Registered office
108 Market Street
Musselburgh
East Lothian
Scotland
EH21 6QA
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
EASTERN EXHIBITION & DISPLAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,581,039
1,538,017
Current assets
Stocks
72,500
25,000
Debtors
4
505,529
598,147
Cash at bank and in hand
35,428
223,828
613,457
846,975
Creditors: amounts falling due within one year
5
(664,969)
(712,008)
Net current (liabilities)/assets
(51,512)
134,967
Total assets less current liabilities
1,529,527
1,672,984
Creditors: amounts falling due after more than one year
6
(698,855)
(861,717)
Provisions for liabilities
8
(30,276)
(40,064)
Net assets
800,396
771,203
Capital and reserves
Called up share capital
10
44,411
44,411
Share premium account
95,591
95,591
Revaluation reserve
545,416
470,416
Capital redemption reserve
30,000
30,000
Profit and loss reserves
84,978
130,785
Total equity
800,396
771,203

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EASTERN EXHIBITION & DISPLAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
Mr S Kapoor
Director
Company Registration No. SC082988
EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Eastern Exhibition & Display Limited is a private company limited by shares incorporated in Scotland. The registered office is 108 Market Street, Musselburgh, East Lothian, Scotland, EH21 6QA. The company's registration number is SC082988.

1.1
Reporting period

The company extended the financial year end to 31 December 2022 to be in line with the parent company's financial year end. The comparative amounts presented in the financial statements are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
25
25
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,025,000
881,119
229,513
257,630
2,393,262
Additions
-
0
28,428
27,212
49,401
105,041
Disposals
-
0
-
0
-
0
(20,125)
(20,125)
Revaluation
75,000
-
0
-
0
-
0
75,000
At 31 December 2023
1,100,000
909,547
256,725
286,906
2,553,178
Depreciation and impairment
At 1 January 2023
-
0
647,159
149,950
58,136
855,245
Depreciation charged in the year
-
0
49,257
18,296
67,370
134,923
Eliminated in respect of disposals
-
0
-
0
-
0
(18,029)
(18,029)
At 31 December 2023
-
0
696,416
168,246
107,477
972,139
Carrying amount
At 31 December 2023
1,100,000
213,131
88,479
179,429
1,581,039
At 31 December 2022
1,025,000
233,960
79,563
199,494
1,538,017

The freehold land and property was revalued by a firm of Chartered Surveyors in January 2024 at an open market value of £1,100,000.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
171,248
277,037
Amounts owed by group undertakings
324,636
291,269
Other debtors
9,645
29,841
505,529
598,147
EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
141,068
125,568
Trade creditors
75,845
117,004
Taxation and social security
162,972
62,806
Other creditors
285,084
406,630
664,969
712,008

Bank loans are secured over the assets of the company.

 

Included within "Other creditors" are hire purchase agreements amounting to £98,812 (2022 - £92,931) which are secured over the assets to which they relate.

 

Invoice financing debts are secured as a floating charge over the assets of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
431,506
537,433
Other creditors
267,349
324,284
698,855
861,717

Bank loans are secured over the assets of the company.

 

Included within "Other creditors" are hire purchase agreements amounting to £267,349 (2022 - £324,284) which are secured over the assets to which they relate.

 

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
21,567
54,527
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
30,276
40,064
EASTERN EXHIBITION & DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
30,276
40,064
2023
Movements in the year:
£
Liability at 1 January 2023
40,064
Credit to profit or loss
(9,788)
Liability at 31 December 2023
30,276

 

10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
44,411 Ordinary shares of £1
44,411
44,411
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
49,401
12
Related party transactions
Transactions with related parties

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

 

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