Registered number
08498706
ELECTRIC STAR HACKNEY DOWNS LTD
Filleted Accounts
31 October 2023
ELECTRIC STAR HACKNEY DOWNS LTD
Registered number: 08498706
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,250 15,750
Tangible assets 4 282,231 264,771
293,481 280,521
Current assets
Stocks 10,574 10,975
Debtors 5 63,856 54,558
Cash at bank and in hand 19,185 34,426
93,615 99,959
Creditors: amounts falling due within one year 6 (184,919) (350,984)
Net current liabilities (91,304) (251,025)
Total assets less current liabilities 202,177 29,496
Provisions for liabilities (11,986) (7,092)
Net assets 190,191 22,404
Capital and reserves
Called up share capital 100 100
Profit and loss account 190,091 22,304
Shareholders' funds 190,191 22,404
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Hives
Director
Approved by the board on 25 November 2023
ELECTRIC STAR HACKNEY DOWNS LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Goodwill 10% Straight Line
Plant and machinery 25% Straight Line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 45,000
At 31 October 2023 45,000
Amortisation
At 1 November 2022 29,250
Provided during the year 4,500
At 31 October 2023 33,750
Net book value
At 31 October 2023 11,250
At 31 October 2022 15,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 288,814 52,742 341,556
Additions 7,987 32,897 40,884
At 31 October 2023 296,801 85,639 382,440
Depreciation
At 1 November 2022 61,371 15,414 76,785
Charge for the year 16,287 7,137 23,424
At 31 October 2023 77,658 22,551 100,209
Net book value
At 31 October 2023 219,143 63,088 282,231
At 31 October 2022 227,443 37,328 264,771
5 Debtors 2023 2022
£ £
Trade debtors 1,980 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,625 -
Prepayments 20,478 17,785
Rent Deposits 36,773 36,773
63,856 54,558
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,833 40,833
Trade creditors 120,475 135,157
Amounts owed to group undertakings and undertakings in which the company has a participating interest 5,000 90,000
Taxation and social security costs 18,375 7,659
Accruals 10,236 77,335
184,919 350,984
7 Controlling party
The Company is ultimately controlled by Rob Hives Esq.
8 Other information
ELECTRIC STAR HACKNEY DOWNS LTD is a private company limited by shares and incorporated in England. Its registered office is:
359 Bethnal Green Road
London
E2 6LG
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