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Registration number: 04640835

Eastwood Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Eastwood Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Eastwood Properties Ltd

Company Information

Directors

Mr Neil John Samuel Jacobs

Mr Ben Sebastian Jacobs

Mr Gary Jacobs

Company secretary

Mr Neil John Samuel Jacobs

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Eastwood Properties Ltd

(Registration number: 04640835)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

fixed assets

 

Investment property

4

6,029,082

6,029,082

Current assets

 

Debtors

5

944,866

4,925

Investments

6

3,800

3,800

Cash at bank and in hand

 

45,130

33,202

 

993,796

41,927

Creditors: Amounts falling due within one year

7

(30,165)

(88,464)

Net current assets/(liabilities)

 

963,631

(46,537)

Total assets less current liabilities

 

6,992,713

5,982,545

Provisions for liabilities

-

(275,673)

Net assets

 

6,992,713

5,706,872

capital and reserves

 

Called up share capital

8

12,850

12,850

Revaluation reserve

1,916,374

1,916,374

Profit and loss account

5,063,489

3,777,648

Shareholders' funds

 

6,992,713

5,706,872

For the financial year ending 31 December 2022 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.

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 22 November 2023 and signed on its behalf by:
 

 

Eastwood Properties Ltd

(Registration number: 04640835)
Balance Sheet as at 31 December 2022

.........................................
Mr Neil John Samuel Jacobs
Company secretary and director

.........................................
Mr Ben Sebastian Jacobs
Director

.........................................
Mr Gary Jacobs
Director

 

Eastwood Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 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 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 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 goods and provision of services 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Eastwood Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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.

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.

 

Eastwood Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Investment properties

2022
£

At 1 January

6,029,082

At 31 December

6,029,082

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

5

Debtors

Current

2022
£

2021
£

Trade debtors

3,850

4,200

Other debtors

941,016

725

 

944,866

4,925

6

Current asset investments

2022
£

2021
£

Shares in group undertakings

3,800

3,800

 

Eastwood Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

trade creditors

 

5,487

5,487

Taxation and social security

 

-

148

Other creditors

 

24,678

82,829

 

30,165

88,464

Creditors: amounts falling due after more than one year

2022
£

2021
£

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

3,846

3,846

3,846

3,846

Ordinary A of £1 each

1

1

1

1

Ordinary N of £1 each

1,500

1,500

1,500

1,500

Ordinary G of £1 each

1,500

1,500

1,500

1,500

Ordinary B of £1 each

1,500

1,500

1,500

1,500

Ordinary R of £1 each

1

1

1

1

Ordinary S of £1 each

1

1

1

1

Ordinary H of £1 each

1

1

1

1

Ordinary other of £1 each

4,500

4,500

4,500

4,500

 

12,850

12,850

12,850

12,850

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £Nil per each Ordinary

 

16,000

 

16,000

Interim dividend of £18.00 per each Ordinary other

 

81,000

 

81,000

   

97,000

 

97,000

 

Eastwood Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

10

Related party transactions

Summary of transactions with subsidiaries

Chatham-Glyn Fabrics Ltd
 Chatham-Glyn Fabrics Ltd is a wholly owned subsidiary of the company.
During the year the company received rent of £28,425 (2021 £67,149) amd management fees of £nil (2021 £nil).