EIGHTY8 LTD

Company Registration Number:
06982640 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

EIGHTY8 LTD

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

EIGHTY8 LTD

Balance sheet

As at 30 June 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 0 1,380
Tangible assets: 4 354,141 366,303
Total fixed assets: 354,141 367,683
Current assets
Stocks: 1,329,602 1,437,892
Debtors:   1,976,327 1,925,584
Cash at bank and in hand: 1,741,554 1,234,946
Total current assets: 5,047,483 4,598,422
Creditors: amounts falling due within one year: 5 (1,028,382) (1,372,397)
Net current assets (liabilities): 4,019,101 3,226,025
Total assets less current liabilities: 4,373,242 3,593,708
Creditors: amounts falling due after more than one year: 6 (666,666) (833,333)
Provision for liabilities: (94,714) (15,313)
Total net assets (liabilities): 3,611,862 2,745,062
Capital and reserves
Called up share capital: 379 379
Profit and loss account: 3,611,483 2,744,683
Shareholders funds: 3,611,862 2,745,062

The notes form part of these financial statements

EIGHTY8 LTD

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 March 2024
and signed on behalf of the board by:

Name: A Thalmann
Status: Director

The notes form part of these financial statements

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, discounts and similar allowances. Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.

Tangible fixed assets and depreciation policy

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on a straight-line basis at rates of Leasehold improvements and fixtures 20% per annum, Office IT and equipment and fixtures 25% per annum. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible fixed assets and amortisation policy

Intangible fixed assets comprise the company’s website development costs and is stated at cost less accumulated amortisation and accumulated impairment losses. Upon launch amortisation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over the expected useful life on a straight-line basis at a rate of 20% per annum. At each balance sheet date, the company reviews the carrying amount of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down occurs.

Other accounting policies

Foreign currenciesTransactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in foreign currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. TaxationTaxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the accounting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the accounting period.PensionsThe company operates a defined contribution pension scheme and the pension charge represents amounts payable by the company to the fund in respect of the year.Financial InstrumentsBasic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 32 28

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Intangible Assets

Total
Cost £
At 01 July 2022 20,074
At 30 June 2023 20,074
Amortisation
At 01 July 2022 18,694
Charge for year 1,380
At 30 June 2023 20,074
Net book value
At 30 June 2023 0
At 30 June 2022 1,380

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Tangible Assets

Total
Cost £
At 01 July 2022 495,259
Additions 77,599
Disposals (2,869)
At 30 June 2023 569,989
Depreciation
At 01 July 2022 128,956
Charge for year 88,604
On disposals (1,712)
At 30 June 2023 215,848
Net book value
At 30 June 2023 354,141
At 30 June 2022 366,303

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

Included within other creditors is an amount of £158,226 (2022- £158,751) relating to social security and other taxes.

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Creditors: amounts falling due after more than one year note

The bank loan is secured by a debenture over the company’s assets and a director’s personal guarantee.

EIGHTY8 LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

7. Related party transactions

Name of the related party: A Thalmann
Relationship:
Director
Description of the Transaction: The director and shareholder A. Thalmann is also the director and shareholder of Brickroom Ltd.During the year the company was charged management fees of £209,511 (2022 - £188,013) by Brickroom Ltd.
£
Balance at 01 July 2022 17,621
Balance at 30 June 2023 23,177
Name of the related party: A Keyte
Relationship:
Director
Description of the Transaction: During the year the company was charged sales commissions of £129,614 (2022 - £129,746) by a company controlled by A Keyte.
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0
Name of the related party: R Powell
Relationship:
Director
Description of the Transaction: During the year professional fees were charged by a company controlled by R Powell £49,165 (2022 - £45,000)
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0
Name of the related party: D S Jones
Relationship:
Director
Description of the Transaction: During the year the company paid fees and commissions to a company controlled by DS Jones £97,501 (2022 - £75,267)
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0

During the year professional fees of £100,502 (2022 - £108,910) were charged by participators of the company.