2023-03-012023-11-302023-11-30false07963511EAST BEACH STORES 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EAST BEACH STORES LTD

Registered Number
07963511
(England and Wales)

Unaudited Financial Statements for the Period ended
30 November 2023

EAST BEACH STORES LTD
Company Information
for the period from 1 March 2023 to 30 November 2023

Director

PATEL, Hinal Bhupendrabhai

Registered Address

5-6 Orchard Parade
Selsey
Chichester
PO20 0NS

Registered Number

07963511 (England and Wales)
EAST BEACH STORES LTD
Balance Sheet as at
30 November 2023

Notes

30 Nov 2023

28 Feb 2023

£

£

£

£

Fixed assets
Intangible assets478,37585,500
Tangible assets520,71020,899
99,085106,399
Current assets
Debtors57,952285,152
Cash at bank and on hand305,71128,731
363,663313,883
Creditors amounts falling due within one year7(183,932)(390,151)
Net current assets (liabilities)179,731(76,268)
Total assets less current liabilities278,81630,131
Creditors amounts falling due after one year8(33,834)(55,875)
Provisions for liabilities9(2,133)-
Net assets242,849(25,744)
Capital and reserves
Called up share capital102102
Profit and loss account242,747(25,846)
Shareholders' funds242,849(25,744)
The financial statements were approved and authorised for issue by the Director on 23 August 2024, and are signed on its behalf by:
PATEL, Hinal Bhupendrabhai
Director
Registered Company No. 07963511
EAST BEACH STORES LTD
Notes to the Financial Statements
for the period ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using 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 within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232023
Average number of employees during the year1110
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 March 23190,000190,000
At 30 November 23190,000190,000
Amortisation and impairment
At 01 March 23104,500104,500
Charge for year7,1257,125
At 30 November 23111,625111,625
Net book value
At 30 November 2378,37578,375
At 28 February 2385,50085,500
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 March 2312,39326,07838,471
Additions-2,4002,400
Revaluations(953)-(953)
At 30 November 2311,44028,47839,918
Depreciation and impairment
At 01 March 23-17,57217,572
Charge for year-1,6361,636
At 30 November 23-19,20819,208
Net book value
At 30 November 2311,4409,27020,710
At 28 February 2312,3938,50620,899
6.Current asset investments
7.Creditors: amounts due within one year

2023

2023

££
Trade creditors / trade payables6,43829,017
Bank borrowings and overdrafts122,030182,147
Taxation and social security48,22450,608
Other creditors5,000128,379
Accrued liabilities and deferred income2,240-
Total183,932390,151
8.Creditors: amounts due after one year

2023

2023

££
Bank borrowings and overdrafts33,83455,875
Total33,83455,875
9.Provisions for liabilities

2023

2023

££
Net deferred tax liability (asset)2,133-
Total2,133-