Company registration number 03087253 (England and Wales)
EAST OF INDIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EAST OF INDIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EAST OF INDIA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
85,622
40,067
Investment property
4
75,886
75,886
161,508
115,953
Current assets
Stocks
2,507,759
2,678,036
Debtors
6
1,152,662
1,279,313
Investments
7
9,837,575
7,639,959
Cash at bank and in hand
2,524,870
3,827,122
16,022,866
15,424,430
Creditors: amounts falling due within one year
8
(491,708)
(720,198)
Net current assets
15,531,158
14,704,232
Total assets less current liabilities
15,692,666
14,820,185
Provisions for liabilities
(405,000)
(279,000)
Net assets
15,287,666
14,541,185
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
15,287,564
14,541,083
Total equity
15,287,666
14,541,185
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.
EAST OF INDIA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
Mr J Ayris
Ms A F Spratling
Director
Director
Company registration number 03087253 (England and Wales)
EAST OF INDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
East of India Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is The Old Brewery, Park Farm Close, Folkestone, Kent, CT19 5DU.
1.1
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.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade and settlement discounts. Turnover from the sale of goods is recognised at the point of sale.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
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:
Leasehold land and buildings
6.67% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
1.4
Investment property
Investment property, which is property held for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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. Provision is made for damaged, obsolete and slow moving stock where appropriate.
1.6
Financial instruments
The company has elected to apply the recognition and measurement 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.
EAST OF INDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit of loss.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
1.7
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leasing and hire purchase commitments
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
30
EAST OF INDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
237,397
209,729
447,126
Additions
37,100
16,810
53,910
Disposals
(100,000)
(6,085)
(106,085)
At 31 December 2023
174,497
220,454
394,951
Depreciation and impairment
At 1 January 2023
237,397
169,662
407,059
Depreciation charged in the year
206
7,366
7,572
Eliminated in respect of disposals
(100,000)
(5,302)
(105,302)
At 31 December 2023
137,603
171,726
309,329
Carrying amount
At 31 December 2023
36,894
48,728
85,622
At 31 December 2022
40,067
40,067
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
75,886
In the opinion of the directors, the fair value of the investment property, being freehold land, as at 31 December 2023, arrived at on the basis of open market value, amounts to £75,886 (2022 - £75,886). The valuation includes the impact of market conditions.
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
9,837,575
7,639,959
EAST OF INDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
95,840
122,189
Other debtors
1,056,822
1,157,124
1,152,662
1,279,313
Other debtors includes an amount of £780,816 (2022 - £905,776) due to the company from the directors and the associated s455 tax of £175,000 (2022 - £175,000).
7
Current asset investments
2023
2022
£
£
Other investments
9,837,575
7,639,959
Other investments are held in an investment portfolio, which is managed by the company's Financial Planners. The investments are included in the financial statements at fair value, which was determined by reference to valuations produced by the investment managers.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
35,374
215,092
Taxation and social security
418,837
477,767
Other creditors
37,497
27,339
491,708
720,198
9
Financial commitments, guarantees and contingent liabilities
The Company has provided a guarantee in favour of HM Revenue and Customs to the value of £10,000 in respect of VAT liabilities.
10
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
£
£
482,772
585,868
The lease commitment relates to rent payable to December 2028 in respect of a property occupied by the company.
EAST OF INDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Directors' transactions
During the year, the company made advances totalling £217,223 (2022 - £214,468) to the directors. Repayments totalling £342,183 (2022 - £7,875) were made in respect of these advances. The overdrawn balances incurred interest at HMRC approved rates.