Company registration number 01023278 (England and Wales)
EASTWAYS MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EASTWAYS MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EASTWAYS MANAGEMENT LIMITED
BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
86
86
Current assets
Debtors
6
22,763
25,001
Cash at bank and in hand
206,542
215,401
229,305
240,402
Creditors: amounts falling due within one year
7
(96,717)
(123,371)
Net current assets
132,588
117,031
Total assets less current liabilities
132,674
117,117
Creditors: amounts falling due after more than one year
8
(230)
(230)
Net assets
132,444
116,887
Capital and reserves
Called up share capital
168
168
Redecoration reserve
9
23,800
7,800
General and maintenance reserve
10
108,476
108,919
Total equity
132,444
116,887

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 24 March 2024 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.

EASTWAYS MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 MARCH 2024
24 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mrs I  M Wright
Director
Company Registration No. 01023278
EASTWAYS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
- 3 -
1
Accounting policies
Company information

Eastways Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4AJ.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Service charges receivable represent amounts receivable for services net of VAT.
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Estate maintenance equipment
3 years
Office furniture
3 years
Security gates
5 years
Garden shed
5 years
TV signal equipment
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EASTWAYS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

EASTWAYS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax for the current period
1,063
320
Total current tax
1,063
320
5
Tangible fixed assets
Freehold land
Estate maintenance equipment
Office furniture
Security gates
Garden shed
TV signal equipment
Total
£
£
£
£
£
£
£
Cost
At 25 March 2023 and 24 March 2024
86
1,868
504
38,969
4,915
31,397
77,739
Depreciation
At 25 March 2023 and 24 March 2024
-
0
1,868
504
38,969
4,915
31,397
77,653
Carrying amount
At 24 March 2024
86
-
0
-
0
-
0
-
0
-
0
86
At 24 March 2023
86
-
0
-
0
-
0
-
0
-
0
86
EASTWAYS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Insurance paid in advance
22,688
19,720
Sundry debtors
75
5,281
22,763
25,001
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,064
320
Credits issued against future service charges
8,374
5,281
Provision for accountancy fees
1,560
1,560
Sundry creditors
3,860
5,558
Service charges in advance
73,859
99,246
Accruals
8,000
11,406
96,717
123,371
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans from shareholders
230
230

The shareholders lent the company £19,090 in 1995, which was used to purchase the freehold interest in Regent Square in that year. The loan is interest free and is repayable at the option of the company. There was one option outstanding which has now expired.

9
Redecoration reserves
Flat Nos.
Flat Nos.
Flat Nos.
Flat Nos.
1-36
37-48
49-60
61-84
Total
£
£
£
£
£
Balance as at 25 March 2023
4,320
300
300
2,880
7,800
Transfer from Revenue account
9,085
429
429
6,057
16,000
Transfer to General Reserve
-
-
-
-
-
Balance as at 24 March 2024
13,405
729
729
8,937
23,800
EASTWAYS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 7 -
10
General & maintenance reserve
Flat Nos.
Flat Nos.
Flat Nos.
Flat Nos.
1-36
37-48
49-60
61-84
Total
£
£
£
£
£
Balance as at 25 March 2023
44,980
15,106
17,837
30,997
108,920
Transfer from Revenue account
(69)
3,459
(3,309)
(525)
(444)
Transfer from Redecoration account
-
-
-
-
-
Balance as at 24 March 2024
44,911
18,565
14,528
30,472
108,476
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