1 January 2023 false No description of principal activity Taxfiler 2024.5 10502535business:PrivateLimitedCompanyLtd2023-01-012023-12-31 105025352022-12-31 105025352023-01-012023-12-31 10502535business:AuditExempt-NoAccountantsReport2023-01-012023-12-31 10502535business:FilletedAccounts2023-01-012023-12-31 105025352023-12-31 10502535business:Director12023-01-012023-12-31 10502535business:RegisteredOffice2023-01-012023-12-31 105025352022-12-31 10502535core:WithinOneYear2023-12-31 10502535core:WithinOneYear2022-12-31 10502535core:AfterOneYear2023-12-31 10502535core:AfterOneYear2022-12-31 10502535core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 10502535core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 10502535core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 10502535core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 10502535core:PreviouslyStatedAmount2023-12-31 10502535core:PreviouslyStatedAmount2022-12-31 10502535business:SmallEntities2023-01-012023-12-31 10502535countries:EnglandWales2023-01-012023-12-31 10502535core:ComputerEquipment2023-01-012023-12-31 10502535core:ComputerEquipment2022-12-31 10502535core:ComputerEquipment2023-12-31 10502535core:AfterOneYear2023-01-012023-12-31 10502535business:OrdinaryShareClass12023-01-012023-12-31 10502535business:OrdinaryShareClass12022-01-012022-12-31 105025352022-01-012022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 10502535 (England and Wales)
ECONOMIC STREET LIMITED Unaudited accounts for the year ended 31 December 2023
ECONOMIC STREET LIMITED Unaudited accounts Contents
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ECONOMIC STREET LIMITED Company Information for the year ended 31 December 2023
Director
Olaoluwa Danladi Baikie
Company Number
10502535 (England and Wales)
Registered Office
100 Greenfield Avenue Surbiton KT5 9HS United Kingdom
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ECONOMIC STREET LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Cash at bank and in hand
16,521 
23,959 
Creditors: amounts falling due within one year
(5,950)
(5,950)
Net current assets
10,571 
18,009 
Total assets less current liabilities
10,571 
18,009 
Creditors: amounts falling due after more than one year
(38,480)
(44,430)
Net liabilities
(27,909)
(26,421)
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
(28,909)
(27,421)
Shareholders' funds
(27,909)
(26,421)
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 September 2024 and were signed on its behalf by
Olaoluwa Danladi Baikie Director Company Registration No. 10502535
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ECONOMIC STREET LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
ECONOMIC STREET LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10502535. The registered office is 100 Greenfield Avenue, Surbiton, KT5 9HS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line basis
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
2,704 
At 31 December 2023
2,704 
Depreciation
At 1 January 2023
2,704 
At 31 December 2023
2,704 
Net book value
At 31 December 2023
- 
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ECONOMIC STREET LIMITED Notes to the Accounts for the year ended 31 December 2023
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,950 
5,950 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
35,125 
41,075 
Other creditors
3,355 
3,355 
38,480 
44,430 
Economic Street took out a £50,000 100% government backed Bounce Back loan for a six-year term on 15 December 2020. An option to extend the life of the loan by four years was taken up on 16 December 2021. Final repayment date is expected to be 15 December 2030. Of the loan, £5,950 is expected to be repaid within one year. Other creditors are amounts owed to the director.
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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