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Registration number: NI025912

Eastwood Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Eastwood Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Eastwood Limited

Company Information

Directors

Mr John M Eastwood

Mr John R Eastwood

Company secretary

Mrs Suzanne Eastwood

Registered office

137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

Solicitors

McEvoy Sheridan Solicitors
344 Ormeau road
Belfast
BT7 2HL

Auditors

McKeague Morgan & Company
Registered Auditors
27 College Gardens
Belfast
BT9 6BS

 

Eastwood Limited

(Registration number: NI025912)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

2,515,766

2,515,766

Creditors: Amounts falling due within one year

5

(2,201,619)

(2,201,619)

Net assets

 

314,147

314,147

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

313,947

313,947

Total equity

 

314,147

314,147

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

.........................................

Mr John R Eastwood
Director

 

Eastwood Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

These financial statements were authorised for issue by the Board on 27 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified and the auditor did not draw attention to any matters by way of emphasis. The name of the Senior Statutory Auditor who signed the audit report on 27 June 2024 was Mr Nicholas McKeague, who signed for and on behalf of McKeague Morgan & Company.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Eastwood Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Stocks

Stock is valued at the lower of cost and net realisable value. In the case of finished goods and work in progress, cost is defined as the aggregate cost of raw material, direct labour and the attributable proportion of direct production overheads based on a normal level of activity. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Eastwood Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

-

Amounts owed by group companies

2,515,766

2,515,766

 

2,515,766

2,515,766

5

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,724

1,724

Amounts owed to group companies

1,857,348

1,857,348

Taxation and social security

 

35,962

35,962

Accruals and deferred income

 

306,585

306,585

 

2,201,619

2,201,619

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200