Registration number:
Eastplace Property Co Limited
Unaudited Financial Statements
for the
Year Ended 31 December 2023
Eastplace Property Co Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Eastplace Property Co Limited
Company Information
Directors |
Mr N G Budibent Mrs L H Webber |
Company secretary |
Mrs L H Webber |
Registered office |
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Bankers |
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Accountants |
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Eastplace Property Co Limited
(Registration number: 00722656)
Balance Sheet
as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
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.
Eastplace Property Co Limited
(Registration number: 00722656)
Balance Sheet
as at 31 December 2023
Approved and authorised by the
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Mr N G Budibent
Director
Eastplace Property Co Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Compass House
Netting Street
Hook Norton
Oxfordshire
OX15 5NP
United Kingdom
These financial statements were authorised for issue by the
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.
The financial statements are presented in pounds sterling, which is the functional currency of the company, and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the rent received or receivable for the letting of the company's investment properties in the ordinary course of its activities.
The company recognises revenue when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Eastplace Property Co Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from tenants for rent arising in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Stocks
Stocks represents the cost incurred to date on a property in France that the company has purchased and improved and is now seeking to sell. The directors consider that the market value of the property is in excess of its carrying value.
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.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received.
Eastplace Property Co Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
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At 1 January |
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The company owns freehold investment properties at 46 Woodbridge Road, Guildford and Flat 2 snd 9, 3 West Street, Chipping Norton. These properties were valued on an open market basis on 31 December 2022 by the directors. If the properties had not been revalued they would have been included at their historical cost of £290,739.
There has been no valuation of investment property by an independent valuer.
Debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Bank loans and overdrafts |
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Accruals and deferred income |
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Other creditors |
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Creditors include loans from the directors of £152,000. These are repayable on demand and carry interest at 6% per annum.
Eastplace Property Co Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Loans and borrowings |
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2022 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings
Loan from directors is denominated in pounds sterling with a nominal interest rate of 10%, and the final instalment is due on . The carrying amount at year end is £Nil (2022 - £Nil).