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Registration number: 04621982

Easterbrook Eaton Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Easterbrook Eaton Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 13

 

Easterbrook Eaton Limited

(Registration number: 04621982)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

675,264

679,120

Tangible assets

5

138,326

140,178

 

813,590

819,298

Current assets

 

Stocks

6

13,406

15,975

Debtors

7

308,110

315,753

Cash at bank and in hand

 

155

97

 

321,671

331,825

Prepayments and accrued income

 

18,166

19,903

Creditors: Amounts falling due within one year

(273,481)

(279,278)

Net current assets

 

66,356

72,450

Total assets less current liabilities

 

879,946

891,748

Creditors: Amounts falling due after more than one year

(91,108)

(88,819)

Provisions for liabilities

(13,650)

(10,726)

Accruals and deferred income

 

(2,935)

(1,840)

Net assets

 

772,253

790,363

Capital and reserves

 

Called up share capital

8

2,189

2,189

Revaluation reserve

19,538

19,538

Other reserves

1,995

1,995

Retained earnings

748,531

766,641

Shareholders' funds

 

772,253

790,363

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

Easterbrook Eaton Limited

(Registration number: 04621982)
Abridged Balance Sheet as at 31 March 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr Michael Peter Jones
Director

.........................................
Mr Christopher John Hodge
Director

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

These financial statements were authorised for issue by the Board on 25 September 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 abridged 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 abridged 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.

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Furniture and Fittings

15% Writing Down Basis

Computer and Office Electrical Equipment

50% Writing Down Basis

Motor Vehicles

25% Writing Down Basis

Carpets and Curtains

Replacement Basis

Goodwill

Goodwill is revalued each year to ensure that no provision is required.

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Intangible assets

Positive Goodwill is capitalised, classified as an asset on the balance sheet and is revalued on an annual basis. It is reviewed for impairment at the end of the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Revaluation on Annual Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 21).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

698,400

At 31 March 2024

698,400

Amortisation

At 1 April 2023

19,280

Amortisation charge

3,856

At 31 March 2024

23,136

Carrying amount

At 31 March 2024

675,264

At 31 March 2023

679,120

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

130,000

30,500

68,477

3,140

232,117

Additions

-

125

552

-

677

At 31 March 2024

130,000

30,625

69,029

3,140

232,794

Depreciation

At 1 April 2023

-

26,819

65,120

-

91,939

Charge for the year

-

574

1,955

-

2,529

At 31 March 2024

-

27,393

67,075

-

94,468

Carrying amount

At 31 March 2024

130,000

3,232

1,954

3,140

138,326

At 31 March 2023

130,000

3,681

3,357

3,140

140,178

Included within the net book value of land and buildings above is £130,000 (2023 - £130,000) in respect of freehold land and buildings.
 

Revaluation

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

The fair value of the company's Freehold Property was revalued on 27 August 2009 by an independent valuer.
Stags of Exeter, Chartered Surveyors provided an independent valuation of the properties. Since that date the Directors review the valuation on an annual basis to ensure an accurate current value.. The name and qualification of the independent valuer are .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £110,462 (2023 - £110,462).

6

Stocks

2024
£

2023
£

Work in progress

10,906

13,475

Other inventories

2,500

2,500

13,406

15,975

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

100,000

1,000

100,000

1,000

Ordinary A Income of £0.01 each

100,000

1,000

100,000

1,000

Ordinary B Income of £0.01 each

1,350

14

1,350

14

Employee Profit of £0.01 each

17,500

175

17,500

175

218,850

2,189

218,850

2,189

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(25,000)

(25,000)

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

The equity Directors utilise their respective Loan Accounts in an active manner throughout the year.

Transactions with directors

 

Easterbrook Eaton Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024

Key management
£

Total
£

At start of period

79,416

79,416

Advanced

4,469

4,469

At end of period

83,885

83,885

2023

Key management
£

Total
£

At start of period

46,049

46,049

Advanced

33,367

33,367

At end of period

79,416

79,416

Terms of loans from related parties

The amounts above relate to directors loan accounts for which interest is charged at commercial rates.