2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06838659 2023-01-01 2023-12-31 06838659 2023-12-31 06838659 2022-12-31 06838659 2022-01-01 2022-12-31 06838659 2022-12-31 06838659 2021-12-31 06838659 bus:Director1 2023-01-01 2023-12-31 06838659 bus:Director2 2023-01-01 2023-12-31 06838659 core:WithinOneYear 2023-12-31 06838659 core:WithinOneYear 2022-12-31 06838659 core:ShareCapital 2023-12-31 06838659 core:ShareCapital 2022-12-31 06838659 core:RetainedEarningsAccumulatedLosses 2023-12-31 06838659 core:RetainedEarningsAccumulatedLosses 2022-12-31 06838659 bus:Director1 2022-12-31 06838659 bus:Director1 2023-12-31 06838659 bus:Director2 2022-12-31 06838659 bus:Director2 2023-12-31 06838659 bus:Director1 2021-12-31 06838659 bus:Director1 2022-12-31 06838659 bus:Director2 2021-12-31 06838659 bus:Director2 2022-12-31 06838659 bus:Director1 2022-01-01 2022-12-31 06838659 bus:Director2 2022-01-01 2022-12-31 06838659 bus:SmallEntities 2023-01-01 2023-12-31 06838659 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06838659 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06838659 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06838659 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06838659
ECCLESTONE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ECCLESTONE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
496
750
Current assets
Debtors
6
609,508
450,394
Investments
7
4,488
4,488
Cash at bank and in hand
131,038
116,650
----------
----------
745,034
571,532
Creditors: amounts falling due within one year
8
46,754
34,177
----------
----------
Net current assets
698,280
537,355
----------
----------
Total assets less current liabilities
698,776
538,105
Provisions
124
187
----------
----------
Net assets
698,652
537,918
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
698,552
537,818
----------
----------
Shareholders funds
698,652
537,918
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ECCLESTONE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:
Mr B D Kreel
Director
Company registration number: 06838659
ECCLESTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Avondale Road, Hove, BN3 6ER, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the restrictions that were put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,270
-------
Depreciation
At 1 January 2023
520
Charge for the year
254
-------
At 31 December 2023
774
-------
Carrying amount
At 31 December 2023
496
-------
At 31 December 2022
750
-------
6. Debtors
2023
2022
£
£
Trade debtors
5,000
8,600
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,887
18,757
Other debtors
576,621
423,037
----------
----------
609,508
450,394
----------
----------
7. Investments
2023
2022
£
£
Investments in group undertakings
4,488
4,488
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50
51
Corporation tax
41,208
28,703
Social security and other taxes
3,842
3,848
Other creditors
1,654
1,575
---------
---------
46,754
34,177
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B D Kreel
159,714
46,295
206,009
Ms E M Smiderle
168,402
63,686
232,088
----------
----------
----------
328,116
109,981
438,097
----------
----------
----------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B D Kreel
128,349
31,365
159,714
Ms E M Smiderle
128,342
40,060
168,402
----------
---------
----------
256,691
71,425
328,116
----------
---------
----------