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Registration number: 13383194

Estone Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Estone Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Estone Limited

Company Information

Director

J Esteve Cortes

Registered office

590 Green Lanes
London
N13 5RY

Accountants

Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY

 

Estone Limited

(Registration number: 13383194)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

48

48

Current assets

 

Debtors

5

249,000

300,000

Cash at bank and in hand

 

53,698

12,000

 

302,698

312,000

Creditors: Amounts falling due within one year

6

(296,940)

(314,888)

Net current assets/(liabilities)

 

5,758

(2,888)

Net assets/(liabilities)

 

5,806

(2,840)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

5,706

(2,940)

Shareholders' funds/(deficit)

 

5,806

(2,840)

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

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 October 2024
 

.........................................
J Esteve Cortes
Director

 

Estone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
590 Green Lanes
London
N13 5RY

These financial statements were authorised for issue by the director on 14 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 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.

 

Estone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

 

Estone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

4

Investments

2024
£

2023
£

Investments in joint ventures

48

48

Joint ventures

£

Cost

At 1 June 2023

48

Provision

Carrying amount

At 31 May 2024

48

At 31 May 2023

48

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds an interest in the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Joint ventures

Diamond Corporation No 1 Ltd

120 Cockfosters Road
Barnet, EN4 0DZ

Preference shares

4.8%

4.8%

 

     

Joint ventures

Diamond Corporation No 1 Ltd

The principal activity of Diamond Corporation No 1 Ltd is property development. Its financial period end is 31 March.
The profit for the financial period of Diamond Corporation No 1 Ltd was £120,208 and the aggregate amount of Capital and reserves at the end of the period was £371,830.

 

Estone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Other debtors

249,000

300,000

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,338

-

Accruals and deferred income

1,650

1,500

Other creditors

293,952

313,388

296,940

314,888

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Included in other creditors is an amount of £292,910 (2023: £313,388) owed to J Esteve Cortes, the director of the company.

Included in other debtors is an amount of £249,000 (2023: £300,000) owed to the company from Diamond Corporation No 1 Ltd, a company in which Estone Ltd holds a joint venture interest.