Company Registration No. 03318805 (England and Wales)
EASTONS (TATTENHAM CORNER)
LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
EASTONS (TATTENHAM CORNER) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EASTONS (TATTENHAM CORNER) LIMITED
Company Registration No. 03318805
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,908
9,465
Current assets
Debtors
4
250
Cash at bank and in hand
8,117
15,243
8,117
15,493
Creditors: amounts falling due within one year
5
(638,123)
(535,390)
Net current liabilities
(630,006)
(519,897)
Net liabilities
(625,098)
(510,432)
Capital and reserves
Called up share capital
6
207
207
Share premium account
17,962
17,962
Profit and loss reserves
(643,267)
(528,601)
Total equity
(625,098)
(510,432)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
D P Bell
Director
EASTONS (TATTENHAM CORNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Eastons (Tattenham Corner) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year the company made a loss of £114true,666. And at the balance sheet date the company has net current liabilities of £625,098. Included within other creditors is a loan due to the director, D Bell, of £441,191. He has confirmed he will not withdraw this and will continue to support the company.
The director is confident about the company’s ability to trade as a going concern and meet its financial obligations and has confirmed that he will continue to support the company for the foreseeable future. Therefore the company continues to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover represents amounts receivable for estate agency services supplied net of Value Added Tax and trade discounts.
Income is recognised in the period in which the service was supplied.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% straight line
Equipment
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
EASTONS (TATTENHAM CORNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
EASTONS (TATTENHAM CORNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
13
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
117,019
Additions
1,457
At 31 March 2024
118,476
Depreciation and impairment
At 1 April 2023
107,554
Depreciation charged in the year
6,014
At 31 March 2024
113,568
Carrying amount
At 31 March 2024
4,908
At 31 March 2023
9,465
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
250
EASTONS (TATTENHAM CORNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
67,774
67,528
Taxation and social security
124,849
80,845
Other creditors
445,500
387,017
638,123
535,390
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
204
204
207
207
Ordinary B shares of £1 each
3
3
-
-
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
78,625
104,125
8
Related party transactions
At the balance sheet date the company owed the director, D P Bell, £441,191 (2023 - £381,542). This loan is interest free.
9
Parent company
The parent company is Eastons Group Limited, a company registered in England and Wales.