Silverfin false false 28/02/2024 01/03/2023 28/02/2024 Mr J R R Mcconnell 12/10/2020 Mrs A D Egglestone 29 November 2024 The principal activity of the company is that of property developers and management of holiday let properties. 03312635 2024-02-28 03312635 bus:Director1 2024-02-28 03312635 2023-02-28 03312635 core:CurrentFinancialInstruments 2024-02-28 03312635 core:CurrentFinancialInstruments 2023-02-28 03312635 core:Non-currentFinancialInstruments 2024-02-28 03312635 core:Non-currentFinancialInstruments 2023-02-28 03312635 core:ShareCapital 2024-02-28 03312635 core:ShareCapital 2023-02-28 03312635 core:RetainedEarningsAccumulatedLosses 2024-02-28 03312635 core:RetainedEarningsAccumulatedLosses 2023-02-28 03312635 core:PlantMachinery 2023-02-28 03312635 core:Vehicles 2023-02-28 03312635 core:OfficeEquipment 2023-02-28 03312635 core:PlantMachinery 2024-02-28 03312635 core:Vehicles 2024-02-28 03312635 core:OfficeEquipment 2024-02-28 03312635 bus:OrdinaryShareClass1 2024-02-28 03312635 bus:OrdinaryShareClass2 2024-02-28 03312635 2023-03-01 2024-02-28 03312635 bus:FilletedAccounts 2023-03-01 2024-02-28 03312635 bus:SmallEntities 2023-03-01 2024-02-28 03312635 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 03312635 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 03312635 bus:Director1 2023-03-01 2024-02-28 03312635 bus:CompanySecretary1 2023-03-01 2024-02-28 03312635 core:PlantMachinery 2023-03-01 2024-02-28 03312635 core:Vehicles 2023-03-01 2024-02-28 03312635 core:OfficeEquipment 2023-03-01 2024-02-28 03312635 2022-03-01 2023-02-28 03312635 core:Non-currentFinancialInstruments 2023-03-01 2024-02-28 03312635 bus:OrdinaryShareClass1 2023-03-01 2024-02-28 03312635 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03312635 bus:OrdinaryShareClass2 2023-03-01 2024-02-28 03312635 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03312635 (England and Wales)

EGGLESTONE DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2024
Pages for filing with the registrar

EGGLESTONE DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2024

Contents

EGGLESTONE DEVELOPMENT LIMITED

BALANCE SHEET

As at 28 February 2024
EGGLESTONE DEVELOPMENT LIMITED

BALANCE SHEET (continued)

As at 28 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,979 11,783
7,979 11,783
Current assets
Stocks 1,134 0
Debtors 4 1,339 11,446
Cash at bank and in hand 16,523 9,316
18,996 20,762
Creditors: amounts falling due within one year 5 ( 83,419) ( 79,061)
Net current liabilities (64,423) (58,299)
Total assets less current liabilities (56,444) (46,516)
Creditors: amounts falling due after more than one year 6 ( 13,185) ( 23,180)
Net liabilities ( 69,629) ( 69,696)
Capital and reserves
Called-up share capital 7 164,714 164,714
Profit and loss account ( 234,343 ) ( 234,410 )
Total shareholders' deficit ( 69,629) ( 69,696)

For the financial year ending 28 February 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 financial statements of Egglestone Development Limited (registered number: 03312635) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Mr J R R Mcconnell
Director
EGGLESTONE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
EGGLESTONE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Egglestone Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Torbay Rise, Old Mill Road, Chelston, TQ2 6HL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £69,629. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax. The company recognises revenue when the value of services provided to date can be reliably measured.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 4

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2023 26,682 30,355 16,019 73,056
Disposals ( 6,395) 0 0 ( 6,395)
At 28 February 2024 20,287 30,355 16,019 66,661
Accumulated depreciation
At 01 March 2023 25,057 21,233 14,983 61,273
Charge for the financial year 123 2,281 262 2,666
Disposals ( 5,257) 0 0 ( 5,257)
At 28 February 2024 19,923 23,514 15,245 58,682
Net book value
At 28 February 2024 364 6,841 774 7,979
At 28 February 2023 1,625 9,122 1,036 11,783

4. Debtors

2024 2023
£ £
Trade debtors 487 7,063
Amounts owed by associates 0 3,486
Other debtors 852 897
1,339 11,446

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,148 10,153
Trade creditors 3,003 4,016
Other taxation and social security 613 3,105
Other creditors 69,655 61,787
83,419 79,061

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,185 23,180

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
164,704 Ordinary shares of £ 1.00 each 164,704 164,704
10 B Ordinary shares of £ 1.00 each 10 10
164,714 164,714