Company Registration No. 12467900 (England and Wales)
Eardstapa Holdings Ltd
Unaudited financial statements
for the year ended 29 February 2024
Pages for filing with the registrar
Eardstapa Holdings Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Eardstapa Holdings Ltd
Statement of financial position
As at 29 February 2024
1
29 February 2024
28 February 2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
1,025,288
Current assets
Debtors
4
7,413
Cash at bank and in hand
2,081,258
1,168,784
2,088,671
1,168,784
Creditors: amounts falling due within one year
5
(2,149,673)
(2,141,020)
Net current liabilities
(61,002)
(972,236)
Net (liabilities)/assets
(61,002)
53,052
Capital and reserves
Called up share capital
100
100
Share premium account
193,800
193,800
Profit and loss reserves
(254,902)
(140,848)
Total equity
(61,002)
53,052
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Jonathan Taylor
Director
Company Registration No. 12467900
Eardstapa Holdings Ltd
Notes to the financial statements
For the year ended 29 February 2024
2
1
Accounting policies
Company information
Eardstapa Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 54 The General, Guinea Street, Bristol, BS1 6SD.
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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at cost, with changes in fair value recognised in profit or loss account. 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 shares are recognised in income where receivable.
1.4
Cash and cash equivalents
Cash and cash equivalents 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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Eardstapa Holdings Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
1
Accounting policies (continued)
3
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Eardstapa Holdings Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
4
3
Fixed asset investments
2024
2023
as restated
£
£
Shares in group undertakings and participating interests
193,900
Other investments other than loans
831,388
1,025,288
Fixed asset investments revalued
At the year end the company held no fixed asset investments. As at 28 February 2023 cost of investments was £1,027,669.
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2023 as restated
193,900
831,388
1,025,288
Additions
-
1,348,742
1,348,742
Valuation changes
-
2,381
2,381
Disposals
(193,900)
(2,182,511)
(2,376,411)
At 29 February 2024
-
-
-
Carrying amount
At 29 February 2024
-
-
-
At 28 February 2023 as restated
193,900
831,388
1,025,288
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,413
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,149,673
2,141,020
Eardstapa Holdings Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
5
6
Related party transactions
As at the year end the company owed the director £2,141,140 (2023: £2,137,300). The loan is interest free and has no set date of repayment.
7
Prior period adjustment
Reconciliation of changes in equity
1 March
28 February
2022
2023
£
£
Adjustments to prior year
Increase in fixed asset investments
193,800
193,800
Equity as previously reported
(136,700)
(140,748)
Equity as adjusted
57,100
53,052
Analysis of the effect upon equity
Increase in share premium
193,800
193,800
Notes to reconciliation
In 2020 the company undertook a share for share exchange to acquire an investment from the director. The prior period has been restated to recognise the cost of this investment and share premium issued by the company above the share capital previously recognised.