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COMPANY REGISTRATION NUMBER: 03649630
EASTWOOD FINANCIAL SERVICES LIMITED
FILLETED FINANCIAL STATEMENTS
30 April 2024
EASTWOOD FINANCIAL SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Directors' responsibilities statement 1
Balance sheet 2
Notes to the financial statements 3
EASTWOOD FINANCIAL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
YEAR ENDED 30 APRIL 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EASTWOOD FINANCIAL SERVICES LIMITED
BALANCE SHEET
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
101,340
72,027
Current assets
Debtors
6
314,444
247,605
Cash at bank and in hand
178,840
266,064
------------
------------
493,284
513,669
Creditors: amounts falling due within one year
7
( 342,987)
( 398,376)
------------
------------
Net current assets
150,297
115,293
------------
------------
Total assets less current liabilities
251,637
187,320
Creditors: amounts falling due after more than one year
8
( 23,838)
Provisions
Taxation including deferred tax
( 2,120)
( 2,925)
------------
------------
Net assets
225,679
184,395
------------
------------
Capital and reserves
Called up share capital
10
13,335
13,335
Share premium account
9,165
9,165
Capital redemption reserve
3,333
3,333
Profit and loss account
199,846
158,562
------------
------------
Shareholders funds
225,679
184,395
------------
------------
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 profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
J Eastwood
Director
Company registration number: 03649630
EASTWOOD FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, West Yorkshire, HD1 1DT.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the value of services provided.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
Short leasehold property
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 balance sheet 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
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 entity after deducting all of its financial liabilities.
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 33 (2023: 30 ).
5. Tangible assets
Short Leasehold Property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
67,372
64,729
66,636
199,163
397,900
Additions
498
50,860
11,646
63,004
Disposals
( 38,720)
( 38,720)
------------
------------
------------
------------
------------
At 30 April 2024
67,372
65,227
78,776
210,809
422,184
------------
------------
------------
------------
------------
Depreciation
At 1 May 2023
49,667
59,152
66,635
150,419
325,873
Charge for the year
7,054
1,453
11,655
13,528
33,690
Disposals
( 38,719)
( 38,719)
------------
------------
------------
------------
------------
At 30 April 2024
56,721
60,605
39,571
163,947
320,844
------------
------------
------------
------------
------------
Carrying amount
At 30 April 2024
10,651
4,622
39,205
46,862
101,340
------------
------------
------------
------------
------------
At 30 April 2023
17,705
5,577
1
48,744
72,027
------------
------------
------------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
100,245
104,596
Prepayments and accrued income
77,198
69,459
Amounts owed by group and related undertakings
137,001
73,550
------------
------------
314,444
247,605
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,453
38,787
Accruals and deferred income
38,553
181,925
Corporation tax
51,694
35,515
Social security and other taxes
71,076
37,401
Obligations under finance leases and hire purchase contracts
11,406
Amounts owed to group and related undertakings
123,805
104,748
------------
------------
342,987
398,376
------------
------------
Obligations under finance leases and hire purchase contracts are secured on the related assets
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
23,838
------------
------------
Obligations under finance leases and hire purchase contracts are secured on the related assets
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
2,120
2,925
------------
------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
A Ordinary shares of £ 1 each
3,335
3,335
3,335
3,335
------------
------------
------------
------------
13,335
13,335
13,335
13,335
------------
------------
------------
------------
The A Ordinary shares do not carry rights to receive notice of, or to attend or vote at, any general meeting or on any written resolution of the company.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,465
------------
------------
12. Contingencies
The company has guaranteed the bank facilities of other group companies which totalled £ 158,503 (2023: £ 248,982 ) at the balance sheet date.
13. Summary audit opinion
The auditor's report dated 18 December 2024 was unqualified .
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
14. Related party transactions
At the balance sheet date, the company was owed £123,805 (2023: £104,748) by and owed £137,001 (2023: £73,550) to companies under common control. Administrative expenses recharged from companies under common control amounted to £254,614 (2023: £244,685). The company is party to a cross-guarantee with fellow subsidiary company, Eastwood & Partners Ltd, in support of Eastwood Financial Services Ltd's hire purchase facilities.
15. Controlling party
The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is that of Eastwood Group (Huddersfield) Limited . Group accounts can be obtained from Phoenix Mills, Leeds Road, Huddersfield, HD1 6NG . The immediate parent company is Eastwood Financial Group Limited . The ultimate controlling party is Mr J Eastwood .