Company Registration No. 11998212 (England and Wales)
ENTREE 2008 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ENTREE 2008 LTD
COMPANY INFORMATION
Director
Miss N Pichkhaia
Company number
11998212
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ENTREE 2008 LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ENTREE 2008 LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ENTREE 2008 LTD FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 8 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Entree 2008 Ltd for the year ended 31 May 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Entree 2008 Ltd and state those matters that we have agreed to state to the Board of Directors of Entree 2008 Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Entree 2008 Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Entree 2008 Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Entree 2008 Ltd. You consider that Entree 2008 Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Entree 2008 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
7 February 2025
ENTREE 2008 LTD
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
460,012
569,927
Current assets
Stocks
9,801
10,412
Debtors
4
459,487
98,596
Cash at bank and in hand
4,095
18,849
473,383
127,857
Creditors: amounts falling due within one year
5
(362,382)
(155,650)
Net current assets/(liabilities)
111,001
(27,793)
Total assets less current liabilities
571,013
542,134
Creditors: amounts falling due after more than one year
6
(1,316,389)
(1,356,089)
Provisions for liabilities
7
(9,417)
(16,510)
Net liabilities
(754,793)
(830,465)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
(754,893)
(830,565)
Total equity
(754,793)
(830,465)
The director of the company has taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the director's report and the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
ENTREE 2008 LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 7 February 2025
Miss N Pichkhaia
Director
Company Registration No. 11998212
ENTREE 2008 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Entree 2008 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
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
The financial statements are prepared on going concern basis with a reatruesonable expectation that the company will receive the financial support from the company's shareholders, the director considers that the company will continue in operational existence for the foreseeable future. On this basis, the director considers it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the facility by the company's shareholders .
1.3
Turnover
Turnover represents amounts receivable from café sales net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:
Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
20% per annuam on a straight line basis
Computers
20% per annuam on a straight line basis
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors, trade and other creditors and other loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
ENTREE 2008 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include other 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 trade and sundry creditors and other loans 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.
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.
1.7
Taxation
The tax expense represents the sum of the deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
ENTREE 2008 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
19
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
54,889
848,934
903,823
Additions
13,218
66,751
79,969
At 31 May 2024
68,107
915,685
983,792
Depreciation and impairment
At 1 June 2023
15,420
318,476
333,896
Depreciation charged in the year
11,166
178,718
189,884
At 31 May 2024
26,586
497,194
523,780
Carrying amount
At 31 May 2024
41,521
418,491
460,012
At 31 May 2023
39,469
530,458
569,927
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,683
6,561
Other debtors
163,412
92,035
194,095
98,596
Deferred tax asset
8
265,392
459,487
98,596
ENTREE 2008 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
93,687
26,742
Taxation and social security
25,936
7,418
Other creditors
242,759
121,490
362,382
155,650
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,316,389
1,356,089
Loan of £200,000 is subordinated in favour of third-party creditors.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
200,000
200,000
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
9,417
16,510
8
Deferred taxation
The following are the major deferred tax assets and liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
9,417
16,510
-
-
Tax losses
-
-
265,392
-
9,417
16,510
265,392
-
ENTREE 2008 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 June 2023
16,510
Credit to profit or loss
(272,485)
Asset at 31 May 2024
(255,975)
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Reserves
The only movement in the reserves for the year ended 31 May 2024 is profit for the year and year ended 31 May 2023 was loss for the year.
11
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £245,000 (2023 - £245,000).
12
Related party transactions
At the balance sheet date, amount due to Mr E Pichkhaia, shareholder of the company was £1,259,874 (2023 - £1,229,236). This amount is interest free and payable after more than one year.
13
Directors' transactions
At the balance sheet date amount due to the director, Miss N Pichkhaia was £204,058 (2023 - £205,079) of which £200,000 is interest free long term loan payable after more than five years and is unsecured and subordinated in favour of third-party creditors.