EASTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Eastside Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 1985 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
At the balance sheet date, the Company held net liabilities of £988,308 and is dependent on the continued financial support of its fellow group undertaking, City & Docklands Management Limited, until such time the Company restarts formal trade and establishes an operational process through which revenues generated would yield overall long term profitability.
The board of directors of City & Docklands Management Limited, a member of which is also the director of the Company, have confirmed in said capacity to the Company and on behalf of City & Docklands Management Limited that the current and ongoing intention of City & Docklands Management Limited is for the Company to continue to be provided with appropriate financial support where considered necessary such that the Company would be able to meet any third party debts as they should fall due and for no demand for repayment of any amounts owed by the Company to its fellow group undertakings to be made until such time as the Company can repay them.
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