Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01falseProperty management44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10501283 2023-10-01 2024-09-30 10501283 2022-10-01 2023-09-30 10501283 2024-09-30 10501283 2023-09-30 10501283 c:Director2 2023-10-01 2024-09-30 10501283 d:OfficeEquipment 2023-10-01 2024-09-30 10501283 d:OfficeEquipment 2024-09-30 10501283 d:OfficeEquipment 2023-09-30 10501283 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 10501283 d:FreeholdInvestmentProperty 2024-09-30 10501283 d:FreeholdInvestmentProperty 2023-09-30 10501283 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 10501283 d:CurrentFinancialInstruments 2024-09-30 10501283 d:CurrentFinancialInstruments 2023-09-30 10501283 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 10501283 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10501283 d:ShareCapital 2024-09-30 10501283 d:ShareCapital 2023-09-30 10501283 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 10501283 d:RetainedEarningsAccumulatedLosses 2024-09-30 10501283 d:RetainedEarningsAccumulatedLosses 2023-09-30 10501283 c:FRS102 2023-10-01 2024-09-30 10501283 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 10501283 c:FullAccounts 2023-10-01 2024-09-30 10501283 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10501283 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 10501283 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 10501283 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 10501283 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 10501283 d:RetirementBenefitObligationsDeferredTax 2024-09-30 10501283 d:RetirementBenefitObligationsDeferredTax 2023-09-30 10501283 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 10501283










EASTBANK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
EASTBANK LIMITED
REGISTERED NUMBER: 10501283

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
-

Investment property
 5 
2,500,000
360,714

  
2,500,000
360,714

Current assets
  

Debtors: amounts falling due within one year
 6 
21,382
12,850

Cash at bank and in hand
  
183,914
618,948

  
205,296
631,798

Creditors: amounts falling due within one year
 7 
(1,595,941)
(37,837)

Net current (liabilities)/assets
  
 
 
(1,390,645)
 
 
593,961

Provisions for liabilities
  

Deferred tax
 8 
(76,753)
(1,750)

Net assets
  
1,032,602
952,925


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,032,502
952,825

  
1,032,602
952,925


Page 1

 
EASTBANK LIMITED
REGISTERED NUMBER: 10501283
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.




R N Haworth
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Eastbank Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 10501283). Its registered office is 63 Napier Street, Sheffield, South Yorkshire, England, S11 8HA. The principal activity of the Company throughout the year continued to be that of property management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 October 2023
759



At 30 September 2024

759



Depreciation


At 1 October 2023
759



At 30 September 2024

759



Net book value



At 30 September 2024
-



At 30 September 2023
-

Page 6

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
360,714


Additions at cost
2,114,167


Disposals
(360,714)


Surplus on revaluation
385,833



At 30 September 2024
2,500,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,114,167
360,714

Page 7

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Other debtors
8,632
100

Prepayments and accrued income
12,750
12,750

21,382
12,850



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
8,014

Other taxation and social security
502
3,151

Other creditors
1,592,534
16,049

Accruals and deferred income
2,905
10,623

1,595,941
37,837



8.


Deferred taxation




2024


£






At beginning of year
1,750


Utilised in year
75,003



At end of year
76,753

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
5,826

Tax losses carried forward
(19,705)
(4,076)

On revaluation
96,458
-

76,753
1,750

Page 8

 
EASTBANK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Reserves

Profit and loss account

Both previous UK GAAP and FRS102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in a revaluation reserve, which, being an unrealised surplus, did not form part of the company's distributable reserves, FRS102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account.
Consequently, the Profit and Loss Account reserve at 30 September 2024 includes a non-distrbutable amount of £289,375.


10.


Pension commitments

Total pension contributions paid during the year were £17,000 (2023: £NIL). There were no pension payments outstanding at the year end.

 
Page 9