Company registration number 01628443 (England and Wales)
EASTEYE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
EASTEYE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
EASTEYE LIMITED
COMPANY INFORMATION
Directors
B Ladhar
M Ladhar
Company number
01628443
Registered office
Earl Grey Properties
2nd Floor
Adelphi Chambers
20 Shakespeare Street
Newcastle Upon Tyne
Tyne and Wear
NE1 6AQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
Co-operative Bank plc
84/86 Grey Street
Newcastle upon Tyne
NE1 BBZ
Solicitors
Sintons LLP
The Cube
Barrack Road
Newcastle upon Tyne
NE4 6DB
EASTEYE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Principal activities
The principal activity of the company during the year continued to be that of the operation of licenced premises, primarily bars and nightclubs.
Review of the business
The directors present the strategic report for the year ended 31 October 2024.
Easteye is a family owned operator of licenced premises based in the North East of England.
Turnover fell to £11.91m from £12.43m in 2023. Overall the business recorded a profit before tax of £1.1m up from a profit of £0.28m in the previous year.
Future Outlook
The directors are satisfied with the performance of the company for the year ended 31 October 2024 and expect growth in revenue and profitability in future years.
Principal risks and uncertainties
Financial Risk Management
The company is subject to a number of financial risks, in particular liquidity, interest rate, and credit risk.
Liquidity risk
During the year the management took steps to substantially reduce the company's exposure to external debt, and entered into a new term loan facility to provide sufficient funds for ongoing operations.
Interest rate risk
The company has used interest rate swaps in the past to minimise the risk of part of the term debt. Following repayment of a large part of the term debt during the prior year, management no longer consider interest rate risk to be significant enough to warrant entering into swap agreements.
Credit risk
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are shown net of provisions for impairment where it is considered the company will not be able to collect all amounts due. Management consider that the company has no significant concentration on credit risk as the majority of its turnover is generated from cash sales.
M Ladhar
Director
15 July 2025
EASTEYE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B Ladhar
M Ladhar
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 of 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 judgements and accounting estimates that are reasonable and prudent; and
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
M Ladhar
Director
15 July 2025
EASTEYE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EASTEYE LIMITED
- 3 -
Opinion
We have audited the financial statements of Easteye Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EASTEYE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EASTEYE LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework, in which the company operates and how the company complies with that legal and regulatory framework
inquired with management and those charged with governance about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud
discussed with management and those charged with governance any non-compliance with laws and regulations and how fraud might occur including assessments of how and where the financial statements may be susceptible to fraud.
The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
EASTEYE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EASTEYE LIMITED (CONTINUED)
- 5 -
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited, Statutory Auditor
Accountants
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
NE2 1TJ
England
15 July 2025
EASTEYE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
11,912,873
12,433,159
Cost of sales
(3,280,072)
(3,722,686)
Gross profit
8,632,801
8,710,473
Administrative expenses
(7,080,241)
(8,025,703)
Operating profit
4
1,552,560
684,770
Interest payable and similar expenses
6
(433,429)
(402,212)
Profit before taxation
1,119,131
282,558
Tax on profit
7
(380,823)
(356,956)
Profit/(loss) for the financial year
738,308
(74,398)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EASTEYE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
241,694
261,157
Tangible assets
9
19,647,758
18,807,096
19,889,452
19,068,253
Current assets
Stocks
11
261,776
256,602
Debtors
12
3,934,562
4,583,990
Cash at bank and in hand
394,667
698,395
4,591,005
5,538,987
Creditors: amounts falling due within one year
13
(12,454,088)
(12,667,999)
Net current liabilities
(7,863,083)
(7,129,012)
Total assets less current liabilities
12,026,369
11,939,241
Creditors: amounts falling due after more than one year
14
(4,457,346)
(5,234,503)
Provisions for liabilities
Deferred tax liability
16
1,809,556
1,683,579
(1,809,556)
(1,683,579)
Net assets
5,759,467
5,021,159
Capital and reserves
Called up share capital
17
5,000
5,000
Revaluation reserve
18
4,416,298
4,491,986
Capital redemption reserve
19
5,000
5,000
Profit and loss reserves
1,333,169
519,173
Total equity
5,759,467
5,021,159
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
M Ladhar
Director
Company registration number 01628443 (England and Wales)
EASTEYE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2022
5,000
4,567,674
5,000
517,883
5,095,557
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
-
(74,398)
(74,398)
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2023
5,000
4,491,986
5,000
519,173
5,021,159
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
738,308
738,308
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2024
5,000
4,416,298
5,000
1,333,169
5,759,467
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
1
Accounting policies
Company information
Easteye Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earl Grey Properties, 2nd Floor, Adelphi Chambers, 20 Shakespeare Street, Newcastle Upon Tyne, Tyne and Wear, NE1 6AQ.
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.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Ever 1209 Limited. These consolidated financial statements are available from its registered office, C/O Earl Grey Properties Ltd, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 3 and 20 years.
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Freehold land and buildings
over 45 years reducing balance
Leasehold land and buildings
over life of lease
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
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.
1.9
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include 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.
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 11 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Hospitality
11,912,873
12,433,159
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,860
13,300
Depreciation of owned tangible fixed assets
1,425,194
1,446,644
Profit on disposal of tangible fixed assets
(398,867)
-
Amortisation of intangible assets
19,463
21,085
Operating lease charges
475,537
438,177
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors, management and staff
192
208
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,753,435
2,880,948
Social security costs
159,463
202,482
Pension costs
32,340
41,012
2,945,238
3,124,442
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
433,429
402,212
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
254,846
366,864
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Taxation
2024
2023
£
£
(Continued)
- 14 -
Deferred tax
Origination and reversal of timing differences
125,977
(9,908)
Total tax charge
380,823
356,956
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,119,131
282,558
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
279,783
63,632
Tax effect of expenses that are not deductible in determining taxable profit
4,866
1,085
Adjustments in respect of prior years
60
Effect of change in corporation tax rate
3,711
Permanent capital allowances in excess of depreciation
96,174
288,468
Taxation charge for the year
380,823
356,956
8
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
2,102,759
Amortisation and impairment
At 1 November 2023
1,841,602
Amortisation charged for the year
19,463
At 31 October 2024
1,861,065
Carrying amount
At 31 October 2024
241,694
At 31 October 2023
261,157
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
9
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 November 2023
14,431,734
2,435,284
13,161,658
30,028,676
Additions
2,266,989
2,266,989
Disposals
(2,601)
(2,601)
At 31 October 2024
14,431,734
2,435,284
15,426,046
32,293,064
Depreciation and impairment
At 1 November 2023
1,461,560
1,801,616
7,958,404
11,221,580
Depreciation charged in the year
247,765
29,739
1,147,690
1,425,194
Eliminated in respect of disposals
(1,468)
(1,468)
At 31 October 2024
1,709,325
1,831,355
9,104,626
12,645,306
Carrying amount
At 31 October 2024
12,722,409
603,929
6,321,420
19,647,758
At 31 October 2023
12,970,174
633,668
5,203,254
18,807,096
The freehold properties were valued on 31 October 2020 on the basis of an open market valuation carried out by Lambert Smith Hampton. The directors have also considered the value of one property which is currently under development. The directors believe that these valuations, together with the additions in the year reflect the current value of the freehold establishments as at the balance sheet date.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
4,831,748
4,831,748
Accumulated depreciation
(1,728,543)
(1,652,855)
Carrying value
3,103,205
3,178,893
10
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Subsidiaries
(Continued)
- 16 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Crafted Projects Ltd
1
Development and operating of Ordinary licenced premises
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
C/O Earl Grey Properties Ltd 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon tyne, NE1 6AQ
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
261,776
256,602
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,615
319,730
Amounts owed by group undertakings
229,271
567,736
Other debtors
3,400,768
3,431,652
Prepayments and accrued income
244,908
264,872
3,934,562
4,583,990
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
747,709
683,228
Trade creditors
1,238,449
1,390,392
Amounts owed to group undertakings
189,441
189,441
Corporation tax
71,710
366,864
Other taxation and social security
268,101
227,122
Other creditors
9,466,376
9,269,656
Accruals and deferred income
472,302
541,296
12,454,088
12,667,999
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
4,457,346
5,234,503
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
15
Loans and overdrafts
2024
2023
£
£
Bank loans
5,205,055
5,917,731
Payable within one year
747,709
683,228
Payable after one year
4,457,346
5,234,503
Bank loans are secured by first legal charges over company's freehold and leasehold property interests and directors' loan accounts, assignment of a reducing term life assurance policy in the names of M S Ladhar and B S Ladhar and an unlimited inter-company bank guarantee and mortgage debentures between Easteye Limited, Ever 1209 Limited, Crafted Projects Ltd, Dean Venture Limited, Movesun Limited, Ladhar Betting & Gaming Ltd and Ladhar Leisure LLP.
One of the company's bank loans was taken out under the bounce-back loan scheme. This bank loan attracted no interest for the first 12 months but now incurs interest over the remaining term. It is repayable by monthly instalments.
All other bank loans are repayable in quarterly instalments with interest payable, linked to the Bank of England's base rate.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
558,483
432,506
Revaluations
1,251,777
1,251,777
Short term timing differences
(704)
(704)
1,809,556
1,683,579
2024
Movements in the year:
£
Liability at 1 November 2023
1,683,579
Charge to profit or loss
125,977
Liability at 31 October 2024
1,809,556
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
18
Revaluation reserve
Cumulative revaluations gains and losses in respect of land and buildings, except revaluation gains and losses recognised in the statement of comprehensive income.
19
Capital redemption reserve
Nominal value of shares repurchased and still held at the end of the reporting period.
20
Financial commitments, guarantees and contingent liabilities
The company has an unlimited inter-company bank guarantee between Easteye Limited, Ever 1209 Limited, Crafted Projects Ltd, Dean Venture Limited, Movesun Limited, Ladhar Betting & Gaming Ltd and Ladhar Leisure LLP.
EASTEYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
21
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
405,200
469,700
Years 2-5
1,175,100
1,280,300
After 5 years
2,070,000
2,310,000
3,650,300
4,060,000
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Other related parties
7,492,241
7,295,682
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
3,235,942
3,309,611
Other information
Other related parties are all connected to Easteye Limited by virtue of the Ladhar family.
The balances are unsecured, interest free and repayable on demand.
23
Ultimate controlling party
Ever 1209 Limited is the immediate and ultimate parent undertaking, and the smallest and largest company for which consolidated accounts including Easteye Limited are prepared. The consolidated accounts for Ever 1209 Limited are available from its registered office, C/O Earl Grey Properties Ltd, 2nd Floor Adeiphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ.
The directors consider that the ultimate controlling parties are B S Ladhar and M S Ladhar by virtue of their ownership of 100% of the share capital of Ever 1209 Limited.
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