| ETON HOLDINGS LTD |
| Notes to the Accounts |
| for the year ended 31 October 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents rental and service charge income receivable, excluding VAT, recognised over the period to which it relates. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold and leasehold land and buildings |
no depreciation |
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Plant and machinery |
18% over reducing balance method |
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Fixtures, fittings, tools and equipment |
18% over reducing balance method |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 November 2024 |
117,220 |
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Disposals |
(43,400) |
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At 31 October 2025 |
73,820 |
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Amortisation |
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At 1 November 2024 |
12,371 |
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Provided during the year |
7,813 |
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On disposals |
(7,473) |
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At 31 October 2025 |
12,711 |
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Net book value |
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At 31 October 2025 |
61,109 |
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At 31 October 2024 |
104,849 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years. |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 November 2024 |
6,687,086 |
|
8,049 |
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6,695,135 |
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Additions |
103,772 |
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43,400 |
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147,172 |
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Disposals |
(252,118) |
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- |
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(252,118) |
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At 31 October 2025 |
6,538,740 |
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51,449 |
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6,590,189 |
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Depreciation |
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At 1 November 2024 |
- |
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2,637 |
|
2,637 |
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Charge for the year |
- |
|
974 |
|
974 |
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On disposals |
- |
|
7,473 |
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7,473 |
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At 31 October 2025 |
- |
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11,084 |
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11,084 |
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Net book value |
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At 31 October 2025 |
6,538,740 |
|
40,365 |
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6,579,105 |
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At 31 October 2024 |
6,687,086 |
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5,412 |
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6,692,498 |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
63,986 |
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250,575 |
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Other debtors |
133,223 |
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194,114 |
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197,209 |
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444,689 |
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Amounts due after more than one year included above |
91,092 |
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159,072 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans and overdrafts |
73,970 |
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- |
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Director Loan |
- |
|
43,373 |
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Trade creditors |
31,233 |
|
403,574 |
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Rent deposit due to Tenants |
|
528,416 |
|
780,917 |
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Taxation and social security costs |
354,853 |
|
239,288 |
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Other creditors |
1,592,261 |
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1,891,456 |
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2,580,733 |
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3,358,608 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans |
3,175,644 |
|
36,166 |
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Other creditors |
- |
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3,404,732 |
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3,175,644 |
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3,440,898 |
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| 8 |
Loans |
2025 |
|
2024 |
| £ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
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1,372,295 |
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- |
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Instalments falling due for payment after more than five years |
959,997 |
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- |
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2,332,292 |
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- |
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Secured loans |
3,289,854 |
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3,259,732 |
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The bank loans are secured by fixed charges over the company’s properties. |
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| 9 |
Other financial commitments |
2025 |
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2024 |
| £ |
£ |
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The company has commitments under non-cancellable operating leases as tenant, with annual rents totalling approximately |
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282,500 |
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599,600 |
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| 10 |
Contingent liabilities |
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The company has guaranteed the obligations of the assignee under the lease of 5-6 Coventry Street, London W1, which it assigned during the year. The annual rent under the lease is approximately £450,000. The directors do not expect any liability to arise. |
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| 11 |
Related party transactions |
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The company is controlled by Mr Sarwar Nabizoda, the director and sole shareholder.
At 31 October 2025 the company owed the following amounts to companies controlled by the director:
Buckingham Retail Limited: £440,742 (2024: £310,742). During the year the company repaid £20,000. £150,000 previously held as a tenant rent deposit has been reclassified as a loan following the end of the tenancy.
Cool Britannia Retail Limited: £813,940 (2024: £891,440). During the year the company received further loans of £85,000 and made repayments of £162,500.
Lamoda UK Limited: £100,219 (2024: £100,219). There were no movements during the year.
These balances are unsecured, interest-free and repayable on demand.
At 1 November 2024 the company owed the director £43,375. At 31 October 2025 the balance was £nil (2024: £43,375 owed to the director). The loan was unsecured, interest-free and repayable on demand.
Dividends of £41,625 (2024: £nil) were paid to the shareholder. |
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| 12 |
Controlling party |
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Mr Sarwar Nabizoda is the ultimate controlling party of the company by virtue of his shareholdings in the company. |
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| 13 |
Other information |
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ETON HOLDINGS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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71-75 Shelton Street |
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London |
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WC2H 9JQ |