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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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EASTBURY INVESTMENTS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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FOR |
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EASTBURY INVESTMENTS LIMITED |
EASTBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 02496472) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EASTBURY INVESTMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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CHARTERED ACCOUNTANTS |
109 BAKER STREET |
LONDON |
W1U 6RP |
EASTBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 02496472) |
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BALANCE SHEET |
26 FEBRUARY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Investment property fair value gain reserve | 9 |
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Retained earnings | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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EASTBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 02496472) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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1. | STATUTORY INFORMATION |
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Eastbury Investments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 £. |
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Going concern |
The company incurred losses of £245,462 and is in a net liabilities position of £532,199 as at 26 February 2021. There is a material uncertainty as to whether the company will be able to continue trading as a going concern due to the parent company, who currently provides financial support, being in administration. It is therefore uncertain how much funding will be available going forward. The accounts have therefore not been prepared on a going concern basis. However, the property held has remained as a fixed asset due to this not currently being held for sale. |
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Revenue |
The company is a property investment company, which owns an investment property in East London. |
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Revenue comprises rent receivable and other related income, which is recognised in the accounting period to which it relates. |
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Investment property |
Investment property is carried at fair value determined annually and determined from the current local market values. No depreciation is provided. Any permanent changes in Fair Value are recognised in the Statement of Comprehensive Income. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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Debtors and creditors receivable/payable within on year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
EASTBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 02496472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | AUDITORS' REMUNERATION |
PERIOD |
1.9.19 |
YEAR ENDED | TO |
26.2.21 | 26.2.20 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
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6,750 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 27 February 2020 |
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Revaluations | (250,000 | ) |
At 26 February 2021 |
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NET BOOK VALUE |
At 26 February 2021 |
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At 26 February 2020 |
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The historical cost of the investment property at the balance sheet date was £985,843 (2020: £985,843). The investment property was revalued on 28 April 2021 by Fleurets Limited, an independent external surveyor, to arrive at a market value of £1,000,000.The Directors consider that this remains the value as at 26 February 2021. |
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Fair value at 26 February 2021 is represented by: |
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Valuation in 2021 | 1,000,000 |
EASTBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 02496472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 FEBRUARY 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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VAT | - | 6,852 |
Other creditors |
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Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 2,002 | 2,002 |
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9. | RESERVES |
Investment |
property |
fair |
value |
Retained | gain |
earnings | reserve | Totals |
£ | £ | £ |
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At 27 February 2020 | ( |
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(288,739 | ) |
Deficit for the year | ( |
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Transfer | 250,000 | (250,000 | ) | - |
At 26 February 2021 | ( |
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(534,201 | ) |