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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2020 |
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Eastwood Anglo Corporate Finance Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Eastwood Anglo Corporate Finance Limited |
Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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Eastwood Anglo Corporate Finance Limited |
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Company Information |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Strategic Report |
for the year ended 31 March 2020 |
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The directors present their strategic report for the year ended 31 March 2020. |
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ON BEHALF OF THE BOARD: |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Report of the Directors |
for the year ended 31 March 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of corporate finance investment |
advisors. |
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DIVIDENDS |
No dividend will be distributed for the year ended 31 March 2020 |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2019 to the date |
of this report. |
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The interests of the directors in the shares of other companies within the group at the end of the year |
were as follows. |
WH Eastwood |
No |
Eastwood Anglo European Investments Limited £1 ordinary
shares |
60,666 |
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TH Eastwood |
No |
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Eastwood Anglo European Investments Limited £1 ordinary
shares |
60,666 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the |
financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the |
steps that he ought to have taken as a director in order to make himself aware of any relevant audit |
information and to establish that the company's auditors are aware of that information. |
Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Report of the Directors |
for the year ended 31 March 2020 |
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AUDITORS |
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Eastwood Anglo Corporate Finance Limited |
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Opinion |
We have audited the financial statements of Eastwood Anglo Corporate Finance Limited (the 'company') |
for the year ended 31 March 2020 which comprise the Statement of Comprehensive Income, Balance |
Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, |
Notes to the Financial Statements, including a summary of 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for
the year then ended; |
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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. |
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Basis for opinion |
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 Auditors' |
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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require |
us to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information |
in the Strategic Report and the Report of the Directors, but does not include the financial statements and |
our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we |
identify such material inconsistencies or apparent material misstatements, we are required to determine |
whether there is a material misstatement in the financial statements or a material misstatement of the |
other information. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
Report of the Independent Auditors to the Members of |
Eastwood Anglo Corporate Finance Limited |
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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 Report |
of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us |
to report to you if, in our opinion: |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the |
preparation of financial statements that are free from material misstatement, whether due to fraud or |
error. |
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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. |
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Auditors' 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 a Report of the Auditors |
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. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, 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 |
members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for |
the opinions we have formed. |
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for and on behalf of
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Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Statement of Comprehensive Income |
for the year ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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21,619 | 16,541 |
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Gain/loss on revaluation of investments | (14,427 | ) | 5,585 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Statement of Changes in Equity |
for the year ended 31 March 2020 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2020 |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Cash Flow Statement |
for the year ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from financing activities |
Equity dividends paid |
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( |
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Net cash from financing activities |
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( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
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949 |
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Cash and cash equivalents at end
of year |
2 |
51,035 |
29,257 |
Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Notes to the Cash Flow Statement |
for the year ended 31 March 2020 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2020 | 2019 |
£ | £ |
Profit before taxation |
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Loss/(gain) on revaluation of fixed assets | 14,427 | (5,585 | ) |
21,619 | 16,541 |
(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 March 2020 |
31.3.20 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 51,035 | 29,257 |
Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 29,257 | 949 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.4.19 | Cash flow | At 31.3.20 |
£ | £ | £ |
Net cash |
Cash at bank | 29,257 | 21,778 | 51,035 |
29,257 |
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51,035 |
Total | 29,257 | 21,778 | 51,035 |
Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Eastwood Anglo Corporate Finance Limited is a
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England and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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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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Investments |
Fixed asset investments are measured at fair value with changes in fair value recognised through |
profit and loss, where their fair value can be measured reliably. |
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Work in progress |
Income relating to amounts recoverable under contract is recognised when the future outcome of |
the contract and the inflow of economic benefit is virtually certain, using information available at |
both the reporting date and up to the date of signing the report. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 March 2020 nor for the year ended |
31 March 2019. |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Auditors' remuneration |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Prior year | (1,124 | ) | - |
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Tax on profit |
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UK corporation tax has been charged at 19% . |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK
of |
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Effects of: |
Income not taxable for tax purposes |
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( |
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Utilisation of tax losses | ( |
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Adjustments to tax charge in respect of previous periods | ( |
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Taxable investment income | - | 1,140 |
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deduction |
Total tax charge | 818 | 1,140 |
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6. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Interim |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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7. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 April 2019 |
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Revaluations | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Cost or valuation at 31 March 2020 is represented by: |
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Unlisted |
investments |
£ |
Valuation in 2016 | 17,200 |
Valuation in 2017 | 4,800 |
Valuation in 2018 | 19,886 |
Valuation in 2019 | 5,585 |
Valuation in 2020 | (14,427 | ) |
Cost | 7,454 |
40,498 |
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If fixed asset investments had not been revalued they would have been included at the following |
historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 7,454 | 7,454 |
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Fixed asset investments were valued on an open market basis on 31 March 2020 by the directors of the company |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Accrued expenses |
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Eastwood Anglo Corporate Finance Limited (Registered number: 03977597) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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10. | SECURED DEBTS |
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A fixed and floating charge dated 27th June 2007 over the undertaking and all property and assets |
present and future, for all monies due or to become due from the company to HSBC. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | 50p | 20,000 | 20,000 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2019 |
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77,954 |
Profit for the year |
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At 31 March 2020 |
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84,328 |
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13. | ULTIMATE PARENT COMPANY |
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Eastwood Anglo European Investments Limited is regarded by the directors as being the |
company's ultimate parent company. |
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The company's affairs at 31st March 2020 and its results for the year then ended are incorporated |
in the group accounts of Eastwood Anglo European Investments Limited, the ultimate parent |
company and the only group of which the company is a member. WH Eastwood and TH Eastwood |
are the ultimate controlling party by virtue of their 47.8% each shareholdings. |