Company Registration No. 06631946 (England and Wales)
East Street Securities Limited
Unaudited financial statements
for the year ended 31 March 2022
Pages for filing with the Registrar
East Street Securities Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
East Street Securities Limited
Statement of financial position
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
250,000
250,000
Current assets
Debtors
4
3,263
Cash at bank and in hand
24,050
13,902
27,313
13,902
Creditors: amounts falling due within one year
5
(176,073)
(178,311)
Net current liabilities
(148,760)
(164,409)
Total assets less current liabilities
101,240
85,591
Provisions for liabilities
(4,243)
Net assets
96,997
85,591
Capital and reserves
Called up share capital
3,333
100
Revaluation reserve
76,362
76,362
Profit and loss reserves
17,302
9,129
Total equity
96,997
85,591
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
East Street Securities Limited
Statement of financial position (continued)
As at 31 March 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 11 October 2022
Peter Triggs
Director
Company Registration No. 06631946
East Street Securities Limited
Notes to the financial statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
East Street Securities Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Penthouse, One Fifty Victoria Road, Swindon, SN1 3UZ.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
from property investments
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.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
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.
East Street Securities Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 4
1.5
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 statement of financial position 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, 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.
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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
East Street Securities Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
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 lease
s
asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
East Street Securities Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
250,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at during the year by Kennington's Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2022
2021
£
£
Cost
173,638
173,638
Accumulated depreciation
-
-
Carrying amount
173,638
173,638
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,819
Corporation tax recoverable
1,444
3,263
East Street Securities Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 7
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
224
1,500
Corporation tax
2,913
3,213
Other taxation and social security
2,644
2,798
Other creditors
170,292
170,800
176,073
178,311
6
Related party transactions
Until 2 September 2021, the company was a wholly owned subsidiary of Aistone Properties Ltd, a company controlled by a director, Mrs JC Triggs.
Prior to liquidation of Aistone Properties Ltd on 2 September 2021, 333,233 ordinary shares of 1p each were issued fully paid to the company’s former parent company.
The company had an interest free unsecured loan from Aistone Properties Ltd. At the beginning of the year, the loan balance was £156,000. This loan due has been transferred to the shareholders of Aistone Properties Ltd and the year end balance due to them was £152,767.