ACCOUNTS - Final Accounts

EASNEYE LIMITED - Company Information

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Registered number: 07908563

EASNEYE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2021

EASNEYE LIMITED

REGISTERED NUMBER: 07908563

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		578,205		591,435
			578,205		591,435
Current assets
Cash at bank and in hand		4,573		6,383
		4,573		6,383
Creditors: amounts falling due within one year	5	(583,830)		(604,495)
Net current liabilities			(579,257)		(598,112)
Total assets less current liabilities			(1,052)		(6,677)

Net liabilities			(1,052)		(6,677)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(1,053)	(6,678)
	(1,052)	(6,677)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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EASNEYE LIMITED

REGISTERED NUMBER: 07908563

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2021.

M J Bradly Russell

Director

The notes on pages 3 to 6 form part of these financial statements.

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EASNEYE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

1.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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EASNEYE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1.Accounting policies (continued)

1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Freehold property	-	2%	Straight-line
				L/Term Leasehold Property	-	2%	Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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EASNEYE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1.Accounting policies (continued)

1.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 07908563
Its Registered Office is:
The Folly
Great Wymondley
Hitchin
Hertfordshire
SG4 7ET

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

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EASNEYE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

4.	Tangible fixed assets

	Freehold property	L/Term Leasehold Property	Total
	£	£	£
Cost or valuation
At 1 February 2020	351,913	309,526	661,439
At 31 January 2021	351,913	309,526	661,439
Depreciation
At 1 February 2020	28,153	41,851	70,004
Charge for the year on owned assets	7,039	6,191	13,230
At 31 January 2021	35,192	48,042	83,234
Net book value
At 31 January 2021	316,721	261,484	578,205
At 31 January 2020	323,760	267,675	591,435

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	197,071	197,071
Corporation tax	4,423	3,421
Other taxation and social security	1,914	1,257
Other creditors	368,317	399,730
Accruals and deferred income	12,105	3,016
	583,830	604,495

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