Eastern European Export Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07087604 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

EASTERN EUROPEAN EXPORT LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G Avtoukhovitch

REGISTERED OFFICE:

279 Didsbury Road

Heaton Mersey

Stockport

Cheshire

SK4 3JH

REGISTERED NUMBER:

07087604 (England and Wales)

ACCOUNTANTS:

Wyatt, Morris, Golland Ltd

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

FIXED ASSETS

Tangible assets

4

256,828

250,004

CURRENT ASSETS

Stocks

199,837

507,792

Debtors

246,300

178,227

Cash at bank

1,654,793

874,011

2,100,930

1,560,030

CREDITORS

Amounts falling due within one year

250,768

230,508

NET CURRENT ASSETS

1,850,162

1,329,522

TOTAL ASSETS LESS CURRENT LIABILITIES

2,106,990

1,579,526

CREDITORS

Amounts falling due after more than one year

5

(48,333

)

-

PROVISIONS FOR LIABILITIES

(295

)

(213

)

NET ASSETS

2,058,362

1,579,313

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

2,058,361

1,579,312

SHAREHOLDERS' FUNDS

2,058,362

1,579,313

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2021 and were signed by:

G Avtoukhovitch - Director

1.	STATUTORY INFORMATION

Eastern European Export Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on cost

Computer equipment

-

Straight line over 3 years

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and the grant will be received.

Following the outbreak of the Covid-19 Pandemic the company furloughed members of staff and took advantage of the government job retention scheme. Grant income is accrued for in the period matching the period the wages were due for. In addition, the company applied under the Coronavirus Business Interruption Loan Scheme and received a bank loan. For the first 12 months the government will cover the administration charge and interest. The company has not included a charge for this amount which is classified as government assistance as the amount would not be material to the accounts.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

259,107

Additions

7,535

At 31 December 2020

266,642

DEPRECIATION

At 1 January 2020

9,103

Charge for year

711

At 31 December 2020

9,814

NET BOOK VALUE

At 31 December 2020

256,828

At 31 December 2019

250,004

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans more 5 yr by instal

8,333

-

6.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

1,667

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,333

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

8.	ULTIMATE CONTROLLING PARTY

The controlling party is G Avtoukhovitch.