Eastmont Holdings Limited 31/12/2022 iXBRL

Eastmont Holdings Limited 31/12/2022 iXBRL

EASTMONT HOLDINGS LIMITED - Company Information

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1 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10041923 2022-01-01 2022-12-31 10041923 2022-12-31 10041923 2021-12-31 10041923 2021-01-01 2021-12-31 10041923 2021-12-31 10041923 2020-12-31 10041923 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 10041923 core:MotorVehicles 2022-01-01 2022-12-31 10041923 bus:RegisteredOffice 2022-01-01 2022-12-31 10041923 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 10041923 bus:Director1 2022-01-01 2022-12-31 10041923 bus:Director2 2022-01-01 2022-12-31 10041923 bus:CompanySecretary1 2022-01-01 2022-12-31 10041923 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10041923 core:FurnitureFittingsToolsEquipment 2021-12-31 10041923 core:MotorVehicles 2021-12-31 10041923 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10041923 core:FurnitureFittingsToolsEquipment 2022-12-31 10041923 core:MotorVehicles 2022-12-31 10041923 core:OtherReservesSubtotal 2021-01-01 2021-12-31 10041923 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10041923 core:OtherReservesSubtotal 2022-01-01 2022-12-31 10041923 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10041923 core:WithinOneYear 2022-12-31 10041923 core:WithinOneYear 2021-12-31 10041923 core:AfterOneYear 2022-12-31 10041923 core:AfterOneYear 2021-12-31 10041923 core:ShareCapital 2022-12-31 10041923 core:ShareCapital 2021-12-31 10041923 core:OtherReservesSubtotal 2022-12-31 10041923 core:OtherReservesSubtotal 2021-12-31 10041923 core:RetainedEarningsAccumulatedLosses 2022-12-31 10041923 core:RetainedEarningsAccumulatedLosses 2021-12-31 10041923 core:ShareCapital 2020-12-31 10041923 core:OtherReservesSubtotal 2020-12-31 10041923 core:RetainedEarningsAccumulatedLosses 2020-12-31 10041923 core:HedgingReserve 2021-12-31 10041923 core:HedgingReserve 2020-12-31 10041923 core:HedgingReserve 2022-12-31 10041923 core:HedgingReserve 2021-12-31 10041923 core:HedgingReserve 2022-01-01 2022-12-31 10041923 core:HedgingReserve 2021-01-01 2021-12-31 10041923 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10041923 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10041923 core:FurnitureFittingsToolsEquipment 2021-12-31 10041923 core:MotorVehicles 2021-12-31 10041923 bus:Director1 2022-12-31 10041923 bus:Director2 2021-12-31 10041923 bus:Director1 2020-12-31 10041923 bus:Director2 2020-12-31 10041923 bus:Director2 2021-12-31 10041923 bus:Director1 2021-01-01 2021-12-31 10041923 bus:Director2 2021-01-01 2021-12-31 10041923 bus:SmallEntities 2022-01-01 2022-12-31 10041923 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10041923 bus:FullAccounts 2022-01-01 2022-12-31 10041923 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10041923 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10041923 core:PropertiesRevaluationReserve 2021-12-31 10041923 core:PropertiesRevaluationReserve 2020-12-31 10041923 core:PropertiesRevaluationReserve 2022-01-01 2022-12-31 10041923 core:PropertiesRevaluationReserve 2021-01-01 2021-12-31 10041923 core:PropertiesRevaluationReserve 2022-12-31
Company registration number: 10041923
Eastmont Holdings Limited
Unaudited filleted financial statements
31 December 2022
Eastmont Holdings Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Eastmont Holdings Limited
Directors and other information
Directors Mr J P Horgan
Mr A R Jason
Secretary Mr J P Horgan
Company number 10041923
Registered office Brooklands House
58 Marlborough Road
Lancing
West Sussex
BN15 8AF
Accountants Clarity Accounting Limited
Brooklands House
58 Marlborough Road
Lancing
West Sussex
BN15 8AF
Eastmont Holdings Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 2,581,200 1,597,256
_______ _______
2,581,200 1,597,256
Current assets
Stocks 2,204,519 2,193,424
Debtors 6 5,010 9,954
Cash at bank and in hand 1,273 7,616
_______ _______
2,210,802 2,210,994
Creditors: amounts falling due
within one year 7 ( 533,149) ( 503,235)
_______ _______
Net current assets 1,677,653 1,707,759
_______ _______
Total assets less current liabilities 4,258,853 3,305,015
Creditors: amounts falling due
after more than one year 8 ( 4,012,781) ( 3,695,781)
Provisions for liabilities ( 248,039) -
_______ _______
Net liabilities ( 1,967) ( 390,766)
_______ _______
Capital and reserves
Called up share capital 200 200
Other reserves 744,116 314,272
Profit and loss account ( 746,283) ( 705,238)
_______ _______
Shareholders deficit ( 1,967) ( 390,766)
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
Mr J P Horgan Mr A R Jason
Director Director
Company registration number: 10041923
Eastmont Holdings Limited
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Other reserves Profit and loss account
£ £ £
At 1 January 2021 200 189,272 39,257
Profit/(loss) for the year ( 619,495)
Other comprehensive income for the year (note ) - 314,272 ( 125,000)
_______ _______ _______
Total comprehensive income for the year - 125,000 ( 744,495)
_______ _______ _______
At 31 December 2021 and 1 January 2022 200 314,272 ( 705,238)
Profit/(loss) for the year 388,799
Other comprehensive income for the year (note ) - 744,116 ( 429,844)
_______ _______ _______
Total comprehensive income for the year - 429,844 ( 41,045)
_______ _______ _______
At 31 December 2022 200 744,116 ( 746,283)
_______ _______ _______
Eastmont Holdings Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eastmont Holdings Limited, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 December 2022 the company had excess liabilities over assets totalling £1,967. The company is dependent upon the continued financial support of the directors and on the basis that this support is forthcoming, the directors consider it appropriate for the financial statements to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 January 2022 1,594,999 5,520 3,000 1,603,519
Additions 307,118 - - 307,118
Revaluation 677,882 - - 677,882
_______ _______ _______ _______
At 31 December 2022 2,579,999 5,520 3,000 2,588,519
_______ _______ _______ _______
Depreciation
At 1 January 2022 - 4,950 1,313 6,263
Charge for the year - 306 750 1,056
_______ _______ _______ _______
At 31 December 2022 - 5,256 2,063 7,319
_______ _______ _______ _______
Carrying amount
At 31 December 2022 2,579,999 264 937 2,581,200
_______ _______ _______ _______
At 31 December 2021 1,594,999 570 1,687 1,597,256
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors - 1,546
Other debtors 5,010 8,408
_______ _______
5,010 9,954
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 1,823 27,578
Social security and other taxes 3,194 -
Other creditors 528,132 475,657
_______ _______
533,149 503,235
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 4,012,781 3,695,781
_______ _______
9. Fair value reserve
Included within other reserves is the fair value reserve as follows:
2022 2021
£ £
At start of year 314,272 189,272
Reclassification from fair value reserve to profit and loss account 429,844 125,000
_______ _______
At end of year 744,116 314,272
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J P Horgan - ( 66,440) ( 66,440)
Mr A R Jason ( 817) 817 -
_______ _______ _______
( 817) ( 65,623) ( 66,440)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J P Horgan ( 60,641) 60,641 -
Mr A R Jason ( 8,057) 7,240 ( 817)
_______ _______ _______
( 68,698) 67,881 ( 817)
_______ _______ _______