IRIS Accounts Production
v18.3.1.65
02912024
Board of Directors
1.5.17
30.4.18
30.4.18
19.12.18
false
true
false
false
true
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Auditors Opinion
"A" Ordinary
1.00000
"B" Ordinary
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"C" Ordinary
1.00000
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REGISTERED NUMBER: 02912024 (England and Wales) |
EASTERN BUSINESS SYSTEMS LIMITED |
FOR THE YEAR ENDED 30TH APRIL 2018 |
|
Notes to the Financial Statements |
3 |
|
|
REGISTERED OFFICE: |
Royal Oak House |
|
REGISTERED NUMBER: |
02912024 (England and Wales) |
|
SENIOR STATUTORY AUDITOR: |
J.Hollingsworth |
|
AUDITORS: |
Hollingsworth & Co Ltd |
|
BANKERS: |
National Westminster Bank Plc |
Tangible assets |
4 |
40,319 |
|
66,380 |
|
|
Debtors |
5 |
2,798,903 |
|
1,959,711 |
|
|
Cash at bank and in hand |
217,479 |
|
424,528 |
|
|
Amounts falling due within one year |
6 |
693,186 |
|
663,761 |
|
|
NET CURRENT ASSETS |
2,841,248 |
|
2,153,928 |
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,881,567 |
|
2,220,308 |
|
|
PROVISIONS FOR LIABILITIES |
8 |
7,104 |
|
12,581 |
|
|
NET ASSETS |
2,874,463 |
|
2,207,727 |
|
|
Called up share capital |
9 |
100 |
|
100 |
|
|
Retained earnings |
10 |
2,874,363 |
|
2,207,627 |
|
|
SHAREHOLDERS' FUNDS |
2,874,463 |
|
2,207,727 |
|
|
The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on 19th December 2018 and were signed on its behalf by: |
|
Eastern Business Systems Limited 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. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
|
Basis of preparing the financial statements |
|
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
The company has taken advantage of exemption, under the terms of Financial Reporting |
|
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', |
|
not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Improvements to property |
- |
10% on cost |
|
Fixtures and fittings |
- |
33% on cost, 25% on cost and 20% on cost |
|
Motor vehicles |
- |
25% on cost |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
| Statement, 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 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 |
|
Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the |
| balance sheet. Those held under hire purchase contracts are depreciated over their |
| estimated useful lives. Those held under finance leases are depreciated over their estimated |
| useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. |
| The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
|
Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to |
| the company's pension scheme are charged to profit or loss in the period to which they |
3. |
EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was 31 (2017 - 20 ) . |
|
property |
|
fittings |
|
vehicles |
|
Totals |
|
At 1st May 2017 |
5,488 |
|
97,335 |
|
107,695 |
|
210,518 |
|
|
|
Additions |
- |
|
12,829 |
|
1,160 |
|
13,989 |
|
|
|
Disposals |
- |
|
(20,128 |
) |
(43,322 |
) |
(63,450 |
) |
|
|
At 30th April 2018 |
5,488 |
|
90,036 |
|
65,533 |
|
161,057 |
|
|
|
At 1st May 2017 |
2,013 |
|
55,944 |
|
86,181 |
|
144,138 |
|
|
|
Charge for year |
548 |
|
26,429 |
|
15,336 |
|
42,313 |
|
|
|
Eliminated on disposal |
- |
|
(22,668 |
) |
(43,045 |
) |
(65,713 |
) |
|
|
At 30th April 2018 |
2,561 |
|
59,705 |
|
58,472 |
|
120,738 |
|
|
|
At 30th April 2018 |
2,927 |
|
30,331 |
|
7,061 |
|
40,319 |
|
|
|
At 30th April 2017 |
3,475 |
|
41,391 |
|
21,514 |
|
66,380 |
|
|
5. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade debtors |
887,784 |
|
515,175 |
|
|
|
Amount due from Business By |
|
Technology Holdings Limited |
1,450,000 |
|
1,000,000 |
|
|
|
Amount due from Business By Technology Limited |
437,697 |
|
383,532 |
|
|
|
Prepayments |
23,422 |
|
53,545 |
|
|
6. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade creditors |
144,467 |
|
234,009 |
|
|
|
Corporation tax |
162,906 |
|
141,005 |
|
|
|
Social security and other taxes |
42,147 |
|
32,073 |
|
|
|
Other creditors |
4,891 |
|
(476 |
) |
|
|
Accrued expenses |
202,202 |
|
130,233 |
|
|
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
|
Within one year |
17,214 |
|
7,150 |
|
|
|
Between one and five years |
57,921 |
|
79,131 |
|
|
8. |
PROVISIONS FOR LIABILITIES |
|
Deferred tax |
7,104 |
|
12,581 |
|
|
|
Balance at 1st May 2017 |
12,581 |
|
|
|
Credit to Income Statement during year |
(5,477 |
) |
|
|
Balance at 30th April 2018 |
7,104 |
|
|
9. |
CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
|
Number: |
Class: |
Nominal |
2018 |
2017 |
|
|
At 1st May 2017 |
2,207,627 |
|
|
|
Profit for the year |
666,736 |
|
|
|
At 30th April 2018 |
2,874,363 |
|
|
11. |
DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
J.Hollingsworth (Senior Statutory Auditor) |
|
for and on behalf of Hollingsworth & Co Ltd |
12. |
OTHER FINANCIAL COMMITMENTS |
| The company has given an unlimited inter company guarantee to Business By Technology |
| (Holdings) Limited and Business By Technology Limited inrespect of any bank borrowings in |
13. |
ULTIMATE CONTROLLING PARTY |
|
The controlling party is Business By Technology (Holdings)Limited. |
|
The ultimate controlling party is P. Runciman. |