Esh Space The Park Limited - Period Ending 2020-12-31
Esh Space The Park Limited - Period Ending 2020-12-31
Registration number:
Esh Space The Park Limited
Filleted
for the Year Ended 31 December 2020
Esh Space The Park Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Esh Space The Park Limited
Company Information
Directors |
Mr M F Hogan Mr A J Turnbull |
Company secretary |
Mr P S Coates |
Registered office |
|
Solicitors |
|
Accountants |
|
Esh Space The Park Limited
(Registration number: 06099215)
Statement of Financial Position as at 31 December 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Investment property |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
......................................... |
Esh Space The Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations and shareholder and external borrowings.
At the time of signing the financial statements there has been no unmanageable impact of COVID-19 on the company’s main income streams, suppliers or employees.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account possible changes in trading performance.
Having considered the current cash forecasts of the company the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Esh Space The Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Investment property
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Esh Space The Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2020 |
|
At 1 January |
|
At 31 December |
|
There has been no valuation of investment property by an independent valuer.
Esh Space The Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
|
Less non-current portion |
( |
( |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
Corporation tax liability |
77,856 |
34,743 |
|
Directors loan accounts |
354,000 |
374,000 |
|
|
|
Bank borrowings are secured by a fixed and floating charge over the assets of the company.
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Bank borrowings are secured by a fixed and floating charge over the assets of the company.
Esh Space The Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
Related party transactions |
Transactions with directors |
2020 |
At 1 January 2020 |
Advances to directors |
At 31 December 2020 |
Mr A J Turnbull |
|||
|
374,000 |
( |
|
2019 |
At 1 January 2019 |
Repayments by director |
At 31 December 2019 |
Mr A J Turnbull |
|||
|
354,000 |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from The Farmhouse, Hedley Hill, Durham, England, DH7 9EX.