Emerald House Associates Limited Filleted accounts for Companies House (small and micro)

EMERALD HOUSE ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03295343

EMERALD HOUSE ASSOCIATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2018

EMERALD HOUSE ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		309,920		302,071

CURRENT ASSETS

Stocks		52,400	41,500
Debtors	6	1,123,116	922,409
Cash at bank and in hand		7,130	51,934
		------------	------------
		1,182,646	1,015,843

CREDITORS: amounts falling due within one year	7	972,731		999,969
		------------		------------
NET CURRENT ASSETS			209,915		15,874
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			519,835		317,945

CREDITORS: amounts falling due after more than one year	8		58,010		42,528

PROVISIONS	41,778	39,750
	---------	---------
NET ASSETS	420,047	235,667
	---------	---------

CAPITAL AND RESERVES

Called up share capital	5	5
Profit and loss account	420,042	235,662
	---------	---------
SHAREHOLDERS FUNDS	420,047	235,667
	---------	---------

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 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 income and retained earnings has not been delivered.

For the year ending 31 December 2018 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 .

EMERALD HOUSE ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 3 June 2019 , and are signed on behalf of the board by:

Mr M McNamara	Mrs F McNamara
Director	Director

Company registration number: 03295343

EMERALD HOUSE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Godwin Road, Corby, Northamptonshire, NN17 4DS, United Kingdom.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Fixtures and fittings	-	15% reducing balance and 33.3% straight line
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

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.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 56 (2017: 58 ).

5. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2018	451,481	384,059	835,540
Additions	64,646	31,545	96,191
	---------	---------	---------
At 31 December 2018	516,127	415,604	931,731
	---------	---------	---------
Depreciation
At 1 January 2018	292,790	240,679	533,469
Charge for the year	50,457	37,885	88,342
	---------	---------	---------
At 31 December 2018	343,247	278,564	621,811
	---------	---------	---------
Carrying amount
At 31 December 2018	172,880	137,040	309,920
	---------	---------	---------
At 31 December 2017	158,691	143,380	302,071
	---------	---------	---------

6. DEBTORS

	2018	2017
	£	£
Trade debtors	1,086,006	909,068
Other debtors	37,110	13,341
	------------	---------
	1,123,116	922,409
	------------	---------

7. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	( 131,056)	218,710
Trade creditors	538,197	338,397
Corporation tax	133,284	26,647
Social security and other taxes	217,238	222,895
Other creditors	215,068	193,320
	---------	---------
	972,731	999,969
	---------	---------

Included within other creditors are amounts totalling £47,993 (2017 - £41,011) relating to hire purchase agreements which are secured by the company.

8. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	4,678
Other creditors	58,010	37,850
	--------	--------
	58,010	42,528
	--------	--------

Included within other creditors are amounts totalling £58,010 (2017 - £37,850) relating to hire purchase agreements which are secured by the company.

9. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	37,517	48,639
Later than 1 year and not later than 5 years	51,098	81,774
	--------	---------
	88,615	130,413
	--------	---------

10. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 December 2018 the amount due from the company was £ 401 (2017 - £ 3,790 ).