EMC Developments Limited 31/03/2019 iXBRL

EMC Developments Limited 31/03/2019 iXBRL

EMC DEVELOPMENTS LIMITED - Company Information

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Company registration number: 05886143
EMC Developments Limited
Unaudited filleted financial statements
31 March 2019
EMC Developments Limited
Contents
Statement of financial position
Notes to the financial statements
EMC Developments Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 1,448,275 1,448,275
_______ _______
1,448,275 1,448,275
Current assets
Debtors 6 4,424 7,499
Cash at bank and in hand 2,244 244
_______ _______
6,668 7,743
Creditors: amounts falling due
within one year 7 ( 1,147,110) ( 1,123,563)
_______ _______
Net current liabilities ( 1,140,442) ( 1,115,820)
_______ _______
Total assets less current liabilities 307,833 332,455
Creditors: amounts falling due
after more than one year 8 ( 169,851) ( 181,926)
_______ _______
Net assets 137,982 150,529
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 137,981 150,528
_______ _______
Shareholders funds 137,982 150,529
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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 23 December 2019 , and are signed on behalf of the board by:
Andrew Jones
Director
Company registration number: 05886143
EMC Developments Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is PO Box 167, Carmarthen, SA31 9BW.
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.
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. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2018 and 31 March 2019 1,448,275 1,448,275
_______ _______
Depreciation
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 1,448,275 1,448,275
_______ _______
At 31 March 2018 1,448,275 1,448,275
_______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 April 2018 and 31 March 2019 1,448,275
_______
The investment property's fair value is based on the directors own valuation at 31st March 2019 .
6. Debtors
2019 2018
£ £
Trade debtors 1,331 970
Other debtors 3,093 6,529
_______ _______
4,424 7,499
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 12,074 11,458
Trade creditors 12,414 7,890
Amounts owed to group undertakings and undertakings in which the company has a participating interest 726,094 701,667
Corporation tax - 1,733
Social security and other taxes 1,498 2,645
Other creditors 395,030 398,170
_______ _______
1,147,110 1,123,563
_______ _______
The bank borrowings are secured .
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 169,851 181,926
_______ _______
The bank borrowings are secured.
Included within creditors: amounts falling due after more than one year is an amount of £ 113,811 (2018 £ 129,017 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Interest is charged on this loan at a fixed rate.
9. Events after the end of the reporting period
The company beleives that the managing agent responsible for collecting rents on its properties has not accounted for all rents due and has incurred legal fees of in excess of £25,000 in this financial year pursuing the amounts believed to be due.The company is hoping to receive some £75,000 as it has reached an agreement in principle with the agent after the year end but no funds have been received to date. No provision has been made for any recovery in these accounts and the rents due have not been recognised as they have been treated as irreceoverable to date.
10. Related party transactions
Included in creditors are amounts owing to companies under common control totalling £726,094 (2018 :- £701,667) and amounts owing to the director and company secretary totalling £390,831 (2018: £392,529). The amounts owed are interest free and repayable on demand.