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 2020

EMERALD HOUSE ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		396,830		503,942

CURRENT ASSETS

Stocks		41,050	80,060
Debtors	6	460,945	1,913,997
Cash at bank and in hand		480,368	29,845
		---------	------------
		982,363	2,023,902

CREDITORS: amounts falling due within one year	7	588,804		1,605,374
		---------		------------
NET CURRENT ASSETS			393,559		418,528
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			790,389		922,470

CREDITORS: amounts falling due after more than one year	8		647,846		180,844

PROVISIONS	63,794	81,009
	---------	---------
NET ASSETS	78,749	660,617
	---------	---------

CAPITAL AND RESERVES

Called up share capital	5	5
Profit and loss account	79,352	660,612
	--------	---------
SHAREHOLDERS FUNDS	79,357	660,617
	--------	---------

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 income and retained earnings has not been delivered.

For the 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 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 2020

These financial statements were approved by the board of directors and authorised for issue on 20 April 2021 , 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 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in United Kingdom. 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.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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
Boat	-	15% reducing balance

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.

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.

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 56 (2019: 61 ).

5. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Boat	Total
	£	£	£	£
Cost
At 1 January 2020	653,997	454,264	78,333	1,186,594
Additions	7,803	–	–	7,803
Disposals	–	( 23,795)	–	( 23,795)
	---------	---------	--------	------------
At 31 December 2020	661,800	430,469	78,333	1,170,602
	---------	---------	--------	------------
Depreciation
At 1 January 2020	392,591	283,459	6,602	682,652
Charge for the year	56,481	37,465	10,050	103,996
Disposals	–	( 12,876)	–	( 12,876)
	---------	---------	--------	------------
At 31 December 2020	449,072	308,048	16,652	773,772
	---------	---------	--------	------------
Carrying amount
At 31 December 2020	212,728	122,421	61,681	396,830
	---------	---------	--------	------------
At 31 December 2019	261,406	170,805	71,731	503,942
	---------	---------	--------	------------

6. DEBTORS

	2020	2019
	£	£
Trade debtors	370,363	1,855,477
Other debtors	90,582	58,520
	---------	------------
	460,945	1,913,997
	---------	------------

7. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	1,843	219,158
Trade creditors	82,795	888,926
Corporation tax	61,392	82,194
Social security and other taxes	308,027	269,375
Other creditors	134,747	145,721
	---------	------------
	588,804	1,605,374
	---------	------------

Included within other creditors are amounts totalling £77,112 (2019 - £86,795) relating to hire purchase agreements which are secured by the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	548,750	–
Other creditors	99,096	180,844
	---------	---------
	647,846	180,844
	---------	---------

Included within other creditors are amounts totalling £99,096 (2019 - £180,844) 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:

	2020	2019
	£	£
Not later than 1 year	49,165	57,915
Later than 1 year and not later than 5 years	18,569	33,193
	--------	--------
	67,734	91,108
	--------	--------

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 2020 the amount due from the company was £608 (2019 - £1,847).