Emsworth Assets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04090296 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Emsworth Assets Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Isidorou Siachinian

V Hladchenko

REGISTERED OFFICE:

19 Grantley House 11 Myers Lane

London

SE14 5RZ

REGISTERED NUMBER:

04090296 (England and Wales)

ACCOUNTANTS:

Hawksford UK Services Limited

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

CURRENT ASSETS

Debtors

4

30,560

30,128

Investments

5

5,948,217

5,948,217

5,978,777

5,978,345

CREDITORS

Amounts falling due within one year

6

(10,585,022

)

(10,583,456

)

NET CURRENT LIABILITIES

(4,606,245

)

(4,605,111

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,606,245

)

(4,605,111

)

CREDITORS

Amounts falling due after more than one year

7

(539,046

)

(521,114

)

NET LIABILITIES

(5,145,291

)

(5,126,225

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(5,145,294

)

(5,126,228

)

SHAREHOLDERS' FUNDS

(5,145,291

)

(5,126,225

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 26 August 2022 and were signed on its behalf by:

V Hladchenko - Director

1.	STATUTORY INFORMATION

Emsworth Assets 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation

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

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 future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Current asset investments are stated at lower of cost and net realisable value at the balance sheet date . Cost includes the purchase cost and all other costs necessary to bring the asset in its present location and condition.

Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities amounting to $5,145,291 (2020: $5,126,225) and incurred a net loss of $19,066 (2020: $17,103) for the year.

The director considers the going concern basis to be appropriate due to the fact that the controlling party has expressed its willingness to provide financial support for the next 12 months as from the date of approval of the financial statements in order for the company to meet its current liabilities. Therefore the director continues to adopt the going concern basis of accounting, which contemplates the realisation of assets and satisfaction of liabilities and commitments in the normal course of business.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS

31.12.21

31.12.20

$

$

Amounts falling due within one year:

Other debtors

3

3

Amounts falling due after more than one year:

Loan debtors

30,557

30,125

Aggregate amounts

30,560

30,128

5.	CURRENT ASSET INVESTMENTS

31.12.21

31.12.20

$

$

Unlisted investments

5,948,217

5,948,217

The company's unlisted investments include investments in companies listed on the Ukrainian Stock Exchange, which is not a recognised Stock Exchange under FRS 102. At 31 December 2020 the shares had been suspended.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

$

$

Promissory notes

2,552,700

2,552,700

Trade creditors

8,000,000

8,000,000

Other creditors

28,388

26,822

Accruals and deferred income

3,934

3,934

10,585,022

10,583,456

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

$

$

Loan creditors

539,046

521,114

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY