The EMEA Enterprise Company Limited - Period Ending 2021-12-31

The EMEA Enterprise Company Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

The EMEA Enterprise Company Limited

(Registration number: 04301146)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,343,182	1,065,163
Current assets
Debtors	5	7,969	4,487
Cash at bank and in hand		9,271	5,523
		17,240	10,010
Creditors: Amounts falling due within one year	6	(582,584)	(328,541)
Net current liabilities		(565,344)	(318,531)
Total assets less current liabilities		777,838	746,632
Provisions for liabilities		(2,294)	(3,193)
Net assets		775,544	743,439
Capital and reserves
Called up share capital		611	611
Profit and loss account		774,933	742,828
Shareholders' funds		775,544	743,439

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

The EMEA Enterprise Company Limited

(Registration number: 04301146)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 29 September 2022 and signed on its behalf by:
 

......................................... A N Abbs Company secretary and director

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Lower Farm Court
Hambridge Lane
Newbury
Berkshire
RG14 5TH
England

2	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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of property renting services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% per annum of net book value
Office equipment	33.3% per annum of cost
Motor vehicles	25% per annum of net book value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for property renting services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 2).

4	Tangible assets

	Investment properties £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2021	1,047,083	130,081	12,133	15,892	1,205,189
Additions	282,978	-	-	-	282,978
At 31 December 2021	1,330,061	130,081	12,133	15,892	1,488,167
Depreciation
At 1 January 2021	-	127,679	6,139	6,208	140,026
Charge for the year	-	1,040	1,498	2,421	4,959
At 31 December 2021	-	128,719	7,637	8,629	144,985
Carrying amount
At 31 December 2021	1,330,061	1,362	4,496	7,263	1,343,182
At 31 December 2020	1,047,083	2,402	5,994	9,684	1,065,163

Revaluation

The directors do not consider the value of the company's investment properties to be materially different to their cost.

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

5

Debtors

	2021 £	2020 £
Other debtors	7,969	4,487
Total current trade and other debtors	7,969	4,487

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Trade creditors		-	64
Amounts owed to related undertakings	7	561,098	301,672
Taxation and social security		186	3,441
Other creditors		21,300	23,364
		582,584	328,541

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7	Related party transactions

Summary of transactions with key management

TEEC Limited (a company controlled by A N Abbs) received rechargeable expenses of £49,333 (2020: £86,953) from the company. At the balance sheet date the amount due to TEEC Limited was £561,098 (2020: £301,672).
 

Transactions with directors

2021	At 1 January 2021 £	Advances to directors £	At 31 December 2021 £
A N Abbs
Director loan account	3,876	2,072	5,948

2020	At 1 January 2020 £	Advances to directors £	At 31 December 2020 £
A N Abbs
Director loan account	(52)	3,928	3,876

Other related party transactions

A N Abbs (director) had a loan with the company. At the balance sheet date the amount due from A N Abbs was £5,948 (2020: £3,876).