The EMEA Enterprise Company Limited - Period Ending 2020-12-31

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 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	1,065,163	995,111
Current assets
Stocks	5	-	170
Debtors	6	4,487	611
Cash at bank and in hand		5,523	2,292
		10,010	3,073
Creditors: Amounts falling due within one year	7	(328,541)	(302,859)
Net current liabilities		(318,531)	(299,786)
Total assets less current liabilities		746,632	695,325
Provisions for liabilities		(3,193)	(3,832)
Net assets		743,439	691,493
Capital and reserves
Called up share capital		611	611
Profit and loss account		742,828	690,882
Shareholders' funds		743,439	691,493

For the financial 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 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 2020

Approved and authorised by the Board on 1 October 2020 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 2020

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.

Going concern

The directors acknowledge the potential impact of the global coronavirus pandemic and believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The directors believe the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

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.

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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.

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 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Tangible assets

	Investment properties £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2020	973,385	128,895	14,661	15,892	1,132,833
Additions	73,698	2,874	-	-	76,572
Disposals	-	(1,688)	(2,528)	-	(4,216)
At 31 December 2020	1,047,083	130,081	12,133	15,892	1,205,189
Depreciation
At 1 January 2020	-	128,711	6,031	2,980	137,722
Charge for the year	-	656	2,157	3,228	6,041
Eliminated on disposal	-	(1,688)	(2,049)	-	(3,737)
At 31 December 2020	-	127,679	6,139	6,208	140,026
Carrying amount
At 31 December 2020	1,047,083	2,402	5,994	9,684	1,065,163
At 31 December 2019	973,385	184	8,630	12,912	995,111

Revaluation

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

5

Stocks

	2020 £	2019 £
Wine stocks	-	170

6

Debtors

	2020 £	2019 £
Other debtors	4,487	611
Total current trade and other debtors	4,487	611

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		64	-
Amounts owed to related undertakings	8	301,672	280,586
Taxation and social security		3,441	1,629
Other creditors		23,364	20,644
		328,541	302,859

The EMEA Enterprise Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

8	Related party transactions

Summary of transactions with key management

TEEC Limited (a company controlled by A N Abbs) received rechargeable expenses of £86,953 (2019: £91,487) from the company. At the balance sheet date the amount due to TEEC Limited was £301,672 (2019: £280,586).
 

Transactions with directors

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

2019	At 1 January 2019 £	Advances to directors £	Repayments by director £	At 31 December 2019 £
A N Abbs
Director Loan	6,772	176	(7,000)	(52)

Other related party transactions

A N Abbs (director) had a loan account with the company. At the balance sheet date the amount due from/(to) A N Abbs was £3,876 (2019: (£52)).