EMC Developments Limited 31/03/2021 iXBRL

EMC DEVELOPMENTS LIMITED - Company Information

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Company registration number: 05886143

EMC Developments Limited

Unaudited filleted financial statements

31 March 2021

EMC Developments Limited

Contents

Statement of financial position

Notes to the financial statements

EMC Developments Limited

Statement of financial position

31 March 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	4	1,146,000		1,146,000
		_______		_______
			1,146,000		1,146,000

Current assets
Debtors	5	1,633		102,947
Cash at bank and in hand		40,642		818
		_______		_______
		42,275		103,765
Creditors: amounts falling due
within one year	6	( 1,149,180)		( 1,186,387)
		_______		_______
Net current liabilities			( 1,106,905)		( 1,082,622)
			_______		_______
Total assets less current liabilities			39,095		63,378

Creditors: amounts falling due
after more than one year	7		( 143,400)		( 156,988)
			_______		_______
Net liabilities			( 104,305)		( 93,610)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 104,307)		( 93,614)
			_______		_______
Shareholders deficit			( 104,306)		( 93,613)
			_______		_______

For the year ending 31 March 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 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.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 14 December 2021 , and are signed on behalf of the board by:

Mr Matthew Rhys Jones

Director

Company registration number: 05886143

EMC Developments Limited

Notes to the financial statements

Year ended 31 March 2021

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.

4. Tangible assets

	Freehold property	Total
	£	£
Cost
At 1 April 2020 and 31 March 2021	1,146,000	1,146,000
	_______	_______
Depreciation
At 1 April 2020 and 31 March 2021	-	-
	_______	_______
Carrying amount
At 31 March 2021	1,146,000	1,146,000
	_______	_______
At 31 March 2020	1,146,000	1,146,000
	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 April 2020 and 31 March 2021	1,146,000
		_______

The investment property's fair value is based on the directors own valuation at 31st March 2021 .

5. Debtors

	2021	2020
	£	£
Trade debtors	124	1,501
Other debtors	1,509	101,446
	_______	_______
	1,633	102,947
	_______	_______

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	13,588	12,863
Trade creditors	3,858	16,044
Corporation tax	-	15,088
Other creditors	1,131,734	1,142,392
	_______	_______
	1,149,180	1,186,387
	_______	_______

The bank borrowings are secured.

7. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	143,400	156,988
	_______	_______

The bank borrowings are secured.

Included within creditors: amounts falling due after more than one year is an amount of £ 79,182 (2020 £ 96,321 ) 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.

8. Related party transactions

Included in creditors are amounts owing to companies under common control totalling £850,162 (2020 :- £748,241) and amounts owing to a director and company secretary totalling £278,331 (2020: £390,331). The amounts owed are interest free and repayable on demand.During the year a company under common control undertook repair work to its properties totalling some £21,351 which amount has been charged via inter company account.

9. Going concern

The company is reliant on funding from a company under common control and from its director. It is anticipated that this funding will remain available to the company and with the continuing rental income the directors consider it appropriate for the accounts to be prepared on the going concern basis despite the disruption due to the Covid pandemic.