Empire Property Holdings 2 Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10409870 (England and Wales)

Financial Statements

for the Year Ended 30 December 2021

for

Empire Property Holdings 2 Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P T Rothwell

REGISTERED OFFICE:

Empire House

92-98 Cleveland street

Doncaster

DN1 3DP

REGISTERED NUMBER:

10409870 (England and Wales)

ACCOUNTANTS:

SKS Bailey Group Limited

Yoden House

30 Yoden Way

Peterlee

Co. Durham

SR8 1AL

FIXED ASSETS

Tangible assets

3

-

1,875

CURRENT ASSETS

Stocks

13,000,000

16,889,227

Debtors

4

2,961,180

1,954,967

Cash at bank

118

132

15,961,298

18,844,326

CREDITORS

Amounts falling due within one year

5

(5,690,378

)

(4,338,570

)

NET CURRENT ASSETS

10,270,920

14,505,756

TOTAL ASSETS LESS CURRENT LIABILITIES

10,270,920

14,507,631

CREDITORS

Amounts falling due after more than one year

6

(31,386,529

)

(25,646,590

)

NET LIABILITIES

(21,115,609

)

(11,138,959

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(21,115,709

)

(11,139,059

)

SHAREHOLDERS' FUNDS

(21,115,609

)

(11,138,959

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 March 2023 and were signed by:

P T Rothwell - Director

1.	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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

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

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

25% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GOING CONCERN

The directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis based on forecasts for at least 12 months from signing of the financial statements due to support from ultimate parent company.

The directors have considered the impact of COVID-19 on future trading and are confident that the impact of COVID-19 will not lead to the company or parent no longer being a going concern, due to the service that Empire Property Holdings 2 Limited provide being an essential and not a luxury. The directors of the company are confident that they will be able to continue trading for at least 12 months from the signing of the financial statements regardless of the impact of COVID-19.

2.	EMPLOYEES AND DIRECTORS

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

3.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 31 December 2020

5,000

Disposals

(5,000

)

At 30 December 2021

-

DEPRECIATION

At 31 December 2020

3,125

Eliminated on disposal

(3,125

)

At 30 December 2021

-

NET BOOK VALUE

At 30 December 2021

-

At 30 December 2020

1,875

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

5,100

-

Amounts owed by group undertakings

847,052

1,784,363

Amounts owed by associates

2,092,480

15,100

Other debtors

100

100

VAT

16,448

155,404

2,961,180

1,954,967

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 7)

63,888

128,896

Trade creditors

103,970

1

Amounts owed to group undertakings

1,868,877

1,145,995

Other creditors

887

-

Directors' current accounts

247,349

247,349

Accruals and deferred income

3,405,407

2,816,329

5,690,378

4,338,570

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 7)

31,386,529

25,646,590

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

25,521

7,033

7.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans less than 1 year

63,888

128,896

Amounts falling due between one and two years:

Bank loans 1 to 2 year

31,341,620

25,609,319

Amounts falling due between two and five years:

Bank loans 2 to 5 years

19,388

30,238

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

25,521

7,033

8.	CONTROLLING PARTY

The immediate parent undertaking of the company is Empire Property Development Holdings Limited, a company registered in England and Wales.

The ultimate parent undertaking is Empire Property Group Holdings Limited, a company registered in England and Wales. Accounts can be obtained from Empire House, 92-98 Cleveland Street, Doncaster, United Kingdom, DN1 3DP.

The ultimate controlling party is Paul Rothwell.