The EMBS Group Limited
The EMBS Group Limited
Registered number: 02291864
Unaudited Financial Statements
For the Period
1 May 2022
to
31 March 2023
The EMBS Group Limited
Unaudited Financial Statements
For the Period
1 May 2022
to
31 March 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
The EMBS Group Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
02291864
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
31 March 2023 | 30 April 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Capital redemption reserve |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 159,253 | 119,556 | |||
The EMBS Group Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
The EMBS Group Limited
Notes to the Financial Statements
For the Period
1 May 2022
to
31 March 2023
Notes to the Financial Statements
1.
General Information
The EMBS Group Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02291864
. The registered office is 2nd Floor, 2 St Andrew's House, Vernon Gate, Derby, DE1 1UJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the 11 month period ended 31 March 2023 (2022: year ended 30 April 2022).
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rendering of services and is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover arising from the placement of permanent candidates is recognised at the point in time the candidate commences full-time employment. The revenue recognised from a permanent placement is typically based in a percentage of the candidates remuneration package.
Turnover arising from the placement of temporary candidates is recognised at the point in which the temporary workers are provided. Amounts invoiced include the remuneration costs of the candidate plus a percentage of the candidates hourly rate as commission received.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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Computer Equipment |
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2.4.
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
2.5.
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and loans with related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found and impairment loss is recognised in the profit and loss account.
The EMBS Group Limited
Notes to the Financial Statements (continued)
For the Period
1 May 2022
to
31 March 2023
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7.
Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2022: 22)
4.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at
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Additions |
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As at
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Depreciation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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The EMBS Group Limited
Notes to the Financial Statements (continued)
For the Period
1 May 2022
to
31 March 2023
5.
Investments
Unlisted | |
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£ | |
Cost | |
As at
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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6.
Debtors
31 March 2023 | 30 April 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Directors' loan accounts |
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7.
Creditors: Amounts Falling Due Within One Year
31 March 2023 | 30 April 2022 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Other taxes and social security | - |
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VAT |
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Other creditors |
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Accruals and deferred income |
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The bank loan is secured by way of a debenture over the liabilities of the company.
8.
Creditors: Amounts Falling Due After More Than One Year
31 March 2023 | 30 April 2022 | ||
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£ | £ | ||
Bank loans |
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The EMBS Group Limited
Notes to the Financial Statements (continued)
For the Period
1 May 2022
to
31 March 2023
10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 March 2023 | 30 April 2022 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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£ | £ | £ | £ | £ | |
Mr Simon Bucknell |
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- |
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Mr Ian Stevens |
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The above loan is unsecured, interest free and repayable on demand.
12.
Related Party Transactions
During the year, there were transactions, as follows, with a subsidiary of the company:
- Amounts received £238,856 (2022: £609,053)
- Amounts paid £430,221 (2022: £508,047)
- Dividends received £40,000 (2022: £84,000)
As at 31 March 2023, £2,400 (2022: £153,765) was outstanding and is included in other creditors.