Emerald Financial Group (UK) Ltd - Limited company accounts 23.2
Emerald Financial Group (UK) Ltd - Limited company accounts 23.2
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Audited Financial Statements |
for the Year Ended |
28 February 2023 |
for |
Emerald Financial Group (UK) Ltd |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Emerald Financial Group (UK) Ltd |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Church Court |
Stourbridge Road |
Halesowen |
West Midlands |
B63 3TT |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Strategic Report |
for the Year Ended 28 February 2023 |
The directors present their strategic report for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
Electronic Money Institutions (EMIs) are pivotal drivers of change in the financial landscape. Harnessing technology, EMIs redefine payments, offer innovative financial solutions, and bridge traditional banking with modern digital commerce. |
In recent years, the financial landscape evolved rapidly due to digital transformation, changing consumer behaviours, and regulatory adaptations. Key trends included accelerated digital payment adoption, heightened emphasis on open banking and API integration, regulatory changes to ensure compliance and consumer protection, advancements in cross-border payments, the growth of customer-centric digital services by neo-banks and challenger banks, integration of AI and automation, and ongoing efforts to enhance cybersecurity amidst financial digitization. |
Aligned with market trends, Emerald is committed to providing comprehensive payment solutions focusing on corporate clients. We enhance the convenience and functionality of our payment platform while adding new features. |
In a commitment to proximity with our valued customers and partners, we have relocated our headquarters from Birmingham to the City of London. Aiming for speed and convenience, we diligently enhance our payment infrastructure. |
This financial year, we introduced an additional payment rail to facilitate swift UK transactions. Now, Emerald offers customers the convenience of processing payments through various channels, including Faster Payments, CHAPS, BACS, SEPA, and international SWIFT. |
In the next financial year, our focus centres on enhancing product and brand awareness. This entails: |
- Strengthening the team with specialists in customer support, engagement, regulatory compliance, and product development. |
- Enhancing technical solutions for both clients and operations. |
- Establishing relationships with new payment channels for fast and secure transactions. |
- Launching a corporate payment card program. |
- Implementing advanced systems to meet evolving regulatory requirements. |
The Directors of Emerald confirm the successful attainment of majority of operational and financial goals for the preceding fiscal year. |
FINANCIAL PERFORMANCE AND KPIs |
The management of the company sets and regularly reviews business specific KPIs. Below are general KPIs reached in 2022/2023: |
- Sales £4,166,521 |
- Profit £1,294,650 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Strategic Report |
for the Year Ended 28 February 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
To ensure efficient operations and the achievement of the business objectives, the company has implemented an internal control system for risk management. Its main goals are the timely identification of risks, as well as the development and implementation of methods for Risk Management within the business. |
The company's management considers the following groups of risks as representing the highest uncertainty for the business. |
Regulatory compliance, money laundering and terrorism financing risks |
Emerald operates in a highly regulated sector which is currently experiencing significant change. GDPR, PSD2 and the AML directives and technological innovations all serve to add both complexity and opportunity within the industry. The core business is potentially exposed to risks associated with non-compliance with various laws and regulations. Also, the main operations carry the risk of being involved in operations related to money laundering and terrorist financing. |
The company continues to work to ensure full compliance with all laws and regulations. The company's compliance function constantly monitors changes in the regulatory environment and implements them into company's everyday procedures and operations. |
Sanctions risk |
Servicing customers operating in international trading, the company observes national and international sanctions regimes. The established control system applies measures aimed at sanctions risk management prior to commencement of business relationship and on an ongoing basis during the entire business relationship with the client. These measures are integrated into core operational processes of customers onboarding and processing of payments. |
Risks associated with outsourced services |
The company's operations rely on partners providing technological and operational solutions related to processing of payments, safeguarding of clients' funds, customer identification, AML processes and other critical functions. |
Emerald conducts a careful selection and assessment of partners and their services before starting and in the process of cooperation. The company has developed an action plan for the loss of key external service providers. |
Security risk |
The company pays great attention to the security of information systems and protection of customer data. The company applies a comprehensive approach to mitigate the security risk. The approach includes introduction of an information security risk management framework, regular employee training, stress testing of information systems, and auditing activities. |
Operational risk |
The risk that the company may face losses resulting from inadequate or failed internal processes or systems, employees' actions or from external events. The company has a professional and talented team to support and build its operations. Standardisation, documentation and automation of processes assist in the reduction of potential human error. Regular review and stress tests of existing processes help to identify gaps and timely address them. |
Liquidity risk |
The risk that we will not be able to meet our obligations in full amount and within the specified period. To minimise this risk, the company has introduced detailed balance sheet management process, which involves regular cash flow forecast, planning, and stress testing. In addition, interim audited management accounts are now prepared. |
Credit risk |
The risk that our counterpart will fail to meet its obligations in accordance with agreed terms. The company tends to work with payment partners of good credit quality only. We perform regular review of company's partners to timely identify any loss of reputation or worsening of their financial position. |
Currency exchange risk |
Company's operations are exposed to foreign exchange risk. The company has taken steps to minimise fluctuations in exchange rates through the operation of foreign currency bank accounts. |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Strategic Report |
for the Year Ended 28 February 2023 |
COVID-19 |
Despite absence of COVID-19 negative impact on the financial results, the company will keep all related security infrastructure on standby, to be rolled out in case of worsening of the epidemiological situation in connection with the COVID-19 disease, and any potential future pandemics. |
ON BEHALF OF THE BOARD: |
19 October 2023 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Report of the Directors |
for the Year Ended 28 February 2023 |
The directors present their report with the financial statements of the company for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of a full service payment platform. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Emerald Financial Group (UK) Ltd |
Opinion |
We have audited the financial statements of Emerald Financial Group (UK) Ltd (the 'company') for the year ended 28 February 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Emerald Financial Group (UK) Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry, control environment and business performance; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006 and the Financial Services Act 2013. |
As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. |
Our procedures to arrive at this conclusion included the following: |
- reviewing balance sheet control accounts to ensure properly reconciled; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- enquiring with management concerning actual and potential litigation claims; |
- addressing the risks of fraud through management override of controls by performing journal entry testing. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Emerald Financial Group (UK) Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Church Court |
Stourbridge Road |
Halesowen |
West Midlands |
B63 3TT |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Statement of Comprehensive Income |
for the Year Ended 28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Statement of Changes in Equity |
for the Year Ended 28 February 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2023 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Cash Flow Statement |
for the Year Ended 28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Forex movements on subordinate loans | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
563,203 |
Cash and cash equivalents at end of year |
2 |
2,957,980 |
1,320,853 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Cash Flow Statement |
for the Year Ended 28 February 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (59,157 | ) | - |
1,540,602 | 746,930 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 2,957,980 | 1,320,853 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 1,320,853 | 563,203 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,320,853 | 1,637,127 | 2,957,980 |
1,320,853 | 2,957,980 |
Debt |
Debts falling due after 1 year | (90,782 | ) | (55,081 | ) | (145,863 | ) |
(90,782 | ) | (55,081 | ) | (145,863 | ) |
Total | 1,230,071 | 1,582,046 | 2,812,117 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Emerald Financial Group (UK) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that there are no critical accounting policies where judgements or estimations are necessarily applied in the financial statements. |
Turnover |
Turnover from the sale of services is recognised according to the date the service is provided and at the point the amount of revenue can be measured reliably. |
Tangible fixed assets |
Computer equipment | - |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Dent instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
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, an impairment loss is recognised in the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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 balance sheet date. |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Employees including the directors |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Total tax charge | 303,636 | 141,638 |
6. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Subordinate loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Subordinate loans | 52,603 | 90,782 |
The subordinate loans are interest free and are repayable between 2025 and 2028. |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
11. | FINANCIAL INSTRUMENTS |
Financial assets |
2023 | 2022 |
£ | £ |
Financial assets measured at fair value through profit and loss | 2,957,980 | 1,320,853 |
Financial assets that are debt instruments measured at amortised cost | 61,519 | 51,321 |
3,019,499 | 1,372,174 |
Financial liabilities | 2023 | 2022 |
£ | £ |
Financial liabilities measured at amortised cost | (689,682 | ) | (337,652 | ) |
Financial assets measured at fair value through profit and loss comprise of cash at bank. |
Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and prepayments. |
Financial liabilities measured at amortised cost comprise of other loans, trade creditors, other creditors, social security and other taxes and accruals. |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 28 February 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 480,000 | 480,000 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2022 |
Profit for the year |
At 28 February 2023 |
Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
15. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Amount due to related parties |
2023 | 2022 |
£ | £ |
Services provided by companies with a common director |
Amount due to related parties |
2023 | 2022 |
£ | £ |
Services provided by entities under common control |
Amount due to related parties |
During the year, a total of key management personnel compensation of £ |