EMN Property Limited - Period Ending 2017-03-31

Registration number: 09555496

EMN Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

EMN Property Limited

Contents

Balance Sheet	1
Statement of Changes in Equity	2
Notes to the Financial Statements	3 to 6

EMN Property Limited

(Registration number: 09555496)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	1,064,314	477,873
Current assets
Debtors	4	8,883	6,353
Cash at bank and in hand		28,331	80,690
		37,214	87,043
Creditors: Amounts falling due within one year	5	(1,157,183)	(591,758)
Net current liabilities		(1,119,969)	(504,715)
Net liabilities		(55,655)	(26,842)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(55,657)	(26,844)
Total equity		(55,655)	(26,842)

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

Approved and authorised by the director on 13 July 2017
 

.........................................

Ms Emily Coates

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

EMN Property Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	(26,844)	(26,842)
Loss for the year	-	(28,813)	(28,813)
Total comprehensive income	-	(28,813)	(28,813)
At 31 March 2017	2	(55,657)	(55,655)

	Share capital £	Profit and loss account £	Total £
Loss for the year	-	(26,844)	(26,844)
Total comprehensive income	-	(26,844)	(26,844)
New share capital subscribed	2	-	2
At 31 March 2016	2	(26,844)	(26,842)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

EMN Property Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
C/o Wenn Townsend
30 St. Giles
Oxford
OX1 3LE

These financial statements were authorised for issue by the director on 13 July 2017.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Land and buildings	Nil
Improvements	Nil

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.

Page 3

EMN Property Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 
 

Page 4

EMN Property Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2016	477,873	477,873
Additions	586,441	586,441
At 31 March 2017	1,064,314	1,064,314
Depreciation
Carrying amount
At 31 March 2017	1,064,314	1,064,314
At 31 March 2016	477,873	477,873

Included within the net book value of land and buildings above is £1,064,314 (2016 - £477,873) in respect of freehold land and buildings.
 

4

Debtors

	2017 £	2016 £
Trade debtors	2,119	-
Other debtors	6,764	6,353
Total current trade and other debtors	8,883	6,353

5

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		9,697	716
Other creditors		1,147,486	591,042
		1,157,183	591,758

Page 5

EMN Property Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6	Transition to FRS 102

The company has adopted FRS 102 for the first time in year ended 31st March 2017.

There were no adjustments resulting from the transition to FRS 102 that impact upon the net surplus for the year ended 31st March 2016. Total capital and reserves reported in these accounts as at 1st April 2016 and 31st March 2016 are as reported previously.

Page 6