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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2020 | 2019 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 4 |
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Current assets | |||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 7 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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H McCormack | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Going concern | ||||||||
In addition, since March 2020, the UK has experienced a pandemic of coronavirus. To date, the directors are of the opinion that this has not had a significant adverse effect on the group's trading. The position is kept under regular review by the directors who remain committed to the business. The directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements as they have obtained confirmation that the principal shareholders will continue to support the company for a period of at least 12 months from the date of approval of these accounts and that no call will be made for the repayment of their debts to the extent that this would prejudice the ability of the company to meet its liabilities as they fall due. |
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Investments | ||||||||
Changes in fair value are included in the profit and loss account. |
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Debtors | ||||||||
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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 other third parties, loans to related parties and investments in non-puttable ordinary shares. | ||||||||
Creditors | ||||||||
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Interest income | ||||||||
Interest income is recognised in the profit and loss account using the effective interest method. | ||||||||
Taxation | ||||||||
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Pensions | ||||||||
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2 | Employees | 2020 | 2019 | |||||
Number | Number | |||||||
Average number of persons employed by the company including directors |
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3 | Taxation | 2020 | 2019 | |||||
£ | £ | |||||||
Group relief | - | 15,228 | ||||||
- | 15,228 | |||||||
At 31 August 2020, the company had tax losses carried forward to offset against future taxable profits of £68,000 (2019: £Nil). Pre-trading expenses of approximately £135,750 (2019: £135,750) are being carried forward for relief against future trading profits. The company has not recognised a deferred tax asset in respect of these pre-trading expenses due to the uncertainty as to their future utilisation. |
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4 | Investments | |||||||
Investments in | ||||||||
subsidiary | ||||||||
undertakings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2019 |
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At 31 August 2020 |
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The company holds 78.27% (2019: 83.27%) of the Ordinary shares and A shares of Emerald Life Limited, a company incorporated in England. The principal activity of Emerald Life Limited is the provision of general insurance in the United Kingdom. | ||||||||
5 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Amounts due after more than one year included above |
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6 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Amounts owed to group undertakings |
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Taxation and social security costs |
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Other creditors |
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7 | Creditors: amounts falling due after one year | 2020 | 2019 | |||||
£ | £ | |||||||
Other creditors |
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8 | Share capital | 2020 | 2019 | |||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
10,000 Ordinary shares of £1 each | 10,000 | 10,000 | ||||||
10,000 | 10,000 | |||||||
9 | Related party transactions | |||||||
At the balance sheet date, H McCormack held 4,000 Ordinary £1 shares in the company and S Wardlaw held 6,000 Ordinary £1 shares in the company. At 31 August 2020, debtors due in more than one year represents loans owed by the company's subsidiary, Emerald Life Limited. During the year, the non-compounding interest rate on these loans was reduced from 10% to 5% retrospectively. The loans balance of £1,019,908 at 31 August 2020 includes accrued interest to date of £151,909 (2019: £218,885). During the year ended 31 August 2020, the company received management fees of £52,732 from its subsidiary, Emerald Life Limited, for the provision of staff (2019: £32,712). |
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10 | Controlling party | |||||||
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11 | Other information | |||||||
Emerald Village Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
286 Queensbridge Road | ||||||||
London | ||||||||
E8 3NH |