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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2017 | 2016 | |||||
£ | £ | ||||||
Fixed assets | |||||||
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 |
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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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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital | 9 |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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S Wardlaw | |||||||
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 | ||||||||
During the year ended 31 August 2017, the company made a loss of £92,506 (£2016: £29,534). At 31 August 2017, the company had net liabilities of £252,179 (2016: £159,673), which included a long term liability of £924,317 (2016: £446,393) in respect of amounts due to its principal shareholders. 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 these debts to the extent that this would prejudice the ability of the company to meet its liabilities as they fall due. | ||||||||
Investments | ||||||||
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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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Finance costs | ||||||||
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognisd as a reduction in the proceeds of the associated capital instrument. | ||||||||
Interest income | ||||||||
Interest income is recognised in the profit and loss account using the effective interest method. | ||||||||
Taxation | ||||||||
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or sustantively enacted by the reporting date. |
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2 | Auditors' remuneration | |||||||
The accounts for the year ended 31 August 2017 have not been subject to audit. In the year ended 31 August 2016, fees paid by the company to the company's auditors for the audit of the company's annual accounts amounted to £1,750. | ||||||||
3 | Employees | 2017 | 2016 | |||||
Number | Number | |||||||
Average number of persons employed by the company, including directors |
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4 | Taxation | 2017 | 2016 | |||||
£ | £ | |||||||
Corporation tax | ||||||||
Current tax on profits for the year | - | 1,847 | ||||||
Adjustments in respect of previous periods | - | 515 | ||||||
- | 2,362 | |||||||
Pre-trading expenses of approximately £135,750 (2016: £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 utilisation. | ||||||||
5 | Investments | |||||||
Investments in | ||||||||
subsidiary | ||||||||
undertakings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2016 |
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At 31 August 2017 |
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The company holds 83.27% of the Ordinary shares and A shares of Emerald Life Limited, a company incorporated in England. The principal activitity of Emerald Life Limited is the provision of general insurance in the United Kingdom. | ||||||||
6 | Debtors | 2017 | 2016 | |||||
£ | £ | |||||||
Amounts owed by group undertakings |
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Other debtors |
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Amounts due after more than one year included above |
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7 | Creditors: amounts falling due within one year | 2017 | 2016 | |||||
£ | £ | |||||||
Trade creditors | - |
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Amounts owed to group undertakings | - |
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Taxation and social security costs | - |
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Other creditors |
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8 | Creditors: amounts falling due after one year | 2017 | 2016 | |||||
£ | £ | |||||||
Other creditors |
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9 | Share capital | 2017 | 2016 | |||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
10,000 Ordinary shares of £1 each | 10,000 | 10,000 | ||||||
10 | 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 2017, debtors due in more than one year represent loans owed by the company's subsidiary, Emerald Life Limited and include accrued interest of £61,184 (2016: £24,225). The loans attract interest at an annual rate of 10%. |
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11 | Controlling party | |||||||
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12 | Other information | |||||||
Emerald Village Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
LF 2.4 The Leathermarket | ||||||||
11-13 Weston Street | ||||||||
London | ||||||||
SE1 3ER |