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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 3 |
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Current assets | |||||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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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 | 6 | ( |
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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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Mr 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 | ||||||||
The accounts contain information about Emerald Village Holdings Limited as an individual company and do not contain consolidated information as the parent of a group. The company is not required to prepare consolidated accounts. |
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Going concern | ||||||||
During the year ended 31 August 2021, the company incurred a loss for the year of £12,340 (2020 profit: £29,417) and had net liabilities at the balance sheet date of £327,405 (2020: £315,065). The company and its subsidiary, Emerald Life Limited, continued to be affected by the Covid pandemic. Emerald Life Limited's turnover and operating profit were uniquely boosted in the prior year by additional sales in February and March 2020 in anticipation of the first lockdown. After March 2020, with lockdown regulations in place, wedding insurance was taken off the market industry wide and was not then sold in the UK until the Autumn of 2021. The travel industry and travel insurance have also been affected by the pandemic, although since October 2021 this market has begun to recover with countries gradually opening up to overseas travellers. The company's profitability in the prior year, was also assisted by the shareholders agreeing to retrospectively reduce the non-compounding interest rate payable on their loans from 10% to 5%. The rate of interest payable on the inter-company loans was similarly reduced from 10% to 5% retrospectively. The directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements as they have obtained confirmation from the principal shareholders that they will continue to support the company and the group 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 and the group to meet its liabilities as they fall due. |
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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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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 | 2021 | 2020 | |||||
Number | Number | |||||||
Average number of persons employed by the company including directors |
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3 | Investments | |||||||
Investments in | ||||||||
subsidiary | ||||||||
undertakings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2020 |
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At 31 August 2021 |
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The company holds 78.27% (2020: 78.27%) of the Ordinary shares and A Ordinary 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. | ||||||||
4 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
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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5 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Amounts owed to group undertakings |
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Taxation and social security costs | - |
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Other creditors |
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6 | Creditors: amounts falling due after one year | 2021 | 2020 | |||||
£ | £ | |||||||
Other creditors |
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7 | Related party transactions | |||||||
During the year ended 31 August 2021, the company received management fees of £26,352 from its subsidiary, Emerald Life Limited, for the provision of staff (2020: £52,732). At 31 August 2021, the directors were owed £1,443,368 (2020: £1,318,209). These loans attract interest at an annual non-compounding interest rate of 5%. |
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8 | Controlling party | |||||||
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9 | 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 |