Registered number |
|
|
|
|
|
|||||||
Registered number: |
|
||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2018 | 2017 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 |
|
|
||||
Current assets | |||||||
Debtors | 5 |
|
|
||||
Cash at bank and in hand |
|
|
|||||
|
|
||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
||||
Net current assets/(liabilities) |
|
( |
|||||
Total assets less current liabilities |
|
( |
|||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
||||
Net liabilities | ( |
( |
|||||
Capital and reserves | |||||||
Called up share capital | 9 |
|
|
||||
Share premium |
|
|
|||||
Other reserves | 10 | 207,500 | - | ||||
Profit and loss account | ( |
( |
|||||
Shareholders' funds | ( |
( |
|||||
|
|||||||
|
|||||||
|
|||||||
|
|||||||
S Wardlaw | |||||||
Director | |||||||
Approved by the board on |
|||||||
|
||||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
|
||||||||
Going concern | ||||||||
During the year ended 31 August 2018, the company incurred a loss for the year of £411,326 (2017: £631,097). At 31 August 2018, the company had net liabilities of £1,594,010 (2017: £1,390,184), which included a long term liability of £1,955,652 (2017: £1,388,271) in respect of amounts due to principal shareholders. The directors are satisfied that the going concern basis is appropriate for the preparation of these accounts 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 the 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. | ||||||||
Turnover | ||||||||
Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. |
||||||||
Tangible fixed assets | ||||||||
|
||||||||
Office equipment | over 4 years | |||||||
Debtors | ||||||||
|
||||||||
Financial instruments | ||||||||
The company only enters into basic financial instruments 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 and investments in non-puttable ordinary shares. | ||||||||
Creditors | ||||||||
|
||||||||
Foreign currency translation | ||||||||
|
||||||||
Leased assets | ||||||||
|
||||||||
2 | Employees | 2018 | 2017 | |||||
Number | Number | |||||||
Average number of persons employed by the company, including directors |
|
|
||||||
3 | Taxation | |||||||
There is no charge to corporation tax at 31 August 2018 (2017: £Nil). Corporation tax losses of approximately £2,231,000 (2017: £1,823,000) are being carried forward for relief against future trading profits. The company has not recognised a deferred tax asset in respect of these tax losses due to the current uncertainty as to their utilisation. | ||||||||
4 | Tangible fixed assets | |||||||
Office equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2017 |
|
|||||||
Additions |
|
|||||||
At 31 August 2018 |
|
|||||||
Depreciation | ||||||||
At 1 September 2017 |
|
|||||||
Charge for the year |
|
|||||||
At 31 August 2018 |
|
|||||||
Net book value | ||||||||
At 31 August 2018 |
|
|||||||
At 31 August 2017 |
|
|||||||
5 | Debtors | 2018 | 2017 | |||||
£ | £ | |||||||
Trade debtors |
|
|
||||||
Other debtors |
|
|
||||||
|
|
|||||||
6 | Creditors: amounts falling due within one year | 2018 | 2017 | |||||
£ | £ | |||||||
Trade creditors |
|
|
||||||
Amounts owed to group undertakings | - |
|
||||||
Other creditors |
|
|
||||||
|
|
|||||||
7 | Creditors: amounts falling due after one year | 2018 | 2017 | |||||
£ | £ | |||||||
Other loans |
|
|
||||||
Amounts owed to group undertakings |
|
|
||||||
|
|
|||||||
8 | Loans | 2018 | 2017 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Amounts payable otherwise than by instalment falling due for payment after more than five years | 996,066 | 721,087 | ||||||
9 | Share capital | 2018 | 2017 | |||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
3,524,550 Ordinary shares of £0.0001 each | 352 | 352 | ||||||
1 Ordinary share of £1 | 1 | 1 | ||||||
353 | 353 | |||||||
10 | Other reserves | |||||||
At 31 August 2018, the company had received £207,500 from shareholders as a result of a cash call in accordance with the Shareholder Agreement. Under the Shareholder Agreement, the company is to issue 207,500 Ordinary shares of £0.0001 each to the shareholders at a total share premium of £207,479. | ||||||||
11 | Other financial commitments | 2018 | 2017 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | - |
|
||||||
12 | Related party transactions | |||||||
Emerald IP Limited, a company in which H McCormack and S Wardlaw are directors and shareholders, owed £714 (2017: £nil) at 31 August 2018, in respect of business expenses incurred by the company on its behalf. This has since been repaid. At the balance sheet date there are aggregate loans from shareholders of £1,648,549 (2017: £1,224,056) excluding interest. The balance attracts a non-compounding interest rate of 10% which equates to cumulative interest payable outstanding of £307,103 (2017: £164,215). Included in the aggregated loans from shareholders is a loan outstanding from Emerald Village Holdings Limited, the parent company of £959,586 (2017: £667,184) which includes accrued interest of £136,586 (2017: £61,184). The loan attracts interest at an annual rate of 10%. During the year, Emerald Village Holdings Limited paid expenses on behalf of Emerald Life Limited amounting to £nil (2017: £750). The short-term interest free loan outstanding at 31 August 2017 of £750, was repaid during the year. |
||||||||
13 | Controlling party | |||||||
|
||||||||
14 | Other information | |||||||
Emerald Life Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
LF2.4, The Leathermarket | ||||||||
11-13 Weston Street | ||||||||
London | ||||||||
SE1 3ER |