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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 |
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Tangible assets | 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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Share premium |
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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 | ||||||||
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Going concern | ||||||||
During the year ended 31 August 2021, the company incurred a loss for the financial year of £165,169 (2020: profit £23,514) and had net liabilities at the balance sheet date of £2,153,813 (2020: £1,988,644). Net liabilities includes long term liabilities due to the company's parent undertaking of £1,132,988 (2020: £1,019,908) and to other shareholders of £1,068,656 (2020: £1,025,891). The company continued to be affected by the Covid pandemic. Its turnover and profitability 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. Given the effect of the Covid pandemic on the company, the directors have taken advantage of the availability of a Bounce Back loan of £31,250 to assist the working capital of the company and also for the development of IT platforms. The company's profitability in the prior year was also assisted by the parent company, Emerald Village Holdings Limited, agreeing to retrospectively reduce the non-compounding interest rate payable on the inter-company loan from 10% to 5% per annum. Certain directors who are also shareholders of the company's parent, Emerald Village Holdings Limited, have undertaken to provide such financial support as may be required to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of signing the accounts and the directors have obtained confirmation of this. In addition, they have undertaken that no call will be made for the repayment of their debts by the parent company to the extent that this would prejudice the ability of the company to meet its liabilities as they fall due. Accordingly, the accounts have been prepared on a going concern basis. |
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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. |
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Intangible fixed assets | ||||||||
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Tangible fixed assets | ||||||||
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Office equipment | over 4 years | |||||||
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 and loans from banks and other third parties. | ||||||||
Creditors | ||||||||
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Foreign currency translation | ||||||||
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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 | Taxation | |||||||
At 31 August 2021, corporation tax losses of £2.74 million (2020: £2.57 million) 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 | Intangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 September 2020 |
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At 31 August 2021 |
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Amortisation | ||||||||
At 1 September 2020 |
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Provided during the year |
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At 31 August 2021 |
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Net book value | ||||||||
At 31 August 2021 |
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At 31 August 2020 |
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5 | Tangible fixed assets | |||||||
Office equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2020 |
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At 31 August 2021 |
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Depreciation | ||||||||
At 1 September 2020 |
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Charge for the year |
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At 31 August 2021 |
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Net book value | ||||||||
At 31 August 2021 |
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At 31 August 2020 |
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6 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Bank loans |
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Trade creditors |
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Other creditors |
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8 | Creditors: amounts falling due after one year | 2021 | 2020 | |||||
£ | £ | |||||||
Bank and other loans |
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Amounts owed to group undertakings |
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9 | Loans | 2021 | 2020 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Instalments falling due for payment after more than five years | 1,105 | - | ||||||
10 | Share capital | 2021 | 2020 | |||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
3,749,800 Ordinary shares of £0.0001 each | 375 | 375 | ||||||
1 A Ordinary share of £1 | 1 | 1 | ||||||
376 | 376 | |||||||
11 | Other reserve | 2021 | 2020 | |||||
£ | £ | |||||||
At 1 September 2020 | - |
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Shares issued | - | ( |
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At 31 August 2021 | - | - | ||||||
12 | Related party transactions | |||||||
At the balance sheet date the total aggregate loans from shareholders amounted to £2,201,644 (2020: £2,045,799) including interest. The loans are unsecured, repayable in more than one year from the balance sheet date and attract a non-compounding interest rate of 5%. Included in these loans is a loan outstanding from Emerald Village Holdings Limited, the parent company, of £1,132,988 (2020: £1,019,908) including interest. During the year, the company paid management charges to its parent company, Emerald Village Holdings Limited, of £26,352 (2020: £52,732) for the provison of staff. At 31 August 2021, a director owed the company £353 for personal expenditure charged to the company in error and not reimbursed in the year. No interest has been charged on this balance and it has been repaid since the year end. |
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13 | Controlling party | |||||||
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14 | Other information | |||||||
Emerald Life Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
286 Queensbridge Road | ||||||||
London | ||||||||
E8 3NH |