Registration number:
for the Year Ended
The EMEA Enterprise Company Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
The EMEA Enterprise Company Limited
(Registration number: 04301146)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
The EMEA Enterprise Company Limited
(Registration number: 04301146)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
Mr A N Abbs
Company secretary and director
Page 2 |
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
28/29 Northbrook Street
Newbury
Berkshire
RG14 1DJ
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% per annum of net book value |
Office equipment |
33.3% per annum of cost |
Motor vehicles |
25% per annum of net book value |
Page 3 |
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investment property
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Taxation |
2016 |
2015 |
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£ |
£ |
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Corporation tax |
30,384 |
14,981 |
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Deferred tax |
10,479 |
(6,290) |
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40,863 |
8,691 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
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- |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
- |
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Charge for the year |
- |
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At 31 December 2016 |
- |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Revaluation
The fair value of the company's investment properties were revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Stocks |
2016 |
2015 |
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Wine stocks |
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- |
Debtors |
Note |
2016 |
2015 |
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Trade debtors |
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Amounts owed by related undertakings |
- |
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Other debtors |
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Total current trade and other debtors |
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The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to related undertakings |
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- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2016 |
2015 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings
Hire Purchase Liabilities with a carrying amount of £60,994 (2015 - £45,277) is denominated in GBP with a nominal interest rate of 0%. The final instalment is due on 30 June 2019.
Hire purchase liabilities are secured on the assets to which they relate.
Dividends |
2016 |
2015 |
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£ |
£ |
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Interim dividend |
37,700 |
24,000 |
Page 7 |
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Related party transactions |
2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Mr A N Abbs |
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2,361 |
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( |
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Other related party transactions |
Mr A N Abbs (director) had a loan account with the company on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from Mr A N Abbs was £77,178 (2015: £2,361).
TEEC Limited (a company controlled by Mr A N Abbs) incurred management charges totalling £150,000 (2015: £133,500) from the company. At the balance sheet date the amount due to/(from) TEEC Limited was £144,537 (2015: - (£31,568)).
Alexandra Abbs (daughter of the director) provided admin services amounting to £2,610 (2015: £1,006) to the company during the year. At the balance sheet date the amount due to Alexandra Abbs was £nil (2015: £nil).
During the period dividends totalling £37,700 (2015: £24,000) were paid to the director Mr A N Abbs.
Transition to FRS 102 |
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