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 2019
Note |
2019 |
2018 |
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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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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 |
( |
( |
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Total assets less current liabilities |
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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 |
611 |
611 |
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Profit and loss account |
690,882 |
666,372 |
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Shareholders' funds |
691,493 |
666,983 |
For the financial year ending 31 December 2019 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.
The EMEA Enterprise Company Limited
(Registration number: 04301146)
Balance Sheet as at 31 December 2019
Approved and authorised by the
.........................................
Company secretary and director
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
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
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.
Going concern
The directors acknowledge the potential impact of the global coronavirus pandemic and believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The directors believe the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of property renting services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Investment property
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.
Debtors
Trade debtors are amounts due from customers for property renting services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Investment properties |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2019 |
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- |
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Additions |
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Disposals |
- |
( |
- |
- |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
- |
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- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 31 December 2019 |
- |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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- |
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Revaluation
The directors do not consider the value of the company's investment properties to be materially different to their cost.
Stocks |
2019 |
2018 |
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Wine stocks |
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Debtors |
The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
2019 |
2018 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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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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Taxation and social security |
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Other creditors |
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The EMEA Enterprise Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Hire purchase liabilities |
- |
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Other borrowings
Hire purchase liabilities with a carrying amount of £nil (2018 - £7,345) is denominated in GBP with a nominal interest rate of 0%. The final instalment was paid on 30 June 2019.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil
(2018 - £
Related party transactions |
Summary of transactions with key management
TEEC Limited (a company controlled by A N Abbs) received management charges of £nil (2018: £50,000) and other rechargeable expenses of £91,487 (2018: £85,787) from the company. At the balance sheet date the amount due to TEEC Limited was £280,586 (2018: £178,420).
Transactions with directors |
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
A N Abbs |
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Director Loan |
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( |
( |
2018 |
At 1 January 2018 |
Advances to directors |
At 31 December 2018 |
A N Abbs |
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Director Loan |
( |
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Other related party transactions |
A N Abbs (director) had a loan account with the company. At the balance sheet date the amount due to A N Abbs was £52 (2018 - (£6,772)).