Registered number
12356464
Emerald Space Ltd
Unaudited Filleted Accounts
31 December 2022
Emerald Space Ltd
Registered number: 12356464
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 746,250 750,000
Current assets
Debtors 4 31,342 26,395
Cash at bank and in hand 20,530 960
51,872 27,355
Creditors: amounts falling due within one year 5 (39,387) (30,823)
Net current assets/(liabilities) 12,485 (3,468)
Total assets less current liabilities 758,735 746,532
Creditors: amounts falling due after more than one year 6 (411,548) (354,161)
Net assets 347,187 392,371
Capital and reserves
Called up share capital 630,000 630,000
Reserves (10,000) (10,000)
Revaluation reserve 8 (325,000) (250,000)
Profit and loss account 52,187 22,371
Shareholders' funds 347,187 392,371
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Mullins
Director
Approved by the board on 29 September 2023
Emerald Space Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from renting the property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Revalued amount
Plant and machinery over 20 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
Additions 1,000,000 75,000 1,075,000
Surplus on revaluation (325,000) - (325,000)
At 31 December 2022 675,000 75,000 750,000
Depreciation
Charge for the year - 3,750 3,750
At 31 December 2022 - 3,750 3,750
Net book value
At 31 December 2022 675,000 71,250 746,250
Freehold land and buildings: 2022 2021
£ £
Historical cost 1,000,000 1,000,000
Cumulative depreciation based on historical cost - -
1,000,000 1,000,000
4 Debtors 2022 2021
£ £
Other debtors 31,342 26,395
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 25,452 14,235
Trade creditors 13,935 11,340
Taxation and social security costs - 5,248
39,387 30,823
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 411,548 354,161
7 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 309,740 297,221
Secured bank loans 368,396 368,396
[Give an indication of the nature and form of the security for the bank loans]
8 Revaluation reserve 2022 2021
£ £
Loss on revaluation of land and buildings (325,000) (250,000)
At 31 December 2022 (325,000) (250,000)
9 Other information
Emerald Space Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit B, Braintree Estate
Briantree Road
Ruislip
HA4 0EJ
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