Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-312021-11-01falseProperty development and dealing2true3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11344318 2021-11-01 2022-10-31 11344318 2020-11-01 2021-10-31 11344318 2022-10-31 11344318 2021-10-31 11344318 c:Director1 2021-11-01 2022-10-31 11344318 c:Director2 2021-11-01 2022-10-31 11344318 c:RegisteredOffice 2021-11-01 2022-10-31 11344318 d:CurrentFinancialInstruments 2022-10-31 11344318 d:CurrentFinancialInstruments 2021-10-31 11344318 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 11344318 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 11344318 d:ShareCapital 2022-10-31 11344318 d:ShareCapital 2021-10-31 11344318 d:RetainedEarningsAccumulatedLosses 2022-10-31 11344318 d:RetainedEarningsAccumulatedLosses 2021-10-31 11344318 c:FRS102 2021-11-01 2022-10-31 11344318 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 11344318 c:FullAccounts 2021-11-01 2022-10-31 11344318 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registered number: 11344318









1 EMPIRE WAY LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

 
1 EMPIRE WAY LTD
 
 
COMPANY INFORMATION


Directors
J D Green 
H M Calvert 




Registered number
11344318



Registered office
5 Elstree Gate
Elstree Way

Hertfordshire

Borehamwood

WD6 1JD




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
1 EMPIRE WAY LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 5


 
1 EMPIRE WAY LTD
REGISTERED NUMBER: 11344318

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
573,974
35,833

Debtors: amounts falling due within one year
 5 
708,564
1,624,133

Cash at bank and in hand
  
211,960
252,341

  
1,494,498
1,912,307

Creditors: amounts falling due within one year
 6 
(195,714)
(612,800)

Net current assets
  
 
 
1,298,784
 
 
1,299,507

Total assets less current liabilities
  
1,298,784
1,299,507

  

Net assets
  
1,298,784
1,299,507


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,298,684
1,299,407

  
1,298,784
1,299,507


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J D Green
Director
Page 1

 
1 EMPIRE WAY LTD
REGISTERED NUMBER: 11344318
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2022


Date: 13 October 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
1 EMPIRE WAY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

1 Empire Way Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The Financial Statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is measured as the fair value of the consideration received or receivable from the sales of the properties. Sales are recognised at the date the contract to exchange becomes unconditional.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all statutory and professional fees relating to the acquisition of a property, obtaining planning consents, legal fees and the costs of construction development and  redevelopment.
Loan finance costs are capitalised within the stock balance.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amounts reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
1 EMPIRE WAY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 3).

Page 4

 
1 EMPIRE WAY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

4.


Stocks

2022
2021
£
£

Stocks of property development
573,974
35,833

573,974
35,833



5.


Debtors

2022
2021
£
£


Amounts owed by related parties
560,095
880,481

Other debtors
148,469
743,652

708,564
1,624,133



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
10,788
39,039

Amounts owed to related parties
-
250,000

Corporation tax
-
307,773

Other creditors
82,577
13,239

Accruals and deferred income
102,349
2,749

195,714
612,800



7.


Related party transactions

Amounts due from related parties are interest free loans, repayable on demand, to one of the company’s shareholders, a company in which a director has a material interest and exercises significant control.
Included within other creditors is an amount of £82,577 (2021 - £13,329) owed to the director.  This amount is interest free and repayable on demand.

 
Page 5