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REGISTERED NUMBER: 08648275 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Empire Investment Properties Limited

Empire Investment Properties Limited (Registered number: 08648275)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Empire Investment Properties Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: M Jaconelli
M J Weaver
Mrs N Jaconelli
Mrs J Weaver





REGISTERED OFFICE: 51 Frederick Street
Sunderland
SR1 1NF





REGISTERED NUMBER: 08648275 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Empire Investment Properties Limited (Registered number: 08648275)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 749,468 749,468

CURRENT ASSETS
Debtors 5 26,560 27,166
Cash at bank 33,290 28,731
59,850 55,897
CREDITORS
Amounts falling due within one year 6 149,622 177,279
NET CURRENT LIABILITIES (89,772 ) (121,382 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

659,696

628,086

CREDITORS
Amounts falling due after more than one
year

7

(207,917

)

(233,074

)

PROVISIONS FOR LIABILITIES (20,523 ) (20,523 )
NET ASSETS 431,256 374,489

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 431,252 374,485
SHAREHOLDERS' FUNDS 431,256 374,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Empire Investment Properties Limited (Registered number: 08648275)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:




M Jaconelli - Director



M J Weaver - Director


Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Empire Investment Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Income
Income includes net rents receivable excluding Value Added Tax.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 749,468
NET BOOK VALUE
At 31 March 2023 749,468
At 31 March 2022 749,468

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 108,018
Cost 641,450
749,468

Investment property was valued on an open market basis on 31 March 2023 by the directors .

The investment property open market value is at least that of the net book value at 31 March 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,417 26,155
Prepayments 1,143 1,011
26,560 27,166

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,233 25,307
Tax 13,316 13,301
Lofthouse and Partners Limited 60,561 59,336
Directors' current accounts 38,654 68,298
Accruals and deferred income 11,858 11,037
149,622 177,279

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 25,233 25,307
Bank loans - 2-5 years 68,365 72,589
Bank loans more 5 yr by instal 114,319 135,178
207,917 233,074

Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 114,319 135,178

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 220,482 241,715

Bank loans, other than the bounce back loan, are secured on the properties to which they relate.