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COMPANY REGISTRATION NUMBER: SC515235
Empathy Rooms Limited
Filleted Unaudited Financial Statements
31 March 2023
Empathy Rooms Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Empathy Rooms Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Empathy Rooms Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Empathy Rooms Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Empathy Rooms Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Empathy Rooms Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Empathy Rooms Limited and its director for our work or for this report.
It is your duty to ensure that Empathy Rooms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Empathy Rooms Limited. You consider that Empathy Rooms Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Empathy Rooms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
31 July 2023
Empathy Rooms Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
23,365
Tangible assets
6
6,657
13,142
--------
--------
30,022
13,142
Current assets
Debtors
7
385
Cash at bank and in hand
90,523
92,360
--------
--------
90,523
92,745
Creditors: amounts falling due within one year
8
40,976
38,971
--------
--------
Net current assets
49,547
53,774
--------
--------
Total assets less current liabilities
79,569
66,916
--------
--------
Net assets
79,569
66,916
--------
--------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
3,399
Profit and loss account
76,169
66,915
--------
--------
Shareholders funds
79,569
66,916
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Empathy Rooms Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:
Mr S Queen
Director
Company registration number: SC515235
Empathy Rooms Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 22 Toftcombs Avenue, Stonehouse, South Lanarkshire, ML9 3QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets
£
Cost
Additions
20,000
Revaluations
3,365
--------
At 31 March 2023
23,365
--------
Amortisation
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
23,365
--------
At 31 March 2022
--------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 April 2022
1,250
22,171
23,421
Additions
1,299
1,299
-------
--------
--------
At 31 March 2023
1,250
23,470
24,720
-------
--------
--------
Depreciation
At 1 April 2022
250
10,029
10,279
Charge for the year
250
7,534
7,784
-------
--------
--------
At 31 March 2023
500
17,563
18,063
-------
--------
--------
Carrying amount
At 31 March 2023
750
5,907
6,657
-------
--------
--------
At 31 March 2022
1,000
12,142
13,142
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
385
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
64
Trade creditors
292
165
Accruals and deferred income
215
1,320
Corporation tax
9,702
6,933
Director loan accounts
30,703
30,553
--------
--------
40,976
38,971
--------
--------
9. Director's advances, credits and guarantees
The balance owed to Mr S Queen , director, as at 31st March 2023 amounted to £ 30,703 (2022: £30,553).