Company No:
Contents
31.03.2023 | 31.03.2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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623,234 | 581,472 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 506,708 | 496,367 | ||
Total assets less current liabilities | 506,708 | 496,367 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Emeris Limited (registered number:
Richard John Alexander Curtis
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Emeris Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is New Creaven House, 3 Sandy Court, Ashleigh Way, Plymouth, PL7 5JX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The prior period was a short period from 1 July 2021 to 31 March 2022. Therefore, comparatives for the prior period are not entirely comparable with this financial year.
The following criteria must also be met before turnover is recognised:
Sale of property:
Turnover from the sale of a property is recognised when all of the following conditions are satisfied:
• The company has transferred the significant risks and rewards of ownership to the buyer;
• The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• The amount of revenue can be measured reliably;
• It is probable that the company will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Year ended 31.03.2023 |
Period from 01.07.2021 to 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed by joint ventures |
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VAT recoverable |
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Other debtors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Other loans |
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Accruals |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the year, shareholder directors received dividends of £18,000 (2022: £18,000). At the year end, the company owed the directors £30,000 (2022: £12,000).
Included in the statement of income and retained earnings is £31,825 (2022: £23,443) representing the company's share of the profit for the year ended 31 March 2023 in an LLP that the company is a designated member. At the year end, the company was owed £370,745 (2022: £338,920) from the LLP.
At the year end, the company owed a company under common control £30,652 (2022: 17,331). This is included in other creditors. During the period, £720 (2022: £358) interest was charged on this loan, with £220 (2022: £120) of this interest included in accruals at the year end.