Registered number
00710137
EMERY FARM ESTATES LIMITED
Filleted Accounts
31 March 2023
EMERY FARM ESTATES LIMITED
Registered number: 00710137
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,700,260 3,700,347
Investments 4 137,284 137,284
3,837,544 3,837,631
Current assets
Debtors 5 940,936 861,790
Cash at bank and in hand 217,244 290,071
1,158,180 1,151,861
Creditors: amounts falling due within one year 6 (1,190,945) (1,077,960)
Net current (liabilities)/assets (32,765) 73,901
Total assets less current liabilities 3,804,779 3,911,532
Creditors: amounts falling due after more than one year 7 (338,160) (396,482)
Net assets 3,466,619 3,515,050
Capital and reserves
Called up share capital 170,420 170,420
Share premium 336,321 336,321
Profit and loss account 2,959,878 3,008,309
Shareholders' funds 3,466,619 3,515,050
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.
L G Emery
Director
Approved by the board on 19 December 2023
EMERY FARM ESTATES LIMITED
Notes to the Accounts
for the year ended 31 March 2023
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).
Rental income
Rental income represents the value of rents receivable under occupational leases and is credited to the profit and loss account on a straight line basis over the terms of the leases.
Investment properties
Investment properties are included at the purchased cost, included directly attributable expenditure. Changes in the fair value of the property are charged (or Credited) to the profit and loss account of the period. Depreciation is not provided in respect of freehold investment properties.
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 over its expected useful life, as follows:
Plant and machinery 15-25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 3,700,000 132,369 3,832,369
At 31 March 2023 3,700,000 132,369 3,832,369
Depreciation
At 1 April 2022 - 132,022 132,022
Charge for the year - 87 87
At 31 March 2023 - 132,109 132,109
Net book value
At 31 March 2023 3,700,000 260 3,700,260
At 31 March 2022 3,700,000 347 3,700,347
Freehold land and buildings: 2023 2022
£ £
Historical cost 686,303 686,303
Cumulative depreciation based on historical cost - -
686,303 686,303
The investment properties were revalued on 31 March 2023 by the directors. The directors consider the valuation to be fair at the balance sheet date based on an impairment review and prevailing market conditions.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 137,284
At 31 March 2023 137,284
5 Debtors 2023 2022
£ £
Trade debtors 72,664 68,442
Amounts owed by group undertakings and undertakings in which the company has a participating interest 833,380 753,796
Other debtors 34,892 39,552
940,936 861,790
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 57,370 54,831
Trade creditors 48,663 35,027
Amounts owed to group undertakings and undertakings in which the company has a participating interest 659,800 642,675
Taxation and social security costs 11,899 11,617
Other creditors 413,213 333,810
1,190,945 1,077,960
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 338,160 396,482
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 361,182 406,313
The bank loan is secured on the freehold properties owned by the company.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - 10,237
10 Related party transactions 2023 2022
£ £
As at 31 March 2023 the following amounts are shown due to/(from) Emery Farm Estates Limited, in respect of companies in which it holds a material interest.
Emery Investments Limited (290,093) (282,763)
Gordon Emery Limited 43,982 44,502
Hampson & Kemp Limited (167,307) (166,818)
Emery Developments Limited 459,002 459,002
Emery Properties Limited (201,400) (192,094)
EFE Bridge Street Limited (1,000) (1,000)
BHNW (Christie Fields) Ltd 242,422 250,292
11 Controlling party
The company is controlled by the directors.
12 Other information
EMERY FARM ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Queens House
Queens Road
Chester
Cheshire
CH1 3BQ
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