Registered number
08108716
Empello Limited
Filleted Accounts
30 June 2023
Empello Limited
Registered number: 08108716
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 36,237 5,469
Investments 4 20,555 20,555
56,792 26,024
Current assets
Debtors 5 590,799 572,952
Cash at bank and in hand 62,899 111,768
653,698 684,720
Creditors: amounts falling due within one year 6 (237,227) (277,251)
Net current assets 416,471 407,469
Total assets less current liabilities 473,263 433,493
Provisions for liabilities (2,369) -
Net assets 470,894 433,493
Capital and reserves
Called up share capital 3 3
Profit and loss account 470,891 433,490
Shareholders' funds 470,894 433,493
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.
G Dent
Director
Approved by the board on 2 March 2024
Empello Limited
Notes to the Accounts
for the year ended 30 June 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Office equipment over 4 years
Fixtures, fittings & equipment over 4 years
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 24 26
3 Tangible fixed assets
Land and buildings Office equipment, furniture & fittings Total
£ £ £
Cost
At 1 July 2022 40,755 135,485 176,240
Additions 4,993 31,952 36,945
Disposals (40,755) - (40,755)
At 30 June 2023 4,993 167,437 172,430
Depreciation
At 1 July 2022 40,755 130,016 170,771
Charge for the year 832 5,345 6,177
On disposals (40,755) - (40,755)
At 30 June 2023 832 135,361 136,193
Net book value
At 30 June 2023 4,161 32,076 36,237
At 30 June 2022 - 5,469 5,469
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 20,555 - 20,555
At 30 June 2023 20,555 - 20,555
The company has a 100% subsidiary company, Empello LLC, a company incorporated in the United Arab Emirates. In the period to 30 June 2023 Empello LLC generated a profit of £78,549 (2022 - £19,236) and had reserves at 30 June 2023 of £245,905 (2022 - £175,376).
5 Debtors 2023 2022
£ £
Trade debtors 480,296 441,622
Amounts owed by group undertakings and undertakings in which the company has a participating interest 44,997 26,128
Deferred tax asset - 176
Other debtors 65,506 105,026
590,799 572,952
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 43,069 54,166
Taxation and social security costs 162,992 128,672
Other creditors 31,166 94,413
237,227 277,251
7 Controlling party
There is no ultimate controlling party.
8 Other information
Empello Limited is a private company limited by shares and incorporated in England. It's registered office is 3rd Floor, 15 Ironmonger Row, London, England, EC1V 3QG.
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