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Registration number: 08198324

Emlin Estates Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Emlin Estates Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 5

 

Emlin Estates Ltd

Company Information

Directors

Mr Peter Tugwell

Mrs Joy Tugwell

Mr Andrew Tugwell

Mr Ashley Morton

Mr Mark Tugwell

Mr Bradley Morton

Registered office

18 Tamar Close
Bere Alston
Yelverton
Devon
PL20 7HF

Accountants

Gibbs & Co Chartered Accountants
18 Tamar Close
Bere Alston
Yelverton
Devon
PL20 7HF

 

Emlin Estates Ltd

(Registration number: 08198324)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

900,000

900,000

Current assets

 

Debtors

55

55

Cash at bank and in hand

 

40,097

14,633

 

40,152

14,688

Creditors: Amounts falling due within one year

(207,963)

(223,501)

Net current liabilities

 

(167,811)

(208,813)

Total assets less current liabilities

 

732,189

691,187

Provisions for liabilities

(24,237)

(24,237)

Net assets

 

707,952

666,950

Capital and reserves

 

Called up share capital

55

55

Retained earnings

707,897

666,895

Shareholders' funds

 

707,952

666,950

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 June 2024 and signed on its behalf by:
 

.........................................
Mr Peter Tugwell
Director

 

Emlin Estates Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

55

666,896

666,951

Profit for the year

-

41,001

41,001

Total comprehensive income

-

41,001

41,001

At 31 March 2024

55

707,897

707,952

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

55

614,263

614,318

Profit for the year

-

52,632

52,632

At 31 March 2023

55

666,895

666,950

 

Emlin Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Tamar Close
Bere Alston
Yelverton
Devon
PL20 7HF

The principal place of business is:
Emlin House
Deer Park Road
Tavistock
Devon
PL19 9HF

These financial statements were authorised for issue by the Board on 10 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Emlin Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).