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Registration number: 05042667

Emmiera Group Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Emmiera Group Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Emmiera Group Ltd

Company Information

Director

Mr J Lane

Registered office

Unit 8
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX

Auditors

Jordan & Company
Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

 

Emmiera Group Ltd

Strategic Report for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

Principal Activity

The principal activity of the business continued to be that of the repair of furniture on behalf of furniture retailers, manufacturers, commercial sites, and domestic customers. The company also acts as an administrator for the sale of furniture protection insurance policies through furniture retailers. The main core of the business activity operates in the UK with around 2% of activity is carried out in the Republic of Ireland.

Fair review of the business

Turnover of £17,509,893 (2023: £18,253,202), was marginally in arrears of a record-breaking prior year and in line with management expectations. Despite ongoing inflationary headwinds gross profit grew to £7,166,399 (2023: £7,333,129) thanks to renewed focus upon operational efficiency. Net profit before taxation amounted to £1,589,806 (2023: £1,945,563). Shareholder funds amounted to £4,620,000 as at 31 March 2024 (2023: £4,035,316).

Principal risks and uncertainties

The company continued to take a proactive approach in identifying major risks and uncertainties. Trading was robust throughout the year and underpinned by the retention of all significant clients.

Looking ahead to the new Financial Year, the company remains optimistic about its ability to attract new clients whilst continuing to deliver industry leading levels of service to existing ones.
We remain focussed upon our sustainability credentials and continue to invest in all activities that support this strategy. The team is monitored on their ability to repair furniture on the first customer visit and this key performance indicator is critical in avoiding either multiple journeys to the same address or products being dispatched to landfill. The Emmiera Group champions restoration and this is underpinned by our mantra of repair, renew and revive.

Credit risk remains closely monitored, with contractual agreements serving as a reliable reference point for managing this aspect of the business.
We remain ever mindful of the importance of compliance framework and the Emmiera Group has made significant strides in aligning with the FCA Consumer Duty regulations, ensuring that our furniture insurance products deliver fair value to consumers.
Financial risks are closely monitored through regular reviews of costs and employee numbers, which play a critical role in aligning service capacity with customer demands. By continuously assessing and optimizing these aspects, the company ensures that it remains well-prepared to meet its service obligations successfully and adapt to changing market conditions.

 

Emmiera Group Ltd

Strategic Report for the Year Ended 31 March 2024

Research and Development

The company has been able to invest further in the training of staff, and a major investment to upgrade core technology platforms is currently being undertaken, which will help to ensure the business remains competitive in the market place in which it operates. The business is constantly working on new innovations to help internal processes, and working with clients to develop external processes and efficiencies.

Future Developments

The director is confident about the continuing financial performance of the business, and continues to seek opportunities to develop the business further.

Approved and authorised by the director on 20 August 2024
 

.........................................
Mr J Lane
Company secretary and director

 

Emmiera Group Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr J Lane - Company secretary and director

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

The auditors Jordan & Company are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the director on 20 August 2024
 

.........................................
Mr J Lane
Company secretary and director

 

Emmiera Group Ltd

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Emmiera Group Ltd

Independent Auditor's Report to the Members of Emmiera Group Ltd

Opinion

We have audited the financial statements of Emmiera Group Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Emmiera Group Ltd

Independent Auditor's Report to the Members of Emmiera Group Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Emmiera Group Ltd

Independent Auditor's Report to the Members of Emmiera Group Ltd

• I ensured that the engagement team collectively had the appropriate competence, capabilities and
skills to identify or recognise non-compliance with applicable laws and regulations;
• I identified the laws and regulations applicable to the company through discussions with director
and other management, and from my commercial knowledge and experience;
• I focused on specific laws and regulations which were considered to have a direct material effect
on the financial statements or the operations of the company, including the Companies Act 2006,
taxation legislation, data protection, employment and health and safety legislation;
• I assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and
• Identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

As part of an audit in accordance with ISAs (UK), I exercise professional judgement and maintain
professional scepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control procedures.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the company's ability to continue as a going
concern. If I conclude that a material uncertainty exists, I am required to draw attention in my
auditor's report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to
the date of my auditor's report. However, future events or conditions may cause the company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
I communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that I identify during the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Emmiera Group Ltd

Independent Auditor's Report to the Members of Emmiera Group Ltd

......................................
Mark A Jordan (Senior Statutory Auditor)
For and on behalf of Jordan & Company, Statutory Auditor

Knighton House
62 Hagley Road
Stourbridge
West Midlands
DY8 1QD

20 August 2024

 

Emmiera Group Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

17,509,893

18,253,202

Cost of sales

 

(10,343,494)

(10,920,073)

Gross profit

 

7,166,399

7,333,129

Administrative expenses

 

(5,501,480)

(5,309,618)

Operating profit

5

1,664,919

2,023,511

Interest payable and similar charges

6

(75,113)

(77,948)

 

(75,113)

(77,948)

Profit before tax

 

1,589,806

1,945,563

Taxation

10

(286,122)

(381,641)

Profit for the financial year

 

1,303,684

1,563,922

Retained earnings brought forward

 

4,035,216

3,193,267

Dividends paid

 

(719,000)

(721,973)

Retained earnings carried forward

 

4,619,900

4,035,216

 

Emmiera Group Ltd

(Registration number: 05042667)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

2,568,009

2,603,898

Current assets

 

Stocks

12

182,948

192,373

Debtors

13

6,771,129

6,406,010

Cash at bank and in hand

 

1,912,319

986,493

 

8,866,396

7,584,876

Creditors: Amounts falling due within one year

15

(6,219,783)

(5,574,641)

Net current assets

 

2,646,613

2,010,235

Total assets less current liabilities

 

5,214,622

4,614,133

Creditors: Amounts falling due after more than one year

15

(592,576)

(568,006)

Provisions for liabilities

(2,046)

(10,811)

Net assets

 

4,620,000

4,035,316

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

4,619,900

4,035,216

Shareholders' funds

 

4,620,000

4,035,316

Approved and authorised by the director on 20 August 2024
 

.........................................
Mr J Lane
Company secretary and director

 

Emmiera Group Ltd

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

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

50

50

4,035,216

4,035,316

Profit for the year

-

-

1,303,684

1,303,684

Dividends

-

-

(719,000)

(719,000)

At 31 March 2024

50

50

4,619,900

4,620,000

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

50

50

3,193,267

3,193,367

Profit for the year

-

-

1,563,922

1,563,922

Dividends

-

-

(721,973)

(721,973)

At 31 March 2023

50

50

4,035,216

4,035,316

 

Emmiera Group Ltd

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,303,684

1,563,922

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

112,671

131,847

Profit on disposal of tangible assets

4

(1,312)

-

Finance costs

6

73,680

77,948

Corporation tax expense

10

286,122

381,641

 

1,774,845

2,155,358

Working capital adjustments

 

Decrease in stocks

12

9,425

7,787

Increase in trade debtors

13

(404,789)

(877,330)

Increase in trade creditors

15

829,311

725,576

Cash generated from operations

 

2,208,792

2,011,391

Corporation tax paid

10

(49,075)

(702,713)

Net cash flow from operating activities

 

2,159,717

1,308,678

Cash flows from investing activities

 

Acquisitions of tangible assets

(122,719)

(290,659)

Proceeds from sale of tangible assets

 

47,249

-

Net cash flows from investing activities

 

(75,470)

(290,659)

Cash flows from financing activities

 

Interest paid

6

(73,680)

(77,948)

Proceeds from bank borrowing draw downs

 

(358,272)

(599,790)

Payments to finance lease creditors

 

(7,469)

44,272

Dividends paid

(719,000)

(721,973)

Net cash flows from financing activities

 

(1,158,421)

(1,355,439)

Net increase/(decrease) in cash and cash equivalents

 

925,826

(337,420)

Cash and cash equivalents at 1 April

 

986,493

1,323,913

Cash and cash equivalents at 31 March

 

1,912,319

986,493

 

Emmiera Group Ltd

Notes to the 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.

The address of its registered office is:
Unit 8
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX

These financial statements were authorised for issue by the director on 20 August 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Emmiera Group Ltd

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% Straight line

Leasehold property

Over period of lease and 2% on buildings

Plant and machinery

25% reducing balance

Fixtures and fittings

50% reducing balance

Motor vehicles

25% reducing balance

Impairment of non-financial assets

Assets are reviewed for impairment if there is an indication that the carrying value of the asset may have been impaired. Where there are indicators of impairment of individual assets, the Company performs impairment tests based on fair value less costs to sell or a value in use calculation. Where an impairment review is required, the carrying value of the assets is measured against their value in use based on future estimated cash flows, discounted by the appropriate cost of capital, resulting from the use of those assets. Assets are grouped at the lowest level for which there is a separately identifiable cash flow (cash generating unit). An impairment loss is recognised for the amount at which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

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.

 

Emmiera Group Ltd

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Emmiera Group Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of services

17,509,893

18,253,202

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

1,312

-

 

Emmiera Group Ltd

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

112,671

131,847

Operating lease expense - plant, machinery and vehicles

791,991

836,337

Profit on disposal of property, plant and equipment

(1,312)

-

Auditor's remuneration

17,000

15,000

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

50,522

69,317

Interest on obligations under finance leases and hire purchase contracts

9,056

8,631

Interest expense on other finance liabilities

14,102

-

Foreign exchange gains

1,433

-

75,113

77,948

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

6,661,211

7,081,856

Pension costs, defined contribution scheme

120,241

132,179

6,781,452

7,214,035

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

103

105

Administration and support

82

88

185

193

 

Emmiera Group Ltd

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

8

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

597,515

482,208

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

17,000

15,000


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

433,317

370,830

UK corporation tax adjustment to prior periods

(138,430)

-

294,887

370,830

Deferred taxation

Arising from origination and reversal of timing differences

(8,765)

10,811

Tax expense in the income statement

286,122

381,641

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,589,806

1,945,563

Corporation tax at standard rate

397,451

369,657

Tax decrease from effect of capital allowances and depreciation

(2,203)

(2,909)

Tax decrease from effect of adjustment in research and development tax credit

(138,430)

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

29,304

14,893

Total tax charge

286,122

381,641

 

Emmiera Group Ltd

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

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

2,046

-

2,046

2023

Asset
£

Liability
£

Accelerated capital allowances

-

10,811

-

10,811

 

Emmiera Group Ltd

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

11

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

423,016

2,024,254

550,200

92,519

Additions

-

48,591

24,148

49,980

Disposals

-

-

-

(58,995)

At 31 March 2024

423,016

2,072,845

574,348

83,504

Depreciation

At 1 April 2023

20,984

42,583

396,403

26,121

Charge for the year

4,020

22,097

67,446

19,108

Eliminated on disposal

-

-

-

(13,058)

At 31 March 2024

25,004

64,680

463,849

32,171

Carrying amount

At 31 March 2024

398,012

2,008,165

110,499

51,333

At 31 March 2023

402,032

1,981,671

153,797

66,398

Total
£

Cost or valuation

At 1 April 2023

3,089,989

Additions

122,719

Disposals

(58,995)

At 31 March 2024

3,153,713

Depreciation

At 1 April 2023

486,091

Charge for the year

112,671

Eliminated on disposal

(13,058)

At 31 March 2024

585,704

Carrying amount

At 31 March 2024

2,568,009

At 31 March 2023

2,603,898

 

Emmiera Group Ltd

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

12

Stocks

2024
£

2023
£

Other inventories

182,948

192,373

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,440,466

3,968,280

Other debtors

 

1,941,204

2,091,322

Prepayments

 

389,459

306,738

Corporation tax

10

-

39,670

   

6,771,129

6,406,010

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

267

-

Cash at bank

345,768

337,333

Short-term deposits

1,566,284

649,160

1,912,319

986,493

 

Emmiera Group Ltd

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

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

89,676

479,987

Trade creditors

 

4,316,656

3,180,092

Social security and other taxes

 

465,165

1,180,743

Outstanding defined contribution pension costs

 

39,684

41,153

Other payables

 

385,643

372,504

Accruals

 

716,817

320,162

Corporation tax liability

10

206,142

-

 

6,219,783

5,574,641

Due after one year

 

Loans and borrowings

18

592,576

568,006

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £120,241 (2023 - £132,179).

Contributions totalling £39,684 (2023 - £41,153) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

50

50

50

50

         
 

Emmiera Group Ltd

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

18

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

556,708

505,225

Hire purchase contracts

35,868

62,781

592,576

568,006

2024
£

2023
£

Current loans and borrowings

Bank borrowings

60,000

469,755

Hire purchase contracts

29,676

10,232

89,676

479,987

Barclays Bank PLC have registered fixed and floating charges over all property and undertakings of the company in respect of current and future debt with them. Obligations under finance leases are secured on the assets held on the related finance agreements.

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

195,261

396,374

Later than one year and not later than five years

347,869

219,683

Later than five years

101,556

163,614

644,686

779,671

 

Emmiera Group Ltd

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

20

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

At 31 March 2024
£

Mr J Lane

699,000

699,000

     

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr J Lane

1,239,000

(540,000)

699,000

       
     

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,004,959

1,004,959

Repaid

(111,588)

(111,588)

At end of period

893,371

893,371

2023

Other related parties
£

Total
£

At start of period

985,327

985,327

Advanced

19,632

19,632

At end of period

1,004,959

1,004,959

Terms of loans to related parties

The loan outstanding from Lane Property & Assets Ltd is a company in which Mr Lane is a director and 100% shareholder. The loan is unsecured, interest free and repayable on demand.