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Company No: 04401963 (England and Wales)

EMELCO DC LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

EMELCO DC LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

EMELCO DC LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
EMELCO DC LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,250,000 1,250,000
1,250,000 1,250,000
Current assets
Stocks 4 266,012 266,012
Debtors 5 58,273 58,378
Cash at bank and in hand 42,371 19,218
366,656 343,608
Creditors: amounts falling due within one year 6 ( 135,759) ( 93,483)
Net current assets 230,897 250,125
Total assets less current liabilities 1,480,897 1,500,125
Provision for liabilities 7 ( 60,153) ( 60,153)
Net assets 1,420,744 1,439,972
Capital and reserves
Called-up share capital 8 3 3
Share premium account 373,032 373,032
Revaluation reserve 240,610 240,610
Other reserves 360,045 360,045
Profit and loss account 447,054 466,282
Total shareholders' funds 1,420,744 1,439,972

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 financial statements of Emelco DC Ltd (registered number: 04401963) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D S Cohen
Director

03 September 2024

EMELCO DC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
EMELCO DC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Emelco DC Ltd (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,250,000
As at 31 March 2024 1,250,000

Valuation

The properties were values by the directors at the year end, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

4. Stocks

2024 2023
£ £
Stocks 266,012 266,012

5. Debtors

2024 2023
£ £
Other debtors 58,273 58,378

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 9,819 12,631
Other creditors 125,940 80,852
135,759 93,483

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 60,153) ( 45,716)
Charged to the Statement of Income and Retained Earnings 0 ( 14,437)
At the end of financial year ( 60,153) ( 60,153)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
330 Ordinary shares of £ 0.01 each 3 3

9. Related party transactions

Included within other creditors is a balance of £ 5,904 (2022: £1,256) owed to the directors. This balance is unsecured and interest free, with no fixed repayment terms.

Also included within other creditors is a balance of £89,918 (2022: £49,479) owed to Diesco Investments Limited, a company in with common directors. This balance is unsecured and interest free, with no fixed repayment terms. Diesco Investments Limited also received management fees of £43,680 from the company during the year (2023: £43,240).