Registered number
12356464
Emerald Space Ltd
Unaudited Filleted Accounts
31 December 2023
Emerald Space Ltd
Registered number: 12356464
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 742,500 746,250
Current assets
Debtors 4 56,257 31,342
Cash at bank and in hand 1,923 20,530
58,180 51,872
Creditors: amounts falling due within one year 5 (42,290) (39,387)
Net current assets 15,890 12,485
Total assets less current liabilities 758,390 758,735
Creditors: amounts falling due after more than one year 6 (402,641) (411,548)
Net assets 355,749 347,187
Capital and reserves
Called up share capital 630,000 630,000
Share premium (10,000) (10,000)
Revaluation reserve 8 (325,000) (325,000)
Profit and loss account 60,749 52,187
Shareholders' funds 355,749 347,187
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.
D Mullins
Director
Approved by the board on 14 August 2024
Emerald Space Ltd
Notes to the Accounts
for the year ended 31 December 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 renting the property.
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 Revalued amount
Plant and machinery Over 20 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,000,000 75,000 1,075,000
At 31 December 2023 1,000,000 75,000 1,075,000
Depreciation/ Revaluation
At 1 January 2023 325,000 3,750 328,750
Charge for the year - 3,750 3,750
At 31 December 2023 325,000 7,500 332,500
Net book value
At 31 December 2023 675,000 67,500 742,500
At 31 December 2022 675,000 71,250 746,250
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,000,000 1,000,000
Cumulative depreciation based on historical cost - -
1,000,000 1,000,000
Investment property was valued on an open market basis on 31 December 20213 by Mr David Taylor BSC, MRICS an independent valuer.
4 Debtors 2023 2022
£ £
Other debtors 56,257 31,342
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,592 25,452
Trade creditors 14,698 13,935
Other creditors 1,000 -
42,290 39,387
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 402,641 411,548
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 296,273 309,740
Secured bank loans 492,233 368,396
The Bank Loan is secured by a fixed charge on the investment property.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 (325,000) -
Loss on revaluation of land and buildings - (325,000)
At 31 December 2023 (325,000) (325,000)
9 Other information
Emerald Space Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit B, Braintree Estate
Briantree Road
Ruislip
HA4 0EJ
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