Embryo Angling Habitats Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09144673 (England and Wales)
Embryo Angling Habitats Limited
Company Information
Directors
D Fairbrass
M Pettitt
Company number
09144673
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Embryo Angling Habitats Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Embryo Angling Habitats Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,839,165
5,874,863
Investments
4
90,185
90,185
5,929,350
5,965,048
Current assets
Stock
54,945
32,503
Debtors
6
1,024,887
565,733
Cash at bank and in hand
36,764
9,919
1,116,596
608,155
Creditors: amounts falling due within one year
7
(10,868,501)
(10,475,917)
Net current liabilities
(9,751,905)
(9,867,762)
Total assets less current liabilities
(3,822,555)
(3,902,714)
Provisions for liabilities
(34,607)
Net liabilities
(3,857,162)
(3,902,714)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(3,857,163)
(3,902,715)
Total equity
(3,857,162)
(3,902,714)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Embryo Angling Habitats Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
D Fairbrass
Director
Company Registration No. 09144673
Embryo Angling Habitats Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Embryo Angling Habitats Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and the business address is Kazoku House, Honywood Road, Basildon, Essex, SS14 3DS.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the balance sheet date, the company has net liabilities of £3,857,162 (2022: £3,902,714) due to outstanding loans from the director and from other companies under the control of Mr D Fairbrass. The director has confirmed that these amounts will not be called for payment, and the liabilities of the company will be paid as they fall due and additional funding will be available if required. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for both lake attendance fees and contributions towards operational costs.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land is not depreciated.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Leasehold improvements
Over the lease term
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
Included within plant and machinery is stock of Carp which are an appreciating asset and therefore are not depreciated. A review is completed annually for impairment of this class of fixed asset.
Embryo Angling Habitats Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Embryo Angling Habitats Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 4 (2022: 4)
Embryo Angling Habitats Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
3,853,046
2,310,191
6,163,237
Additions
3,500
3,500
Disposals
(44,645)
(44,645)
At 31 December 2023
3,853,046
2,269,046
6,122,092
Depreciation and impairment
At 1 January 2023
288,374
288,374
Depreciation charged in the year
29,017
29,017
Eliminated in respect of disposals
(34,464)
(34,464)
At 31 December 2023
282,927
282,927
Carrying amount
At 31 December 2023
3,853,046
1,986,119
5,839,165
At 31 December 2022
3,853,046
2,021,817
5,874,863
4
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
90,185
90,185
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Embryo Netherlands Holding B.V.
Netherlands
Ordinary
100.00
-
Embryo Angling Habitats Netherlands B.V.
Netherlands
Ordinary
-
100.00
Embryo Angling Habitats Italy S.R.L
Italy
Ordinary
-
100.00
Embryo Angling Habitats Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,853
3,683
Other debtors
851,066
517,944
Prepayments and accrued income
110,968
44,106
1,024,887
565,733
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
111,458
116,729
Taxation and social security
13,578
4,913
Other creditors
10,698,724
10,319,275
Accruals and deferred income
44,741
35,000
10,868,501
10,475,917
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
Embryo Angling Habitats Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
110,000
107,750
Between two and five years
55,750
62,250
In over five years
9,500
12,500
175,250
182,500
10
Related party transactions
The company is related to Korda Developments Limited by virtue of common ownership. During the year, purchases of £386,525 (2022: £314,283) were made from this company. During the year, sales of £3,763 (2022: £7,552) were made to Korda Developments Limited.
Included in trade creditors at the year end is £46,542 (2022: £64,864) due to Korda Developments Limited and included in other creditors is a related party loan of £10,452,878 (2022: £10,144,024) also due to Korda Developments Limited. Included in trade debtors at the year end is £nil (2022: £383) due to Korda Developments Limited
Coutts & Company hold fixed charges over land in the company relating to finance provided to Korda Developments Limited.
The company is related to Embryo Netherlands Holding B.V. by virtue of it being a fully owned subsidiary. Included in other debtors is a related party loan of £818,013 (2022: £449,121) due from Embryo Netherlands Holding B.V.
The company is related to Embryo Angling Habitats Italy S.R.L by virtue of it being a fully owned subsidiary in the group. Included in other debtors is a related party loan of £19,853 (2022: £19,583) due from Embryo Angling Habitats Italy S.R.L.