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Registered number: 10369692
Empire Luxury Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2022
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Empire Luxury Homes Ltd for the year ended 31 December 2022
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Empire Luxury Homes Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Empire Luxury Homes Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Empire Luxury Homes Ltd and state those matters that we have agreed to state to the director of Empire Luxury Homes Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Empire Luxury Homes Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Empire Luxury Homes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Empire Luxury Homes Ltd . You consider that Empire Luxury Homes Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Empire Luxury Homes Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
25 September 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 10369692
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,178 2,904
2,178 2,904
CURRENT ASSETS
Debtors 5 54,062 126,294
Cash at bank and in hand 293 8,165
54,355 134,459
Creditors: Amounts Falling Due Within One Year 6 (13,010 ) (71,915 )
NET CURRENT ASSETS (LIABILITIES) 41,345 62,544
TOTAL ASSETS LESS CURRENT LIABILITIES 43,523 65,448
Creditors: Amounts Falling Due After More Than One Year 7 (50,000 ) (51,985 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (438 )
NET (LIABILITIES)/ASSETS (6,477 ) 13,025
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (6,478 ) 13,024
SHAREHOLDERS' FUNDS (6,477) 13,025
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For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J J Wright
Director
25 September 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Empire Luxury Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10369692 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2021: 1)
1 1
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 January 2022 7,500
As at 31 December 2022 7,500
Depreciation
As at 1 January 2022 4,596
Provided during the period 726
As at 31 December 2022 5,322
Net Book Value
As at 31 December 2022 2,178
As at 1 January 2022 2,904
5. Debtors
2022 2021
£ £
Due within one year
Trade debtors - 3,608
Amounts recoverable on contracts 10,000 78,624
Other debtors 44,062 44,062
54,062 126,294
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6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts - 1,587
Trade creditors - 48
Other creditors 5,574 61,752
Taxation and social security 7,436 8,528
13,010 71,915
7. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts - 1,985
Bank loans 50,000 50,000
50,000 51,985
8. Obligations Under Finance Leases and Hire Purchase
2022 2021
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 1,587
Later than one year and not later than five years - 1,985
- 3,572
- 3,572
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2022 438 438
Utilised (438 ) (438)
10. Share Capital
2022 2021
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
11. Related Party Transactions
The director made an interest free loan to the company with a balance of £134 at the year end (2021 - £81,511). The loan has no set repayment terms
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