Company Registration No. 09747866 (England and Wales)
EMMYLAND LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
EMMYLAND LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EMMYLAND LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,655,559
1,605,069
Current assets
Debtors
4
44,917
75,943
Cash at bank and in hand
46,804
186
91,721
76,129
Creditors: amounts falling due within one year
5
(639,642)
(714,067)
Net current liabilities
(547,921)
(637,938)
Total assets less current liabilities
1,107,638
967,131
Creditors: amounts falling due after more than one year
6
(515,969)
(473,430)
Net assets
591,669
493,701
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
591,569
493,601
Total equity
591,669
493,701
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 11 month period 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 11 month period 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.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr M G Openshaw
Ms E J Robinson
Director
Director
Company registration number 09747866 (England and Wales)
EMMYLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Emmyland Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 26-29 Brockley Close Business Centre, 96 Endwell Road, London, England, SE4 2PD.
1.1
Reporting period
The financial statements have been prepared for an 11 month accounting period due to the current period being shortened to 31 December 2023. Therefore, these are not wholly comparable to past or future results.
1.2
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 pound.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is in a net current liability position of £547,921 at the balance sheet date. Of this amount, £46,130 is in relation to funds owed to the directors.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing these financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
1.5
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.
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:
Leasehold improvements
Useful economic life of 10 years
Rental assets
Varying useful economic life of 4 - 30 years with varying residual balances of 5- 30%
Fixtures and fittings
15% reducing balance
IT equipment
3 years straight line
Motor vehicles
25% on reducing balance and at varying rates on cost
EMMYLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
EMMYLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.13
The financial statements have been prepared for an accounting period not equal to 12 months due to the current period being shortened to 31 December 2023. Therefore, these are not wholly comparable to past or future results.
2
Employees
The average monthly number of persons (including directors) employed by the company during the 11 month period was:
December
January
2023
2023
Number
Number
Total
11
10
3
Tangible fixed assets
Leasehold improvements
Rental assets
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
65,605
1,809,579
11,119
26,420
79,012
1,991,735
Additions
5,945
176,384
6,907
2,680
191,916
At 31 December 2023
71,550
1,985,963
18,026
29,100
79,012
2,183,651
Depreciation and impairment
At 1 February 2023
10,902
316,647
2,305
14,072
42,740
386,666
Depreciation charged in the 11 month period
6,418
116,259
1,743
8,694
8,312
141,426
At 31 December 2023
17,320
432,906
4,048
22,766
51,052
528,092
Carrying amount
At 31 December 2023
54,230
1,553,057
13,978
6,334
27,960
1,655,559
At 31 January 2023
54,703
1,492,932
8,814
12,348
36,272
1,605,069
EMMYLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
3
Tangible fixed assets
(Continued)
- 5 -
Rental Assets comprise the portfolio of cameras, lenses, monitors and all associated accessories which is made available for rental to customers and which forms a key revenue generating asset.
Rental Assets are classified into a number of individual categories (as described below). In many instances the real world value of these assets can show very low depreciation and very high residual values and in certain circumstances, such as celluloid film cameras, can see year on year appreciation in value. To better account for the true cost of these assets the depreciation reflects the economic value of these assets. The table below shows the cost of each of the categories of Rental Asset together with the Useful Economic Life and the Residual Value at the end of the end of that life.
Useful Economic
Rental Assets £ Life (Years) Residual Value(%)
Category A Lenses 929,168 30 30%
Category B Film Cameras 85,881 15 30%
Category C Cameras, Filters, etc 800,024 10 15%
Category D Monitors, Batteries 136,665 8 10%
Category E Other 34,224 4 5%
Total 1,985,962
Right-of-use assets held under finance leases make up £274,360 of the total Rental Asset value noted above.
Please refer to note 1.5 for key information relating to tangible fixed assets.
4
Debtors
December
January
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
23,289
57,814
Other debtors
21,628
18,129
44,917
75,943
5
Creditors: amounts falling due within one year
December
January
2023
2023
£
£
Bank loans and overdrafts
19,946
53,278
Obligations under finance leases
369,074
269,441
Other borrowings
1,407
1,216
Trade creditors
144,645
218,710
Taxation and social security
55,190
58,532
Other creditors
46,130
109,890
Accruals and deferred income
3,250
3,000
639,642
714,067
EMMYLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
December
January
2023
2023
Notes
£
£
Bank loans and overdrafts
1,734
19,981
Obligations under finance leases
514,235
453,449
515,969
473,430
7
Directors' transactions
No guarantees have been given or received.