Registered number
07147242
Empire Residential Lettings Limited
Filleted Accounts for the year ended
29 February 2024
Empire Residential Lettings Limited
Registered number: 07147242
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 26,750 29,750
Tangible assets 4 3,944 8,383
30,694 38,133
Current assets
Debtors 5 117,961 55,120
Cash at bank and in hand 55,318 23,247
173,279 78,367
Creditors: amounts falling due within one year 6 (132,849) (77,026)
Net current assets 40,430 1,341
Net assets 71,124 39,474
Capital and reserves
Called up share capital 2 2
Profit and loss account 71,122 39,472
Shareholder's funds 71,124 39,474
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Y Neocleous
Director
Approved by the board on 26 November 2024
Empire Residential Lettings Limited
Notes to the Accounts
for the year ended 29 February 2024
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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Plant and machinery over 5 years
Motor vehicles over 4 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 30,000
At 29 February 2024 30,000
Amortisation
At 1 March 2023 250
Provided during the year 3,000
At 29 February 2024 3,250
Net book value
At 29 February 2024 26,750
At 28 February 2023 29,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 14,558 14,295 28,853
At 29 February 2024 14,558 14,295 28,853
Depreciation
At 1 March 2023 13,322 7,148 20,470
Charge for the year 865 3,574 4,439
At 29 February 2024 14,187 10,722 24,909
Net book value
At 29 February 2024 371 3,573 3,944
At 28 February 2023 1,236 7,147 8,383
5 Debtors 2024 2023
£ £
Amounts owed by associated companies 111,119 48,278
Prepayments 1,542 1,542
Other debtors 5,300 5,300
117,961 55,120
Amounts due after more than one year included above 5,300 5,300
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 14,981 10,178
Amounts owed to associated companies 21,971 2,601
Taxation and social security costs 36,111 14,082
Deferred income 55,726 38,680
Directors loan - 7,500
Other creditors 4,060 3,985
132,849 77,026
7 Controlling party
At the year the director Y Neocleous held 100% of the share capital of the company.
8 Other information
Empire Residential Lettings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, 1 Old Court Mews
311 Chase Road
London
N14 6JS
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