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REGISTERED NUMBER: 08648275 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Empire Investment Properties Limited

Empire Investment Properties Limited (Registered number: 08648275)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Empire Investment Properties Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: M Jaconelli
M J Weaver
Mrs N Jaconelli
Mrs J Weaver





REGISTERED OFFICE: 51 Frederick Street
Sunderland
SR1 1NF





REGISTERED NUMBER: 08648275 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Empire Investment Properties Limited (Registered number: 08648275)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 905,284 749,468

CURRENT ASSETS
Debtors 5 18,907 26,560
Cash at bank 5,621 33,290
24,528 59,850
CREDITORS
Amounts falling due within one year 6 291,367 149,622
NET CURRENT LIABILITIES (266,839 ) (89,772 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

638,445

659,696

CREDITORS
Amounts falling due after more than one
year

7

(138,316

)

(207,917

)

PROVISIONS FOR LIABILITIES (20,523 ) (20,523 )
NET ASSETS 479,606 431,256

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 479,602 431,252
SHAREHOLDERS' FUNDS 479,606 431,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Empire Investment Properties Limited (Registered number: 08648275)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:




M Jaconelli - Director



M J Weaver - Director


Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Empire Investment Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Income
Income includes net rents receivable excluding Value Added Tax.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 749,468
Additions 155,816
At 31 March 2024 905,284
NET BOOK VALUE
At 31 March 2024 905,284
At 31 March 2023 749,468

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 108,018
Cost 797,266
905,284

Investment property was valued on an open market basis on 31 March 2024 by the directors .

The investment property open market value is at least that of the net book value at 31 March 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,179 25,417
Other debtors 2,728 1,143
18,907 26,560

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 26,665 25,233
Taxation and social security 14,880 13,316
Other creditors 249,822 111,073
291,367 149,622

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 138,316 207,917

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 42,990 114,319

Empire Investment Properties Limited (Registered number: 08648275)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 156,314 220,482

Bank loans, other than the bounce back loan, are secured on the properties to which they relate.