Company registration number 09152447 (England and Wales)
EMMA ASSET MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
EMMA ASSET MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
EMMA ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
11,100,000
12,244,858
Investments
4
1
1
11,100,001
12,244,859
Current assets
Stocks
5
5,000,000
5,000,000
Debtors
6
4,775,954
4,932,162
Cash at bank and in hand
27,241
4,813,234
9,803,195
14,745,396
Creditors: amounts falling due within one year
7
(10,643,713)
(7,432,181)
Net current (liabilities)/assets
(840,518)
7,313,215
Total assets less current liabilities
10,259,483
19,558,074
Creditors: amounts falling due after more than one year
8
-
0
(7,875,000)
Net assets
10,259,483
11,683,074
Capital and reserves
Called up share capital
1
1
Other reserves
12,523,783
12,523,783
Profit and loss reserves
(2,264,301)
(840,710)
Total equity
10,259,483
11,683,074
EMMA ASSET MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
M Abduljawad
Director
Company registration number 09152447 (England and Wales)
EMMA ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
1
12,523,783
(549,930)
11,973,854
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(290,780)
(290,780)
Balance at 31 March 2023
1
12,523,783
(840,710)
11,683,074
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(1,423,591)
(1,423,591)
Balance at 31 March 2024
1
12,523,783
(2,264,301)
10,259,483
Other reserves include all current year and prior years revaluation gains and losses on investment properties. This reserve is non-distributable.
EMMA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Emma Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34-35 Clarges Street, London, W1J 7EJ.

1.1
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.

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, 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.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Revenue comprises rental income, service charges and other recoveries from tenants of the company's investment property (net of value added tax). Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments
Other investments, which consists of an investment in a subsidiary, are recgonised at cost.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of the properties held for sale and those overheads that have been incurred in bringing the stocks to their present location and cond

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

EMMA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2
EMMA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Investment property
2024
£
Fair value
At 1 April 2023
12,244,858
Net gains or losses through fair value adjustments
(1,144,858)
At 31 March 2024
11,100,000

The investment property was acquired for £12,244,858. During the year-ended 31 March 2024, the property was revalued to £11,100,000 based on current market value.

 

Any gain or loss arising from a change in fair value is recognised in the income statement.

4
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
1
1
5
Stocks
2024
2023
£
£
Properties held for sale
5,000,000
5,000,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,720,788
4,876,769
Other debtors
42,984
48,177
Prepayments and accrued income
12,182
7,216
4,775,954
4,932,162
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
3,816,481
-
0
Trade creditors
-
0
13,183
Amounts owed to group undertakings
4,440,226
4,441,379
Other creditors
2,379,506
2,971,551
Accruals and deferred income
7,500
6,068
10,643,713
7,432,181
EMMA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
-
0
7,875,000
9
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

 

Within other creditors is an amount of £2,321,518 (2023: £2,916,749) due to the director of the company, the amount is unsecured, interest free and due for repayment within one year.

10
Ultimate controlling party

The ultimate parent undertaking is Luxaj Investments S.A., a company based in Luxembourg whose registered office is 1A Heienhaff, L-1736 Senningerberg, Luxembourg. There were no group consolidated financial statements prepared.

EMMA ASSET MANAGEMENT LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
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