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Registration number: 12103403

EMPIRE 1 LTD

trading as EMPIRE 1

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

EMPIRE 1 LTD

trading as EMPIRE 1

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

EMPIRE 1 LTD

trading as EMPIRE 1

(Registration number: 12103403)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,350

2,937

Investment property

5

412,144

412,144

 

414,494

415,081

Current assets

 

Debtors

6

2,285

2,439

Cash at bank and in hand

 

7,497

6,263

 

9,782

8,702

Creditors: Amounts falling due within one year

7

(50,420)

(59,456)

Net current liabilities

 

(40,638)

(50,754)

Total assets less current liabilities

 

373,856

364,327

Creditors: Amounts falling due after more than one year

7

(317,161)

(318,624)

Provisions for liabilities

(446)

(558)

Net assets

 

56,249

45,145

Capital and reserves

 

Called up share capital

1

1

Retained earnings

56,248

45,144

Shareholders' funds

 

56,249

45,145

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

EMPIRE 1 LTD

trading as EMPIRE 1

(Registration number: 12103403)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 28 March 2025
 

.........................................
J Dileto
Company secretary and director

 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
Castlebury Farm House
Bakers End
Wareside
Ware
Hertfordshire
SG12 7SH

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has net current liabilites at the balance sheet date. The director pledges their ongoing support of the company and as such, the financial statements have been prepared on a going concern basis

 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received for the letting income from investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% reducing balance

 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director.The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

6,492

6,492

At 31 July 2024

6,492

6,492

Depreciation

At 1 August 2023

3,555

3,555

Charge for the year

587

587

At 31 July 2024

4,142

4,142

Carrying amount

At 31 July 2024

2,350

2,350

At 31 July 2023

2,937

2,937

5

Investment properties

2024
£

At 1 August

412,144

At 31 July

412,144

There has been no valuation of investment property by an independent valuer.

Included within the net book value of land and buildings above is £412,144 in repsect of two freehold residential properties.

The Investment properties are mortgaged and the mortgage provider holds a charge, each with a negative pledge, over the respective properties.

 

 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,285

1

Prepayments

-

2,438

 

2,285

2,439

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

9,536

9,536

Taxation and social security

 

2,716

1,328

Accruals and deferred income

 

9,900

-

Other creditors

 

28,268

48,592

 

50,420

59,456

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

317,161

318,624

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

EMPIRE 1 LTD

trading as EMPIRE 1

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Other transactions with the director

At the company year end the company owed the director £28,267 (2023 : £48,592). There are no terms relating to repayment nor interest being charged.

10

Parent and ultimate parent undertaking

The ultimate controlling party is Joanna Dileto as Director and shareholder.

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,760

9,222

Other borrowings

309,401

309,402

317,161

318,624

Current loans and borrowings

2024
£

2023
£

Other borrowings

9,536

9,536