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25 March 2025
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2023-04-02
Sage Accounts Production Advanced 2024 - FRS102_2024
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xbrli:shares
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08041808
2023-04-02
2024-03-30
08041808
2024-03-30
08041808
2023-04-01
08041808
2022-04-04
2023-04-01
08041808
2023-04-01
08041808
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08041808
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2024-03-30
08041808
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2023-04-02
2024-03-30
08041808
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2024-03-30
08041808
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2024-03-30
08041808
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2024-03-30
08041808
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2023-04-01
08041808
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2024-03-30
08041808
core:ShareCapital
2023-04-01
08041808
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2024-03-30
08041808
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2023-04-01
08041808
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2024-03-30
08041808
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2023-04-02
2024-03-30
COMPANY REGISTRATION NUMBER:
08041808
|
Filleted Financial Statements |
|
Year ended 30 March 2024
|
Officers and professional advisers |
1 |
|
|
|
Statement of financial position |
2 |
|
|
|
Notes to the financial statements |
3 |
|
|
|
Officers and Professional Advisers |
|
|
The board of directors |
Mr L McLachlan |
|
Miss L McLachlan |
|
|
|
Registered office |
Old Hall Farm |
|
19 Barnston Lane |
|
Moreton |
|
Wirral |
|
CH46 7TN |
|
|
Registered number
08041808
(England and Wales)
|
Auditor |
Hailwood & Co. |
|
Chartered accountants & statutory auditor |
|
392-394 Hoylake Road |
|
Moreton |
|
Wirral |
|
CH46 6DF |
|
|
|
Statement of Financial Position |
|
30 March 2024
Current assets
|
Debtors |
6 |
1,790,754 |
942,532 |
|
Cash at bank and in hand |
69,383 |
210,605 |
|
------------ |
------------ |
|
1,860,137 |
1,153,137 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,827,047 |
1,070,559 |
|
------------ |
------------ |
|
Net current assets |
33,090 |
82,578 |
|
-------- |
-------- |
|
Total assets less current liabilities |
33,090 |
82,578 |
|
-------- |
-------- |
|
Net assets |
33,090 |
82,578 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
33,089 |
82,577 |
|
-------- |
-------- |
|
Shareholders funds |
33,090 |
82,578 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 were approved by the
board of directors
and authorised for issue on
25 March 2025
, and are signed on behalf of the board by:
|
Miss L McLachlan |
|
Director |
|
Company registration number:
08041808
|
Notes to the Financial Statements |
|
Year ended 30 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Hall Farm, 19 Barnston Lane, Moreton, Wirral, CH46 7TN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Employees and directors
The average number of employees during the year was nil (2024: nil).
4.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have prepared the accounts using the going concern basis of accounting. Whilst they maintain that this basis remains appropriate, the company has undergone a planned change in its client base which saw numbers dropping. They remained low until late 2024. Since then the trend has been upwards in the group as a whole, however, this needs to continue. The course of action described above has only been possible through a payment holiday being extended by the group's related service company Pearl Management Limited in respect of its management charges. Although the directors believe it to be unlikely, the situation disclosed in note 8 could also have an effect on the applicability of the going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
There are no judgements or estimates that have had a significant effect on amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for services rendered from the provision of construction service personnel, stated net of discounts, rebates, and of Value Added Tax. Turnover is recognised as the service is provided. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting 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. Current or deferred taxation assets and liabilities are not discounted. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses. The client list is amortised evenly over its useful life of 5 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Financial instruments
Intercompany loans (being repayable on demand), trade debtors, and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
5.
Intangible assets
|
Client list |
|
£ |
|
Cost |
|
|
At 2 April 2023 and 30 March 2024 |
|
|
--------- |
|
Amortisation |
|
|
At 2 April 2023 and 30 March 2024 |
|
|
--------- |
|
Carrying amount |
|
|
At 30 March 2024 |
– |
|
--------- |
|
At 1 April 2023 |
– |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
8,537 |
15,003 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,126,759 |
403,688 |
|
Other debtors |
655,458 |
523,841 |
|
------------ |
--------- |
|
1,790,754 |
942,532 |
|
------------ |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
4,971 |
5,628 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
98,000 |
29,000 |
|
Corporation tax |
36,995 |
34,639 |
|
Social security and other taxes |
1,675,201 |
995,352 |
|
Other creditors |
11,880 |
5,940 |
|
------------ |
------------ |
|
1,827,047 |
1,070,559 |
|
------------ |
------------ |
|
|
|
8.
Provisions for liabilities and charges
The larger part of Creditors: Social security and other taxes, is a VAT error notified by the directors to HM Revenue and Customs (HMRC) in December 2024. HMRC are yet to assess this additional VAT or negotiate a repayment plan.
The employee responsible for the error is no longer with the company and the circumstances which led to the mistake are unclear. Given that the directors voluntarily disclosed the error immediately upon discovery, they are hopeful that HMRC will not choose to impose penalties, and accordingly no provision for penalty costs has been made.
The penalties could vary between 0% and 30% of the error if it is deemed to be careless.
9.
Summary audit opinion
The auditor's report dated
25 March 2025
was
qualified
on the following basis:
As described in note 8 to the financial statements, Emerald Sales Limited is facing a potential VAT penalty, as yet to be determined, which could range in value between £nil and £1.09m. Although a penalty of nil or something towards the lower end of this scale is more likely, given the uncertainty involved and the lack of audit evidence available we have qualified our audit opinion due the inherent limitation in scope of our audit work in respect of this matter.
The senior statutory auditor was
A D French
, for and on behalf of
Hailwood & Co.
.
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
Balance owed by/(owed to) |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Pearl Management Limited |
– |
– |
|
|
|
---- |
---- |
--------- |
--------- |
|
|
|
|
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11.
Controlling party
The ultimate controlling party of the company is Mr L. McLachlan, who is a director, by virtue of his shareholding in Blue Garnet Management Services Limited. Blue Garnet Management Services Limited prepares consolidated financial statements which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.