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Company No: 11111607 (England and Wales)

# EMPTY BILLY LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

EMPTY BILLY LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

EMPTY BILLY LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
EMPTY BILLY LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Investments | 4 | 6,879,229 |  | 6,710,788
|  | 6,879,229 |  | 6,710,788
Current assets |  |  |  |
Cash at bank and in hand |  | 128,599 |  | 288,062
|  | 128,599 |  | 288,062
Creditors: amounts falling due within one year | 5 | ( 6,496,518) |  | ( 6,578,186)
Net current liabilities |  | (6,367,919) |  | (6,290,124)
Total assets less current liabilities |  | 511,310 |  | 420,664
Net assets |  | 511,310 |  | 420,664
Capital and reserves |  |  |  |
Called-up share capital | 6 | 100 |  | 100
Profit and loss account |  | 511,210 |  | 420,564
Total shareholders' funds |  | 511,310 |  | 420,664

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Empty Billy Limited (registered number: 11111607) were approved and authorised for issue by the Board of Directors on 04 December 2025. They were signed on its behalf by:

David William Lloyd Director |

EMPTY BILLY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
EMPTY BILLY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Empty Billy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is 93 Albert Embankment, Vauxhall, London, SE1 7TY.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £511,310 but net current liabilities of £6,367,919. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Prior year adjustment

Where material changes to the categorisation of assets and liabilities are made in the accounts, the prior period information is restated to aid comparability.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

##### Fixed asset investments

Investments comprise debt instruments, recognised as basic financial instruments and measured at amortised cost in accordance with the provisions in Section 11. Investments due to mature within 1 year of the balance sheet date are recognised as current asset investments.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Prior year adjustment

The prior period figures have been restated to include accrued interest on bonds, and bonds previously classed as current asset investments, as fixed asset investments to better reflect the nature of the portfolio.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 March 2024 |  | £ |  | £ |  | £
Fixed Asset Investments |  | 4,592,806 |  | 2,117,982 |  | 6,710,788
Current Asset Investments |  | 1,997,353 |  | (1,997,353) |  | 0
Prepayments and accrued income |  | 120,629 |  | (120,629) |  | 0

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, excluding directors | 0 |  | 0

#### 4. Fixed asset investments

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 April 2024 | 6,710,788 |  | 6,710,788
Additions | 4,273,728 |  | 4,273,728
Disposals | ( 4,238,481) |  | ( 4,238,481)
Movement in fair value | 133,194 |  | 133,194
At 31 March 2025 | 6,879,229 |  | 6,879,229
Carrying value at 31 March 2025 | 6,879,229 |  | 6,879,229
Carrying value at 31 March 2024 | 6,710,788 |  | 6,710,788

In the prior year, bonds due to mature within 1 year have been presented in current asset investments. In the current year, these are presented within fixed asset investments.

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to connected companies | 3,729 |  | 3,729
Amounts owed to directors | 1,410,670 |  | 9,792
Accruals | 5,400 |  | 1,800
Taxation and social security | 76,719 |  | 62,865
Other creditors | 5,000,000 |  | 6,500,000
| 6,496,518 |  | 6,578,186

There are no amounts included above in respect of which any security has been given by the small entity.
Other creditors comprise interest-free bearer debentures.

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 7. Related party transactions

At the balance sheet date £1,410,670 (2024: £9,792) was owed by the company to a director, included in other creditors. The loan is interest-free, with no fixed date for repayment. Bearer debentures of £5,000,000 are held by a Trust connected to the directors.