Abbreviated Company Accounts - EMPINGHAM LIMITED

Registered Number 04111298

EMPINGHAM LIMITED

Abbreviated Accounts

31 May 2014

EMPINGHAM LIMITED Registered Number 04111298

Abbreviated Balance Sheet as at 31 May 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	574	1,077
Tangible assets	3	220,651	174,235
Investments	4	1	1
		221,226	175,313
Current assets
Debtors		564,384	756,378
Cash at bank and in hand		844	150
		565,228	756,528
Creditors: amounts falling due within one year		(560,427)	(750,036)
Net current assets (liabilities)		4,801	6,492
Total assets less current liabilities		226,027	181,805
Creditors: amounts falling due after more than one year		(308,599)	(60,379)
Provisions for liabilities		(4,000)	(24,240)
Total net assets (liabilities)		(86,572)	97,186
Capital and reserves
Called up share capital		100	100
Profit and loss account		(86,672)	97,086
Shareholders' funds		(86,572)	97,186

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 31 March 2015

And signed on their behalf by:
M A Bailey, Director
A J Voss, Director

EMPINGHAM LIMITED Registered Number 04111298

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the period in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings & equipment 25% reducing balance
Motor Vehicles 25% reducing balance
Computer equipment 25% straight line

Intangible assets amortisation policy
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life of that asset as follows:
Intangible assets 25% straight line

Other accounting policies
Going Concern
The company has a deficit in shareholders funds of £86,572. The accounts have been prepared on a going concern basis as a result of loans totaling £375,000 provided after the year end by the company's new parent (Bluestone Credit Management Limited) and a creditors restructuring. The loans have been made to enable the company to meet its future obligations and do not have a repayment date but will be converted into equity.

Control
The company is controlled by Principle Asset Recovery Limited, a company controlled by M Bailey. On 10 September 2014 the company was acquired by, and is now controlled by, Bluestone Credit Management Limited.

Post Balance Sheet Events
On 1 September 2014 the company sold its share (being the entire share capital) in Paymark Solutions Limited to Bayzell Limited.

On 10 September 2014 the entire share capital of Empingham Limited was acquired by Bluestone Credit Management from Principle Asset Recovery Limited. As part of the transaction the intercompany debtor balance of £390,486 due from Principle Asset Recovery Limited, the former parent company, was written off.

2Intangible fixed assets

	£
Cost
At 1 June 2013	5,779
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2014	5,779
Amortisation
At 1 June 2013	4,702
Charge for the year	503
On disposals	-
At 31 May 2014	5,205
Net book values
At 31 May 2014	574
At 31 May 2013	1,077

3Tangible fixed assets

	£
Cost
At 1 June 2013	335,615
Additions	123,718
Disposals	(25,579)
Revaluations	-
Transfers	-
At 31 May 2014	433,754
Depreciation
At 1 June 2013	161,380
Charge for the year	66,548
On disposals	(14,825)
At 31 May 2014	213,103
Net book values
At 31 May 2014	220,651
At 31 May 2013	174,235

4Fixed assets Investments
Investments represent a 100% shareholding in Paymark Limited, a company incorporated in the United Kingdom and which trades as a payment bureau. During the period ended 31 May 2014 Paymark made a loss of £3,117 and the aggregate amount of capital and reserves at the end of the period was (£97).

The company's investment in Paymark Solutions Limited was disposed of on 1 September 2014.