false false false false false false false false false true false false false false false false false No description of principal activity 2017-07-01 Sage Accounts Production Advanced 2018 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 03786643 2017-07-01 2018-06-30 03786643 2018-06-30 03786643 2017-06-30 03786643 2016-07-01 2017-06-30 03786643 2017-06-30 03786643 core:LandBuildings core:ShortLeaseholdAssets 2017-07-01 2018-06-30 03786643 core:PlantMachinery 2017-07-01 2018-06-30 03786643 core:MotorVehicles 2017-07-01 2018-06-30 03786643 bus:OrdinaryShareClass1 2017-07-01 2018-06-30 03786643 bus:Director1 2017-07-01 2018-06-30 03786643 bus:Director3 2017-07-01 2018-06-30 03786643 core:WithinOneYear 2018-06-30 03786643 core:WithinOneYear 2017-06-30 03786643 core:LandBuildings 2017-06-30 03786643 core:PlantMachinery 2017-06-30 03786643 core:FurnitureFittings 2017-06-30 03786643 core:MotorVehicles 2017-06-30 03786643 core:LandBuildings 2018-06-30 03786643 core:PlantMachinery 2018-06-30 03786643 core:FurnitureFittings 2018-06-30 03786643 core:MotorVehicles 2018-06-30 03786643 core:LandBuildings 2017-07-01 2018-06-30 03786643 core:FurnitureFittings 2017-07-01 2018-06-30 03786643 core:ShareCapital 2018-06-30 03786643 core:ShareCapital 2017-06-30 03786643 core:RetainedEarningsAccumulatedLosses 2018-06-30 03786643 core:RetainedEarningsAccumulatedLosses 2017-06-30 03786643 core:LandBuildings 2017-06-30 03786643 core:PlantMachinery 2017-06-30 03786643 core:FurnitureFittings 2017-06-30 03786643 core:MotorVehicles 2017-06-30 03786643 bus:SmallEntities 2017-07-01 2018-06-30 03786643 bus:AuditExemptWithAccountantsReport 2017-07-01 2018-06-30 03786643 bus:FullAccounts 2017-07-01 2018-06-30 03786643 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 03786643 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 03786643 bus:OrdinaryShareClass1 2018-06-30 03786643 bus:OrdinaryShareClass1 2017-06-30 03786643 core:FurnitureFittingsToolsEquipment 2017-07-01 2018-06-30 03786643 core:FurnitureFittingsToolsEquipment 2017-06-30 03786643 core:FurnitureFittingsToolsEquipment 2018-06-30
COMPANY REGISTRATION NUMBER: 03786643
Euro Concept International (UK) Limited
Filleted Unaudited Financial Statements
for the year ended
30 June 2018
Euro Concept International (UK) Limited
Statement of Financial Position
as at 30 June 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
55,065
58,119
Current assets
Stocks
82,128
79,128
Debtors
6
131,834
203,517
Cash at bank and in hand
38,825
50,736
-----------
-----------
252,787
333,381
Creditors: amounts falling due within one year
7
143,872
211,890
-----------
-----------
Net current assets
108,915
121,491
-----------
-----------
Total assets less current liabilities
163,980
179,610
Provisions
Taxation including deferred tax
8,943
9,062
-----------
-----------
Net assets
155,037
170,548
-----------
-----------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
154,937
170,448
-----------
-----------
Shareholders funds
155,037
170,548
-----------
-----------
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 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.
For the year ending 30th June 2018 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Euro Concept International (UK) Limited
Statement of Financial Position (continued)
as at 30 June 2018
These financial statements were approved by the board of directors and authorised for issue on 7 November 2018 , and are signed on behalf of the board by:
J Dickinson
A Krawczak
Director
Director
Company registration number: 03786643
Euro Concept International (UK) Limited
Notes to the Financial Statements
for the year year ended 30th June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Cresswell Close, Enterprise Park, Pinchbeck, Spalding, Lincolnshire, PE11 3TY.
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. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance/10% straight line
Motor vehicles
-
25% reducing balance
Furniture and equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2017: 11 ).
5. Tangible assets
Computer equipment
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2017
9,494
100,084
28,856
35,414
3,729
177,577
Additions
2,187
8,120
57
1,962
12,326
-----------
-----------
-----------
-----------
-----------
-----------
At 30 Jun 2018
11,681
108,204
28,913
35,414
5,691
189,903
-----------
-----------
-----------
-----------
-----------
-----------
Depreciation
At 1 Jul 2017
8,536
64,820
18,197
25,431
2,474
119,458
Charge for the year
983
8,678
2,580
2,496
643
15,380
-----------
-----------
-----------
-----------
-----------
-----------
At 30 Jun 2018
9,519
73,498
20,777
27,927
3,117
134,838
-----------
-----------
-----------
-----------
-----------
-----------
Carrying amount
At 30 Jun 2018
2,162
34,706
8,136
7,487
2,574
55,065
-----------
-----------
-----------
-----------
-----------
-----------
At 30 Jun 2017
958
35,264
10,659
9,983
1,255
58,119
-----------
-----------
-----------
-----------
-----------
-----------
6. Debtors
2018
2017
£
£
Trade debtors
75,407
131,598
Prepayments and accrued income
3,553
3,448
Other debtors
52,874
68,471
-----------
-----------
131,834
203,517
-----------
-----------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
86,849
135,070
Accruals and deferred income
4,900
4,800
Corporation tax
1,248
573
Social security and other taxes
9,112
17,190
Director loan accounts
3,756
13,659
Pension
614
240
Other creditors
37,393
40,358
-----------
-----------
143,872
211,890
-----------
-----------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
-----------
-----------
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-----------