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Company Registration No. 05678725 (England and Wales)
Euronet Motors Limited Unaudited accounts for the year ended 31 May 2023
Euronet Motors Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
18,647 
6,552 
Current assets
Inventories
407,413 
593,780 
Debtors
1,072,588 
633,613 
Cash at bank and in hand
142,095 
31,028 
1,622,096 
1,258,421 
Creditors: amounts falling due within one year
(571,386)
(470,450)
Net current assets
1,050,710 
787,971 
Total assets less current liabilities
1,069,357 
794,523 
Creditors: amounts falling due after more than one year
(291,514)
(30,000)
Provisions for liabilities
Deferred tax
(120)
(1,245)
Net assets
777,723 
763,278 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
776,723 
762,278 
Shareholders' funds
777,723 
763,278 
For the year ending 31 May 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 October 2023 and were signed on its behalf by
Sameer Bhimani Director Company Registration No. 05678725
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Euronet Motors Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
Euronet Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 05678725. The registered office is 29-31 Bannerman Road, Leicester, LE5 5LB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Euronet Motors Limited Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2022
- 
34,257 
34,257 
Additions
20,185 
- 
20,185 
At 31 May 2023
20,185 
34,257 
54,442 
Depreciation
At 1 June 2022
- 
27,705 
27,705 
Charge for the year
2,019 
6,071 
8,090 
At 31 May 2023
2,019 
33,776 
35,795 
Net book value
At 31 May 2023
18,166 
481 
18,647 
At 31 May 2022
- 
6,552 
6,552 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
193,336 
200,840 
Other debtors
879,252 
432,773 
1,072,588 
633,613 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
90,701 
10,000 
Trade creditors
359,997 
314,944 
Taxes and social security
40,887 
72,706 
Other creditors
12,801 
8,800 
Accruals
67,000 
64,000 
571,386 
470,450 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
291,514 
30,000 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
9
Average number of employees
During the year the average number of employees was 5 (2022: 5).
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