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COMPANY REGISTRATION NUMBER: 9938408
Euanthes Holdings Limited
Filleted Unaudited Financial Statements
9 June 2023
Euanthes Holdings Limited
Financial Statements
Period from 1 July 2022 to 9 June 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Euanthes Holdings Limited
Statement of Financial Position
9 June 2023
9 Jun 23
30 Jun 22
Note
£
£
Fixed assets
Investments
5
5,712,746
5,712,746
Current assets
Debtors
6
101,520
Cash at bank and in hand
633
122,812
----
---------
633
224,332
Creditors: amounts falling due within one year
7
( 2,441,926)
( 2,634,569)
------------
------------
Net current liabilities
( 2,441,293)
( 2,410,237)
------------
------------
Total assets less current liabilities
3,271,453
3,302,509
------------
------------
Capital and reserves
Called up share capital
8
505
505
Profit and loss account
3,270,948
3,302,004
------------
------------
Shareholders funds
3,271,453
3,302,509
------------
------------
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.
For the period ending 9 June 2023 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 7 September 2023 , and are signed on behalf of the board by:
Mr G Czegledy
Director
Company registration number: 9938408
Euanthes Holdings Limited
Notes to the Financial Statements
Period from 1 July 2022 to 9 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kestrel Way, Gorseinon, Swansea, SA4 9WN, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399(2A) of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.
Taxation
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
Period from
1 Jul 22 to
Year to
9 Jun 23
30 Jun 22
£
£
Current tax:
UK current tax expense
15,685
----
--------
Tax on profit
15,685
----
--------
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 9 June 2023
5,712,746
------------
Impairment
At 1 July 2022 and 9 June 2023
------------
Carrying amount
At 9 June 2023
5,712,746
------------
At 30 June 2022
5,712,746
------------
6. Debtors
9 Jun 23
30 Jun 22
£
£
Trade debtors
101,520
----
---------
7. Creditors: amounts falling due within one year
9 Jun 23
30 Jun 22
£
£
Amounts owed to group undertakings
2,440,106
1,900,407
Corporation tax
15,685
Social security and other taxes
16,920
Other creditors
1,820
701,557
------------
------------
2,441,926
2,634,569
------------
------------
8. Called up share capital
Issued, called up and fully paid
9 Jun 23
30 Jun 22
No.
£
No.
£
Ordinary A shares of £ 1 each
100
100
100
100
Ordinary B shares of £ 1 each
100
100
100
100
Ordinary C shares of £ 1 each
100
100
100
100
Ordinary D shares of £ 1 each
100
100
100
100
Ordinary E shares of £ 1 each
100
100
100
100
Ordinary F shares of £1 each
1
1
1
1
Ordinary G shares of £1 each
1
1
1
1
Ordinary H shares of £1 each
1
1
1
1
Ordinary I shares of £1 each
1
1
1
1
Ordinary J shares of £1 each
1
1
1
1
----
----
----
----
505
505
505
505
----
----
----
----
9. Related party transactions
During the period to 9 June 2023 the company received dividends of £143,000 (2022 - £558,000) from Maron Systems Limited, a 100% subsidiary of the company. During the period to 9 June 2023 the company paid dividends of £154,000 (2022 - £168,000) to the shareholders of the company. Following the sale of shares of the company, on 9 June 2023 the company became under the control of Vela UK Holdco Ltd.