Company registration number 07315670 (England and Wales)
INTERSPAN EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
INTERSPAN EUROPE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 20
INTERSPAN EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
1
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
4
255,793
200,815
Property, plant and equipment
5
262,665
252,010
Investments
6
88
88
518,546
452,913
Current assets
Inventories
8
690,701
935,706
Trade and other receivables
9
2,541,493
2,833,549
Cash and cash equivalents
914,853
320,294
4,147,047
4,089,549
Current liabilities
10
(1,959,772)
(2,191,064)
Net current assets
2,187,275
1,898,485
Total assets less current liabilities
2,705,821
2,351,398
Non-current liabilities
10
(262,540)
(298,423)
Provisions for liabilities
Deferred tax liabilities
14
(43,482)
(23,474)
Net assets
2,399,799
2,029,501
Equity
Called up share capital
15
1
1
Retained earnings
16
2,399,798
2,029,500
Total equity
2,399,799
2,029,501
The directors of the company have elected not to include a copy of the income statement within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
8 November 2023
08 November 2023
and are signed on its behalf by:
Mr P J Whelan
Director
Company registration number 07315670 (England and Wales)
INTERSPAN EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
2
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2021
1
1,969,853
1,969,854
Year ended 30 June 2022:
Profit and total comprehensive income
-
59,647
59,647
Balance at 30 June 2022
1
2,029,500
2,029,501
Year ended 30 June 2023:
Profit and total comprehensive income
-
370,298
370,298
Balance at 30 June 2023
1
2,399,798
2,399,799
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
3
1
Accounting policies
Company information
Interspan Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER. The principal place of business is Unit 16, Shepperton Business Park, Govett Avenue, Shepperton, TW17 8BA. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value.
Where required, equivalent disclosures are given in the group accounts of Interspan Holdings Pty Limited. The group accounts of Interspan Holdings Pty Limited are available to the public and can be obtained as set out in note 20.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
4
1.3
Revenue
The company has applied the following accounting policy in the preparation of its financial statements. For contracts determined to be within the scope of revenue recognition, the company is required to apply a five step model to determine when to recognise revenue, and at what amount. The company recognises revenue from contracts with customers based on the five step model set out in IFRS 15:
Step 1: Identify the contract(s) with a customer
A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2: Identify the performance obligation in the contract
A performance obligation is a unit of account and a promise in a contract with a customer to transfer a good or service to the customer.
Step 3: Determine the transaction price
The transaction price is the amount of consideration the company expects to be entitled in exchange for
transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.
Step 4: Allocate the transaction price to the performance obligations in the contract
For a contract that has more than one performance obligation, the company will allocate the transaction price to each performance obligation in an amount that depicts the consideration to which the company expects to be entitled in exchange for satisfying each performance obligation.
Step 5: Recognise revenue when (or as) the company satisfies a performance obligation
The company satisfies a performance obligation and recognises revenue over time, when the company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is shown net of VAT and other sales related taxes.
Performance obligation
The company uses the percentage of completion method in accounting for its contract revenue recognition. Use of the percentage of completion method requires the company to estimate the contract work performed to date as a proportion of the total contract work to be performed.
1.4
Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation of development costs is provided each period, systematically in line with its expected useful life.
No amortisation for development costs has been provided as the system has not yet been made available for use.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the lease length
Fixtures, fittings & equipment
33.33% straight line and 10% straight line
Plant and machinery
33.33% straight line and 16.66% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% straight line
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
5
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.6
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cost is calculated using the weighted average cost method.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9
Cash and cash equivalents
Cash and cash equivalents 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 current liabilities.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
6
1.10
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intent and ability to hold to maturity are classified as held to maturity investments.
Held to maturity investments are measured at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
1.11
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
7
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
8
1.16
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.17
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,065
5,550
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
3
3
Contracted employees
8
6
Total
11
9
Employee wage costs totalled £275,574 in the year (2022: £246,394) and has been recharged in full to Enspan Limited.
4
Intangible fixed assets
Development Costs
£
Cost
At 30 June 2022
200,815
Additions - purchased
54,979
At 30 June 2023
255,793
Carrying amount
At 30 June 2023
255,793
At 30 June 2022
200,815
No amortisation for development costs has been provided as the system has not yet been made available for use.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
5
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
241,892
341,115
29,056
37,932
275,943
925,938
Additions
38,213
269
6,468
92,930
137,880
Disposals
(1,370)
(21,087)
(43,590)
(66,047)
At 30 June 2023
241,892
379,328
27,955
23,313
325,283
997,771
Accumulated depreciation and impairment
At 1 July 2022
203,699
246,033
13,154
28,066
182,976
673,928
Charge for the year
38,193
32,415
2,808
6,643
47,166
127,225
Eliminated on disposal
(1,370)
(21,087)
(43,590)
(66,047)
At 30 June 2023
241,892
278,448
14,592
13,622
186,552
735,106
Carrying amount
At 30 June 2023
100,880
13,363
9,691
138,731
262,665
At 30 June 2022
38,193
95,082
15,902
9,866
92,967
252,010
Property, plant and equipment includes right-of-use assets, as follows:
Right-of-use assets
2023
2022
£
£
Net values at the year end
Property
-
38,193
Plant and machinery
12,269
18,329
Motor vehicles
87,953
92,967
100,222
149,489
Depreciation charge for the year
Property
38,193
50,925
Plant and machinery
6,060
6,060
Motor vehicles
35,670
34,614
79,923
91,599
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
6
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
88
88
The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements are approximate to their fair values.
Investments in subsidiaries includes the entire shareholding of Interspan Post Tensioning Limited.
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022 & 30 June 2023
88
Carrying amount
At 30 June 2023
88
At 30 June 2022
88
7
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Principal activities
% Held
Direct
Interspan Post Tensioning Ltd
The Black Church
St Mary's Place
Dublin
D07 P4AX
Ireland
Construction activities and projects
100.00
8
Inventories
2023
2022
£
£
Raw materials
690,701
935,706
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
9
Trade and other receivables
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Trade receivables
1,305,939
1,324,374
-
-
Deferred revenue
(894,684)
(569,598)
-
-
411,255
754,776
-
-
Corporation tax recoverable
45,901
-
-
-
VAT recoverable
156,308
270,158
-
-
Amounts owed by fellow group undertakings
1,470,947
1,356,210
Other receivables
26,624
51,381
-
-
Retentions
102,382
80,892
275,059
262,658
Prepayments and accrued income
53,017
57,474
-
-
2,266,434
2,570,891
275,059
262,658
10
Liabilities
Current
Non-current
2023
2022
2023
2022
Notes
£
£
£
£
Borrowings
11
80,000
80,000
166,667
246,667
Trade and other payables
12
1,712,732
1,984,786
Corporation tax
62,433
7,052
-
-
Other taxation and social security
28,883
36,003
-
-
Lease liabilities
13
75,724
83,223
95,873
51,756
1,959,772
2,191,064
262,540
298,423
11
Borrowings
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Borrowings held at amortised cost:
Bank loans
80,000
80,000
166,667
246,667
2023
2022
£
£
Secured borrowings included above:
Bank loans
246,667
326,667
Bank loans relate to a CBIL loan facility. This is secured by a fixed and floating charge over all assets of the company.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
13
12
Trade and other payables
2023
2022
£
£
Trade payables
483,478
1,084,437
Amounts owed to fellow group undertakings
1,202,026
844,154
Accruals
15,307
15,181
Other payables
11,921
41,014
1,712,732
1,984,786
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 45 days. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
The directors consider that the carrying amount of trade payables approximates to their fair value.
13
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
75,724
83,223
In two to five years
89,096
41,477
In over five years
6,777
10,279
Total undiscounted liabilities
171,597
134,979
Finance lease obligations are classified based on the amounts that are expected to be settled within the next 12 months or/and more than 12 months from the reporting date, as follows:
2023
2022
£
£
Current liabilities
75,724
83,223
Non-current liabilities
95,873
51,756
171,597
134,979
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
5,848
7,267
Other leasing information is included in note 17.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated Capital Allowances
£
Liability at 1 July 2021
20,871
Deferred tax movements in prior year
Charge/(credit) to profit or loss
2,603
Liability at 1 July 2022
23,474
Deferred tax movements in current year
Charge/(credit) to profit or loss
20,008
Liability at 30 June 2023
43,482
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
Ordinary shares rank equally with regard to the Company's residual assets.
The holders of ordinary shares are entitled to receive dividends as declared from time to time, are entitled to the repayment of capital upon wind up, and are entitled to one vote per share at meetings of the Company.
16
Retained earnings
Profit and loss reserve includes all current and prior period retained profits and losses available for distribution.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
15
17
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2023
2022
£
£
Expense relating to short-term leases
-
2,239
Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:
2023
2022
Land and buildings
£
£
Within one year
5,980
5,980
Information relating to lease liabilities is included in note 13.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
16
18
Related party transactions
Related parties include; Interspan Holdings Pty Ltd, incorporated in Australia and its subsidiary undertakings ("The Group"). Interspan Europe Limited is a subsidiary undertaking of Interspan Holdings Pty Ltd.
Transactions with related parties include:
Interspan Holdings Pty Ltd
2023
2022
£
£
Related party debtor
Balance brought forward
-
43,541
Sale of investments to
-
-
Related party cross charges
-
43,451
Balance carried forward
-
-
Interspan Holdings Pty Ltd, incorporated in Australia is the immedate and ultimate parent company of Interspan Europe Limited.
Interspan Post Tensioning Limited
2023
2022
£
£
Related party debtor:
Balance brought forward (Creditor)
310,914
15,595
Exchange rate movement increase / (decrease)
-
-
Sales invoices to
266,528
195,519
Purchase invoices from
-
(23,842)
Related party cross charges
219,473
334,366
Loan repayments
(418,349)
(210,724)
Balance carried forward
378,566
310,914
Interspan Post Tensioning Limited, incorporated in Ireland is a wholly owned subsidiary of Interspan Europe Limited.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
18
Related party transactions
(Continued)
17
Interspan Holdings Netherlands BV
2023
2022
£
£
Related party creditor:
Balance brought forward
(20,822)
(26,309)
Dividends declared
-
-
Related party cross charges
263
3,400
Exchange rate movement increase / (decrease)
(73)
(11)
Loan repayments
3,033
2,098
Balance carried forward
(17,599)
(20,822)
Interspan Holdings Netherlands BV is a wholly owned subsidiary of Interspan Holdings Pty, Australia.
Interspan Belgium BV
2023
2022
£
£
Related party debtor:
Balance brought forward
1,036,690
440,580
Sales invoices to
179,485
119,853
Purchase invoices from
-
-
Exchange rate movement increase / (decrease)
-
244
Invoices paid on behalf of
-
-
Related party cross charges
138,026
518,313
Loan repayments
(322,819)
(42,300)
Balance carried forward
1,031,382
1,036,690
Interspan Belgium BV is a wholly owned subsidiary of Interspan Holdings Netherlands BV.
Interspan Netherlands BV
2023
2022
£
£
Related party debtor:
Balance brought forward
8,506
12,251
Sales invoices to
-
-
Purchase invoices from
(8,543)
(5,923)
Exchange rate movement increase / (decrease)
(6)
110
Invoices paid on behalf of
-
-
Related party cross charges
228
(9,863)
Loan repayments
(1,291)
11,931
Balance carried forward
(1,106)
8,506
Interspan Netherlands BV is a wholly owned subsidiary of Interspan Holdings Netherlands BV.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
18
Related party transactions
(Continued)
18
Interspan Holdings Pty Ltd (Dubai Branch)
2023
2022
£
£
Related party creditor:
Balance brought forward
(106,535)
(81,798)
Exchange rate movement (increase) / decrease
5,266
(13,370)
Purchase invoices from
(17,273)
(8,973)
Related party cross charges
(33,773)
(2,394)
Loan repayments
-
-
Balance carried forward
(152,315)
(106,535)
Interspan Holdings Pty Ltd (Dubai Branch) is a branch of Interspan Holdings Pty Ltd.
Enspan Design Pty Ltd
2023
2022
£
£
Related party creditor:
Balance brought forward
(616,744)
(78,288)
Exchange rate movement (increase) / decrease
28,203
(28,198)
Purchase invoices from
(507,717)
(483,250)
Related party cross charges
(184,543)
(153,850)
Loan repayments
737,866
126,842
Balance carried forward
(542,935)
(616,744)
Enspan Design Pty Ltd, incorporated in Australia is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
Enspan Limited
2023
2022
£
£
Related party creditor:
Balance brought forward
(81,172)
(438,816)
Sales invoices to
398,921
379,743
Purchase invoices from
(1,047,884)
(825,365)
Related party cross charges
332,650
91,943
Loan repayments
(35,831)
711,323
Balance carried forward
(433,316)
(81,172)
Enspan Limited, incorporated in the UK is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
18
Related party transactions
(Continued)
19
Interspan (NSW) Pty Ltd
2023
2022
£
£
Related party creditor:
Balance brought forward
(18,882)
(4,467)
Exchange rate movement increase / (decrease)
792
(1,351)
Related party cross charges
(22,447)
(13,064)
Loan repayments
17,496
-
Balance carried forward
(23,041)
(18,882)
Interspan (NSW) Pty Ltd. incorporated in Australia, is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
Slabtec Limited
2023
2022
£
£
Related party debtor:
Balance brought forward
100
-
Related party cross charges
60,898
100
Loan repayments
-
-
Balance carried forward
60,998
100
Slabtec Limited, incorporated in the UK, is a wholly owned subsidiary of Slabtec Holdings Pty Ltd.
Slabtec (NSW) Pty Ltd
2023
2022
£
£
Related party creditor:
-
-
Exchange rate movement increase / (decrease)
(843)
-
Related party cross charges
-
-
Loan repayments
(30,873)
-
Balance carried forward
(31,716)
-
Slabtec (NSW) Pty Ltd, incorporated in Australia, is a wholly owned subsidiary of Slabtec Holdings Pty Ltd.
All above balances are interest free and have no fixed date for repayment. The fair value of the Related party balances is approximately equal to their carrying amount.
No guarantees have been given or received.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
19
Directors' transactions
The following amounts were outstanding at the reporting end date:
Loans
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr J R Laws - Director's loan
-
2,907
(1,905)
1,002
Mr D H Jones - Director's loan
-
8,393
(1,115)
7,278
11,300
(3,020)
8,280
Amounts due from directors are repayable on demand.
20
Controlling party
The immediate and ultimate parent company of Interspan Europe Limited is Interspan Holdings Pty Ltd, a company incorporated in Australia.
Interspan Holdings Pty Ltd has the power to amend the financial statements after their issue, should it wish to do so.
Interspan Europe Limited is consolidated into the accounts of Interspan Holdings Pty Ltd, copies of which are available via the Australian Securities & Investments Commission.
21
Events after the reporting date
There are no post balance sheet events that the directors feel should be brought to the attention of the shareholders.
22
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Steven Knowles FCA and the auditor was Knowles Warwick Audit Services Limited.
2023-06-302022-07-01Mr J R LawsMr D H JonesMr P J WhelanfalseCCH SoftwareiXBRL Review & Tag 2022.22023-11-092023-11-08073156702022-07-012023-06-30073156702023-06-30073156702022-06-3007315670core:AcceleratedTaxDepreciationDeferredTax2021-06-3007315670core:ShareCapital2023-06-3007315670core:ShareCapital2022-06-3007315670core:RetainedEarningsAccumulatedLosses2023-06-3007315670core:RetainedEarningsAccumulatedLosses2022-06-30073156702021-06-3007315670bus:Director32022-07-012023-06-3007315670core:RetainedEarningsAccumulatedLosses2021-07-012022-06-3007315670core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3007315670core:Held-to-maturityFinancialAssets2022-07-012023-06-3007315670core:LoansReceivables2022-07-012023-06-30073156702021-07-012022-06-3007315670core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-06-3007315670core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3007315670core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-012023-06-3007315670core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3007315670core:PlantMachinery2022-06-3007315670core:FurnitureFittings2022-06-3007315670core:ComputerEquipment2022-06-3007315670core:MotorVehicles2022-06-30073156702022-06-3007315670core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3007315670core:PlantMachinery2023-06-3007315670core:FurnitureFittings2023-06-3007315670core:ComputerEquipment2023-06-3007315670core:MotorVehicles2023-06-3007315670core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3007315670core:PlantMachinery2022-07-012023-06-3007315670core:FurnitureFittings2022-07-012023-06-3007315670core:ComputerEquipment2022-07-012023-06-3007315670core:MotorVehicles2022-07-012023-06-3007315670core:ContinuingOperations2023-06-3007315670core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3007315670core:PlantMachinery2022-06-3007315670core:FurnitureFittings2022-06-3007315670core:ComputerEquipment2022-06-3007315670core:MotorVehicles2022-06-3007315670core:CurrentFinancialInstruments2023-06-3007315670core:CurrentFinancialInstruments2022-06-3007315670core:Non-currentFinancialInstruments2023-06-3007315670core:Non-currentFinancialInstruments2022-06-300731567012022-07-012023-06-3007315670core:WithinOneYear2023-06-3007315670core:WithinOneYear2022-06-3007315670core:AfterOneYear2023-06-3007315670core:AfterOneYear2022-06-3007315670core:FinancialLiabilitiesAmortisedCostcore:Secured2023-06-3007315670core:FinancialLiabilitiesAmortisedCostcore:Secured2022-06-300731567012022-07-012023-06-3007315670bus:PrivateLimitedCompanyLtd2022-07-012023-06-3007315670bus:FRS1012022-07-012023-06-3007315670bus:Audited2022-07-012023-06-3007315670bus:Director12022-07-012023-06-3007315670bus:Director22022-07-012023-06-3007315670bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP