Company Registration No. 07019670 (England and Wales)
EUROTECH FIRE SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
EUROTECH FIRE SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
EUROTECH FIRE SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
87,323
54,327
Tangible assets
4
49,654
43,325
136,977
97,652
Current assets
Stocks
188,727
172,525
Debtors
5
1,117,219
1,050,194
Cash at bank and in hand
114,923
44,488
1,420,869
1,267,207
Creditors: amounts falling due within one year
7
(1,198,298)
(1,064,400)
Net current assets
222,571
202,807
Total assets less current liabilities
359,548
300,459
Creditors: amounts falling due after more than one year
6
(19,167)
(29,167)
Net assets
340,381
271,292
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
339,381
270,292
Total equity
340,381
271,292

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EUROTECH FIRE SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mrs M Agius
Director
Company Registration No. 07019670
EUROTECH FIRE SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
100,000
240,636
340,636
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
29,656
29,656
Redemption of shares
8
(99,000)
-
0
(99,000)
Balance at 30 June 2022
1,000
270,292
271,292
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
69,089
69,089
Balance at 30 June 2023
1,000
339,381
340,381
EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Eurotech Fire Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/20 Stratfield Park, Elettra Avenue, Waterlooville, Hampshire, England, PO7 7XN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed 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 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:

Trademark and approvals
on cost over 10 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Short leasehold
10% on cost
Plant and machinery
15% on reducing balance
Equipment
10% on reducing balance
Computer equipment
25% on reducing balance and 10% on reducing balance

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 credited or charged to profit or loss.

EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks 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 stocks to their present location and condition.

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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 profit and loss account 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

1.10
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 stock or fixed 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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
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.

EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
14
3
Intangible fixed assets
Trademark and approvals
£
Cost
At 1 July 2022
108,767
Additions
47,913
At 30 June 2023
156,680
Amortisation and impairment
At 1 July 2022
54,440
Amortisation charged for the year
14,917
At 30 June 2023
69,357
Carrying amount
At 30 June 2023
87,323
At 30 June 2022
54,327
EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
4
Tangible fixed assets
Short leasehold
Plant and machinery
Equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
11,221
5,344
75,598
44,728
136,891
Additions
-
0
1,034
11,787
1,199
14,020
At 30 June 2023
11,221
6,378
87,385
45,927
150,911
Depreciation and impairment
At 1 July 2022
7,966
4,178
51,235
30,187
93,566
Depreciation charged in the year
814
330
3,615
2,932
7,691
At 30 June 2023
8,780
4,508
54,850
33,119
101,257
Carrying amount
At 30 June 2023
2,441
1,870
32,535
12,808
49,654
At 30 June 2022
3,255
1,166
24,363
14,541
43,325
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
749,876
710,318
Corporation tax recoverable
185,551
185,551
Other debtors
2,270
23,927
Prepayments and accrued income
65,193
30,534
1,002,890
950,330
Deferred tax asset (note )
114,329
99,864
1,117,219
1,050,194
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19,167
29,167
EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
716,082
676,241
Taxation and social security
26,144
18,967
Other creditors
366,456
279,335
Accruals and deferred income
79,616
79,857
1,198,298
1,064,400

Within other creditors is Lloyds Bank Commercial Finance Limited Debt factoring account with a carrying amount of £319,092 (2022 - £271,662) which is secured by a fixed and floating charge issued on 19th April 2018 which covers all property or undertaking of the company.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000

The ordinary shares are fully participating shares with full voting rights.

 

9
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Provision of corporation tax repayable
-
185,551
Increase in deferred tax asset provision
-
21,214
Professional fee relating to corporation tax claim
-
(51,835)
Total adjustments
-
154,930
Equity as previously reported
340,636
116,362
Equity as adjusted
340,636
271,292
Analysis of the effect upon equity
Profit and loss reserves
-
154,930
EUROTECH FIRE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
Provision of corporation tax repayable
185,551
Increase in deferred tax asset provision
21,214
Professional fee relating to corporation tax claim
(51,835)
Total adjustments
154,930
Loss as previously reported
(125,274)
Profit as adjusted
29,656
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