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Registration number: 11143572

Euro Site Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Euro Site Services Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Euro Site Services Ltd

Company Information

Director

Mr Michael Adewale Olaseinde

Registered office

Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Euro Site Services Ltd

Director's Report for the Year Ended 31 December 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Director of the company

The director who held office during the year was as follows:

Mr Michael Adewale Olaseinde

Principal activity

The principal activity of the company is labour recruitment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 November 2023
 

.........................................
Mr Michael Adewale Olaseinde
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Euro Site Services Ltd
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Euro Site Services Ltd for the year ended 31 December 2022 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Euro Site Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Euro Site Services Ltd and state those matters that we have agreed to state to the Board of Directors of Euro Site Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euro Site Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Euro Site Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Euro Site Services Ltd. You consider that Euro Site Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Euro Site Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Paul Winston Limited
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

29 November 2023

 

Euro Site Services Ltd

Profit and Loss Account for the Year Ended 31 December 2022

Note

2022
£

2021
£

Turnover

 

4,166,612

1,443,709

Cost of sales

 

(2,582,183)

(807,591)

Gross profit

 

1,584,429

636,118

Administrative expenses

 

(1,818,168)

(738,711)

Other operating income

 

345,000

120,000

Operating profit

 

111,261

17,407

Interest payable and similar expenses

 

(62,568)

(5,049)

Profit before tax

48,693

12,358

Tax on profit

 

(9,795)

(2,382)

Profit for the financial year

 

38,898

9,976

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Euro Site Services Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2022

2022
£

2021
£

Profit for the year

38,898

9,976

Total comprehensive income for the year

38,898

9,976

 

Euro Site Services Ltd

(Registration number: 11143572)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Current assets

 

Debtors

4

3,812,985

2,792,958

Cash at bank and in hand

 

97,710

482,886

 

3,910,695

3,275,844

Creditors: Amounts falling due within one year

5

(2,416,282)

(3,107,441)

Total assets less current liabilities

 

1,494,413

168,403

Creditors: Amounts falling due after more than one year

5

(1,287,112)

-

Net assets

 

207,301

168,403

capital and reserves

 

Called up share capital

6

2

2

Profit and loss account

207,299

168,401

Shareholders' funds

 

207,301

168,403

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 November 2023
 

.........................................
Mr Michael Adewale Olaseinde
Director

 

Euro Site Services Ltd

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2

168,401

168,403

Profit for the year

-

38,898

38,898

At 31 December 2022

2

207,299

207,301

Share capital
£

Retained earnings
£

Total
£

At 1 February 2021

1

158,425

158,426

Profit for the year

-

9,976

9,976

New share capital subscribed

1

-

1

At 31 December 2021

2

168,401

168,403

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

These financial statements were authorised for issue by the director on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Asset class

Depreciation method and rate

Office equipment

25% net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2021 - 6).

4

Debtors

Current

2022
£

2021
£

Trade debtors

3,510,749

2,534,554

Prepayments

55,751

25,412

Other debtors

246,485

232,992

 

3,812,985

2,792,958

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

10,825

1,244,255

trade creditors

 

749,174

570,629

Taxation and social security

 

206,637

27,046

Other creditors

 

1,449,646

1,265,511

 

2,416,282

3,107,441

Due after one year

 

Loans and borrowings

7

1,287,112

-

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

1,287,112

-

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary J of £1 each

1

1

1

1

Ordinary M of £1 each

1

1

1

1

 

2

2

2

2

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

1,287,112

-

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,825

46,146

Other borrowings

-

1,198,109

10,825

1,244,255

8

Dividends

9

Related party transactions

 

Euro Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

117,421

113,142