Bright AccountsProduction v1.0.0 v1.0.0 2022-01-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of the supply of medical and dental instruments and supplies. 17 November 2023 2 2 11882776 2022-12-31 11882776 2021-12-31 11882776 2020-12-31 11882776 2022-01-01 2022-12-31 11882776 2021-01-01 2021-12-31 11882776 uk-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11882776 uk-curr:PoundSterling 2022-01-01 2022-12-31 11882776 uk-bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 11882776 uk-bus:FullAccounts 2022-01-01 2022-12-31 11882776 uk-core:ShareCapital 2022-12-31 11882776 uk-core:ShareCapital 2021-12-31 11882776 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 11882776 uk-core:RetainedEarningsAccumulatedLosses 2021-12-31 11882776 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 11882776 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-12-31 11882776 uk-bus:FRS102 2022-01-01 2022-12-31 11882776 uk-core:PlantMachinery 2022-01-01 2022-12-31 11882776 uk-core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 11882776 uk-bus:Audited 2022-01-01 2022-12-31 11882776 uk-core:CurrentFinancialInstruments 2022-12-31 11882776 uk-core:CurrentFinancialInstruments 2021-12-31 11882776 uk-core:WithinOneYear 2022-12-31 11882776 uk-core:WithinOneYear 2021-12-31 11882776 uk-core:EmployeeBenefits 2021-12-31 11882776 uk-core:EmployeeBenefits 2022-01-01 2022-12-31 11882776 uk-core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11882776 uk-core:TaxLossesCarry-forwardsDeferredTax 2022-12-31 11882776 uk-core:OtherDeferredTax 2022-12-31 11882776 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2022-12-31 11882776 uk-core:EmployeeBenefits 2022-12-31 11882776 uk-core:ParentEntities 2022-01-01 2022-12-31 11882776 uk-core:UltimateParent 2022-01-01 2022-12-31 11882776 uk-countries:Italy 2022-01-01 2022-12-31 11882776 uk-bus:Director1 2022-01-01 2022-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 11882776
 
 
Eurosets UK Limited
 
Financial Statements
 
for the financial year ended 31 December 2022
Eurosets UK Limited
Company Registration Number: 11882776
STATEMENT OF FINANCIAL POSITION
as at 31 December 2022

2022 2021
Notes £ £
 
Fixed Assets
Tangible assets 7 147,058 72,362
───────── ─────────
 
Current Assets
Stocks 8 133,033 71,889
Debtors 9 199,471 276,327
Cash and cash equivalents 86,434 109,286
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418,938 457,502
───────── ─────────
Creditors: amounts falling due within one year 10 (480,612) (477,280)
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Net Current Liabilities (61,674) (19,778)
───────── ─────────
Total Assets less Current Liabilities 85,384 52,584
 
Provisions for liabilities 12 (6,634) (16,445)
───────── ─────────
Net Assets 78,750 36,139
═════════ ═════════
 
Capital and Reserves
Called up share capital 20,000 20,000
Retained earnings 58,750 16,139
───────── ─────────
Equity attributable to owners of the company 78,750 36,139
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
Approved by the Board and authorised for issue on 17 November 2023 and signed on its behalf by
           
           
Kendra Dobson          
Director          
           



Eurosets UK Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2022

   
1. General Information
 
Eurosets UK Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 11882776. The registered office of the company is 12 Bridewell Place, Third Floor East, London, EC4V 6AP, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

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 citeria have been met for each of the company's activities.
 
Government grant and government assistance
Government grants and government assistance represent the transfer of resources to the company from government in return for past and future compliance with certain conditions relating to the company’s operating activities. Income-related government grants are recognised in profit or loss on a systematic basis over the periods in which the company recognises as expenses the related costs for which the grants are intended to compensate. The company accounts for these government grants in other income in profit and loss.

Capital-related government grants received by the company related to assets are treated as deferred income and amortised to profit or loss annually over the useful economic life of the asset to which it relates.

Government assistance is action by government which is designed to provide an economic benefit specific to the company when it qualifies under certain criteria. The company received employment allowance for their yearly national insurance liability as government assistance and has been disclosed in these financial statements.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 20% Straight line
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within Creditors.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company provides a range of short term benefits to employees. These short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The directors have considered the company's financial position and its ability to continue as a going concern. At the year end, the company’s current liabilities exceeded its current assets by £61,673. Management accounts prepared up to 31 August 2023 show the company has generated a profit, cash flow forecasts are positive and the company has significant cash in hand at that date.

Having made due enquiries and considering the factors described above, the directors have a reasonable expectation that the company has and will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Clinton Higgins.
The Auditor's Report was signed by Niall Clinton (Senior Statutory Auditor) for and on behalf of Clinton Higgins on 17th November 2023.
 
   
5. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
6. Employees
 
The average monthly number of employees, including directors, during the financial year was as follows:
 
  2022 2021
  Number Number
 
Employees 2 2
  ═════════ ═════════
         
7. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 January 2022 82,473 1,365 83,838
Additions 99,221 1,648 100,869
  ───────── ───────── ─────────
At 31 December 2022 181,694 3,013 184,707
  ───────── ───────── ─────────
Depreciation
At 1 January 2022 11,201 275 11,476
Charge for the financial year 25,640 533 26,173
  ───────── ───────── ─────────
At 31 December 2022 36,841 808 37,649
  ───────── ───────── ─────────
Net book value
At 31 December 2022 144,853 2,205 147,058
  ═════════ ═════════ ═════════
At 31 December 2021 71,272 1,090 72,362
  ═════════ ═════════ ═════════
       
8. Stocks 2022 2021
  £ £
 
Other inventories 133,033 71,889
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
9. Debtors 2022 2021
  £ £
 
Trade debtors 198,088 258,427
Other debtors - 1,172
Taxation  (Note 11) - 16,521
Prepayments and accrued income 1,383 207
  ───────── ─────────
  199,471 276,327
  ═════════ ═════════
 
Trade and other debtors are repayable in accordance with standard commercial terms.

There is no bad debt provision included in the financial statements (2021: Nil). Provisions are made specifically against invoices when recoverability is uncertain.
       
10. Creditors 2022 2021
Amounts falling due within one year £ £
 
Trade creditors 18,855 2,734
Amounts owed to group undertakings 393,011 399,976
Taxation  (Note 11) 41,043 17,838
Other creditors - 21,177
Accruals:
Pension accrual - 292
Other accruals 27,703 35,263
  ───────── ─────────
  480,612 477,280
  ═════════ ═════════
 
Trade creditors, accruals and other creditors are payable in accordance with standard commercial terms.

Amounts owed to group undertakings includes amounts arising in the normal course of trade and a loan to finance the company's set up. The loan bears interest of 1.5% per annum and is repayable on demand.
       
11. Taxation 2022 2021
  £ £
 
Debtors:
VAT - 16,521
  ═════════ ═════════
Creditors:
VAT 37,834 -
PAYE / NI 3,209 17,838
  ───────── ─────────
  41,043 17,838
  ═════════ ═════════
         
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2022 2021
  £ £ £
 
At financial year start 16,445 16,445 9,321
Charged to profit and loss (9,811) (9,811) 7,124
  ───────── ───────── ─────────
At financial year end 6,634 6,634 16,445
  ═════════ ═════════ ═════════
       
13. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2022.
           
14. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
15. Parent and ultimate parent company
 
The company regards Eurosets s.r.l., a company incorporated in Italy, as its parent company.
 
The companys ultimate parent undertaking is Societa’ Finanziaria Volpe s.r.l.. Their registered address is Via Brera 16 - 20121 Milano, Itlay.
   
16. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
17. Government grants and government assistance 2022 2021
  £ £
 
HMRC Employment allowance 5,000 6,979
  ═════════ ═════════
 
HMRC’s employment allowance allowed eligible companies to reduce their yearly national insurance liability by up to £5,000 from April 2022 onwards. For smaller businesses with eligible employees, this allowance effectively eliminates the first £5,000 of Class 1 National Insurance Contributions (NICs).

The company was in compliance with all the conditions of the respective schemes during the year ended 31 December 2022 and 31 December 2021. The grant income received has been included in other income in profit and loss.