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REGISTERED NUMBER: 08602317 (England and Wales)















EURON DEVELOPMENTS (FRANCE) LIMITED

Audited Financial Statements

for the Year Ended 31 December 2022






EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


EURON DEVELOPMENTS (FRANCE) LIMITED

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Dr S Naidoo
Mr S Taggar





REGISTERED OFFICE: Haynes Park
Church End
Haynes
Bedford
Bedfordshire
MK45 3BL





REGISTERED NUMBER: 08602317 (England and Wales)





AUDITORS: Jassal and Company
Chartered Accountants and Registered Auditors
Unit 2 Hatherton Court
21 Hatherton Street
Walsall
West Midlands
WS4 2LA

EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,028,210 6,191,071
Investments 5 737 737
6,028,947 6,191,808

CURRENT ASSETS
Debtors 6 117,927 393,433
Cash at bank 65,661 1,118
183,588 394,551
CREDITORS
Amounts falling due within one year 7 698,890 377,730
NET CURRENT (LIABILITIES)/ASSETS (515,302 ) 16,821
TOTAL ASSETS LESS CURRENT LIABILITIES 5,513,645 6,208,629

CREDITORS
Amounts falling due after more than one
year

8

10,492,087

10,296,032
NET LIABILITIES (4,978,442 ) (4,087,403 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (4,978,542 ) (4,087,503 )
(4,978,442 ) (4,087,403 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





Dr S Naidoo - Director


EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

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


1. STATUTORY INFORMATION

Euron Developments (France) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These 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 company is exempt from preparing group accounts because it is a wholly owned subsidiary and its immediate parent undertaking is established under the law of the United Kingdom.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised when it is receivable. Where rent is received in advance, it is treated as deferred income and recognised in the year to which it relates.

Tangible fixed assets
Fixed assets are initially measured at cost and subsequently measured at cost or valuation net of any depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings freehold 2% straight line
Plant and machinery 25% straight line

Gains or losses on disposal are recognised in the profit and loss account in the period in which disposal is made.

Land and buildings is treated as a fixed asset in accordance with section 16.3A of FRS 102 on the basis that it will be used to provide a social benefit on behalf of its parent charity.

Impairment of fixed assets
At each reporting period end, the company reviews the carrying amount of its tangible 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.


EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Impairment of fixed assets (cont.)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted.

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 the 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

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 the 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, and loans from fellow group companies, are initially recognised at the 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.


EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Basic financial liabilities (cont.)
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 initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis that the company will continue to be supported by its parent Radha Soami Satsang Beas British Isles. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 January 2022
and 31 December 2022 7,410,517
DEPRECIATION
At 1 January 2022 1,219,446
Charge for year 162,861
At 31 December 2022 1,382,307
NET BOOK VALUE
At 31 December 2022 6,028,210
At 31 December 2021 6,191,071

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 737
NET BOOK VALUE
At 31 December 2022 737
At 31 December 2021 737

EURON DEVELOPMENTS (FRANCE) LIMITED (REGISTERED NUMBER: 08602317)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 68,951 385,028
Other debtors 48,976 8,405
117,927 393,433

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors - 373,442
Amounts owed to group undertakings 684,342 -
Taxation and social security 12,148 2,607
Other creditors 2,400 1,681
698,890 377,730

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Other creditors 10,492,087 10,296,032

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rajinder Jassal BA(Hons) FCA DChA (Senior Statutory Auditor)
for and on behalf of Jassal and Company

10. ULTIMATE CONTROLLING PARTY

Radha Soami Satsang Beas British Isles (RSSB British Isles) a registered charity in the United Kingdom, is regarded by the directors of the company as the immediate and the ultimate parent undertaking.

The largest and smallest group of undertakings for which publically available consolidated accounts are prepared is that headed by Radha Soami Satsang Beas British Isles. Copies of the consolidated accounts can be obtained from its registered office located at Haynes Park, Church End, Haynes, Bedford, Bedfordshire, MK45 3BL.

11. SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking Registered office Class of share % Held direct

EDFL Villeneuve SARL France Ordinary 100