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Registration number: 06912798

Eurotex Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Eurotex Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Eurotex Limited

Balance Sheet

as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

137,358

134,207

Current assets

 

Stocks

47,497

59,950

Debtors

6

43,791

40,702

Cash at bank and in hand

 

249,986

127,752

 

341,274

228,404

Creditors: Amounts falling due within one year

7

(178,687)

(133,264)

Net current assets

 

162,587

95,140

Total assets less current liabilities

 

299,945

229,347

Creditors: Amounts falling due after more than one year

7

(34,899)

(40,504)

Provisions for liabilities

(32,966)

(29,526)

Net assets

 

232,080

159,317

Capital and reserves

 

Allotted, called up and fully paid share capital

67

67

Capital redemption reserve

33

33

Profit and loss account

231,980

159,217

Shareholders' funds

 

232,080

159,317

Registration number: 06912798

 

Eurotex Limited

Balance Sheet

as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mrs C Smith
Director

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 06912798.

The address of its registered office is:
11 Baring Gould Way
Horbury
Wakefield
West Yorkshire
WF4 5HX

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.

Revenue recognition

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% per annum on a reducing balance basis

Fixtures, fittings and equipment

15% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Computer equipment

33.3% per annum on a straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Exclusivity contract

20% per annum on a straight line basis

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 17 (2022 - 15).

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 September 2022

6,000

6,000

At 31 August 2023

6,000

6,000

Amortisation

At 1 September 2022

6,000

6,000

At 31 August 2023

6,000

6,000

Net book value:

At 31 August 2023

-

-

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 September 2022

85,086

100,297

61,306

246,689

Additions

1,815

31,700

427

33,942

Disposals

(377)

(5,500)

(545)

(6,422)

At 31 August 2023

86,524

126,497

61,188

274,209

Depreciation

At 1 September 2022

45,097

32,232

35,155

112,484

Charge for the year

6,243

19,096

3,915

29,254

Eliminated on disposal

(327)

(4,086)

(474)

(4,887)

At 31 August 2023

51,013

47,242

38,596

136,851

Net book value

At 31 August 2023

35,511

79,255

22,592

137,358

At 31 August 2022

39,990

68,066

26,151

134,207

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,168

1,850

Prepayments

35,361

32,398

Other debtors

4,262

6,454

 

43,791

40,702

 

Eurotex Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

7

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

6,771

6,771

Trade creditors

57,898

35,783

Directors' loan accounts

38,195

42,997

Other creditors

19,406

16,491

Accruals and deferred income

18,326

16,756

Corporation tax

38,091

14,466

178,687

133,264

Due after one year

Bank borrowings

34,899

40,504



 

Creditors: amounts falling due after more than one year

Creditors include bank loans repayable by instalments of £7,817 (2022 - £13,422 due after more than five years.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £31,471 (2022 - £52,189).