Caseware UK (AP4) 2023.0.135 2023.0.135 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.00Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.falsetruetrue2022-07-01No description of principal activitytrue 03543370 2022-07-01 2023-06-30 03543370 2021-07-01 2022-06-30 03543370 2023-06-30 03543370 2022-06-30 03543370 1 2022-07-01 2023-06-30 03543370 d:CompanySecretary1 2022-07-01 2023-06-30 03543370 d:Director1 2022-07-01 2023-06-30 03543370 d:Director2 2022-07-01 2023-06-30 03543370 d:RegisteredOffice 2022-07-01 2023-06-30 03543370 d:Agent1 2022-07-01 2023-06-30 03543370 c:Buildings 2022-07-01 2023-06-30 03543370 c:Buildings 2023-06-30 03543370 c:Buildings 2022-06-30 03543370 c:Buildings c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03543370 c:Buildings c:ShortLeaseholdAssets 2022-07-01 2023-06-30 03543370 c:MotorVehicles 2022-07-01 2023-06-30 03543370 c:MotorVehicles 2023-06-30 03543370 c:MotorVehicles 2022-06-30 03543370 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03543370 c:FurnitureFittings 2022-07-01 2023-06-30 03543370 c:FurnitureFittings 2023-06-30 03543370 c:FurnitureFittings 2022-06-30 03543370 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03543370 c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03543370 c:FreeholdInvestmentProperty 2022-07-01 2023-06-30 03543370 c:FreeholdInvestmentProperty 2023-06-30 03543370 c:FreeholdInvestmentProperty 2022-06-30 03543370 c:CurrentFinancialInstruments 2023-06-30 03543370 c:CurrentFinancialInstruments 2022-06-30 03543370 c:Non-currentFinancialInstruments 2023-06-30 03543370 c:Non-currentFinancialInstruments 2022-06-30 03543370 c:ShareCapital 2023-06-30 03543370 c:ShareCapital 2022-06-30 03543370 c:RevaluationReserve 2022-07-01 2023-06-30 03543370 c:RevaluationReserve 2023-06-30 03543370 c:RevaluationReserve 2022-06-30 03543370 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03543370 c:RetainedEarningsAccumulatedLosses 2023-06-30 03543370 c:RetainedEarningsAccumulatedLosses 2022-06-30 03543370 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03543370 c:AcceleratedTaxDepreciationDeferredTax 2022-06-30 03543370 d:OrdinaryShareClass1 2022-07-01 2023-06-30 03543370 d:OrdinaryShareClass1 2021-07-01 2022-06-30 03543370 d:OrdinaryShareClass1 2023-06-30 03543370 d:OrdinaryShareClass1 2022-06-30 03543370 d:FRS102 2022-07-01 2023-06-30 03543370 d:Audited 2022-07-01 2023-06-30 03543370 d:FullAccounts 2022-07-01 2023-06-30 03543370 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03543370 c:EntityControlledByKeyManagementPersonnel1 2022-07-01 2023-06-30 03543370 c:EntityControlledByKeyManagementPersonnel1 2023-06-30 03543370 c:EntityControlledByKeyManagementPersonnel1 2022-06-30 03543370 d:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

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Financial Statements
Europack Ltd
For the year ended 30 June 2023





































Registered number: 03543370

 
Europack Ltd
 

Company Information


Directors
S Ahmad 
S M Khalid 




Company secretary
S Ahmad



Registered number
03543370



Registered office
Euro House
Dale Street

Craven Arms

Shropshire

SY7 9PA




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Ireland




Bankers
The Royal Bank of Scotland
6 The Square

Shrewsbury

Shropshire

SY1 1LA




Solicitors
Shoosmiths LLP
The XYZ Building

2 Hardman Boulevard

Manchester

M3 3AZ





 
Europack Ltd
 

Contents



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11


 
Europack Ltd
Registered number:03543370

Statement of financial position
As at 30 June 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 5 
2,865
2,897

Investment property
 6 
2,185
2,290

  
5,050
5,187

Current assets
  

Stocks
 7 
-
16

Debtors: amounts falling due after more than one year
 8 
2,161
1,801

Debtors: amounts falling due within one year
 8 
68
44

Cash at bank and in hand
 9 
435
554

  
2,664
2,415

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(514)
(443)

Net current assets
  
 
 
2,150
 
 
1,972

Total assets less current liabilities
  
7,200
7,159

Provisions for liabilities
  

Deferred tax

 11 

(399)
(318)

Net assets
  
 
6,801
6,841


Capital and reserves
  

Called up share capital 
 12 
1,100
1,100

Revaluation reserve
 13 
1,927
1,927

Profit and loss account
 13 
3,774
3,814

Shareholders' funds
  
6,801
6,841


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
Europack Ltd
Registered number:03543370

Statement of financial position (continued)
As at 30 June 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S Ahmad
Director

Date: 15 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

1.


General information

Europack Limited is a private Company, limited by shares, incorporated and domiciled in England and Wales, within the United Kingdom. The address of its registered office is Euro House, Dale Street, Craven Arms, Shropshire, SY7 9PA. The principal activity of the Company is that of a hotelier.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with applicable accounting standards, including Section 1A of Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain investment properties as specified in the accounting policies below.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.3

Finance income

Finance income is recognised in profit or loss using the effective interest method.

  
2.4

Pensions

The contributions to employee pension are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position.

Page 3

 
Europack Ltd
 

Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Hotel
-
50 years
Motor vehicles
-
5 years
Fixtures and fittings
-
15 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


Page 4

 
Europack Ltd
 

Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.8

 Investment property

Investment property is carried at fair value determined annually by the directors with reference to external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Page 5

 
Europack Ltd
 

Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)


2.13
 Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small Company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following are significant management assumptions in applying the accounting policies of the Company that have the most significant effect on the financial statements.

Estimating allowance for impairment losses on tangible assets
The Company assesses impairment on tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following:

significant changes in the manner of use of the acquired assets or the strategy for overall business; and
significant negative industry or economic trends.

These assets are reviewed for impairment whenever events or changes in circumstances indicate that the  carrying amount may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable.
Page 6

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Valuation of investment properties
The Company’s investment properties are carried at revalued amount at the end of the reporting period. In determining the fair value of these assets, the Company engages the services of professional and independent appraisers applying the relevant valuation methodologies and the directors use these valuations to support their own valuation considerations.


4.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 23).


5.


Tangible fixed assets





Hotel
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000



Cost or valuation


At 1 July 2022
3,267
53
518
3,838


Additions
79
-
-
79



At 30 June 2023

3,346
53
518
3,917



Depreciation


At 1 July 2022
489
13
440
942


Charge for the year on owned assets
62
14
34
110



At 30 June 2023

551
27
474
1,052



Net book value



At 30 June 2023
2,795
26
44
2,865



At 30 June 2022
2,778
40
78
2,896

Page 7

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

6.


Investment property


Investment property

£000



Valuation


At 1 July 2022
2,290


Loss on revaluation
(105)



At 30 June 2023
2,185

The directors have considered the fair value of the Company's freehold investment property valuation at the year ended 30 June 2023. This valuation carried out by the directors is with reference to the independent valuation carried out on an open market basis by George Adams Estate Agents.





7.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
-
16



8.


Debtors

2023
2022
£000
£000

Due after more than one year

Amounts owed by related party undertakings (note 17)
2,161
1,801


Amounts owed by related party undertakings consist of a loan to Grove Park Limited of £2,161,376 (2022: £1,801,226), which bears an interest of 1% (2022: 3%) over the Bank of England base rate per annum.

2023
2022
£000
£000

Due within one year

Trade debtors
28
33

Other debtors
1
-

Prepayments and accrued income
39
11

68
44


Page 8

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

9.


Cash at bank and in hand

2023
2022
£000
£000

Cash at bank and in hand
435
554



10.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
151
120

Corporation tax
65
50

Other taxation and social security
32
36

Other creditors
10
10

Accruals and deferred income
256
227

514
443


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.


11.


Deferred taxation




2023


£000






At beginning of year
318


Charged to profit or loss in year
81



At end of year
399

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances and other timing differences
399
318

Page 9

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

12.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



1,100,001 (2022 - 1,100,001) Ordinary shares of £1.00 each
1,100
1,100



13.


Reserves

Revaluation reserve

Revaluation reserve represents the increase in value of tangible fixed assets during the transition to FRS 102.

Profit and loss account

Includes all current and prior period retained profits and losses.


14.


Related party transactions

At the year end there was an amount of £2,161,376 (2022: £1,801,226) was outstanding from Grove Park Limited, a related party due to common control over the entity, with the movement relating to interest incurred in the year. During the year, the Company earned interest income amounting to £95,941 (2022: £59,507).
During the year the Company made a donation of £8,000 (2022: £9,400) to Euro Quality Foundation. One of the directors of Europack Ltd is a trustee of Euro Quality Foundation.

15.


Controlling party

The ultimate parent Company is Ihsan Holdings Ltd, a company incorporated in the United Kingdom. Ihsan Holdings Ltd is under the control of a director, SM Khalid, and his close family members. Copies of the group finanical statements are available from Ihsan Holdings Ltd, Euro House, Dale Street, Craven Arms, Shropshire, SY7 9PA.
There is no ultimate controlling party.
The smallest and largest group to prepare consolidated financial statements is Ihsan Holdings Limited which are publicly available.


16.


Events after the financial year end

There have been no significant events affecting the Company since the year-end.
Page 10

 
Europack Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2023

17.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 15 November 2023 by Jason Crawford (Senior statutory auditor) on behalf of Grant Thornton.


Page 11