2022-05-012023-04-302023-04-30falseSC110658EUROROUTE 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EUROROUTE LIMITED

Registered Number
SC110658
(Scotland)

Unaudited Financial Statements for the Year ended
30 April 2023

EUROROUTE LIMITED
Company Information
for the year from 1 May 2022 to 30 April 2023

Directors

STEWART, Nadine
STEWART, Peter Henryson
STEWART, Richard Allison

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Place of Business

St Mary's Industrial Estate

Dumfries

Dumfries & Galloway

DG1 1NA


Registered Number

SC110658 (Scotland)
EUROROUTE LIMITED
Statement of Financial Position
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets63,936,4754,005,607
Investments7400400
3,936,8754,006,007
Current assets
Stocks531,07390,449
Debtors11766,798574,941
Cash at bank and on hand843,092267,002
2,140,963932,392
Creditors amounts falling due within one year12(1,799,818)(1,451,371)
Net current assets (liabilities)341,145(518,979)
Total assets less current liabilities4,278,0203,487,028
Creditors amounts falling due after one year13(1,634,058)(1,632,555)
Provisions for liabilities15(589,000)(466,000)
Net assets2,054,9621,388,473
Capital and reserves
Called up share capital50,00050,000
Profit and loss account2,004,9621,338,473
Shareholders' funds2,054,9621,388,473
The financial statements were approved and authorised for issue by the Board of Directors on 18 December 2023, and are signed on its behalf by:
STEWART, Richard Allison
Director
Registered Company No. SC110658
EUROROUTE LIMITED
Notes to the Financial Statements
for the year ended 30 April 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing group accounts.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 2% reducing balance and 1% straight line Plant and machinery - 10% reducing balance Fixtures and fittings - 25% reducing balance
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company 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.
5.Employee information

20232022
Average number of employees during the year5943
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 May 22403,9971,791,1095,398,0847,593,190
Additions-3,0491,085,3271,088,376
Disposals-(172,320)(81,000)(253,320)
At 30 April 23403,9971,621,8386,402,4118,428,246
Depreciation and impairment
At 01 May 2278,856944,1442,564,5833,587,583
Charge for year6,11175,285877,559958,955
On disposals-(12,685)(42,082)(54,767)
At 30 April 2384,9671,006,7443,400,0604,491,771
Net book value
At 30 April 23319,030615,0943,002,3513,936,475
At 30 April 22325,141846,9652,833,5014,005,607
7.Fixed asset investments
Investments in subsidiary companies represent £100 investment in Euroroute Garage Limited, £100 investment in S6 Hire Limited, £100 investment in Autoshop Online Limited and £100 investment in Euroroute Recovery Scotland Limited.

Investments in groups1

Total

££
Cost or valuation
At 01 May 22400400
At 30 April 23400400
Net book value
At 30 April 23400400
At 30 April 22400400

Notes

1Investments in group undertakings and participating interests
8.Description of financial commitments other than capital commitments
At 30 April 2023 the company had future minimum lease payments under non-cancellable operating leases of £26,250 (2022 - £41,250). At 30 April 2023 the company had capital commitments contracted for but not provided in these financial statements of £400,000 (2022 - £580,000)
9.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £119,407 (2022 - £38,865).
10.Description of nature of transactions and balances with related parties
During the year the directors had a loan account with the company. At the balance sheet date the company owed the directors £117,238 (2022 - £100,867). This loan is unsecured, interest free and repayable upon demand.
11.Debtors

2023

2022

££
Trade debtors / trade receivables699,290532,045
Other debtors6,1225,426
Prepayments and accrued income61,38637,470
Total766,798574,941
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables399,890196,612
Bank borrowings and overdrafts8,424-
Amounts owed to related parties400400
Taxation and social security256,098108,272
Finance lease and HP contracts949,8391,040,720
Other creditors180,108100,867
Accrued liabilities and deferred income5,0594,500
Total1,799,8181,451,371
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured against the assets to which they relate.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts196,749-
Other creditors1,437,3091,632,555
Total1,634,0581,632,555
Finance lease and HP contracts equal to £1,437,309 (2022 - £1,632,555) are included within other creditors and are secured against the assets to which they relate.
14.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts1,437,3091,632,555
15.Provisions for liabilities
The provision for deferred tax is made up of £862,072 (2022 - £942,000) in respect of accelerated capital allowances less £273,157 (2022 - £476,000) in respect of tax losses carried forward.

2023

2022

££
Net deferred tax liability (asset)589,000466,000
Total589,000466,000