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Registration number: SC123638

Eurorisk Partners Limited

Filleted Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 30 September 2023

 

Eurorisk Partners Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Eurorisk Partners Limited

Company Information

Director

Douglas Smith

Company secretary

Giselle Hamill

Registered office

Tweed Lodge
Kerfield
Peebles
EH45 8LY

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Eurorisk Partners Limited
for the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eurorisk Partners Limited for the period ended 30 September 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member/member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of Eurorisk Partners Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Eurorisk Partners Limited and state those matters that we have agreed to state to the Board of Directors of Eurorisk Partners Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eurorisk Partners Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Eurorisk Partners Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Eurorisk Partners Limited. You consider that Eurorisk Partners Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Eurorisk Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

13 February 2024

 

Eurorisk Partners Limited

(Registration number: SC123638)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

-

7,000

Cash at bank and in hand

 

3,271

19,986

 

3,271

26,986

Creditors: Amounts falling due within one year

6

(99,993)

(107,775)

Net liabilities

 

(96,722)

(80,789)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(96,724)

(80,791)

Shareholders' deficit

 

(96,722)

(80,789)

For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 February 2024
 

.........................................
Douglas Smith
Director

   
     
 

Eurorisk Partners Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Tweed Lodge
Kerfield
Peebles
EH45 8LY

These financial statements were authorised for issue by the director on 13 February 2024.

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.

Going concern

The company ceased trading on 30 September 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed to at the reporting date.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
services have been delivered to the customer; and
collectability of the related receivables is fairly assured.

Tax

Tax is recognised in the profit or loss of the company, except where a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Eurorisk Partners Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2023

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Deferred tax is accounted for in respect of all material timing differences. Deferred tax is charged/(credited) to the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office equipment

25% and 33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Eurorisk Partners Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2023

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1 (2022 - 1).

 

Eurorisk Partners Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

12,712

12,712

At 30 September 2023

12,712

12,712

Depreciation

At 1 April 2022

12,712

12,712

At 30 September 2023

12,712

12,712

Carrying amount

At 30 September 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

-

7,000

 

-

7,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

98,493

105,105

Accruals and deferred income

 

1,500

2,670

 

99,993

107,775

 

Eurorisk Partners Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

98,493

105,105

8

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments to director
£

Advances from director
£

At 30 September 2023
£

Interest free loan from the director

105,105

(6,709)

97

98,493

         
       

 

2022

At 1 April 2021
£

Repayments to director
£

Advances from director
£

At 31 March 2022
£

Interest free loan from the director

106,143

(2,218)

1,180

105,105