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REGISTERED NUMBER: 11212088 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EURICOM UK LIMITED

EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EURICOM UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: P Buscaglia
J E Carter





REGISTERED OFFICE: The Brands House
61 Kings Road
Halstead
Essex
CO9 1HA





REGISTERED NUMBER: 11212088 (England and Wales)





AUDITORS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 59,205 -
Debtors 4 995,605 1,016,558
Cash at bank 130,842 27,140
1,185,652 1,043,698
CREDITORS
Amounts falling due within one year 5 1,285,864 1,177,272
NET CURRENT LIABILITIES (100,212 ) (133,574 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(100,212

)

(133,574

)

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings (101,212 ) (134,574 )
SHAREHOLDERS' FUNDS (100,212 ) (133,574 )

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 8 March 2024 and were signed on its behalf by:





J E Carter - Director


EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Euricom UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets, 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 entity after deducting all of its financial liabilities.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company has made a profit for the year and at the year end had Net Liabilities of £101,212. A loss was made in the previous year due to loss-making contracts which prompted a review of the business with a view to focus on cost management. As a result of this, the company has returned to profitability and this is expected to continue.

The directors will endeavour to ensure that the company has sufficient working capital to meet its requirements for the foreseeable future. The directors will continue to carefully monitor the situation and have alternative plans in place should the need arise.

In light of the above, the directors have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 929,609 747,361
Other debtors 25,000 197,621
Corporation tax recoverable - 4,272
VAT 35,795 67,304
Prepayments and accrued income 5,201 -
995,605 1,016,558

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 829,489 272,250
Amounts owed to participating interests 428,906 631,977
Other creditors - 200,000
Accruals and deferred income 27,469 73,045
1,285,864 1,177,272

EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other creditors - 200,000

The Other creditors were secured by a fixed charge over the book debts and other assets of the company.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1.00 1,000 1,000

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

The Report of the Auditors was unqualified.

Steven Coombe FCA (Senior Statutory Auditor)
for and on behalf of Burnside

9. RELATED PARTY DISCLOSURES

At 31 December 2023, the company owed £739,294 to its parent undertaking and the other group companies it controls. In 2022, the company was owed £47,959 by group companies. During the year, the company charged management fees of £329,666 (2022 - £123,193), recharged freight and duty of £755,164 (2022 - £543,241) and other miscellaneous recharges of £45,993 (2022 - £761,503). Total purchases of goods from the group were £3,058,434 (2022 - £4,231,213).

At 31 December 2023, the company owed £428,906 (2022 - £631,977) to a company related through a minority interest in the issued share capital and as the party responsible for the administrative affairs of the company. During the year, the management charges incurred amounted to £461,594 (2022 - £312,514) and other recharges including freight and duty amounted to £365,080 (2022 - £790,467).

All these balances are unsecured, interest-free, and are repayable on demand.They are included within trade debtors and trade creditors in these financial statements where not otherwise disclosed.

At 31 December 2023, the company owed £Nil (2022 - £200,000) to the individual who controls the minority interest in the issued share capital of the company. This loan was secured on the company's assets as detailed in note 7.

EURICOM UK LIMITED (REGISTERED NUMBER: 11212088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

9. RELATED PARTY DISCLOSURES - continued

The controlling party is Euricom S.P.A..

Euricom S.P.A. prepares consolidated financial statements in which the financial statements of the company are included. Euricom S.P.A. is a company registered in Italy, with its registered office at Via Stazione 119, Valle Lomellina (PV), 27020, Pavia, Italy.