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REGISTERED NUMBER: 04343615 (England and Wales)














EUROFAST (HOLDINGS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023






EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EUROFAST (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: S G H Such
Mrs S E Such



SECRETARY: Mrs S E Such



REGISTERED OFFICE: Sankyns Green
Little Witley
Worcester
Worcestershire
WR6 6LQ



REGISTERED NUMBER: 04343615 (England and Wales)



BANKERS: National Westminster Bank plc
24 High St
Kidderminster
Worcestershire
DY10 2DL

EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 1,125,000 1,237,500
Tangible assets 5 386,766 399,865
Investments 6 100 100
1,511,866 1,637,465

CURRENT ASSETS
Debtors 7 2,972,757 1,162,444
Cash at bank 2,916,172 4,010,551
5,888,929 5,172,995
CREDITORS
Amounts falling due within one year 8 610,175 175,811
NET CURRENT ASSETS 5,278,754 4,997,184
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,790,620

6,634,649

PROVISIONS FOR LIABILITIES 9 267 81
NET ASSETS 6,790,353 6,634,568

CAPITAL AND RESERVES
Called up share capital 10 500 500
Capital redemption reserve 500 500
Retained earnings 6,789,353 6,633,568
SHAREHOLDERS' FUNDS 6,790,353 6,634,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

BALANCE SHEET - continued
30TH JUNE 2023


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 21st February 2024 and were signed on its behalf by:





S G H Such - Director


EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023

1. STATUTORY INFORMATION

Eurofast (Holdings) 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Eurofast (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income and management charges receivable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

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

EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1st July 2022
and 30th June 2023 2,250,000
AMORTISATION
At 1st July 2022 1,012,500
Charge for year 112,500
At 30th June 2023 1,125,000
NET BOOK VALUE
At 30th June 2023 1,125,000
At 30th June 2022 1,237,500

5. TANGIBLE FIXED ASSETS
Freehold Improvements Plant and
property to property machinery Totals
£ £ £ £
COST
At 1st July 2022
and 30th June 2023 665,447 3,014 6,617 675,078
DEPRECIATION
At 1st July 2022 268,989 1,140 5,084 275,213
Charge for year 12,809 60 230 13,099
At 30th June 2023 281,798 1,200 5,314 288,312
NET BOOK VALUE
At 30th June 2023 383,649 1,814 1,303 386,766
At 30th June 2022 396,458 1,874 1,533 399,865

Included in cost of land and buildings is freehold land of £ 25,000 (2022 - £ 25,000 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1st July 2022
and 30th June 2023 100
NET BOOK VALUE
At 30th June 2023 100
At 30th June 2022 100

EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

7. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Other debtors - 37,303
Amount owed by subsidiary 691,278 662,411
Directors' current accounts 1,648,629 321,620
2,339,907 1,021,334

Amounts falling due after more than one year:
Tax 632,850 141,110

Aggregate amounts 2,972,757 1,162,444

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Tax 587,477 153,087
Social security and other taxes 948 1,039
VAT 20,900 20,900
Accrued expenses 850 785
610,175 175,811

9. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 267 81

Deferred tax
£
Balance at 1st July 2022 81
Provided during year 186
Reversal of Industrial
Buildings Allowance
Balance at 30th June 2023 267

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
500 Ordinary £1 500 500

EUROFAST (HOLDINGS) LIMITED (REGISTERED NUMBER: 04343615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th June 2023 and 30th June 2022:

2023 2022
£ £
S G H Such and Mrs S E Such
Balance outstanding at start of year 321,620 -
Amounts advanced 1,327,009 321,620
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,648,629 321,620

Interest of £35,992 (2022 - £7,427) has been charged on the directors loan during the year and is included in the profit and loss account.

12. RELATED PARTY DISCLOSURES

Dividends of £200,000 (2022 - £290,000) were received from Enduro Industrial Fasteners Limited (a wholly owned subsidiary of Eurofast (Holdings) Limited.

Rent was received of £72,000 and management charges of £417,996 from Eurofast (Holdings) Limited ( 2022 - 72,000 rent and £417,996 management charge).