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REGISTERED NUMBER: 02837068 (England and Wales)


Euromed Maritime Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 December 2023






Euromed Maritime Limited (Registered number: 02837068)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Euromed Maritime Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: Mr H Gazioglu





SECRETARY:





REGISTERED OFFICE: 2 Lockfield Avenue
Brimsdown
Enfield
EN3 7JY





REGISTERED NUMBER: 02837068 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Euromed Maritime Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Euromed Maritime Limited for the year ended 31 December 2023 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Euromed Maritime Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euromed Maritime Limited and state those matters that we have agreed to state to the director of Euromed Maritime Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euromed Maritime Limited and its director for our work or for this report.

It is your duty to ensure that Euromed Maritime Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Euromed Maritime Limited. You consider that Euromed Maritime Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Euromed Maritime 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 financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


29 July 2024

Euromed Maritime Limited (Registered number: 02837068)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 299,846 321,121
Investment property 5 799,999 799,999
1,099,845 1,121,120

CURRENT ASSETS
Inventories 6 - 47,456
Debtors 7 2,554,469 2,211,139
Cash at bank and in hand 110,052 7,907
2,664,521 2,266,502
CREDITORS
Amounts falling due within one year 8 1,495,836 1,152,395
NET CURRENT ASSETS 1,168,685 1,114,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,268,530

2,235,227

CREDITORS
Amounts falling due after more than one
year

9

(83,955

)

(153,885

)

PROVISIONS FOR LIABILITIES 12 (183,100 ) (137,710 )
NET ASSETS 2,001,475 1,943,632

Euromed Maritime Limited (Registered number: 02837068)

Statement of Financial Position - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Fair value reserve 14 562,864 603,040
Retained earnings 14 1,437,611 1,339,592
SHAREHOLDERS' FUNDS 2,001,475 1,943,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Mr H Gazioglu - Director


Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Euromed Maritime 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 as modified by the revaluation of certain assets.

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

Turnover is derived from the ordinary activities of the business and is recognised when the company has completely executed the contract.

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 - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 105,000 369,870 59,270
Additions - - 19,647
At 31 December 2023 105,000 369,870 78,917
DEPRECIATION
At 1 January 2023 5,125 180,871 33,850
Charge for year 410 28,350 11,247
At 31 December 2023 5,535 209,221 45,097
NET BOOK VALUE
At 31 December 2023 99,465 160,649 33,820
At 31 December 2022 99,875 188,999 25,420

Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 47,190 8,900 590,230
Additions 30 - 19,677
At 31 December 2023 47,220 8,900 609,907
DEPRECIATION
At 1 January 2023 40,852 8,411 269,109
Charge for year 822 123 40,952
At 31 December 2023 41,674 8,534 310,061
NET BOOK VALUE
At 31 December 2023 5,546 366 299,846
At 31 December 2022 6,338 489 321,121

Included in cost of land and buildings is freehold land of £ 84,500 (2022 - £ 84,500 ) which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 799,999
NET BOOK VALUE
At 31 December 2023 799,999
At 31 December 2022 799,999

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 676,000
Valuation in 2016 40,000
Valuation in 2017 19,999
Cost 64,000
799,999

Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. INVESTMENT PROPERTY - continued

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 64,000 64,000

Investment properties were valued on fair value basis on 31 December 2023 by the director .

The fair value of the investment properties have been assessed by the director at the year end The director is of the opinion that there has not been any material movement in the value of the properties from that of last year. There has not been significant movement in the market values of properties of a similar nature in the area where these properties are located since last year.

6. INVENTORIES
2023 2022
£    £   
Work-in-progress - 47,456

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,384,333 2,137,858
Other debtors 170,136 73,281
2,554,469 2,211,139

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 72,661 66,877
Trade creditors 1,107,030 833,086
Taxation and social security 246,380 182,336
Other creditors 69,765 70,096
1,495,836 1,152,395

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 83,955 153,885

Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 21,234

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 39,498 33,714
Bank loans 33,163 33,163
72,661 66,877

Amounts falling due between one and two years:
Bank loans - 1-2 years 33,163 33,163

Amounts falling due between two and five years:
Bank loans - 2-5 years 50,792 99,488

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 21,234

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 117,118 187,048

Bank loans are secured by way of fixed and floating charges over all the assets of the company.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 183,100 137,710

Euromed Maritime Limited (Registered number: 02837068)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 137,710
Fair value gain tax rate adj 40,176
DT on plant & machinery 5,214
Balance at 31 December 2023 183,100

Included in deferred tax provision is an amount of £173,036 (2022 - £132,860) being the tax that will arise should a sale of the investment properties realize the fair value gains provided in the accounts.

13. CALLED UP SHARE CAPITAL

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

14. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,339,592 603,040 1,942,632
Profit for the year 57,843 57,843
Fair value adjustments 40,176 (40,176 ) -
At 31 December 2023 1,437,611 562,864 2,000,475

15. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
There were transfers to and from related parties during the period .
Balance due from related parties at the year end was 117,483 (2022 - 107,426)

Persons with significant influence
They have given a personal guarantee for the loan in the company.
Credit balances with related party £60,505 (2022 - 56,654).