Euro Energy Group Ltd
Registered number: 10681979
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 23,027 29,073
Current assets
Debtors 4 309,432 180,096
Cash at bank and in hand 68,384 72,004
380,052 252,100
Creditors: amounts falling due within one year 5 (152,729) (434,480)
Net current assets/(liabilities) 227,323 (182,380)
Total assets less current liabilities 250,350 (153,307)
Creditors: amounts falling due after more than one year 6 (250,237) (313,928)
Net assets/(liabilities) 113 (467,235)
Capital and reserves
Called up share capital 100 100
Profit and loss account 13 (467,335)
Shareholder's funds 113 (467,235)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Immy Valentino
Director
Approved by the board on 23 July 2024
Euro Energy Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Fixtures and fittings 20% Straight line
Motor vehicles 25% Reducing balance
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 25
3 Tangible fixed assets
Plant and machinery Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 16,244 5,753 30,249 52,246
Additions 835 - 7,400 8,235
At 31 March 2024 17,079 5,753 37,649 60,481
Depreciation
At 1 April 2023 6,715 2,598 13,860 23,173
Charge for the year 3,346 978 9,957 14,281
At 31 March 2024 10,061 3,576 23,817 37,454
Net book value
At 31 March 2024 7,018 2,177 13,832 23,027
At 31 March 2023 9,529 3,155 16,389 29,073
4 Debtors 2024 2023
£ £
Trade debtors 42,605 32,506
Prepayments 15,648 5,325
Other debtors 58,760 58,760
Accrued income 192,419 83,505
309,432 180,096
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 34,296 57,292
Other creditors (468) 150
HP Liability 5,725 8,361
Pensions - 1,648
Accrual 11,611 10,675
Corporation tax 14,879 (98)
Net Wages 11,866 6,335
PAYE and national insurance 64,656 205,304
VAT liabilities 17,539 143,848
Director's account (7,375) 965
152,729 434,480
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 250,237 313,928
7 Profit and loss account 2024
£
At 1 Apr 2022 (467,335)
Profit/(loss) for the year 479,348
Dividend (12,000)
At 31 Mar 2023 13
8 Related party transactions
Included within the creditors at the year end is £7,375 (2022: (£965)) due to the company director. During the period the company paid £35,125 in expenses on behalf of the directors and the directors introduced £26,785 into the company.
9 Controlling party
The ultimate controlling party is the director and shareholder Mr Immy Valentino.
10 Other information
Euro Energy Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 16
St. James Square
The Globe Centre
Accrington
BB5 0RE
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