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REGISTERED NUMBER: 04361486 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

EUROS STEEL LIMITED

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


EUROS STEEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs T Kara
Miss J Kara
Miss R Kara
Mrs P V Kara



SECRETARY: Mrs T Kara



REGISTERED OFFICE: 713a North Circular Road
London
NW2 7AX



REGISTERED NUMBER: 04361486 (England and Wales)



ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH



BANKERS: Barclays Commercial Bank
1-2 Trinity Way
Chingford
London
E4 8TD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
EUROS STEEL LIMITED


The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors 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 Euros Steel Limited for the year ended 31 March 2024 which comprise the Profit and loss, Balance Sheet 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 Board of Directors of Euros Steel Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euros Steel Limited and state those matters that we have agreed to state to the Board of Directors of Euros Steel Limited, as a body, 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 Euros Steel Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Euros Steel 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 Euros Steel Limited. You consider that Euros Steel 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 Euros Steel 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.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


30 July 2024

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 5,567,933 5,714,899
Investment property 6 4,120,000 4,120,000
9,687,933 9,834,899

CURRENT ASSETS
Inventories 480,000 452,000
Debtors 7 2,328,795 3,528,404
Cash at bank and in hand 2,681,361 1,342,567
5,490,156 5,322,971
CREDITORS
Amounts falling due within one year 8 5,218,848 5,501,353
NET CURRENT ASSETS/(LIABILITIES) 271,308 (178,382 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,959,241

9,656,517

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 9,959,141 9,656,417
SHAREHOLDERS' FUNDS 9,959,241 9,656,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




Miss J Kara - Director Mrs T Kara - Director




Miss R Kara - Director


EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Euros Steel 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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Revenue recognition
Revenue from the engineering work is recognised at the time of the service is rendered. Rent is recognised on a receivable basis to the balance sheet date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of five years.

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 - 1% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:
Investment properties whose fair value can be measured reliably without undue cost or effort are held
at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in
the period that they arise.

Stocks
Stocks are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.


EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 16,443
AMORTISATION
At 1 April 2023
and 31 March 2024 16,443
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 5,857,634 1,620,686 20,488
DEPRECIATION
At 1 April 2023 573,703 1,216,391 20,378
Charge for year 58,577 80,859 27
At 31 March 2024 632,280 1,297,250 20,405
NET BOOK VALUE
At 31 March 2024 5,225,354 323,436 83
At 31 March 2023 5,283,931 404,295 110

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 30,760 16,459 7,546,027
DEPRECIATION
At 1 April 2023 5,347 15,309 1,831,128
Charge for year 6,353 1,150 146,966
At 31 March 2024 11,700 16,459 1,978,094
NET BOOK VALUE
At 31 March 2024 19,060 - 5,567,933
At 31 March 2023 25,413 1,150 5,714,899

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2016 (250,000 ) - -
Valuation in 2015 121,251 - -
Cost 5,986,383 1,620,686 20,488
5,857,634 1,620,686 20,488

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2016 - - (250,000 )
Valuation in 2015 - - 121,251
Cost 30,760 16,459 7,674,776
30,760 16,459 7,546,027

Based on advice from a property agent and the directors' knowledge of the local property and rental markets, the market value of the freehold property at 31 March 2024 is not significantly different to that stated above.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,120,000
NET BOOK VALUE
At 31 March 2024 4,120,000
At 31 March 2023 4,120,000

Fair value at 31 March 2024 is represented by:
£   
Cost 4,120,000

Based on advice from a property agent and the directors' knowledge of the local property and rental markets, the market value of the investment properties at 31 March 2024 is deemed to not have changed significantly from the prior year.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 71,634 73,695
Amounts owed by connected companies 2,129,035 2,139,455
Amounts owed by group companies 76,952 59,394
Other debtors 51,174 45,579
2,328,795 2,318,123

EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors - 1,210,281

Aggregate amounts 2,328,795 3,528,404

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 975,072 1,126,789
Amounts owed to group companies 4,085,935 4,103,563
Taxation and social security 86,092 217,071
Other creditors 71,749 53,930
5,218,848 5,501,353

9. RESERVES
Retained
earnings
£   

At 1 April 2023 9,656,417
Profit for the year 302,724
At 31 March 2024 9,959,141