Registered number
02297854
Europa Wools Limited
Filleted Accounts
for the year ended 30 June 2024
Europa Wools Limited
Registered number: 02297854
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 795,238 803,074
Current assets
Stocks 2,749,306 3,014,218
Debtors 4 575,039 895,539
Cash at bank and in hand 1,205,968 749,000
4,530,313 4,658,757
Creditors: amounts falling due within one year 5 (1,356,593) (1,639,035)
Net current assets 3,173,720 3,019,722
Total assets less current liabilities 3,968,958 3,822,796
Creditors: amounts falling due after more than one year 6 (841,129) (1,359,749)
Provisions for liabilities (97,331) (98,034)
Net assets 3,030,498 2,365,013
Capital and reserves
Called up share capital 3,334 3,334
Capital redemption reserve 6,666 6,666
Profit and loss account 3,020,498 2,355,013
Shareholder's funds 3,030,498 2,365,013
The directors are 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 directors acknowledge their 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 Richard Morsley
Director
Approved by the board on 16 July 2024
Europa Wools Limited
Notes to the Accounts
for the year ended 30 June 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:
Land and buildings 2% on reducing balance
Plant and machinery 15% on reducing balance
Equipment, fixtures and fittings 20% on reducing balance
Motor vehicles 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 32 33
3 Tangible fixed assets
Land and buildings Plant and machinery, fixtures etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 543,845 919,166 22,000 1,485,011
Additions - 95,469 - 95,469
Disposals - (88,197) - (88,197)
At 30 June 2024 543,845 926,438 22,000 1,492,283
Depreciation
At 1 July 2023 132,908 541,822 7,207 681,937
Charge for the year 5,022 66,408 3,699 75,129
On disposals - (60,021) - (60,021)
At 30 June 2024 137,930 548,209 10,906 697,045
Net book value
At 30 June 2024 405,915 378,229 11,094 795,238
At 30 June 2023 410,937 377,344 14,793 803,074
4 Debtors 2024 2023
£ £
Trade debtors 509,092 756,386
Directors' loan accounts 1,248 19,350
Other debtors 64,699 119,803
575,039 895,539
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 318,620 387,370
Trade creditors 707,233 949,041
Taxation and social security costs 284,339 265,691
Other creditors 46,401 36,933
1,356,593 1,639,035
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 841,129 1,359,749
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,403,496 1,747,120
The total amount of secured borrowings with OakNorth Bank at the date of the balance sheet was £1,403,496 (2023 : £1,747,120). The term remaining is 3 years. The interest rate is variable at a rate of 5.59% above BOE base rate.

At the date of the balance sheet, OakNorth Bank had a fixed and floating charge over the whole assets and undertaking, a charge over the land and property known as Melbourne Mills, Albert Street, Huddersfield registered at Land Registry under title number WYK456255, and a charge in relation to a keyman insurance policy in the name of the director Mr Richard Morsley for an insured sum of £500,000.
8 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - 46,486
9 Pension commitments
The company operates a defined contribution pension scheme. The company also makes contributions to directors' private personal pension schemes. Contributions totalling £3,017 (2023 : £2,756) remained payable at the end of the period and are included in creditors.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 38,270 89,676
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Richard Morsley
Loan account with no fixed terms for repayment, overdrawn at the reporting date. (19,350) (107,898) 126,000 (1,248)
(19,350) (107,898) 126,000 (1,248)
12 Related party transactions
The directors provided a personal guarantee to the company's lender OakNorth Bank, in respect of the loans, and the company's bankers Handelsbanken, in respect of the overdraft facility and loan. The value of the security at the date of the balance sheet was as follows:
Mr Richard Morsley: £390,000 (2023 : £390,000)
13 Other information
Europa Wools Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8, The Old Railway Goods Yard
Scar Lane
Milnsbridge
Huddersfield
HD3 4PE
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