Company registration number 05113700 (England and Wales)
CAREY EUROPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CAREY EUROPE LIMITED
COMPANY INFORMATION
Directors
M J Lahr
G H Mendoza
Secretary
G H Mendoza
Company number
05113700
Registered office
280 Bishopsgate
London
EC2M 4RB
Accountants
Ward Williams Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
CAREY EUROPE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
CAREY EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
649,108
648,611
Cash at bank and in hand
-
0
497
649,108
649,108
Creditors: amounts falling due within one year
4
(355,897)
(355,897)
Net current assets
293,211
293,211
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
293,210
293,210
Total equity
293,211
293,211

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
G H Mendoza
Director
Company registration number 05113700 (England and Wales)
CAREY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Carey Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 280 Bishopsgate London, London, EC2M 4RB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company truehad no movement in the profit or loss (2022: £30 loss) in the year ending 31 December 2023 and at that date has net current assets of £293,211 (2022: £293,211). The company is dormant, and is expected to remain inactive for the foreseeable future.

 

The financial statements have not been prepared on a going concern basis due to the current cessation of its trading activity.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

 

Financial assets are impaired where there is objective evidence that, as a result of one of more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

CAREY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when the tax paid exceeds the tax payable.

Current tax

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and current tax liabilities and current deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

 

Current tax is based on taxable profit for the year. Taxable profit differs from the total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using the tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

 

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is measured on a non-discounted basis.

2
Employees

The company had no employees during the year (2022:Nil), other than the directors. No directors received any remuneration or were members of a money purchase scheme during the year.

CAREY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
649,108
648,611
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
355,897
355,897
5
Financial commitments, guarantees and contingent liabilities

The company is contingently liable in respect of a group VAT agreement with Carey England Limited and Embarque London Limited. At 31 December 2023 the group VAT liability was £174,110 (2022: £178,542).

6
Related party transactions

Transactions with related parties who are also wholly owned subsidiaries of the ultimate controlling party have not been disclosed under Section 33.1a of FRS 102.

7
Parent company

The immediate parent undertaking and controlling party is Carey UK Limited, a company incorporated in the United Kingdom, and a subsidiary of Carey International Inc, a company incorporated in the United States of America. Carey UK Limited is the smallest group for which consolidated accounts including the company are prepared. These consolidated accounts are available from the registered office which is 280 Bishopsgate, London, EC2M 4RB. Carey International Inc is the largest group for which consolidated accounts including the company are prepared. These consolidated accounts are available from the registered office which is 4530 Wisconsin Avenue, NW Washington, DC 20016, USA.

 

The ultimate parent undertaking and controlling party is Highland Capital Management LLP, a company incorporated in the United States of America.

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