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Company No: 05363638 (England and Wales)

EUROTRACK LIMITED

Unaudited Financial Statements
For the financial period from 01 February 2023 to 31 March 2024
Pages for filing with the registrar

EUROTRACK LIMITED

Unaudited Financial Statements

For the financial period from 01 February 2023 to 31 March 2024

Contents

EUROTRACK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
EUROTRACK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.01.2023
£ £
Fixed assets
Tangible assets 4 15,215 19,961
15,215 19,961
Current assets
Stocks 964,761 1,293,034
Debtors 5 201,760 63,217
Cash at bank and in hand 2,681,571 2,893,421
3,848,092 4,249,672
Creditors: amounts falling due within one year 6 ( 248,989) ( 363,312)
Net current assets 3,599,103 3,886,360
Total assets less current liabilities 3,614,318 3,906,321
Provision for liabilities 8,010 ( 4,990)
Net assets 3,622,328 3,901,331
Capital and reserves
Called-up share capital 150 150
Profit and loss account 3,622,178 3,901,181
Total shareholders' funds 3,622,328 3,901,331

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Eurotrack Limited (registered number: 05363638) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr R F Hunt
Director
Mrs L B Hunt
Director

13 August 2024

EUROTRACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 February 2023 to 31 March 2024
EUROTRACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 February 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eurotrack Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hawksmere, Hempstead, Holt, NR25 6JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

During the period the Company extended its year end to 31 March to align with the tax year. The financial statements are therefore for the 14 month period ended 31 March 2024 and are not directly comparable to the prior 12 month period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
01.02.2023 to
31.03.2024
Year ended
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 60,000 60,000
At 31 March 2024 60,000 60,000
Accumulated amortisation
At 01 February 2023 60,000 60,000
At 31 March 2024 60,000 60,000
Net book value
At 31 March 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2023 2,951 74,304 48,350 17,221 142,826
Additions 0 0 0 440 440
Disposals 0 ( 3,330) 0 0 ( 3,330)
At 31 March 2024 2,951 70,974 48,350 17,661 139,936
Accumulated depreciation
At 01 February 2023 0 66,760 40,866 15,239 122,865
Charge for the financial period 0 2,138 2,183 625 4,946
Disposals 0 ( 3,090) 0 0 ( 3,090)
At 31 March 2024 0 65,808 43,049 15,864 124,721
Net book value
At 31 March 2024 2,951 5,166 5,301 1,797 15,215
At 31 January 2023 2,951 7,544 7,484 1,982 19,961

5. Debtors

31.03.2024 31.01.2023
£ £
Trade debtors 43,497 4,952
Prepayments 158,263 2,670
Other debtors 0 55,595
201,760 63,217

6. Creditors: amounts falling due within one year

31.03.2024 31.01.2023
£ £
Trade creditors 19,383 14,814
Amounts owed to directors 213,477 230,662
Accruals 4,725 3,930
Taxation and social security 11,404 113,906
248,989 363,312

The Director loans are repayable on demand. No interest is charged.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2024 31.01.2023
£ £
within one year 18,663 15,000
between one and five years 39,575 3,750
58,238 18,750