REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
EUROMENA RESEARCH CENTER LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
EUROMENA RESEARCH CENTER LIMITED |
EUROMENA RESEARCH CENTER LIMITED (REGISTERED NUMBER: 01751783) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EUROMENA RESEARCH CENTER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
EUROMENA RESEARCH CENTER LIMITED (REGISTERED NUMBER: 01751783) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
EUROMENA RESEARCH CENTER LIMITED (REGISTERED NUMBER: 01751783) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Euromena Research Center Limited is a |
The financial statements are prepared in pounds Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest '£'. |
2. | ACCOUNTING POLICIES |
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. |
The financial statements have been prepared on a going concern basis under the historical cost convention. |
Euromena Research Center Limited is a wholly owned subsidiary of the Saudi Research and Media Group and the results of the Company are included in the consolidated financial statements of Saudi Research and Media Group. Saudi Research and Media Group is incorporated and registered in the Kingdom of Saudi Arabia. The registered office is PO Box 53108, Riyadh 11583, Saudi Arabia. |
The principal accounting policies adopted are set out below. |
Going concern |
As explained in the Director's Report, the Company ceased trading in May 2007. The director has at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements. |
The Company is dependent on the financial support of its parent undertaking, Saudi Research and Publishing Company Limited, in order to meet its obligations as they fall due. Saudi Research and Publishing Company Limited has indicated that it will continue to support the Company, thereby enabling it to meet its obligations as they fall due, for a period of not less than one year from the date of this report. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
EUROMENA RESEARCH CENTER LIMITED (REGISTERED NUMBER: 01751783) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilties |
Basic financial liabilities, includes amounts due to fellow group companies which 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the Company's obligations are discharged, cancelled, or they expire. |
Equity instruments |
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
Taxation |
The tax expense represents the sum of the tax currently payable. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
EUROMENA RESEARCH CENTER LIMITED (REGISTERED NUMBER: 01751783) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 400,000 | 400,000 |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | RELATED PARTY TRANSACTIONS |
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. |
8. | CONTROLLING PARTY |
The Company's immediate parent undertaking is Arshaq Al-Awsat Limited, a Company incorporated in Great Britain and registered in England and Wales. |
In the director's opinion the Company's ultimate parent undertaking and controlling party is Saudi Research and Media Group, which is incorporated and registered in the Kingdom of Saudi Arabia. The largest group of which Euromena Research Center Limited is a member for which group financial statements are drawn up is Saudi Research and Media Group. Copies of its group financial statements, which include the Company, are available from PO Box 53108, Riyadh 11583, Saudi Arabia. |