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REGISTERED NUMBER: 03469329 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

European Exhaust & Catalyst Limited

European Exhaust & Catalyst Limited (Registered number: 03469329)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


European Exhaust & Catalyst Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mr P Clark





SECRETARY: Mrs P C Clark





REGISTERED OFFICE: Units 2-3 Parklands Industrial Estate
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6TJ





REGISTERED NUMBER: 03469329 (England and Wales)





ACCOUNTANTS: Sheppard & Co Limited
Chartered Accountants
West Barn, c/o Down Farm
Hindon
Salisbury
Wiltshire
SP3 5TA

European Exhaust & Catalyst Limited (Registered number: 03469329)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 93,814 62,369
Investments 5 10,241 10,241
104,055 72,610

CURRENT ASSETS
Stocks 1,361,417 1,481,804
Debtors 6 2,425,248 2,196,562
Cash at bank and in hand 1,293,371 598,600
5,080,036 4,276,966
CREDITORS
Amounts falling due within one year 7 (1,925,226 ) (1,508,009 )
NET CURRENT ASSETS 3,154,810 2,768,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,258,865

2,841,567

CREDITORS
Amounts falling due after more than one
year

8

(24,588

)

(25,772

)
NET ASSETS 3,234,277 2,815,795

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,234,177 2,815,695
SHAREHOLDERS' FUNDS 3,234,277 2,815,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:




Mr P Clark - Director


European Exhaust & Catalyst Limited (Registered number: 03469329)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

European Exhaust & Catalyst 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements relate to European Exhaust & Catalyst Limited as an individual entity.

Turnover
Turnover represents the value of goods supplied, excluding value added tax. Turnover is recognised at the point of delivery which is also the date of the raising of the invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 50% on cost and 25% - 33% straight line
Motor vehicles - Straight line over 3 years
Equipment - 50% on cost, 25% straight line and Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is determined by the estimated selling price in the ordinary course of business less any associated selling costs. Obsolete and slow moving items are calculated based on the usage of raw materials and demand for finished goods.

Financial instruments
Financial instruments are recognised in line with sections 11 and 12 of FRS102.

Basic financial instruments, such as bank and cash, loans,amounts due to/from group undertakings, trade receivables and payables are initially recognised at transaction price, unless they constitute a financing arrangement, when the transaction is measured at the present vale of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings

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.


European Exhaust & Catalyst Limited (Registered number: 03469329)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest element of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 70 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Equipment Totals
£    £    £    £   
COST
At 1 December 2022 801,192 137,023 215,727 1,153,942
Additions 29,435 38,177 7,730 75,342
Disposals - (43,435 ) - (43,435 )
At 30 November 2023 830,627 131,765 223,457 1,185,849
DEPRECIATION
At 1 December 2022 757,708 124,692 209,173 1,091,573
Charge for year 20,230 18,851 4,816 43,897
Eliminated on disposal - (43,435 ) - (43,435 )
At 30 November 2023 777,938 100,108 213,989 1,092,035
NET BOOK VALUE
At 30 November 2023 52,689 31,657 9,468 93,814
At 30 November 2022 43,484 12,331 6,554 62,369

European Exhaust & Catalyst Limited (Registered number: 03469329)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 28,182
At 30 November 2023 28,182
DEPRECIATION
Charge for year 5,480
At 30 November 2023 5,480
NET BOOK VALUE
At 30 November 2023 22,702

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 10,241
NET BOOK VALUE
At 30 November 2023 10,241
At 30 November 2022 10,241

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,576,504 1,552,805
Amounts owed by participating interests 679,487 368,226
Other debtors 169,257 275,531
2,425,248 2,196,562

Deferred tax asset
30.11.23 30.11.22
£    £   
Depreciation in excess of
capital allowances (7,310 ) 2,411
Tax losses carried forward 28,476 136,460
21,166 138,871

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 9) 66,177 165,545
Hire purchase contracts (see note 10) 7,400 -
Trade creditors 732,585 774,231
Amounts owed to participating interests 431,084 141,749
Social security and other taxes 45,059 42,585
Other creditors 117,316 85,782
Accruals and deferred income 525,605 298,117
1,925,226 1,508,009

European Exhaust & Catalyst Limited (Registered number: 03469329)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 9) 15,590 25,772
Hire purchase contracts (see note 10) 8,998 -
24,588 25,772

9. LOANS

Bounceback Loan
The company has received a bounceback loan. This loan is unsecured, interest and repayment free for the first 12 months, followed by 60 repayments with an interest rate of 2.5%.

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 7,400 -
Between one and five years 8,998 -
16,398 -

11. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank overdrafts 55,998 155,548
Hire purchase contracts 16,398 -
72,396 155,548

At the year end the bank overdraft was secured by a debenture over the company's assets and a cross guarantee with other Companies under common control.

In addition, the Director provided a personal guarantee limited to the sum of £125,000 in respect of the company obligations to its bankers.

The Hire Purchase agreements are secured on the assets to which they relate.

12. CONTINGENT LIABILITIES

The company has provided a cross guarantee to the company's bankers in respect of a company under common control . The guarantee is restricted to £100,000. At the year end the bank borrowings of that company amounted to £25,769 (2022: £35,769).