REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
European Exhaust & Catalyst Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
Equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
At 30 November 2023 |
DEPRECIATION |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 679,487 | 368,226 |
Other debtors |
Deferred tax asset |
30.11.23 | 30.11.22 |
£ | £ |
Depreciation in excess of |
capital allowances | ( |
) |
Tax losses carried forward |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to participating interests | 431,084 | 141,749 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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) |
Hire purchase contracts (see note 10) |
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 |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 16,398 | - |
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). |