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Registered number: 08774249
EUROPA FOOD STORE LTD
Unaudited Financial Statements
For The Year Ended 30 November 2023
Kirtley Qureshi & Co
Unit 9 Twelve o'clock court
21 Attercliffe Road
Sheffield
S4 7WW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08774249
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 40,751 50,938
Investments 5 460,000 460,000
500,751 510,938
CURRENT ASSETS
Stocks 6 30,752 24,513
Debtors 7 - 26,184
Cash at bank and in hand 20,130 50,044
50,882 100,741
Creditors: Amounts Falling Due Within One Year 8 (96,050 ) (145,823 )
NET CURRENT ASSETS (LIABILITIES) (45,168 ) (45,082 )
TOTAL ASSETS LESS CURRENT LIABILITIES 455,583 465,856
Creditors: Amounts Falling Due After More Than One Year 9 (111,074 ) (121,722 )
NET ASSETS 344,509 344,134
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 344,508 344,133
SHAREHOLDERS' FUNDS 344,509 344,134
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr MAJED MOHAMMED
Director
14/02/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
EUROPA FOOD STORE LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08774249 . The registered office is 27-29 PORT STREET, EVESHAM, WR11 3LD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20
Computer Equipment 20
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 124,271 14,703 138,974
As at 30 November 2023 124,271 14,703 138,974
Depreciation
As at 1 December 2022 78,210 9,826 88,036
Provided during the period 9,212 975 10,187
As at 30 November 2023 87,422 10,801 98,223
Net Book Value
As at 30 November 2023 36,849 3,902 40,751
As at 1 December 2022 46,061 4,877 50,938
5. Investments
Other
£
Cost
As at 1 December 2022 460,000
As at 30 November 2023 460,000
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 460,000
As at 1 December 2022 460,000
6. Stocks
2023 2022
as restated
£ £
Finished goods 30,752 24,513
7. Debtors
2023 2022
as restated
£ £
Due within one year
Other taxes and social security - 26,184
- 26,184
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 42,342 68,173
Corporation tax 18,598 53,443
Other taxes and social security 12,844 -
VAT 153 1,570
Other creditors 12,227 12,227
Director's loan account 9,886 10,410
96,050 145,823
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 23,379 34,027
Directors loan account 87,695 87,695
111,074 121,722
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 1 1
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