Registered number
03350196
EUROTEC 97 LIMITED
Report and Accounts
31 December 2023
EUROTEC 97 LIMITED
Registered number: 03350196
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,181 787
Tangible assets 4 113,050 73,342
114,231 74,129
Current assets
Stocks 218,600 153,300
Debtors 5 19,379 3,801
Cash at bank and in hand 72,024 128,433
310,003 285,534
Creditors: amounts falling due within one year 6 (195,536) (89,643)
Net current assets 114,467 195,891
Total assets less current liabilities 228,698 270,020
Creditors: amounts falling due after more than one year 7 (25,824) (68,457)
Provisions for liabilities (22,546) (10,671)
Net assets 180,328 190,892
Capital and reserves
Called up share capital 1,044 1,044
Profit and loss account 179,284 189,848
Shareholders' funds 180,328 190,892
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Gates
Director
Approved by the board on 17 September 2024
EUROTEC 97 LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33.33% on cost
Plant and machinery 20% on cost
Fixtures, fittings, tools and equipment 15% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Cost
At 1 January 2023 787
Additions 394
At 31 December 2023 1,181
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 1,181
At 31 December 2022 787
4 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 January 2023 785 140,986 983 142,754
Additions - 77,013 - 77,013
At 31 December 2023 785 217,999 983 219,767
Depreciation
At 1 January 2023 493 68,217 702 69,412
Charge for the year 44 37,062 199 37,305
At 31 December 2023 537 105,279 901 106,717
Net book value
At 31 December 2023 248 112,720 82 113,050
At 31 December 2022 292 72,769 281 73,342
5 Debtors 2023 2022
£ £
Trade debtors 13,000 -
Other debtors 6,379 3,801
19,379 3,801
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 42,633 39,932
Trade creditors 23,760 24,909
Other taxes and social security costs 8,375 316
Other creditors 120,768 24,486
195,536 89,643
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,824 68,457
8 Controlling party
The company is under the control of joint directors and shareholders Mr M Gates and Mr S Gates.
9 Related party transactions
Included in other creditors is an amount of £119,056 owed to the directors as at the year end (2022 - £22,831). This loan is interest free and repayable on demand.
# Grant disclosure
During the year, the company received grants of £NIL (2022 - £1,000). The accounting policy adopted is the accrual model.
# Other information
EUROTEC 97 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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