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Company Registration No. 03420894 (England and Wales)
EUROSHIRE LTD Unaudited accounts for the year ended 31 December 2023
EUROSHIRE LTD Unaudited accounts Contents
Page
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EUROSHIRE LTD Company Information for the year ended 31 December 2023
Directors
Samuel Lipschitz Rita Lipschitz
Secretary
Samuel Lipschitz
Company Number
03420894 (England and Wales)
Registered Office
8 MORSBY ROAD LONDON E5 9LF UNITED KINGDOM
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EUROSHIRE LTD Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
947 
1,263 
Investment property
4,599,055 
4,585,793 
4,600,002 
4,587,056 
Current assets
Debtors
29,689 
22,003 
Cash at bank and in hand
5,099 
12,102 
34,788 
34,105 
Creditors: amounts falling due within one year
(1,902,038)
(1,650,032)
Net current liabilities
(1,867,250)
(1,615,927)
Total assets less current liabilities
2,732,752 
2,971,129 
Creditors: amounts falling due after more than one year
(514,803)
(720,982)
Provisions for liabilities
Deferred tax
(300,962)
(300,962)
Net assets
1,916,987 
1,949,185 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,916,887 
1,949,085 
Shareholders' funds
1,916,987 
1,949,185 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by
Samuel Lipschitz Director Company Registration No. 03420894
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EUROSHIRE LTD Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
EUROSHIRE LTD is a private company, limited by shares, registered in England and Wales, registration number 03420894. The registered office is 8 MORSBY ROAD, LONDON, E5 9LF, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Turnover
Turnover is recognised at the fair value of rent receivable in the normal course of business
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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EUROSHIRE LTD Notes to the Accounts for the year ended 31 December 2023
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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EUROSHIRE LTD Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2023
2,548 
At 31 December 2023
2,548 
Depreciation
At 1 January 2023
1,285 
Charge for the year
316 
At 31 December 2023
1,601 
Net book value
At 31 December 2023
947 
At 31 December 2022
1,263 
5
Investment property
2023 
£ 
Fair value at 1 January 2023
4,585,793 
Additions
13,262 
At 31 December 2023
4,599,055 
Investment property is stated as per the directors' valuation undertaken on an open market basis.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
13,865 
9,239 
Amounts due from group undertakings etc.
3,960 
7,000 
Accrued income and prepayments
3,064 
3,064 
Other debtors
8,800 
2,700 
29,689 
22,003 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
909,879 
908,110 
Trade creditors
161 
2,002 
Amounts owed to group undertakings and other participating interests
220,130 
140,504 
Taxes and social security
(9,713)
10,920 
Other creditors
70,302 
60,303 
Loans from directors
705,939 
525,133 
Accruals
5,340 
3,060 
1,902,038 
1,650,032 
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EUROSHIRE LTD Notes to the Accounts for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
514,803 
536,896 
Loans from directors
- 
184,086 
514,803 
720,982 
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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