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COMPANY REGISTRATION NUMBER: 03159610
European Liner Agencies Limited
Filleted Financial Statements
31 December 2023
European Liner Agencies Limited
Financial Statements
Year ended 31st December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
European Liner Agencies Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
6,241
3,949
Current assets
Debtors
6
117,557
145,059
Cash at bank and in hand
164,252
88,285
---------
---------
281,809
233,344
Creditors: amounts falling due within one year
7
( 68,637)
( 77,977)
---------
---------
Net current assets
213,172
155,367
---------
---------
Total assets less current liabilities
219,413
159,316
---------
---------
Net assets
219,413
159,316
---------
---------
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
169,413
109,316
---------
---------
Shareholders funds
219,413
159,316
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
D. Gnerre
Director
Company registration number: 03159610
European Liner Agencies Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111 Links House, Main Road, Romford, Essex, RM2 5EL. The principal activity of the company during the year was that of shipping agents.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the profit and loss account represents the value of services provided during the year, exclusive of Value Added Tax. Revenue is recognised when the agreed services have been shipped and then the corresponding invoices are produced and sent to the customers.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leashold Property
-
Straight line over the period of the lease
Office Equipment
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employees
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1st January 2023
2,355
18,719
21,074
Additions
4,774
4,774
Disposals
( 2,939)
( 2,939)
-------
--------
--------
At 31st December 2023
2,355
20,554
22,909
-------
--------
--------
Depreciation
At 1st January 2023
2,355
14,770
17,125
Charge for the year
1,819
1,819
Disposals
( 2,276)
( 2,276)
-------
--------
--------
At 31st December 2023
2,355
14,313
16,668
-------
--------
--------
Carrying amount
At 31st December 2023
6,241
6,241
-------
--------
--------
At 31st December 2022
3,949
3,949
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
111,761
138,279
Other debtors
5,796
6,780
---------
---------
117,557
145,059
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,154
11,920
Amounts owed to group undertakings and undertakings in which the company has a participating interest
16,221
16,221
Corporation tax
25,353
17,365
Social security and other taxes
5,634
5,847
Other creditors
14,275
26,624
--------
--------
68,637
77,977
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,219
Later than 1 year and not later than 5 years
5,689
-------
-------
1,219
5,689
-------
-------
9. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified .
The senior statutory auditor was David Mercer FCCA , for and on behalf of Quay Business Advice Limited .
10. Related party transactions
During the year the company had loan transactions with its parent company, Roberto Bucci (UK) Limited. Creditors - due within one year Roberto Bucci (UK) Limited £16,221 (2022 £16,221) The loans were interest free.
11. Controlling party
During the current and previous year the company was a 95% owned subsidiary of Roberto Bucci (UK) Limited, a company incorporated in England.