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Registered number: 00430553














EURONETE (U.K.) LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
EURONETE (U.K.) LIMITED
 

COMPANY INFORMATION


Director
José Luis Guerreiro Gramaxo 




Registered number
00430553



Registered office
Norma Dene
North End

Flamborough

East Yorkshire

YO15 1LE




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
EURONETE (U.K.) LIMITED
 

CONTENTS



Page
Director's Responsibilities Statement
1
Balance Sheet
2
Notes to the Financial Statements
3 - 10

 
EURONETE (U.K.) LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1
 

 
EURONETE (U.K.) LIMITED

REGISTERED NUMBER:00430553

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
25,456
23,960

  
25,456
23,960

Current assets
  

Stocks
 6 
1,572,323
1,449,846

Debtors: amounts falling due within one year
 7 
971,881
1,070,970

Cash at bank and in hand
 8 
428,397
461,454

  
2,972,601
2,982,270

Creditors: amounts falling due within one year
 9 
(1,434,429)
(1,549,918)

Net current assets
  
 
 
1,538,172
 
 
1,432,352

Total assets less current liabilities
  
1,563,628
1,456,312

Provisions for liabilities
  

Deferred tax
  
(10,360)
(5,990)

  
 
 
(10,360)
 
 
(5,990)

Net assets
  
1,553,268
1,450,322


Capital and reserves
  

Called up share capital 
  
56,324
56,324

Share premium account
  
163,636
163,636

Profit and loss account
  
1,333,308
1,230,362

  
1,553,268
1,450,322


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
José Luis Guerreiro Gramaxo
Director

Date: 25 September 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2
 

 
EURONETE (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Euronete (UK) Limited is a limited company incorporated in the United Kingdom. The registered office is Norma Dene, North End, Flamborough, East Yorkshire, YO15 1LE. 
The principal activity of the company is the distribution of fishing products, such as netting, ropes, twines and marine hardware to the UK and Irish market. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
This assessment is based on the understanding that the company will continue to trade profitably. Management also regularly review forecasts to consider the availability of working capital to ensure there is adequate liquidity to be able to continue to meet obligations as they arise. As part of this assessment, management have considered possible downside scenarios and concluded that there are adequate reserves in place to meet its obligations as they fall due. 
As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3
 

 
EURONETE (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4
 

 
EURONETE (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5
 

 
EURONETE (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Fixtures & fittings
-
25%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6
 

 
EURONETE (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the director, during the year was 6 (2022 - 6).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
151,864



At 31 December 2023

151,864



Amortisation


At 1 January 2023
151,864



At 31 December 2023

151,864



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7
 

 
EURONETE (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
53,170
102,733
155,903


Additions
9,800
-
9,800


Cost adjustment 
-
7,991
7,991



At 31 December 2023

62,970
110,724
173,694



Depreciation


At 1 January 2023
31,659
100,284
131,943


Charge for the year on owned assets
6,769
1,535
8,304


Depreciation adjustment
-
7,991
7,991



At 31 December 2023

38,428
109,810
148,238



Net book value



At 31 December 2023
24,542
914
25,456



At 31 December 2022
21,511
2,449
23,960


6.


Stocks

2023
2022
£
£

Raw materials and consumables
1,572,323
1,449,846



7.


Debtors

2023
2022
£
£


Trade debtors
895,918
990,731

Amounts owed by group undertakings
29,067
20,730

Other debtors
8,877
25,439

Prepayments and accrued income
38,019
34,070

971,881
1,070,970


Page 8
 

 
EURONETE (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
428,397
461,454



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,527
68,580

Amounts owed to group undertakings
1,253,850
1,299,238

Corporation tax
7,939
-

Other taxation and social security
136,649
160,594

Other creditors
-
10,542

Accruals and deferred income
21,464
10,964

1,434,429
1,549,918



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
428,397
461,454




Financial assets measured at fair value through profit or loss comprise cash at bank.


11.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancelable operating leases of £325,994 (2022 - £364,558).


12.


Related party transactions

The company has taken advantage of the exemption given under Financial Reporting Standard 102 section 1AC.35 which allows exemption from disclosure of related party transactions with other group companies. 

Page 9
 

 
EURONETE (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Ultimate parent undertaking and controlling party

The company's immediate parent undertaking is Lankhorst Euronete Portugal S.A, a company registered in Portugal. 
Lankhorst Euronete Portugal SA is owned by Oliveira Sá S.A, a company registered in Portugal, which is 100% owned by Wireco Worldgroup Holdings B.V., a company registered in the Netherlands.
The ultimate parent company is Wildcat (Dutch) B.V., a company registered in the Netherlands. 
The smallest group that the results of Euronete (UK) Limited is consolidated into is Lankhorst Euronete Portugal S.A.. The consolidated financial statements of Lankhorst Euronete Portugal S.A, are available to the public and may be obtained from their registered office at Rua De Cerfil, Maia, Portugal.
The largest group that the results of Euronete (UK) Limited is consolidated into is WireCo WorldGroup. The consolidated financial statements of WireCo WorldGroup are available to the public and may be obtained from their registered office at 2400 W. 75th Street, Prairie Village, KS 66208.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Graeme Penman (Senior Statutory Auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 10