Registered number
03806032
Europe-Logistics Limited
Filleted Accounts
31 December 2023
Europe-Logistics Limited
Registered number: 03806032
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 40,842 40,842
Tangible assets 4 1,488,761 914,876
1,529,603 955,718
Current assets
Debtors 5 425,744 535,762
Cash at bank and in hand 228,195 497,763
653,939 1,033,525
Creditors: amounts falling due within one year 6 (561,948) (495,029)
Net current assets 91,991 538,496
Total assets less current liabilities 1,621,594 1,494,214
Creditors: amounts falling due after more than one year 7 (226,268) (65,684)
Provisions for liabilities (173,826) (173,826)
Net assets 1,221,500 1,254,704
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,221,400 1,254,604
Shareholders' funds 1,221,500 1,254,704
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.
Mrs Kulbir Kaur
Director
Approved by the board on 19 September 2024
Europe-Logistics 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 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.
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:
Plant and machinery 20% reducing balance
Motor vehicles 10% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 41 31
3 Intangible fixed assets £
(other than goodwill)
Cost
At 1 January 2023 40,842
At 31 December 2023 40,842
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 40,842
At 31 December 2022 40,842
Intangible fixed assets is carried forward at cost.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 7,814 1,788,069 1,795,883
Additions - 731,742 731,742
Disposals - (117,150) (117,150)
At 31 December 2023 7,814 2,402,661 2,410,475
Depreciation
At 1 January 2023 6,566 874,441 881,007
Charge for the year 249 128,386 128,635
On disposals - (87,928) (87,928)
At 31 December 2023 6,815 914,899 921,714
Net book value
At 31 December 2023 999 1,487,762 1,488,761
At 31 December 2022 1,248 913,628 914,876
5 Debtors 2023 2022
£ £
Trade debtors 113,228 151,213
Director's account 16,212 -
Other debtors 296,304 369,674
Corporation tax recoverable - 14,875
425,744 535,762
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 210,916 117,726
Trade creditors - 36,924
Director's account - 3,906
Taxation and social security costs 205,611 258,800
Other creditors 135,421 67,673
561,948 495,029
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance lease and hire purchase contracts 212,101 41,517
226,268 65,684
8 Loans/finance lease 2023 2022
£ £
Creditors include:
Bank loan and finance lase and hire purchase 423,017 193,410
The obligations under finance leases and hire purchase contracts are secured on the assets acquired using such finance.
9 Related party transactions
Included in other debtors is the amount of £158,698 (2022: £157,698) due from ELL Real Estate Ltd where Mrs Kulbir Kaur is a shareholder. There are no terms as to interest or repayment in respect of this amount.
10 Other information
Europe-Logistics Limited is a private company limited by shares and incorporated in England. Its registered office is:
39 Stretton Road
Great Glen
Leicester
LE8 9GN
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