Eurotop Investments Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 11322858 (England and Wales)
Eurotop Investments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Eurotop Investments Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,309
9,105
Investment properties
4
2,346,782
1,042,549
2,405,091
1,051,654
Current assets
Debtors
5
2,437
1,145
Cash at bank and in hand
40,195
789,178
42,632
790,323
Creditors: amounts falling due within one year
6
(2,425,202)
(1,825,385)
Net current liabilities
(2,382,570)
(1,035,062)
Total assets less current liabilities
22,521
16,592
Provisions for liabilities
7
(5,080)
(1,730)
Net assets
17,441
14,862
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
17,341
14,762
Total equity
17,441
14,862
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Eurotop Investments Limited
Balance Sheet (Continued)
As at 30 April 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 18 October 2024
Mr M Hirtan
Director
Company Registration No. 11322858
Eurotop Investments Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information
Eurotop Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, United Kingdom, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months following the approval of these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services provided, net of VAT to which the company has a contractual right to income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible assets.
Eurotop Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
1.6
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.
1.7
Cash at bank and in hand
Cash and cash equivalents include cash at hand and deposits held at call with banks.
1.8
Financial instruments
All the company's financial assets and liabilities are basic and measured at amortised cost.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023:1)
Eurotop Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
16,089
Additions
61,487
At 30 April 2024
77,576
Depreciation and impairment
At 1 May 2023
6,984
Depreciation charged in the year
12,283
At 30 April 2024
19,267
Carrying amount
At 30 April 2024
58,309
At 30 April 2023
9,105
4
Investment property
2024
£
Fair value
At 1 May 2023
1,042,549
Additions
1,304,233
At 30 April 2024
2,346,782
Three investment properties were purchased on the 12 July 2018, 6 April 2021, and the 21 April 2021 respectively at open market value. Two additional properties were purchased in the year on the 20 July 2023 and the 3 August 2023. In the director's opinion, the value of the properties at the balance sheet date is not materially different to the purchase price paid.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,120
Other debtors
100
100
Prepayments and accrued income
1,217
1,045
2,437
1,145
Eurotop Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,216
Other creditors
2,422,202
1,821,169
Accruals and deferred income
3,000
3,000
2,425,202
1,825,385
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,080
1,730
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Related party transactions
At the balance sheet date, included in Other Creditors is £2,416,597 (2023: £1,816,597) due to Eurotop Fixing Limited, a company 100% owned by the director Mr Hirtan.