Registered number
03317256
Euro Technical Services London Limited
Report & Accounts
31 March 2024
Euro Technical Services London Limited
Registered number: 03317256
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,638 12,852
Investments 4 848,776 501,500
858,414 514,352
Current assets
Stocks 10,000 75,000
Debtors 5 169,223 55,760
Cash at bank and in hand 248,772 312,043
427,995 442,803
Creditors: amounts falling due within one year 6 (137,150) (193,564)
Net current assets 290,845 249,239
Total assets less current liabilities 1,149,259 763,591
Creditors: amounts falling due after more than one year 7 (506,936) (145,601)
Net assets 642,323 617,990
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 87,337 87,337
Profit and loss account 554,886 530,553
Shareholders' funds 642,323 617,990
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.
Mr T Patel
Director
Approved by the board on 3 October 2024
Euro Technical Services London Limited
Notes to the Accounts
for the year ended 31 March 2024
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).
Going Concern
After reviewing the company’s expectations and future trading conditions, the directors have a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investment Property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
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:
Freehold buildings over 50 years
Plant and machinery over 5 years
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Grants
Grants are recognised in the profit or loss, receivable in line with expenditure with which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 83,377 18,039 101,416
At 31 March 2024 83,377 18,039 101,416
Depreciation
At 1 April 2023 73,752 14,812 88,564
Charge for the year 2,407 807 3,214
At 31 March 2024 76,159 15,619 91,778
Net book value
At 31 March 2024 7,218 2,420 9,638
At 31 March 2023 9,625 3,227 12,852
4 Investments
Investments in Other
Buildings investments Total
£ £ £
Cost
At 1 April 2023 501,500 - 501,500
Additions 347,276 - 347,276
At 31 March 2024 848,776 - 848,776
5 Debtors 2024 2023
£ £
Trade debtors 154,223 59,760
Amounts owed by group undertakings and undertakings in which the company has a participating interest 15,000 (4,000)
169,223 55,760
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,447 5,385
Obligations under finance lease and hire purchase contracts 2,418 2,393
Trade creditors 14,067 13,500
Corporation tax 18,717 7,577
Other taxes and social security costs 20,133 7,627
Other creditors 76,368 157,082
137,150 193,564
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 506,936 143,382
Obligations under finance lease and hire purchase contracts - 2,219
506,936 145,601
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 87,337 87,337
At 31 March 2024 87,337 87,337
9 Other information
Euro Technical Services London Limited is a private company limited by shares and incorporated in England. Its registered office is:
23 Abbey Manufacturing Estate
Mount Pleasant
Wembley
Middlesex
HA0 1NR
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