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Registered number: 11782756
Europe Africa Ventures (UK) Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Tax and Advise Ltd
19 The Circle
Queen Elizabeth Street
London
SE1 2JE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11782756
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,480 2,041
1,480 2,041
CURRENT ASSETS
Debtors 5 47,564 57,589
Cash at bank and in hand 804,482 474,452
852,046 532,041
Creditors: Amounts Falling Due Within One Year 6 (640,734 ) (324,950 )
NET CURRENT ASSETS (LIABILITIES) 211,312 207,091
TOTAL ASSETS LESS CURRENT LIABILITIES 212,792 209,132
NET ASSETS 212,792 209,132
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Profit and Loss Account 211,792 208,132
SHAREHOLDERS' FUNDS 212,792 209,132
Page 1
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Makram Ebeid
Director
24/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Europe Africa Ventures (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11782756 . The registered office is 19 The Circle , Queen Elizabeth Street, London, SE1 2JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment 20% Straight Line Method
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Office Equipment
£
Cost
As at 1 February 2023 2,808
As at 31 January 2024 2,808
Depreciation
As at 1 February 2023 767
Provided during the period 561
As at 31 January 2024 1,328
Net Book Value
As at 31 January 2024 1,480
As at 1 February 2023 2,041
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 795 25,815
Prepayments and accrued income - 1,447
Europe Africa Ventures SARL 29,318 29,318
VAT 969 9
Director's loan account 15,482 -
Called up share capital not paid 1,000 1,000
47,564 57,589
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 373,639 86,191
Bank loans and overdrafts 17,465 24,388
Corporation tax 990 8,340
Other taxes and social security 26,337 45,710
Net wages 222,303 47,596
Accruals and deferred income - 98,112
Director's loan account - 14,613
640,734 324,950
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7. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 1,000 1,000
Amount of Allotted, Called Up Share Capital 1,000 1,000
8. Directors Advances, Credits and Guarantees
Included within debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Makram Ebeid 14,613 30,095 - - (15,482 )
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
The ultimate parent company is Europe Africa Ventures SARL a company incorporated in Spain. During the year, the company made services amounting to £413,480 (2023 : £85,820) from Europe Africa Ventures SARL and the outstanding crediors as on 31.01.2024 is £315,368 ( 2023 : £85,820) included in note no.6.
Also, There is no any movement in loan to Europe Africa Ventures SARL which has closing balance of £29,318 (2023 : £29,318) and is included in Note 5.
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr Makram Ebeid by virtue of his ownership of 75% of the issued share capital in the company.
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