Registered number
02699712
Convar Holdings Europe Limited
Unaudited Filleted Accounts
31 March 2024
Convar Holdings Europe Limited
Registered number: 02699712
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,222,091 1,857,862
Investments 4 196,866 196,866
2,418,957 2,054,728
Current assets
Debtors 5 18,501 18,791
Cash at bank and in hand 34,086 104,748
52,587 123,539
Creditors: amounts falling due within one year 6 (596,825) (335,687)
Net current liabilities (544,238) (212,148)
Total assets less current liabilities 1,874,719 1,842,580
Creditors: amounts falling due after more than one year 7 (229,087) (303,081)
Provisions for liabilities (10,410) (1,812)
Net assets 1,635,222 1,537,687
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 1,535,222 1,437,687
Shareholder's funds 1,635,222 1,537,687
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
R.A.Hensel
Director
Approved by the board on 22 October 2024
Convar Holdings Europe 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable and in accordance with the terms of the leases. Turnover includes revenue earned from the rents receivable.
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 0%
Plant and machinery 25% on written down value
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 2,066,926 38,995 2,105,921
Additions 332,127 45,984 378,111
At 31 March 2024 2,399,053 84,979 2,484,032
Depreciation
At 1 April 2023 218,602 29,457 248,059
Charge for the year - 13,882 13,882
At 31 March 2024 218,602 43,339 261,941
Net book value
At 31 March 2024 2,180,451 41,640 2,222,091
At 31 March 2023 1,848,324 9,538 1,857,862
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 196,866
At 31 March 2024 196,866
5 Debtors 2024 2023
£ £
Trade debtors 343 352
Amounts owed by group undertakings and undertakings in which the company has a participating interest 17,674 17,674
Other debtors 484 765
18,501 18,791
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,677 30,019
Trade creditors 140 2,875
Amounts owed to group undertakings and undertakings in which the company has a participating interest 492,181 246,221
Taxation and social security costs 21,705 2,623
Other creditors 52,122 53,949
596,825 335,687
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 229,087 303,081
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 106,381 183,005
Secured bank loans 259,763 333,100
The bank loan is secured by a fixed charge over a freehold property.
9 Related party transactions
Convar Deutschland GmbH. The rent received in the year was Euro 94,619 ( 2023 :Euro 94,619).
Converis GmbH. The rent received in the year was Euro 68586 (2023: Euro 68589).
10 Controlling party
The company's ultimate undertaking is Xantec Holdings Limited a company incorporated in Jersey, CCTV House, La Pouqeelaye, St Helier, Jersey, JE2 3GF.
11 Other information
Convar Holdings Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stirling House, Sunderland Quay,
Culpeper Close,
Rochester,
Kent,
ME2 4HN.
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