Registered number
02697432
Convar Europe Limited
Unaudited Filleted Accounts
31 March 2024
Convar Europe Limited
Registered number: 02697432
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 16,016 24,024
Tangible assets 4 169,778 212,274
185,794 236,298
Current assets
Stocks 759,428 664,301
Debtors 5 560,665 407,196
Cash at bank and in hand 414,444 615,794
1,734,537 1,687,291
Creditors: amounts falling due within one year 6 (893,832) (834,402)
Net current assets 840,705 852,889
Total assets less current liabilities 1,026,499 1,089,187
Provisions for liabilities (36,022) (40,005)
Net assets 990,477 1,049,182
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 980,477 1,039,182
Shareholder's funds 990,477 1,049,182
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 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, 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.
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 25% on written down value
Motor vehicle 25% on written down value
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.
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 80,080
At 31 March 2024 80,080
Amortisation
At 1 April 2023 56,056
Provided during the year 8,008
At 31 March 2024 64,064
Net book value
At 31 March 2024 16,016
At 31 March 2023 24,024
Goodwill is being written off in equal instalments over its economic life.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 407,870 27,161 435,031
Additions 14,119 - 14,119
At 31 March 2024 421,989 27,161 449,150
Depreciation
At 1 April 2023 219,362 3,395 222,757
Charge for the year 50,675 5,940 56,615
At 31 March 2024 270,037 9,335 279,372
Net book value
At 31 March 2024 151,952 17,826 169,778
At 31 March 2023 188,508 23,766 212,274
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 535,755 375,087
Other debtors 24,910 32,109
560,665 407,196
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 43,494 64,961
Amounts owed to group undertakings and undertakings in which the company has a participating interest 351,445 192,724
Taxation and social security costs (40,575) (38,026)
Other creditors 539,468 614,743
893,832 834,402
7 Controlling party
The controlling party is Convar Holdings Europe Limited a company incorporated in England.
8 Other information
Convar 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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