Registered number
03076390
Eurojag Limited
Unaudited Filleted Accounts
31 January 2024
Eurojag Limited
Registered number: 03076390
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,283 26,503
Current assets
Stocks 595,052 641,737
Debtors 4 185,589 242,716
Cash at bank and in hand 5,631 6,878
786,272 891,331
Creditors: amounts falling due within one year 5 (512,143) (610,500)
Net current assets 274,129 280,831
Total assets less current liabilities 296,412 307,334
Creditors: amounts falling due after more than one year 6 (13,333) (23,333)
Provisions for liabilities (6,222) (5,036)
Net assets 276,857 278,965
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 275,857 277,965
Shareholders' funds 276,857 278,965
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.
Peter Robertshaw
Director
Approved by the board on 31 October 2024
Eurojag Limited
Notes to the Accounts
for the year ended 31 January 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
The director having regard to the nature, size and complexity of the business, has considered the financial risks affecting the company and it's operations for the 12 months from the approval of the accounts. The director has determined that they do not create a material uncertainty that casts doubt on the ability of the company to continue as a going concern and on this basis the director considers it appropriate to prepare the accounts on a going concern basis.
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.
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:
Computer equipment 25% straight line
Plant and machinery 15% on written down value
Fixtures, fittings, tools and equipment 10% on written down value
Motor vehicles 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 163,507 19,995 183,502
Additions 1,240 - 1,240
At 31 January 2024 164,747 19,995 184,742
Depreciation
At 1 February 2023 142,210 14,789 156,999
Charge for the year 4,159 1,301 5,460
At 31 January 2024 146,369 16,090 162,459
Net book value
At 31 January 2024 18,378 3,905 22,283
At 31 January 2023 21,297 5,206 26,503
4 Debtors 2024 2023
£ £
Trade debtors 26,539 9,442
Other debtors 159,050 233,274
185,589 242,716
5 Creditors: amounts falling due within one year 2024 2023
£ £
Loans and overdrafts 176,804 267,637
Trade creditors 62,138 71,234
Taxation and social security costs 128,779 76,745
Other creditors 144,422 194,884
512,143 610,500
6 Creditors: amounts falling due after one year 2024 2023
£ £
Loans 13,333 23,333
7 Loans and overdrafts 2024 2023
£ £
Creditors include:
Bank overdrafts 176,804 267,637
Other loans 13,333 23,333
190,137 290,970
The bank overdraft is secured by way of a fixed and floating charge over the assets and interests of the company. The hire purchase creditors and other loans are secured on the assets to which they relate and by way of a personal guarantee from the director.
8 Related party transactions
Transactions with entities under common control 2024 2023
£ £
Monies received on behalf of entity under common control 281,559 63,608
Expenses paid on behalf of entity under common control (234,602) (245,507)
Balance due from entity under common control (134,942) (181,899)
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Peter Robertshaw
Directors loan 105,811 74,380 (109,599) 70,592
105,811 74,380 (109,599) 70,592
10 Controlling party
The company is under the control of the sole director and shareholder Peter Robertshaw.
11 Other information
Eurojag Limited is a private company limited by shares and incorporated in England. Its registered office is:
Sovereign House
Neasham Road
Darlington
Co Durham
DL3 9QL
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