11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04133354 2023-04-01 2024-03-31 04133354 2024-03-31 04133354 2023-03-31 04133354 2022-04-01 2023-03-31 04133354 2023-03-31 04133354 2022-03-31 04133354 core:PlantMachinery 2023-04-01 2024-03-31 04133354 core:FurnitureFittings 2023-04-01 2024-03-31 04133354 core:MotorVehicles 2023-04-01 2024-03-31 04133354 bus:Director2 2023-04-01 2024-03-31 04133354 core:PlantMachinery 2023-03-31 04133354 core:FurnitureFittings 2023-03-31 04133354 core:MotorVehicles 2023-03-31 04133354 core:PlantMachinery 2024-03-31 04133354 core:FurnitureFittings 2024-03-31 04133354 core:MotorVehicles 2024-03-31 04133354 core:WithinOneYear 2024-03-31 04133354 core:WithinOneYear 2023-03-31 04133354 core:AfterOneYear 2024-03-31 04133354 core:AfterOneYear 2023-03-31 04133354 core:ShareCapital 2024-03-31 04133354 core:ShareCapital 2023-03-31 04133354 core:RetainedEarningsAccumulatedLosses 2024-03-31 04133354 core:RetainedEarningsAccumulatedLosses 2023-03-31 04133354 core:BetweenOneFiveYears 2024-03-31 04133354 core:BetweenOneFiveYears 2023-03-31 04133354 core:PlantMachinery 2023-03-31 04133354 core:FurnitureFittings 2023-03-31 04133354 core:MotorVehicles 2023-03-31 04133354 bus:SmallEntities 2023-04-01 2024-03-31 04133354 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04133354 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04133354 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04133354 bus:FullAccounts 2023-04-01 2024-03-31 04133354 core:ComputerEquipment 2023-04-01 2024-03-31 04133354 core:ComputerEquipment 2023-03-31 04133354 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04133354
EUROTEST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
EUROTEST LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
96,724
80,308
CURRENT ASSETS
Debtors
6
149,875
103,193
Cash at bank and in hand
8
60,047
---------
---------
149,883
163,240
CREDITORS: amounts falling due within one year
7
125,399
101,401
---------
---------
NET CURRENT ASSETS
24,484
61,839
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
121,208
142,147
CREDITORS: amounts falling due after more than one year
8
52,428
44,967
PROVISIONS
24,190
15,259
---------
---------
NET ASSETS
44,590
81,921
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
43,590
80,921
--------
--------
SHAREHOLDERS FUNDS
44,590
81,921
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EUROTEST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 November 2024 , and are signed on behalf of the board by:
Mr A M Titcomb
Director
Company registration number: 04133354
EUROTEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Studio, Benefield Road, Brigstock, Kettering, Northamptonshire, NN14 3ES.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
59,724
3,784
92,910
12,404
168,822
Additions
75,146
1,116
76,262
Disposals
( 58,076)
( 58,076)
--------
-------
---------
--------
---------
At 31 March 2024
59,724
3,784
109,980
13,520
187,008
--------
-------
---------
--------
---------
Depreciation
At 1 April 2023
35,363
2,117
42,043
8,991
88,514
Charge for the year
2,440
166
23,336
1,237
27,179
Disposals
( 25,409)
( 25,409)
--------
-------
---------
--------
---------
At 31 March 2024
37,803
2,283
39,970
10,228
90,284
--------
-------
---------
--------
---------
Carrying amount
At 31 March 2024
21,921
1,501
70,010
3,292
96,724
--------
-------
---------
--------
---------
At 31 March 2023
24,361
1,667
50,867
3,413
80,308
--------
-------
---------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
142,539
95,887
Other debtors
7,336
7,306
---------
---------
149,875
103,193
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,790
4,500
Trade creditors
25,533
8,746
Corporation tax
10,098
31,144
Social security and other taxes
46,372
30,383
Other creditors
30,606
26,628
---------
---------
125,399
101,401
---------
---------
Included within other creditors are amounts totalling £18,727 (2023 - £17,622) relating to hire purchase and finance lease agreements which are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,005
12,312
Other creditors
49,423
32,655
--------
--------
52,428
44,967
--------
--------
Included within other creditors are amounts totalling £49,423 (2023 - £32,655) relating to hire purchase and finance lease agreements which are secured by the company.
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
13,200
13,200
Later than 1 year and not later than 5 years
1,100
14,300
--------
--------
14,300
27,500
--------
--------