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Company No: 05108431 (England and Wales)

EUROSTOVE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

EUROSTOVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

EUROSTOVE LIMITED

BALANCE SHEET

As at 31 July 2024
EUROSTOVE LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 98,465 82,702
98,465 82,702
Current assets
Stocks 4 1,692,135 1,850,796
Debtors 5 335,108 403,092
Cash at bank and in hand 132,483 249,391
2,159,726 2,503,279
Creditors: amounts falling due within one year 6 ( 713,327) ( 1,283,087)
Net current assets 1,446,399 1,220,192
Total assets less current liabilities 1,544,864 1,302,894
Creditors: amounts falling due after more than one year 7 ( 9,750) ( 22,750)
Provision for liabilities ( 19,567) ( 15,148)
Net assets 1,515,547 1,264,996
Capital and reserves
Called-up share capital 30,000 30,000
Profit and loss account 1,485,547 1,234,996
Total shareholder's funds 1,515,547 1,264,996

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Eurostove Limited (registered number: 05108431) were approved and authorised for issue by the Board of Directors on 06 November 2024. They were signed on its behalf by:

C J Baines
Director
EUROSTOVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
EUROSTOVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eurostove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Leasehold improvements 20 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 18

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £ £
Cost
At 01 August 2023 11,994 38,286 117,788 57,431 14,749 23,214 263,462
Additions 0 0 21,465 22,114 0 0 43,579
Disposals 0 0 0 ( 15,500) 0 0 ( 15,500)
At 31 July 2024 11,994 38,286 139,253 64,045 14,749 23,214 291,541
Accumulated depreciation
At 01 August 2023 11,994 16,175 91,518 39,697 8,226 13,150 180,760
Charge for the financial year 0 1,914 8,936 12,020 978 3,322 27,170
Disposals 0 0 0 ( 14,854) 0 0 ( 14,854)
At 31 July 2024 11,994 18,089 100,454 36,863 9,204 16,472 193,076
Net book value
At 31 July 2024 0 20,197 38,799 27,182 5,545 6,742 98,465
At 31 July 2023 0 22,111 26,270 17,734 6,523 10,064 82,702

4. Stocks

2024 2023
£ £
Stocks 1,692,135 1,850,796

5. Debtors

2024 2023
£ £
Trade debtors 248,906 357,382
Other debtors 86,202 45,710
335,108 403,092

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 13,000 13,000
Trade creditors 266,100 879,570
Amounts owed to Group undertakings 164,917 90,832
Taxation and social security 225,460 290,084
Other creditors 43,850 9,601
713,327 1,283,087

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 9,750 22,750

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 10,900 76,300

Rent is due on the lease of the property Unit H1, H2, J1, J2, 6,350 sq ft extension and associated parking which is part of the building Mendip Business Park, Rooksbridge, Axbridge, Somerset ("the Estate") comprised in Title No. ST140316. The lease covers the period from 14 October 2014 to 13 October 2024. Annual rent of £65,400 plus VAT is paid in monthly instalments in advance. Payment obligations include service charges, a fair proportion of the cost of repairing, maintaining and cleaning, the cost of any works to the property which the Landlord does after the Tenant defaults. Please see the lease agreement dated 7 August 2014 for the remaining payment obligations and other terms.

9. Ultimate controlling party

Parent Company:

Eurostove Holdings Limited
Unit H2
Mendip Industrial Estate
Rooksbridge
Axbridge
Somerset
BS26 2UG

The company's immediate parent is Eurostove Holdings Limited, incorporated in England & Wales.