Company Registration No. 04475290 (England and Wales)
Euroteck Systems UK Limited
Unaudited accounts
for the year ended 30 September 2024
Euroteck Systems UK Limited
Unaudited accounts
Contents
Euroteck Systems UK Limited
Statement of financial position
as at 30 September 2024
Tangible assets
135,114
111,701
Inventories
379,328
149,805
Cash at bank and in hand
461,764
234,188
Creditors: amounts falling due within one year
(780,375)
(246,093)
Net current assets
379,604
387,031
Total assets less current liabilities
514,718
498,732
Creditors: amounts falling due after more than one year
(134,522)
(178,074)
Provisions for liabilities
Deferred tax
(19,200)
(19,850)
Net assets
360,996
300,808
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss account
360,994
300,806
Shareholders' funds
360,996
300,808
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by
C Sampson
Director
Company Registration No. 04475290
Euroteck Systems UK Limited
Notes to the Accounts
for the year ended 30 September 2024
Euroteck Systems UK Limited is a private company, limited by shares, registered in England and Wales, registration number 04475290. The registered office is NDT House 61 Kepler, Lichfield Road Industrial Estate, Tamworth, Staffordshire, B79 7XE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised once the service is provided.
The accounts are presented in £ sterling.
The financial statements are rounded to the nearest £1.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
33% straight line
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Euroteck Systems UK Limited
Notes to the Accounts
for the year ended 30 September 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Goodwill
At 30 September 2024
10,000
At 30 September 2024
10,000
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2023
263,748
124,095
2,923
58,500
449,266
Additions
-
62,792
-
-
62,792
At 30 September 2024
263,748
186,887
2,923
58,500
512,058
At 1 October 2023
190,423
90,532
2,923
53,687
337,565
Charge for the year
18,327
16,239
-
4,813
39,379
At 30 September 2024
208,750
106,771
2,923
58,500
376,944
At 30 September 2024
54,998
80,116
-
-
135,114
At 30 September 2023
73,325
33,563
-
4,813
111,701
Euroteck Systems UK Limited
Notes to the Accounts
for the year ended 30 September 2024
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
54,942
17,461
Amounts falling due within one year
Trade debtors
305,543
224,969
Accrued income and prepayments
13,344
23,462
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
50,000
50,000
Obligations under finance leases and hire purchase contracts
12,731
7,110
Trade creditors
579,952
104,659
Taxes and social security
48,209
21,399
Other creditors
27,447
30,285
Loans from directors
29,000
112
The loans in respect of hire purchase agreements are secured against the assets in which they relate.
The bank loan is a Coronovirus Interruption Loan Scheme (CIBILS) and is secured on the assets of the business upto a maximum of 20% of the outstanding balance. The interest rate charged on the loan is 2.5% and the loan term is 5 years.
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
32,888
-
Other creditors
68,301
94,741
The loans in respect of hire purchase agreements are secured against the assets in which they relate.
The bank loan is a Coronovirus Interruption Loan Scheme (CIBILS) and is secured on the assets of the business upto a maximum of 20% of the outstanding balance. The interest rate charged on the loan is 2.5% and the loan term is 5 years.
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
Euroteck Systems UK Limited
Notes to the Accounts
for the year ended 30 September 2024
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company into the fund and amounted to £38,734 (2023 - £37,452). Contributions totalling £1,009 (2023 - £nil) were payable to the fund at the balance sheet date.
11
Operating lease commitments
2024
2023
At 30 September 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
41,958
41,958
Later than one year and not later than five years
28,750
51,750
12
Transactions with related parties
The director Mr C Sampson, is also a director of SW Machines Limited. At the balance sheet date £- (2023 - £3,845) is due from SW Machines Limited.
13
Average number of employees
During the year the average number of employees was 11 (2023: 11).