Eurolink Corporation Limited 02527336 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of imports and exports of consumable and industrial products. Digita Accounts Production Advanced 6.30.9574.0 true 02527336 2023-03-01 2024-02-29 02527336 2024-02-29 02527336 bus:OrdinaryShareClass1 2024-02-29 02527336 core:CurrentFinancialInstruments 2024-02-29 02527336 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 02527336 core:FurnitureFittingsToolsEquipment 2024-02-29 02527336 bus:SmallEntities 2023-03-01 2024-02-29 02527336 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02527336 bus:FilletedAccounts 2023-03-01 2024-02-29 02527336 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02527336 bus:RegisteredOffice 2023-03-01 2024-02-29 02527336 bus:Director2 2023-03-01 2024-02-29 02527336 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 02527336 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02527336 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 02527336 core:OfficeEquipment 2023-03-01 2024-02-29 02527336 countries:EnglandWales 2023-03-01 2024-02-29 02527336 2023-02-28 02527336 core:FurnitureFittingsToolsEquipment 2023-02-28 02527336 2022-03-01 2023-02-28 02527336 2023-02-28 02527336 bus:OrdinaryShareClass1 2023-02-28 02527336 core:CurrentFinancialInstruments 2023-02-28 02527336 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02527336 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02527336

Eurolink Corporation Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Eurolink Corporation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Eurolink Corporation Limited

Company Information

Director

Mr Mohammed Saleem Chaudhry

Registered office

The Fieldings Annex
11 Rosken Grove
Slough
SL2 3DZ

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Eurolink Corporation Limited

(Registration number: 02527336)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,136

4,181

Current assets

 

Debtors

5

448,266

185,995

Cash at bank and in hand

 

64,568

370,819

 

512,834

556,814

Creditors: Amounts falling due within one year

6

(36,455)

(109,835)

Net current assets

 

476,379

446,979

Net assets

 

479,515

451,160

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

479,415

451,060

Shareholders' funds

 

479,515

451,160

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Eurolink Corporation Limited

(Registration number: 02527336)
Balance Sheet as at 29 February 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 November 2024
 

.........................................

Mr Mohammed Saleem Chaudhry
Director

 

Eurolink Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Fieldings Annex
11 Rosken Grove
Slough
SL2 3DZ
United Kingdom

These financial statements were authorised for issue by the director on 4 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Eurolink Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on WDV

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eurolink Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Eurolink Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 2 (2023: 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 March 2023

27,203

27,203

At 29 February 2024

27,203

27,203

Depreciation

At 1 March 2023

23,022

23,022

Charge for the year

1,045

1,045

At 29 February 2024

24,067

24,067

Carrying amount

At 29 February 2024

3,136

3,136

At 28 February 2023

4,181

4,181

 

Eurolink Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

424,710

119,911

Other debtors

23,556

66,084

448,266

185,995

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,183

45,050

Taxation and social security

1,899

2,585

Accruals and deferred income

7,732

13,000

Other creditors

5,416

1,321

Directors current account

1,387

4,953

Corporation tax payable

17,838

42,926

36,455

109,835

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Dividends

2024

2023

£

£

Interim dividend of £350.00 (2023 - £300.00) per ordinary share

35,000

30,000