Company registration number SC540443 (Scotland)
EUTHENIA PRODUCTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EUTHENIA PRODUCTS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
EUTHENIA PRODUCTS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF EUTHENIA PRODUCTS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Euthenia Products Ltd for the year ended 31 December 2023 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Euthenia Products Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Euthenia Products Ltd and state those matters that we have agreed to state to the Board of Directors of Euthenia Products Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euthenia Products Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Euthenia Products Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Euthenia Products Ltd. You consider that Euthenia Products Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Euthenia Products Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MMG Chartered Accountants
13 November 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
EUTHENIA PRODUCTS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,498,493
1,658,522
Current assets
Stocks
719,561
866,503
Debtors
4
906,789
865,988
Cash at bank and in hand
35,622
24,564
1,661,972
1,757,055
Creditors: amounts falling due within one year
5
(1,175,538)
(1,099,850)
Net current assets
486,434
657,205
Total assets less current liabilities
1,984,927
2,315,727
Creditors: amounts falling due after more than one year
6
(538,227)
(824,412)
Provisions for liabilities
(331,118)
(249,405)
Net assets
1,115,582
1,241,910
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,115,581
1,241,909
Total equity
1,115,582
1,241,910
EUTHENIA PRODUCTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
For the financial year ended 31 December 2023 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mr L Torrance
Director
Company registration number SC540443 (Scotland)
EUTHENIA PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Euthenia Products Ltd is a private company limited by shares incorporated in Scotland. The registered office is 72 Whitecraigs Road, Glenrothes, KY6 2RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on cost
Fixtures and fittings
33% on cost
Computers equipment
33% on cost
Motor vehicles
33% on cost
FL vehicles
33% on cost
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.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items..
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
EUTHENIA PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases, are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
29
EUTHENIA PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computers equipment
Motor vehicles
FL vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,871,383
9,548
62,463
21,499
156,950
2,121,843
Additions
102,000
750
16,650
119,400
Disposals
(18,000)
(156,950)
(174,950)
At 31 December 2023
1,955,383
9,548
63,213
38,149
2,066,293
Depreciation and impairment
At 1 January 2023
403,853
3,459
40,910
10,878
4,221
463,321
Depreciation charged in the year
107,394
2,245
12,644
4,417
16,379
143,079
Eliminated in respect of disposals
(18,000)
(20,600)
(38,600)
At 31 December 2023
493,247
5,704
53,554
15,295
567,800
Carrying amount
At 31 December 2023
1,462,136
3,844
9,659
22,854
1,498,493
At 31 December 2022
1,467,530
6,089
21,553
10,621
152,729
1,658,522
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
407,190
435,820
Other debtors
256,921
284,849
Prepayments and accrued income
242,678
145,319
906,789
865,988
EUTHENIA PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
241,866
331,768
Obligations under finance leases
7
242,701
284,585
Trade creditors
116,923
250,444
Amounts owed to group undertakings
102,000
Corporation tax
60,228
Other taxation and social security
73,010
324
Other creditors
138,658
12,351
Accruals and deferred income
260,380
160,150
1,175,538
1,099,850
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
91,731
141,718
Obligations under finance leases
7
446,496
682,694
538,227
824,412
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
242,701
284,585
In two to five years
446,496
682,694
689,197
967,279
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
369,969