Eurolink Services Limited 04991985 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the preparation of paperwork for customs clearance of goods for import and export Digita Accounts Production Advanced 6.30.9574.0 true true 04991985 2023-04-01 2024-03-31 04991985 2024-03-31 04991985 core:RetainedEarningsAccumulatedLosses 2024-03-31 04991985 core:ShareCapital 2024-03-31 04991985 core:CurrentFinancialInstruments 2024-03-31 04991985 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04991985 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04991985 core:Goodwill 2024-03-31 04991985 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04991985 core:MotorVehicles 2024-03-31 04991985 core:OfficeEquipment 2024-03-31 04991985 bus:SmallEntities 2023-04-01 2024-03-31 04991985 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04991985 bus:FilletedAccounts 2023-04-01 2024-03-31 04991985 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04991985 bus:RegisteredOffice 2023-04-01 2024-03-31 04991985 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 04991985 bus:Director1 2023-04-01 2024-03-31 04991985 bus:Director3 2023-04-01 2024-03-31 04991985 bus:Director4 2023-04-01 2024-03-31 04991985 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04991985 core:Goodwill 2023-04-01 2024-03-31 04991985 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04991985 core:MotorVehicles 2023-04-01 2024-03-31 04991985 core:OfficeEquipment 2023-04-01 2024-03-31 04991985 countries:AllCountries 2023-04-01 2024-03-31 04991985 2023-03-31 04991985 core:Goodwill 2023-03-31 04991985 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04991985 core:MotorVehicles 2023-03-31 04991985 core:OfficeEquipment 2023-03-31 04991985 2022-04-01 2023-03-31 04991985 2023-03-31 04991985 core:RetainedEarningsAccumulatedLosses 2023-03-31 04991985 core:ShareCapital 2023-03-31 04991985 core:CurrentFinancialInstruments 2023-03-31 04991985 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04991985 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04991985 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04991985 core:MotorVehicles 2023-03-31 04991985 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04991985

Eurolink Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Eurolink Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Eurolink Services Limited

Company Information

Directors

Mr N J Hughes

Mrs P M Hughes

Mrs J M Wick

Mrs S F Tyrrell

Company secretary

Mrs P M Hughes

Registered office

22-23 Lord Warden House
Lord Warden Square
Dover
Kent
CT17 9EQ

 

Eurolink Services Limited

(Registration number: 04991985)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

344,385

38,736

Current assets

 

Debtors

6

105,618

99,098

Investments

7

5,000

5,000

Cash at bank and in hand

 

122,667

480,099

 

233,285

584,197

Creditors: Amounts falling due within one year

8

(234,759)

(339,981)

Net current (liabilities)/assets

 

(1,474)

244,216

Total assets less current liabilities

 

342,911

282,952

Creditors: Amounts falling due after more than one year

8

-

(11,046)

Provisions for liabilities

(19,823)

(6,864)

Net assets

 

323,088

265,042

Capital and reserves

 

Called up share capital

100

100

Retained earnings

322,988

264,942

Shareholders' funds

 

323,088

265,042

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Eurolink Services Limited

(Registration number: 04991985)
Balance Sheet as at 31 March 2024 (continued)

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mrs P M Hughes
Company secretary and director

   
     
 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
22-23 Lord Warden House
Lord Warden Square
Dover
Kent
CT17 9EQ

The principal place of business is:
22-24 Mezzanine Floor
Lord Warden House/Square
Western Docks
Dover
CT16 1PW

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor Vehicles

25% reducing balance

Equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Borrowings

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 10).

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

60,000

60,000

At 31 March 2024

60,000

60,000

Amortisation

At 1 April 2023

60,000

60,000

At 31 March 2024

60,000

60,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

75,535

21,995

97,530

Additions

304,145

8,131

25,390

337,666

Disposals

-

-

(21,995)

(21,995)

At 31 March 2024

304,145

83,666

25,390

413,201

Depreciation

At 1 April 2023

-

50,391

8,403

58,794

Charge for the year

6,083

5,994

6,348

18,425

Eliminated on disposal

-

-

(8,403)

(8,403)

At 31 March 2024

6,083

56,385

6,348

68,816

Carrying amount

At 31 March 2024

298,062

27,281

19,042

344,385

At 31 March 2023

-

25,144

13,592

38,736

Included within the net book value of land and buildings above is £298,062 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

96,343

84,027

Prepayments

3,788

10,959

Other debtors

5,487

4,112

 

105,618

99,098

7

Current asset investments

2024
£

2023
£

Other investments

5,000

5,000

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

181

2,212

Trade creditors

 

117,625

274,754

Taxation and social security

 

55,229

36,786

Accruals and deferred income

 

12,505

2,230

Other creditors

 

49,219

23,999

 

234,759

339,981

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

11,046

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

-

11,046

 

Eurolink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Directors current account

181

475

Hire purchase liabilities

-

1,737

181

2,212

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,576

24,687

Contributions paid to money purchase schemes

720

79,016

25,296

103,703

11

Transition to FRS 102

There is no adjustment required to goodwill for the transition to FRS 102 accounts from Micro 105.