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Registration number: 10332139

Eurominster Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Eurominster Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Eurominster Limited

Company Information

Directors

Mr Michael C Hobden

Mr David Francis Hobden

Registered office

166 Old Brompton Road
London
SW5 0BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Eurominster Limited

(Registration number: 10332139)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Investment property

4

7,400,000

7,595,000

Current assets

 

Stocks

5

655,474

655,474

Debtors

6

62,931

354,254

Cash at bank and in hand

 

117,693

48,579

 

836,098

1,058,307

Creditors: Amounts falling due within one year

7

(106,734)

(131,594)

Net current assets

 

729,364

926,713

Total assets less current liabilities

 

8,129,364

8,521,713

Creditors: Amounts falling due after more than one year

7

(7,726,992)

(7,983,264)

Net assets

 

402,372

538,449

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

402,371

538,448

Shareholders' funds

 

402,372

538,449

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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

Eurominster Limited

(Registration number: 10332139)
Balance Sheet as at 31 March 2024

.........................................
Mr David Francis Hobden
Director

 

Eurominster 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:
166 Old Brompton Road
London
SW5 0BA
England

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income.

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.

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.

 

Eurominster Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Eurominster Limited

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

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

31 March
2024
£

At 1 April

7,595,000

Fair value adjustments

(195,000)

At 31 March

7,400,000

The historical cost of the investment properties as at 31 March 2024 is £8,820,808 (2023 - £8,820,808).

An independent valuation of the investment properties has been carried out in October 2023 by Savills.

5

Stocks

31 March
2024
£

31 March
2023
£

Stock - Properties

655,474

655,474

 

Eurominster Limited

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

6

Debtors

31 March
2024
£

31 March
2023
£

Trade debtors

32,396

33,693

Other debtors

15,064

316,123

Prepayments

15,471

4,438

62,931

354,254

7

Creditors

Creditors: amounts falling due within one year

31 March
2024
£

31 March
2023
£

Due within one year

Trade creditors

14,594

319

Taxation and social security

12,656

49,723

Accruals and deferred income

63,862

65,930

Other creditors

15,622

15,622

106,734

131,594

Creditors: amounts falling due after more than one year

31 March
2024
£

31 March
2023
£

Due after one year

Other non-current financial liabilities

7,726,992

7,983,264

 

Eurominster Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

31 March
2024

31 March
2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Dollarminster Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr M C Hobden by virtue of holding the majority of the issued share capital.