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REGISTERED NUMBER: 02626593 (England and Wales)














Financial Statements

for the Year Ended 31 March 2024

for

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


EUROSAT DISTRIBUTION (MIDLANDS) LIMITED

Company Information
for the year ended 31 March 2024







Directors: Mr K N Jones
Mr G H J Simonds





Secretary: Mr M P Carver





Registered office: Argyle House
Longmore Avenue
Walsall
West Midlands
WS2 0BW





Registered number: 02626593 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 533,210 523,486

Current assets
Stocks 430,921 461,145
Debtors 6 491,671 450,294
Cash at bank and in hand 348,557 380,532
1,271,149 1,291,971
Creditors
Amounts falling due within one year 7 323,774 371,659
Net current assets 947,375 920,312
Total assets less current liabilities 1,480,585 1,443,798

Provisions for liabilities 10 2,160 5,478
Net assets 1,478,425 1,438,320

Capital and reserves
Called up share capital 11 200 200
Retained earnings 1,478,225 1,438,120
Shareholders' funds 1,478,425 1,438,320

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





Mr G H J Simonds - Director


EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

Eurosat Distribution (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. The company makes an estimate for obsolete and slow moving stock. Management review the aging profile and physical condition of stock regularly and use this as a basis for the provision.

Turnover
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 significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on receipt of goods by the customer.

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil on land and 3% - 10% on buildings
Plant and machinery - 15% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stock
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Operating leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments
are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are
similarly spread on a straight-line basis over the lease term.

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. Employees and directors

The average number of employees during the year was 14 (2023 - 15 ) .

5. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Cost
At 1 April 2023 541,668 10,000 47,466
Additions - - 2,830
Disposals - - -
At 31 March 2024 541,668 10,000 50,296
Depreciation
At 1 April 2023 51,968 10,000 41,157
Charge for year 8,237 - 1,510
Eliminated on disposal - - -
At 31 March 2024 60,205 10,000 42,667
Net book value
At 31 March 2024 481,463 - 7,629
At 31 March 2023 489,700 - 6,309

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2023 100,145 45,768 745,047
Additions 37,250 - 40,080
Disposals (20,950 ) - (20,950 )
At 31 March 2024 116,445 45,768 764,177
Depreciation
At 1 April 2023 81,549 36,887 221,561
Charge for year 16,847 3,762 30,356
Eliminated on disposal (20,950 ) - (20,950 )
At 31 March 2024 77,446 40,649 230,967
Net book value
At 31 March 2024 38,999 5,119 533,210
At 31 March 2023 18,596 8,881 523,486

Included in cost of land and buildings is freehold land of £ 310,000 (2023 - £ 310,000 ) which is not depreciated.

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 473,477 433,625
Other debtors 18,194 16,669
491,671 450,294

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 205,578 259,443
Taxation and social security 73,158 67,879
Other creditors 45,038 44,337
323,774 371,659

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,593 31,103
Between one and five years 8,605 10,312
26,198 41,415

9. Secured debts

A fixed charge has been granted to HSBC over the property and assets of the company. A floating charge is also in existence over all assets.

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 2,160 5,478

Deferred
tax
£   
Balance at 1 April 2023 5,478
Credit to Statement of Income and Retained Earnings during year (3,318 )
Balance at 31 March 2024 2,160

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

EUROSAT DISTRIBUTION (MIDLANDS) LIMITED (REGISTERED NUMBER: 02626593)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Andrew Cross (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

13. Pension commitments

Pension contributions payable during the year amounted to £23,725 (2023: £25,914). There was £NIL outstanding at 31 March 2024 and £NIL outstanding at 31 March 2023.

14. Ultimate controlling party

The ultimate controlling party is Mr Abbas Arbab-Zadeh.

Ultimate parent company
NEEM Holdings Limited (incorporated in United Kingdom) is regarded by the directors as being the company's ultimate parent company.

NEEM Holdings Limited is the parent of the smallest and largest group into which the results and financial position of this company are consolidated. Copies of the financial statements of NEEM Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.