Silverfin false false 31/05/2024 01/06/2023 31/05/2024 M Antliff 19/10/2009 R Blackburn 31/07/2023 10/10/2016 20 December 2024 The principal activity during the year was the resale of new and refurbished IT equipment. SC365175 2024-05-31 SC365175 bus:Director1 2024-05-31 SC365175 bus:Director2 2024-05-31 SC365175 2023-05-31 SC365175 core:CurrentFinancialInstruments 2024-05-31 SC365175 core:CurrentFinancialInstruments 2023-05-31 SC365175 core:Non-currentFinancialInstruments 2024-05-31 SC365175 core:Non-currentFinancialInstruments 2023-05-31 SC365175 core:ShareCapital 2024-05-31 SC365175 core:ShareCapital 2023-05-31 SC365175 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC365175 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC365175 core:LandBuildings 2023-05-31 SC365175 core:OtherPropertyPlantEquipment 2023-05-31 SC365175 core:LandBuildings 2024-05-31 SC365175 core:OtherPropertyPlantEquipment 2024-05-31 SC365175 2022-05-31 SC365175 bus:OrdinaryShareClass1 2024-05-31 SC365175 2023-06-01 2024-05-31 SC365175 bus:FilletedAccounts 2023-06-01 2024-05-31 SC365175 bus:SmallEntities 2023-06-01 2024-05-31 SC365175 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC365175 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC365175 bus:Director1 2023-06-01 2024-05-31 SC365175 bus:Director2 2023-06-01 2024-05-31 SC365175 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 SC365175 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-06-01 2024-05-31 SC365175 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC365175 2022-06-01 2023-05-31 SC365175 core:LandBuildings 2023-06-01 2024-05-31 SC365175 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC365175 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC365175 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC365175 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC365175 1 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC365175 (Scotland)

EUROPC LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

EUROPC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

EUROPC LTD

BALANCE SHEET

AS AT 31 MAY 2024
EUROPC LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 99,395 33,772
99,395 33,772
Current assets
Stocks 943,286 874,914
Debtors 4 467,634 328,165
Cash at bank and in hand 972,156 799,075
2,383,076 2,002,154
Creditors: amounts falling due within one year 5 ( 1,808,708) ( 1,061,552)
Net current assets 574,368 940,602
Total assets less current liabilities 673,763 974,374
Creditors: amounts falling due after more than one year 6 ( 100,000) ( 450,000)
Provision for liabilities 7 ( 11,367) ( 3,178)
Net assets 562,396 521,196
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 562,395 521,195
Total shareholder's funds 562,396 521,196

For the financial year ending 31 May 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 financial statements of Europc Ltd (registered number: SC365175) were approved and authorised for issue by the Director on 20 December 2024. They were signed on its behalf by:

M Antliff
Director
EUROPC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
EUROPC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Europc Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 19 Law Place, Nerston Industrial Estate, East Kilbride, G74 4QL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 5 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 22

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 0 224,659 224,659
Additions 50,834 31,913 82,747
Disposals 0 ( 391) ( 391)
At 31 May 2024 50,834 256,181 307,015
Accumulated depreciation
At 01 June 2023 0 190,887 190,887
Charge for the financial year 1,418 15,315 16,733
At 31 May 2024 1,418 206,202 207,620
Net book value
At 31 May 2024 49,416 49,979 99,395
At 31 May 2023 0 33,772 33,772

4. Debtors

2024 2023
£ £
Trade debtors 229,549 241,823
Other debtors 238,085 86,342
467,634 328,165

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 150,000 150,000
Trade creditors 249,472 519,433
Taxation and social security 115,249 6,996
Other creditors 1,293,987 385,123
1,808,708 1,061,552

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 100,000 450,000

Bank loans stated above are secured by a floating charge over the company's assets. No instalments are due for a period of more than 5 years.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 3,178) 0
Charged to the Profit and Loss Account ( 8,189) ( 3,178)
At the end of financial year ( 11,367) ( 3,178)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed to related parties 1,102,526 1,742
Amounts owed by related parties 155,655 16,676

Amounts included above are unsecured, interest free, and repayable on demand.

10. Ultimate controlling party

The immediate and ultimate parent company is Tiree 25 Limited (SC763586), a company registered in Scotland at 19 Law Place, East Kilbride, Glasgow, G74 4QL.