Registered number
08394415
EURO FOOD & DRINKS LIMITED
Filleted Accounts
30 April 2024
EURO FOOD & DRINKS LIMITED
Registered number: 08394415
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 801,344 883,266
801,344 883,266
Current assets
Stocks 427,710 582,419
Debtors 4 338,431 232,659
Cash at bank and in hand 630,321 665,531
1,396,462 1,480,609
Creditors: amounts falling due within one year 5 (513,795) (516,966)
Net current assets 882,667 963,643
Total assets less current liabilities 1,684,011 1,846,909
Creditors: amounts falling due after more than one year 6 (274,792) (585,081)
Net assets 1,409,219 1,261,828
Capital and reserves
Called up share capital 1 1
Share premium - -
Revaluation reserve - -
Profit and loss account 1,409,218 1,261,827
Shareholder's funds 1,409,219 1,261,828
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sitki Sahbaz
Director
Approved by the board on 14 January 2025
EURO FOOD & DRINKS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 44 50
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 - 466,362 806,451 1,272,813
Additions - 8,004 - 8,004
Surplus on revaluation - - - -
Disposals - - - -
At 30 April 2024 - 474,366 806,451 1,280,817
Depreciation
At 1 May 2023 - 115,414 274,133 389,547
Charge for the year - 36,695 53,231 89,926
Surplus on revaluation - - - -
On disposals - - - -
At 30 April 2024 - 152,109 327,364 479,473
Net book value
At 30 April 2024 - 322,257 479,087 801,344
At 30 April 2023 - 350,948 532,318 883,266
4 Debtors 2024 2023
£ £
Trade debtors 127,161 129,023
Director's accounts 211,270 103,636
338,431 232,659
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 131,517 104,783
Trade creditors 320,674 315,306
Taxation and social security costs 61,604 96,877
513,795 516,966
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 274,792 585,081
274,792 585,081
7 Controlling party
Sitki Sahbaz
8 Other information
EURO FOOD & DRINKS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Shb Business Centre
Geddings Road
Hoddesdon
England
EN11 0NT
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