Company registration number 05804083 (England and Wales)
Eurolink Properties (Hudds) Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Eurolink Properties (Hudds) Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Eurolink Properties (Hudds) Ltd
Statement of financial position
as at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
896,123
884,602
Investment property
4
528,874
528,874
Investments
5
100
1,424,997
1,413,576
Current assets
Debtors
23,647
212,954
Cash at bank and in hand
84,409
13,923
108,056
226,877
Creditors: amounts falling due within one year
(152,317)
(134,804)
Net current (liabilities)/assets
(44,261)
92,073
Total assets less current liabilities
1,380,736
1,505,649
Creditors: amounts falling due after more than one year
(597,068)
(768,070)
Provisions for liabilities
6
(90,507)
(97,040)
Net assets
693,161
640,539
Capital and reserves
Called up share capital
400
400
Revaluation reserve
268,050
268,050
Capital redemption reserve
200
200
Other reserves
7,282
7,282
Profit and loss reserves
417,229
364,607
Total equity
693,161
640,539
Eurolink Properties (Hudds) Ltd
Statement of financial position (continued)
as at 30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
J Stancliffe
Director
Company registration number 05804083 (England and Wales)
Eurolink Properties (Hudds) Ltd
Notes to the financial statements
for the year ended 30 April 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the total value of rents receivable during the year.
Turnover is recognised on receipt of rents from customers in accordance with the terms of the lease.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Plant and machinery
- 15% reducing balance
Motor vehicles
- 25% reducing balance
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.
Fixed asset investments
Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Eurolink Properties (Hudds) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Eurolink Properties (Hudds) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
777,868
151,742
63,891
993,501
Additions
12,500
18,687
31,187
At 30 April 2024
790,368
170,429
63,891
1,024,688
Depreciation and impairment
At 1 May 2023
85,265
23,634
108,899
Depreciation charged in the year
9,602
10,064
19,666
At 30 April 2024
94,867
33,698
128,565
Carrying amount
At 30 April 2024
790,368
75,562
30,193
896,123
At 30 April 2023
777,868
66,477
40,257
884,602
The property was valued by Walker Singleton during the year ended 30 April 2019 on an open market value basis. The historical cost of these properties is £442,000 (2023: £442,000).
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
528,874
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
Eurolink Properties (Hudds) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
5
Fixed asset investments
(continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 & 30 April 2024
100
Impairment
At 1 May 2023
-
Disposals
100
At 30 April 2024
100
Carrying amount
At 30 April 2024
-
At 30 April 2023
100
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
90,507
97,040
7
Company information
Eurolink Properties (Hudds) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.