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REGISTERED NUMBER: 03477100 (England and Wales)















EUROPEAN ECONOMIC RESEARCH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


EUROPEAN ECONOMIC RESEARCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Dr A Lilico
Dr J Spicer


SECRETARY: Dr J Spicer


REGISTERED OFFICE: 1st Floor
330 High Holborn
LONDON
WC1V 7QH


REGISTERED NUMBER: 03477100 (England and Wales)


SENIOR STATUTORY AUDITOR: Ashley Phillips FCCA


AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX


BANKERS: Metro Bank
One Southampton Row
London
WC1B 5HA

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 21,838 -
Tangible assets 6 1,791 2,554
23,629 2,554

CURRENT ASSETS
Debtors 7 381,218 396,197
Cash at bank 262,558 396,129
643,776 792,326
CREDITORS
Amounts falling due within one year 8 174,210 224,680
NET CURRENT ASSETS 469,566 567,646
TOTAL ASSETS LESS CURRENT
LIABILITIES

493,195

570,200

PROVISIONS FOR LIABILITIES - 312
NET ASSETS 493,195 569,888

CAPITAL AND RESERVES
Called up share capital 9 278,500 278,500
Share premium 16,740 16,740
Capital redemption reserve 1,000 1,000
Retained earnings 196,955 273,648
SHAREHOLDERS' FUNDS 493,195 569,888

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:





Dr A Lilico - Director


EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

European Economic Research 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 directors have assessed the major risks to which the company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements.

The company expects to continue to meets its operational needs, financial and regulatory obligations. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets and the valuation of accrued income based on the stage of completion of projects.

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, and reflects the right to consideration of unbilled contract costs at the year end date.

Government Grants
Government grants are recognised when the performance related conditions imposed upon the receipt of the grant have been met. Where these a have not been satisfied, these grants are recognised as liabilities. If grants are not conditional on future performance related conditions, then income is recognised when the grant proceeds are receivable. During the year the company received the following grants:

Employment allowance to contribute towards the Employers National Insurance costs of employing staff.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - straight line over 5 years and straight line over 2 years
Fixtures and fittings - straight line over 5 years
Computer equipment - straight line over 4 years and straight line over 2 years

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 profit or loss in the period to which they relate.

Accrued income
In accordance with section 23 of FRS 102, income is accrued to reflect the fair value of the right to consideration of unbilled contract costs at the year end. Accrued income calculated on this basis at 30 April 2024 amounted to £267,483 (2023: £156,145).

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 15 ) .

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 24,170
Reclassification/transfer 29,635
At 30 April 2024 53,805
AMORTISATION
Charge for year 3,022
Reclassification/transfer 28,945
At 30 April 2024 31,967
NET BOOK VALUE
At 30 April 2024 21,838

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 33,586 60,935 43,467 137,988
Additions - - 500 500
Reclassification/transfer - - (29,635 ) (29,635 )
At 30 April 2024 33,586 60,935 14,332 108,853
DEPRECIATION
At 1 May 2023 33,586 60,321 41,527 135,434
Charge for year - 232 341 573
Reclassification/transfer - - (28,945 ) (28,945 )
At 30 April 2024 33,586 60,553 12,923 107,062
NET BOOK VALUE
At 30 April 2024 - 382 1,409 1,791
At 30 April 2023 - 614 1,940 2,554

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 71,291 205,326
Other debtors 19,069 5,400
Corporation tax refund - 17,064
Deferred tax asset 10,622 -
Prepayments and accrued income 280,236 168,407
381,218 396,197

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 1,544 14,006
Other taxes and PAYE taxes 60,937 102,536
Other creditors - 2,517
Accruals and deferred income 111,729 105,621
174,210 224,680

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
278,500 Ordinary £1 278,500 278,500

During the year the company performed a purchase of own shares out of retained earnings. At 30 April 2024 these shares were held in treasury, awaiting future distribution to employees.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

11. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements 5,725 -

12. RELATED PARTY DISCLOSURES

During the year a payment was made to Dermot Glynn of £26,088 (2023: £nil) as a result of the company's purchase of own shares.

EUROPEAN ECONOMIC RESEARCH LIMITED (REGISTERED NUMBER: 03477100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Our auditors also provide payroll related services to the company.