Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Mrs J Nelson 01/10/2008 Mr M Nelson 22/02/2007 16 January 2025 The principal activity of the Company during the financial year continued to be the sale of new and reconditioned high value capital equipment for use in the electronics industry. This also includes service and process support. SC317060 2024-07-31 SC317060 bus:Director1 2024-07-31 SC317060 bus:Director2 2024-07-31 SC317060 2023-07-31 SC317060 core:CurrentFinancialInstruments 2024-07-31 SC317060 core:CurrentFinancialInstruments 2023-07-31 SC317060 core:Non-currentFinancialInstruments 2024-07-31 SC317060 core:Non-currentFinancialInstruments 2023-07-31 SC317060 core:ShareCapital 2024-07-31 SC317060 core:ShareCapital 2023-07-31 SC317060 core:SharePremium 2024-07-31 SC317060 core:SharePremium 2023-07-31 SC317060 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC317060 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC317060 core:LandBuildings 2023-07-31 SC317060 core:PlantMachinery 2023-07-31 SC317060 core:FurnitureFittings 2023-07-31 SC317060 core:LandBuildings 2024-07-31 SC317060 core:PlantMachinery 2024-07-31 SC317060 core:FurnitureFittings 2024-07-31 SC317060 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-07-31 SC317060 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-07-31 SC317060 core:CurrentFinancialInstruments core:Secured 2024-07-31 SC317060 bus:OrdinaryShareClass1 2024-07-31 SC317060 2023-08-01 2024-07-31 SC317060 bus:FilletedAccounts 2023-08-01 2024-07-31 SC317060 bus:SmallEntities 2023-08-01 2024-07-31 SC317060 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC317060 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC317060 bus:Director1 2023-08-01 2024-07-31 SC317060 bus:Director2 2023-08-01 2024-07-31 SC317060 core:LandBuildings core:TopRangeValue 2023-08-01 2024-07-31 SC317060 core:PlantMachinery core:TopRangeValue 2023-08-01 2024-07-31 SC317060 core:FurnitureFittings core:BottomRangeValue 2023-08-01 2024-07-31 SC317060 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 SC317060 2022-08-01 2023-07-31 SC317060 core:LandBuildings 2023-08-01 2024-07-31 SC317060 core:PlantMachinery 2023-08-01 2024-07-31 SC317060 core:FurnitureFittings 2023-08-01 2024-07-31 SC317060 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 SC317060 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 SC317060 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC317060 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC317060 (Scotland)

ETEK EUROPE LIMITED

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

ETEK EUROPE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

ETEK EUROPE LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
ETEK EUROPE LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 586,914 599,819
586,914 599,819
Current assets
Stocks 416,937 526,434
Debtors 4 551,102 220,280
Cash at bank and in hand 680,613 974,428
1,648,652 1,721,142
Creditors: amounts falling due within one year 5 ( 920,767) ( 973,092)
Net current assets 727,885 748,050
Total assets less current liabilities 1,314,799 1,347,869
Creditors: amounts falling due after more than one year 6 0 ( 159,513)
Net assets 1,314,799 1,188,356
Capital and reserves
Called-up share capital 7 417 417
Share premium account 110,171 110,171
Profit and loss account 1,204,211 1,077,768
Total shareholders' funds 1,314,799 1,188,356

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Etek Europe Limited (registered number: SC317060) were approved and authorised for issue by the Board of Directors on 16 January 2025. They were signed on its behalf by:

Mr M Nelson
Director
ETEK EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
ETEK EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

Etek Europe Limited (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 Etek Technology Centre, Dow Road Prestwick Aerospace Park, Monkton, Prestwick, KA9 2TU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

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.

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 50 years straight line
Plant and machinery 3 years straight line
Fixtures and fittings 5 - 8 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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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. 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 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 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 23

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 August 2023 745,270 194,392 25,847 965,509
At 31 July 2024 745,270 194,392 25,847 965,509
Accumulated depreciation
At 01 August 2023 145,451 194,392 25,847 365,690
Charge for the financial year 12,905 0 0 12,905
At 31 July 2024 158,356 194,392 25,847 378,595
Net book value
At 31 July 2024 586,914 0 0 586,914
At 31 July 2023 599,819 0 0 599,819

Included within land and buildings is land held at cost of £100,000 that is not depreciated.

4. Debtors

2024 2023
£ £
Trade debtors 205,322 203,590
Amounts owed by related parties 0 1,901
Other debtors 345,780 14,789
551,102 220,280

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 0 74,060
Trade creditors 286,960 213,037
Corporation tax 80,172 61,795
Other taxation and social security 51,141 34,090
Other creditors 502,494 590,110
920,767 973,092

Bank loans are secured over the assets they were used to purchase.

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

2024 2023
£ £
Bank loans (secured) 0 159,513

The Bank of Scotland holds a standard security and bond and a floating charge over the whole assets.

Bank loans are secured over the assets they were used to purchase.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
417 Ordinary shares of £ 1.00 each 417 417

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 72,341 98,817
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 72,341 98,817

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 339,075 14,150