Eurostar Group Holdings Limited
Annual report and financial statements
For the year ended 30 April 2024
Eurostar Group Holdings Limited
Company information
Directors
Mr P J Carnall
Mr B R L Watmough
Company number
11589803
Registered office
Unit 4, Evolution
Lymedale Business Park
Hooters Hall Road
Newcastle under Lyme
Staffordshire
ST5 9QF
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Eurostar Group Holdings Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group income statement
12
Group statement of comprehensive income
13
Group statement of financial position
14
Company statement of financial position
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 36
Eurostar Group Holdings Limited
Strategic report
For the year ended 30 April 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Business review and future developments

Eurostar Group Holdings Limited serves as the parent company of a diverse group of businesses whose principal activity remains focused on technology distribution, logistics, and service-led operations. The Group includes three active trading companies operating within the UK and international markets, as well as an entity facilitating sales to the European market.

During the year the Group successfully concentrated on more profitable business, driving an increase in its gross profit percentage which resulted in a higher gross profit on lower turnover. The strategic objective remains to increase market share, profit and revenue by expanding our product range and attracting new customers across our well-established UK and European channels.

At the start of the year, the Group completed its significant investment project for operational relocation to a state-of-the-art logistics and distribution hub, increasing operational capacity by 1.5 million cubic feet. This move took place in May 2023 to enable increased operational efficiencies, scaling opportunities, and new service-led business initiatives. The Group has now bedded in to the facility and moved to a business-as-usual operational position.

The Group has benefitted from changes in operational governance and management during the year, which have been further consolidated with additional appointments to the board of the principal subsidiary since the year end.

The Group completed its objectives of enhanced governance, establishment of an ESG committee, securing certifications for IT & Cyber Security management and gained accreditation for approved vendor status to the CCS government framework. Since the year end the subsidiaries Eurostar Global Electronics Limited and Tech 3PL Limited have also achieved ISO 9001 Accreditation.

These advances, together with our position as an efficient, well managed distributor with independent, recurrent purchasing, supported by highly focussed sales and commercial functions, enhanced logistical capabilities sees the Group well placed to maximise on all opportunities that exist in the marketplace.

The financial performance of the Group for the year ended 30 April 2024 is in line with the directors’ expectations, commensurate with investments made in all levels of personnel, premises, technical processes, and compliance procedures, to ensure best levels of business practice.

Key strategic priorities for the Group are:

Eurostar Group Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 2 -
Principal risks and uncertainties

The management of the business and the execution of the Group’s strategy are subject to a number of risks. Risks are continually monitored and evaluated by the leadership team and appropriate controls put in place to monitor and mitigate them to the extent that this is possible.

Competition
The business environment in which the Group operates remains competitive. Barriers to entry for market share growth from incumbent competitors are led by existing end customer contractual relationships or legacy system integrations with significant cost to change. Sales to the EU and EU trade remains challenging following the UK’s exit from the European Union with various trade friction including logistical delays and margin pressures associated with increased costs.

In order to mitigate risk, our team ensure recurrent procurement at the lowest open market value for goods in line with carefully managed stock control and run rates. Logistical partner reviews are undertaken bi-annually to reduce costs and delays associated with shipping products.

Supply Chain & theft

The Group mitigates the risk of product availability through a diverse and European wide supplier base and procurement practices. Product theft is managed through a robust and secure operating environment, careful staffing background checks, on-site security, professional transit processes and appropriate insurance cover.

Market Risks

Key areas of market risk relate to increased competition resulting in margin erosion, general uncertain economic conditions in European Union and the cost-of-living crisis in the UK. On-going direct Manufacturer to consumer sales together with direct sales from Manufacturers to e-commerce giant Amazon also pose a threat and shrinking supply-chain for Distributors who face various channel controls from Brands working with Amazon in the D2C channel to stifle competitive grey market sales.

Key Employees

The resignation of key individuals and the inability to recruit people with suitable experience and skills in a volatile employee driven market could adversely impact the Group’s results. UK inflation is adding to business cost and further eroding margins. To mitigate these issues, the Group has a thorough induction programme and suite of benefits and training for all employees. To avoid over dependence of key staff, the directors continue to review and amend the structure where appropriate.

Credit Risk

The Group has insured credit backed sales against all key customers to limit exposure to bad debts and undertakes robust due diligence, including appropriate credit checking against all customers prior to undertaking trade. The amount of credit exposure to any individual company is carefully monitored and assessed monthly. The Group has in place a debt factoring agreement with Barclays Bank PLC.

Product Safety

Poor product quality control requiring activation of our product recall procedures may give rise to legal liability, significant costs and damage to the Group’s reputation. The Group mitigates this risk through stringent procurement procedures and quality control checks in line with regulatory standards. The Group has a Primary Authority agreement with Trading Standards. The Group also holds insurance policy cover for Public and Product Liability Indemnity on a worldwide basis.

Compliance with legal and ethical standards

A material failure to comply with applicable legal and ethical standards could result in penalties, costs, reputational harm and damage to relationships with suppliers or customers. The Group has detailed guidelines and policies for employees on key compliance risks.

Eurostar Group Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 3 -

IT/Cybercrime
The business could potentially incur fraudulent losses that are not covered by insurance policies and sophisticated electronic fraud may evade the detection of staff or systems designed to prevent such events. The business needs to maintain adequate IT systems and infrastructure to support growth and development may be affected by; accidental exposure or deliberate theft of sensitive information, loss of service or system availability, significant system chances or upgrades and cybercrime. To mitigate risk, dedicated IT personnel with appropriate technical expertise within the Group, along with external contracted partners implement IT standards and oversee IT security. Regular Cybersecurity reviews are performed. This is further mitigated through internal controls the business placed at logistical and financial levels.

Financial risk management

Foreign Exchange risk

FX movements continue to contribute to margin volatility, although the flexible approach to procurement and sales channels within the UK and ROW allow the business to be versatile in its approach. Where required and possible, the business mitigates significant transaction risk through taking forward contracts.

Interest Rate and Cash flow risk

The Group is exposed to increased cost of finance from funding partners. The Group mitigates these risks through capped interest loan agreements and in funding reviews, with refinancing procedures geared to lower the cost of finance to the business. The business utilises the lowest cost of finance from its suite of funding products to minimise cost of finance.

Price risk

The Group is exposed to commodity price risk against its products. The Group has in place price protection agreements with its direct vendor partners and where open market goods are sourced, these are procured on a just in time basis to fulfil regular run rate orders, with goods consistently purchased on a recurrent basis at the lowest open market value. Regular stock monitoring, stock rotation, FIFO practices and AVCO product management are implemented.

Liquidity Risk

If necessary, the Company has investment partners with equity interest in the business who are supportive of the Group, its management team and who can be relied upon to temporarily shore up funds for unforeseen short-term requirements.

The directors are continually assessing risks and uncertainties and are confident that by continuing to work closely with its customer base, identifying new channels, products and service opportunities, while maintaining a deep understanding of market forces, together with changing consumer requirements, the business has a robust strategic path to continue to enjoy long term profitability.

Key performance indicators

The key performance indicators communicate the continued, financial performance and strength of the Group:

Employee gender split as at 30 April 2024    Female:     31%    Male 69%

Eurostar Group Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 4 -
How the board engaged with its key stakeholders during the year

Our people

As of 30 April 2024, our Group proudly employs 69 professionals, recognising their crucial role in our ongoing success. We foster a culture where innovation and service excellence are paramount and recognised/celebrated at every level, to ensure our team meets the evolving needs of suppliers and customers alike. Led by a cadre of seasoned professionals, our senior management exemplifies expertise and experience.

Committed to sustainable practices, we engage with our employees in a manner that reflects this ethos. Our business is diligent in managing health and safety risks and we strive to create a workplace that is both safe and inviting for everyone. Regular employee surveys are conducted, reinforcing our commitment to listening and continual improvement.

Our comprehensive employee development programmes ranging from Apprenticeships to Executive Coaching, are designed to nurture the growth of our colleagues across all levels. These programmes span personal development, specific role and/or industry-specific training, formal instruction in health and safety, risk, and compliance. Leadership development, particularly at the senior level, is a key focus, aiming to cultivate long-term leadership capabilities.

Customers

Our extensive customer base is testament to our commitment to service excellence. We blend a wide array of services with the pursuit of cost-effective, flexible solutions tailored to our customers' unique needs. Constantly expanding our reseller and retail customer base ensures our services evolve in step with their requirements, offering a superior route-to-market for our suppliers.

Leveraging our bespoke ERP system, we are set to broaden our customer reach further, offering technology-driven solutions underpinned by simplicity - a core tenet of our strategic values.

Suppliers

Our supplier network is as diverse as it is extensive, encompassing many of the leading technology brands including Sony, TCL, OnePlus, and OPPO. Products from all leading “A-brands” are sourced and stocked where direct partnership agreements are not held. We proactively seek new supplier relationships, aiming to be the go-to partner for emerging brands seeking access to retail and reseller channels. Strategic relevance with our key partners is a priority.

Our supply chain services for technology manufacturers and brand owners include comprehensive 'kitting' services, encompassing a full suite of product management solutions. Our 'Code of Practice' formalises our operating principles with suppliers, fostering long-term, sustainable partnerships.

Our niche focus on technology-led products enables a supplier-centric approach, nurturing high-quality, long-term relationships within our dedicated customer base.

Communities and Environment

Our environmental commitment is unwavering. As a global technology distributor, our operations generate minimal industrial waste and low energy consumption. However, we are vigilant in monitoring and reducing our carbon footprint, waste and energy use, ensuring compliance with waste disposal regulations.

Community engagement is a cornerstone of our ethos. We actively support local and national initiatives, contributing both financially and through volunteer efforts, sponsorships, and fundraising activities. Our goal is to empower communities, making a tangible and positive impact.

Eurostar Group Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 5 -
S172 Statement

This statement, which forms part of the Strategic Report, is intended to show how the groups directors have approached and met their responsibilities under s172 Companies Act 2006 during the year. The statement has been prepared in response to the obligations as set out in the Companies (Miscellaneous Reporting) Regulations 2018.

As required by s172 of the UK Companies Act 2006, a director of the group must act in a way they consider in good faith, would most likely promote the success of the Company for the benefit of its Shareholders. In doing this, the director must have regard, amongst other matters, to the:

We understand that our business can only grow and succeed over the long term if we recognise the views and needs of our stakeholders. Understanding our stakeholders is key to ensuring the Board can have informed discussions and factor stakeholder interests into decision-making.

On behalf of the board

Mr P J Carnall
Director
30 January 2025
Eurostar Group Holdings Limited
Directors' report
For the year ended 30 April 2024
- 6 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be that of UK and International technology distribution, logistics and service led operations.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £342,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Carnall
Mr B R L Watmough
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
19,102
29,375
- Electricity purchased
228,681
158,615
247,783
187,990
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
5,213
8,025
5,213
8,025
Scope 2 - indirect emissions
- Electricity purchased
46,670
31,312
Total gross emissions
51,883
39,337
Intensity ratio
Tonnes CO2e per £1m turnover
442
294
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2021/22 UK Government’s Conversion Factors for Company Reporting

Eurostar Group Holdings Limited
Directors' report (continued)
For the year ended 30 April 2024
- 7 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The group is aware of its impact to the environment and is conscious to reduce its footprint. The renovation of the new site will include various technologies for energy saving. The group also started out from buying end-of-life products, to reduce global waste. Finally, the group is focused on battery-related technology and the evolutionary steps it will make to the sector.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr P J Carnall
Director
30 January 2025
Eurostar Group Holdings Limited
Independent auditor's report
To the members of Eurostar Group Holdings Limited
- 8 -
Opinion

We have audited the financial statements of Eurostar Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Eurostar Group Holdings Limited
Independent auditor's report (continued)
To the members of Eurostar Group Holdings Limited
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Eurostar Group Holdings Limited
Independent auditor's report (continued)
To the members of Eurostar Group Holdings Limited
- 10 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Eurostar Group Holdings Limited
Independent auditor's report (continued)
To the members of Eurostar Group Holdings Limited
- 11 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Stacey Parr FCCA (Senior Statutory Auditor)
For and on behalf of
30 January 2025
DJH Audit Limited
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Eurostar Group Holdings Limited
Group income statement
For the year ended 30 April 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
117,382,342
133,880,471
Cost of sales
(110,903,623)
(127,619,358)
Gross profit
6,478,719
6,261,113
Distribution costs
(1,774,533)
(1,748,421)
Administrative expenses
(3,828,530)
(3,220,961)
Operating profit
4
875,656
1,291,731
Interest payable and similar expenses
8
(618,226)
(499,672)
Profit before taxation
257,430
792,059
Tax on profit
9
(15,647)
(167,291)
Profit for the financial year
26
241,783
624,768
Profit for the financial year is all attributable to the owners of the parent company.
Eurostar Group Holdings Limited
Group statement of comprehensive income
For the year ended 30 April 2024
- 13 -
2024
2023
£
£
Profit for the year
241,783
624,768
Other comprehensive income
Currency translation loss taken to retained earnings
(594)
(5,616)
Total comprehensive income for the year
241,189
619,152
Total comprehensive income for the year is all attributable to the owners of the parent company.
Eurostar Group Holdings Limited
Group statement of financial position
As at 30 April 2024
30 April 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
684,401
821,282
Tangible assets
12
2,480,600
2,211,217
3,165,001
3,032,499
Current assets
Stocks
15
10,154,919
11,370,600
Debtors
16
7,141,043
9,272,622
Cash at bank and in hand
864,657
1,589,427
18,160,619
22,232,649
Creditors: amounts falling due within one year
17
(12,867,623)
(16,629,439)
Net current assets
5,292,996
5,603,210
Total assets less current liabilities
8,457,997
8,635,709
Creditors: amounts falling due after more than one year
18
(1,626,539)
(1,703,440)
Provisions for liabilities
Deferred tax liability
21
71,300
71,300
(71,300)
(71,300)
Net assets
6,760,158
6,860,969
Capital and reserves
Called up share capital
24
4,000
4,000
Share premium account
25
4,998,000
4,998,000
Profit and loss reserves
26
1,758,158
1,858,969
Total equity
6,760,158
6,860,969
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr P J Carnall
Director
Company registration number 11589803 (England and Wales)
Eurostar Group Holdings Limited
Company statement of financial position
As at 30 April 2024
30 April 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
5,000,488
5,000,488
Current assets
Debtors
16
2,500
-
0
Creditors: amounts falling due within one year
17
(403)
(9,478)
Net current assets/(liabilities)
2,097
(9,478)
Net assets
5,002,585
4,991,010
Capital and reserves
Called up share capital
24
4,000
4,000
Share premium account
25
4,998,000
4,998,000
Profit and loss reserves
26
585
(10,990)
Total equity
5,002,585
4,991,010

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £353,575 (2023 - £361,961 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr P J Carnall
Director
Company registration number 11589803 (England and Wales)
Eurostar Group Holdings Limited
Group statement of changes in equity
For the year ended 30 April 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
4,000
4,998,000
1,611,817
6,613,817
Year ended 30 April 2023:
Profit for the year
-
-
624,768
624,768
Other comprehensive income:
Currency translation differences
-
-
(5,616)
(5,616)
Total comprehensive income
-
-
619,152
619,152
Dividends
10
-
-
(372,000)
(372,000)
Balance at 30 April 2023
4,000
4,998,000
1,858,969
6,860,969
Year ended 30 April 2024:
Profit for the year
-
-
241,783
241,783
Other comprehensive income:
Currency translation differences
-
-
(594)
(594)
Total comprehensive income
-
-
241,189
241,189
Dividends
10
-
-
(342,000)
(342,000)
Balance at 30 April 2024
4,000
4,998,000
1,758,158
6,760,158
Eurostar Group Holdings Limited
Company statement of changes in equity
For the year ended 30 April 2024
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
4,000
4,998,000
(951)
5,001,049
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
361,961
361,961
Dividends
10
-
-
(372,000)
(372,000)
Balance at 30 April 2023
4,000
4,998,000
(10,990)
4,991,010
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
353,575
353,575
Dividends
10
-
-
(342,000)
(342,000)
Balance at 30 April 2024
4,000
4,998,000
585
5,002,585
Eurostar Group Holdings Limited
Group statement of cash flows
For the year ended 30 April 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,351,069
2,959,022
Interest paid
(618,226)
(499,672)
Income taxes paid
(156,730)
(334,527)
Net cash inflow from operating activities
576,113
2,124,823
Investing activities
Purchase of tangible fixed assets
(348,535)
(1,153,026)
Proceeds from disposal of tangible fixed assets
2,500
-
Net cash used in investing activities
(346,035)
(1,153,026)
Financing activities
Repayment of bank loans
(582,791)
(666,769)
Payment of finance leases obligations
(29,463)
(3,483)
Dividends paid to equity shareholders
(342,000)
(372,000)
Net cash used in financing activities
(954,254)
(1,042,252)
Net decrease in cash and cash equivalents
(724,176)
(70,455)
Cash and cash equivalents at beginning of year
1,589,427
1,665,498
Effect of foreign exchange rates
(594)
(5,616)
Cash and cash equivalents at end of year
864,657
1,589,427
Eurostar Group Holdings Limited
Notes to the group financial statements
For the year ended 30 April 2024
- 19 -
1
Accounting policies
Company information

Eurostar Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 4, Evolution, Lymedale Business Park, Hooters Hall Road, Newcastle under Lyme, Staffordshire, ST5 9QF.

 

The group consists of Eurostar Group Holdings Limited and all of its subsidiaries.

1.1
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Eurostar Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over life of the lease
Leasehold improvements
Over life of the lease
Plant and equipment
25% per annum of net book value
Fixtures and fittings
33% per annum of cost or 10% per annum of net book value
Motor vehicles
25% per annum of net book value

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 recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of 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).

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 21 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 22 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 24 -
1.16
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider there to be no critical judgements, key estimates or assumptions used in preparing the financial statements.

 

 

3
Turnover
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
3
Turnover
(Continued)
- 25 -
2024
2023
£
£
Turnover analysed by geographical market
UK
67,747,814
77,157,109
Europe
43,765,979
42,911,378
Worldwide
5,868,549
13,811,984
117,382,342
133,880,471
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(2,050)
(2)
Depreciation of owned tangible fixed assets
160,394
48,216
Depreciation of tangible fixed assets held under finance leases
36,520
4,471
Profit on disposal of tangible fixed assets
(2,500)
-
Amortisation of intangible assets
136,881
136,881
Operating lease charges
169,467
159,785
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,900
7,450
Audit of the financial statements of the company's subsidiaries
28,500
25,000
36,400
32,450
For other services
All other non-audit services
17,740
16,381
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Director
2
2
-
-
Clerical
5
4
-
-
Sales
26
23
-
-
Warehouse and distribution
25
25
-
-
Other
16
15
-
-
Total
74
69
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,792,612
2,609,994
-
0
-
0
Social security costs
282,339
295,687
-
-
Pension costs
123,641
97,617
-
0
-
0
3,198,592
3,003,298
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
19,683
30,889
Company pension contributions to defined contribution schemes
601
1,308
20,284
32,197
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 27 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
96,805
94,576
Interest on invoice finance arrangements
286,486
214,652
Other interest on financial liabilities
222,432
181,387
Interest on finance leases and hire purchase contracts
4,899
1,145
Other interest
7,604
7,912
Total finance costs
618,226
499,672
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
69,100
156,223
Adjustments in respect of prior periods
(53,453)
-
0
Total current tax
15,647
156,223
Deferred tax
Origination and reversal of timing differences
-
0
11,068
Total tax charge
15,647
167,291
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
9
Taxation
(Continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
257,430
792,059
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
64,358
198,015
Tax effect of expenses that are not deductible in determining taxable profit
8,322
9,563
Unutilised tax losses carried forward
-
0
(451)
Effect of change in corporation tax rate
-
(37,936)
Depreciation on assets not qualifying for tax allowances
-
0
4,673
Amortisation on assets not qualifying for tax allowances
34,220
34,220
Under/(over) provided in prior years
(53,453)
-
0
Deferred tax adjustments in respect of prior years
103,100
-
0
Unrecognised movement in pension creditor
-
0
4,756
Enchanced super deduction
-
(9,301)
Unrecognised movement in deferred tax
(140,900)
(34,700)
Unutilised losses brought forward
-
(1,548)
Taxation charge
15,647
167,291
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
342,000
372,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,368,806
Amortisation and impairment
At 1 May 2023
547,524
Amortisation charged for the year
136,881
At 30 April 2024
684,405
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
11
Intangible fixed assets
(Continued)
- 29 -
Carrying amount
At 30 April 2024
684,401
At 30 April 2023
821,282
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
12
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,021,914
932,336
36,229
428,196
8,432
2,427,107
Additions
-
0
220,110
49,122
197,065
-
0
466,297
Disposals
-
0
-
0
-
0
-
0
(20,352)
(20,352)
At 30 April 2024
1,021,914
1,152,446
85,351
625,261
(11,920)
2,873,052
Depreciation and impairment
At 1 May 2023
93,007
-
0
12,936
104,183
5,764
215,890
Depreciation charged in the year
23,301
64,024
18,088
90,563
938
196,914
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(20,352)
(20,352)
At 30 April 2024
116,308
64,024
31,024
194,746
(13,650)
392,452
Carrying amount
At 30 April 2024
905,606
1,088,422
54,327
430,515
1,730
2,480,600
At 30 April 2023
928,907
932,336
23,293
324,013
2,668
2,211,217
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
90,018
19,374
-
0
-
0
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 30 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,000,488
5,000,488
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
5,000,488
Carrying amount
At 30 April 2024
5,000,488
At 30 April 2023
5,000,488
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Eurostar Global Electronics Limited
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Tech 3PL Ltd
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Eurostar Distribution Limited
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Connected247 Limited
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Eurostar Global Limited
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Modifiers Limited
The Glades Festival Way, Festival Park, Stoke On Trent, Staffordshire, United Kingdom, ST1 5SQ
Ordinary
0
100.00
Approved Modifiers Limited
The Glades Festival Way, Festival Park, Stoke On Trent, Staffordshire, United Kingdom, ST1 5SQ
Ordinary
100.00
-
Eurostar Global Electronics BV
Beechavenue 54, 1119PW Schiphol-Rijk
Ordinary
100.00
-
Connected247 BV
Beechavenue 54, 1119PW Schiphol-Rijk
Ordinary
0
100.00
C247 Limited
Unit 4, Evolution Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, Un
Ordinary
100.00
-
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
14
Subsidiaries
(Continued)
- 31 -

Subsidiary audit exemption

 

The following subsidiaries are claiming exemption from audit under Section 479A of the Companies Act 2006:

 

Connected247 Ltd - Company number 08389878

Tech 3PL Ltd - Company number 05168567

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
10,154,919
11,370,600
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,921,283
9,018,582
-
0
-
0
Amounts owed by group undertakings
-
-
2,500
-
Other debtors
179,811
183,469
-
0
-
0
Prepayments and accrued income
39,949
70,571
-
0
-
0
7,141,043
9,272,622
2,500
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
485,000
929,874
-
0
-
0
Obligations under finance leases
20
31,705
4,422
-
0
-
0
Trade creditors
7,960,742
9,394,009
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
303
9,378
Corporation tax payable
24,407
165,490
-
0
-
0
Other taxation and social security
707,539
283,573
-
-
Deferred income
22
108,063
62,864
-
0
-
0
Other creditors
3,382,750
5,523,618
100
100
Accruals and deferred income
167,417
265,589
-
0
-
0
12,867,623
16,629,439
403
9,478

Included within other creditors are invoice discounting facilities of £3,169,689 (2023 - £4,920,256), which are secured by fixed charges over the assets to which they relate.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 32 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
49,583
187,500
-
0
-
0
Obligations under finance leases
20
76,956
15,940
-
0
-
0
Other borrowings
19
1,500,000
1,500,000
-
0
-
0
1,626,539
1,703,440
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
534,583
1,117,374
-
0
-
0
Other loans
1,500,000
1,500,000
-
0
-
0
2,034,583
2,617,374
-
-
Payable within one year
485,000
929,874
-
0
-
0
Payable after one year
1,549,583
1,687,500
-
0
-
0

The bank loans are secured by a fixed and floating charge over the assets of the group.

Long term bank debt is in the form of three secured loans which are monthly repayment (Capital and interest) instruments with Barclays Bank PLC. The first loan matured in June 23 and was renegotiated and is set to mature in June 2025 at an interest rate of 9.72%. The second loan matured in December 2023 . The third loan is set to mature in January 2025 at an interest rate of 8.35% per annum.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
31,705
4,422
-
0
-
0
In two to five years
76,956
15,940
-
0
-
0
108,661
20,362
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 33 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
71,300
71,300
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
108,063
62,864
-
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
123,641
97,617

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. As at 30 April 2024, the company owed £17,745 (2023 - £26,886) to the pension fund.

Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 34 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary-A shares of £1 each
306
306
306
306
Ordinary-B shares of £1 each
305
305
305
305
Ordinary-C shares of £1 each
68
68
68
68
Ordinary-D shares of £1 each
1,326
1,326
1,326
1,326
Ordinary-E shares of £1 each
340
340
340
340
Ordinary-F shares of £1 each
1,054
1,054
1,054
1,054
Ordinary-G shares of £1 each
600
600
600
600
Ordinary-H shares of £1 each
1
1
1
1
4,000
4,000
4,000
4,000

Each class of ordinary shares are non-redeemable, carry full voting, dividend and capital distribution rights.

25
Share premium account

The share premium account represents the proceeds received in excess of nominal value on the share capital.

26
Profit and loss reserves

The profit and loss reserve holds the retained earnings of the company and group, after the deduction of any dividends paid in the period.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
139,536
74,464
-
-
Between two and five years
12,621
14,287
-
-
In over five years
978,670
979,670
-
-
1,130,827
1,068,421
-
-
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 35 -
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
101,420
-
-
29
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Loan interest
2024
2023
£
£
Group
Other related parties
222,432
181,387

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
1,500,000
1,500,000
30
Directors' transactions

Dividends totalling £342,000 (2023 - £372,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
10,000
10,000
(10,000)
10,000
Directors loan account
-
10,000
10,000
(10,000)
10,000
20,000
20,000
(20,000)
20,000
Eurostar Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 36 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
241,783
624,768
Adjustments for:
Taxation charged
15,647
167,291
Finance costs
618,226
499,672
Gain on disposal of tangible fixed assets
(2,500)
-
Amortisation and impairment of intangible assets
136,881
136,881
Depreciation and impairment of tangible fixed assets
196,914
52,687
Movements in working capital:
Decrease/(increase) in stocks
1,215,681
(1,377,390)
Decrease/(increase) in debtors
2,131,579
(604,954)
(Decrease)/increase in creditors
(3,203,142)
3,485,837
Decrease in deferred income
-
(25,770)
Cash generated from operations
1,351,069
2,959,022
32
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
Exchange rate movements
30 April 2024
£
£
£
£
£
Cash at bank and in hand
1,589,427
(724,176)
-
(594)
864,657
Borrowings excluding overdrafts
(2,617,374)
582,791
-
-
(2,034,583)
Obligations under finance leases
(20,362)
29,463
(117,762)
-
(108,661)
(1,048,309)
(111,922)
(117,762)
(594)
(1,278,587)
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