Company registration number 07315670 (England and Wales)
INTERSPAN EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
INTERSPAN EUROPE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 20
INTERSPAN EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
1
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
3
-
0
255,793
Property, plant and equipment
4
228,638
262,665
Investments
5
88
88
Other receivables
15
264,402
275,059
493,128
793,605
Current assets
Inventories
7
834,565
690,701
Trade and other receivables
8
2,386,531
2,266,434
Cash and cash equivalents
1,081,922
914,853
4,303,018
3,871,988
Current liabilities
9
(1,656,940)
(1,959,772)
Net current assets
2,646,078
1,912,216
Total assets less current liabilities
3,139,206
2,705,821
Non-current liabilities
9
(48,836)
(262,540)
Provisions for liabilities
Deferred tax liabilities
13
(36,306)
(43,482)
Net assets
3,054,064
2,399,799
Equity
Called up share capital
14
1
1
Retained earnings
15
3,054,063
2,399,798
Total equity
3,054,064
2,399,799

The directors of the company have elected not to include a copy of the income statement within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Mr D H Jones
Director
Company registration number 07315670 (England and Wales)
INTERSPAN EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
2
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2022
1
2,029,500
2,029,501
Year ended 30 June 2023:
Profit and total comprehensive income
-
370,298
370,298
Balance at 30 June 2023
1
2,399,798
2,399,799
Year ended 30 June 2024:
Profit and total comprehensive income
-
654,265
654,265
Balance at 30 June 2024
1
3,054,063
3,054,064
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
3
1
Accounting policies
Company information

Interspan Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER. The principal place of business is Unit 16, Shepperton Business Park, Govett Avenue, Shepperton, TW17 8BA. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Interspan Holdings Pty Limited. The group accounts of Interspan Holdings Pty Limited are available to the public and can be obtained as set out in note 21.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
4
1.3
Revenue

The company has applied the following accounting policy in the preparation of its financial statements. For contracts determined to be within the scope of revenue recognition, the company is required to apply a five step model to determine when to recognise revenue, and at what amount. The company recognises revenue from contracts with customers based on the five step model set out in IFRS 15:

 

Step 1: Identify the contract(s) with a customer

A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

 

Step 2: Identify the performance obligation in the contract

A performance obligation is a unit of account and a promise in a contract with a customer to transfer a good or service to the customer.

 

Step 3: Determine the transaction price

The transaction price is the amount of consideration the company expects to be entitled in exchange for

transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

 

Step 4: Allocate the transaction price to the performance obligations in the contract

For a contract that has more than one performance obligation, the company will allocate the transaction price to each performance obligation in an amount that depicts the consideration to which the company expects to be entitled in exchange for satisfying each performance obligation.

 

Step 5: Recognise revenue when (or as) the company satisfies a performance obligation

The company satisfies a performance obligation and recognises revenue over time, when the company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is shown net of VAT and other sales related taxes.

 

Performance obligation

The company uses the percentage of completion method in accounting for its contract revenue recognition. Use of the percentage of completion method requires the company to estimate the contract work performed to date as a proportion of the total contract work to be performed.

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

1.5
Property, plant and equipment

Property, plant and equipment 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 or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over the lease length
Fixtures, fittings & equipment
33.33% straight line and 10% straight line
Plant and machinery
33.33% straight line and 16.66% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% straight line
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
5

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.

1.6
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of tangible and intangible assets

At each reporting end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Inventories

Inventories 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 inventories to their present location and condition.

 

Inventories 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.

Cost is calculated using the weighted average cost method.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
6
1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intent and ability to hold to maturity are classified as held to maturity investments.

 

Held to maturity investments are measured at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

1.11
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

1.12
Equity instruments

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

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
7
1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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 inventories or non-current 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.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
8
1.16
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
2
Employees

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

2024
2023
Number
Number
Directors
2
3
Contracted employees
9
8
Total
11
11

Employee wage costs totalled £293,565 in the year (2023: £275,574) and has been recharged in full to Enspan Limited.

3
Intangible fixed assets
Development Costs
£
Cost
At 30 June 2023
255,793
At 30 June 2024
255,793
Amortisation and impairment
Impairment loss
255,793
At 30 June 2024
255,793
Carrying amount
At 30 June 2023
255,793

 

4
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
241,892
379,328
27,955
23,313
325,283
997,771
Additions
-
0
42,380
-
0
6,982
22,795
72,157
Disposals
-
0
-
0
(596)
(11,374)
-
0
(11,970)
At 30 June 2024
241,892
421,708
27,359
18,921
348,078
1,057,958
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
10
Accumulated depreciation and impairment
At 1 July 2023
241,892
278,448
14,592
13,622
186,552
735,106
Charge for the year
-
0
37,659
2,840
7,320
58,003
105,822
Eliminated on disposal
-
0
-
0
(541)
(11,067)
-
0
(11,608)
At 30 June 2024
241,892
316,107
16,891
9,875
244,555
829,320
Carrying amount
At 30 June 2024
-
0
105,601
10,468
9,046
103,523
228,638
At 30 June 2023
-
0
100,880
13,363
9,691
138,731
262,665

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
-
38,193
Plant and machinery
6,192
12,269
Motor vehicles
103,523
138,731
109,715
189,193
Depreciation charge for the year
Property
-
38,193
Plant and machinery
6,078
6,060
Motor vehicles
58,003
48,298
64,081
92,551

The fixed term property lease expired in the period ending 30 June 2023 and changed to an ongoing monthly lease.

5
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
0
-
0
88
88

The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Investments
(Continued)
11
Fair value of financial assets carried at amortised cost

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements are approximate to their fair values.

Investments in subsidiaries includes the entire shareholding of Interspan Post Tensioning Limited.

Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 & 30 June 2024
88
Carrying amount
At 30 June 2024
88
At 30 June 2023
88
6
Subsidiaries

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

Name of undertaking
Registered office
Principal activities
% Held
Direct
Interspan Post Tensioning Ltd
The Black Church
St Mary's Place
Dublin
D07 P4AX
Ireland
Construction activities and projects
100.00
7
Inventories
2024
2023
£
£
Raw materials
834,565
690,701
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
8
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade receivables
1,419,735
1,305,939
-
-
Deferred revenue
(650,007)
(894,684)
-
-
769,728
411,255
-
-
Corporation tax recoverable
-
45,901
-
-
VAT recoverable
159,826
156,308
-
-
Amounts owed by fellow group undertakings
1,236,571
1,470,947
-
0
-
0
Other receivables
80,705
26,624
-
-
Retentions
93,119
102,382
264,402
275,059
Prepayments and accrued income
46,582
53,017
-
-
2,386,531
2,266,434
264,402
275,059
9
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Borrowings
10
16,666
80,000
-
0
166,667
Trade and other payables
11
1,319,077
1,712,732
-
0
-
0
Corporation tax
227,632
62,433
-
-
Other taxation and social security
36,467
28,883
-
-
Lease liabilities
12
57,098
75,724
48,836
95,873
1,656,940
1,959,772
48,836
262,540
10
Borrowings
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank loans
16,666
80,000
-
166,667
2024
2023
£
£
Secured borrowings included above:
Bank loans
16,666
246,667

Bank loans relate to a CBIL loan facility. This is secured by a fixed and floating charge over all assets of the company.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
11
Trade and other payables
2024
2023
£
£
Trade payables
506,704
483,478
Amounts owed to fellow group undertakings
770,669
1,202,026
Accruals
18,969
15,307
Other payables
22,735
11,921
1,319,077
1,712,732

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 45 days. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

12
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
57,098
75,724
In two to five years
48,836
89,096
In over five years
-
6,777
Total undiscounted liabilities
105,934
171,597

Finance lease obligations are classified based on the amounts that are expected to be settled within the next 12 months or/and more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
57,098
75,724
Non-current liabilities
48,836
95,873
105,934
171,597
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
9,175
5,848
Other leasing information is included in note 17.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
13
Deferred taxation
Liabilities
2024
2023
£
£
Deferred tax balances
36,306
43,482

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated Capital Allowances
£
Liability at 1 July 2022
23,474
Deferred tax movements in prior year
Charge/(credit) to profit or loss
20,008
Liability at 1 July 2023
43,482
Deferred tax movements in current year
Charge/(credit) to profit or loss
(7,176)
Liability at 30 June 2024
36,306

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

Ordinary shares rank equally with regard to the Company's residual assets.

 

The holders of ordinary shares are entitled to receive dividends as declared from time to time, are entitled to the repayment of capital upon wind up, and are entitled to one vote per share at meetings of the Company.

15
Retained earnings

Profit and loss reserve includes all current and prior period retained profits and losses available for distribution.

INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Steven Knowles FCA
Date of audit report:
5 February 2025
17
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Expense relating to short-term leases
56,000
-

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2024
2023
Land and buildings
£
£
Within one year
40,069
5,980
Information relating to lease liabilities is included in note 12.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
18
Related party transactions
Related parties include; Interspan Holdings Pty Ltd, incorporated in Australia and its subsidiary undertakings ("The Group"). Interspan Europe Limited is a subsidiary undertaking of Interspan Holdings Pty Ltd.
Transactions with related parties include:
Interspan Holdings Pty Ltd
2024
2023
£
£
Related party debtor
Balance brought forward
-
-
Sale of investments to
-
-
Related party cross charges
-
-
Balance carried forward
-
-
Interspan Holdings Pty Ltd, incorporated in Australia is the immedate and ultimate parent company of Interspan Europe Limited.
Interspan Post Tensioning Limited
2024
2023
£
£
Related party debtor:
Balance brought forward (Creditor)
378,566
310,914
Exchange rate movement increase / (decrease)
-
-
Sales invoices to
9,078
266,528
Purchase invoices from
(58,489)
-
Related party cross charges
40,844
219,473
Loan repayments
(88,485)
(418,349)
Balance carried forward
281,514
378,566
Interspan Post Tensioning Limited, incorporated in Ireland is a wholly owned subsidiary of Interspan Europe Limited.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Related party transactions
(Continued)
17
Interspan Holdings Netherlands BV
2024
2023
£
£
Related party creditor:
Balance brought forward
(17,599)
(20,822)
Dividends declared
-
-
Related party cross charges
230
263
Exchange rate movement increase / (decrease)
251
(73)
Loan repayments
4,573
3,033
Balance carried forward
(12,545)
(17,599)
Interspan Holdings Netherlands BV is a wholly owned subsidiary of Interspan Holdings Pty, Australia.
Interspan Belgium BV
2024
2023
£
£
Related party debtor:
Balance brought forward
1,031,382
1,036,690
Sales invoices to
20,034
179,485
Purchase invoices from
(12,417)
-
Exchange rate movement increase / (decrease)
-
-
Invoices paid on behalf of
-
-
Related party cross charges
354,381
138,026
Loan repayments
(453,240)
(322,819)
Balance carried forward
940,140
1,031,382
Interspan Belgium BV is a wholly owned subsidiary of Interspan Holdings Netherlands BV.
Interspan Netherlands BV
2024
2023
£
£
Related party creditor:
Balance brought forward
(1,106)
8,506
Sales invoices to
-
-
Purchase invoices from
-
(8,543)
Exchange rate movement increase / (decrease)
6
(6)
Invoices paid on behalf of
-
-
Related party cross charges
251
228
Loan repayments
849
(1,291)
Balance carried forward
-
(1,106)
Interspan Netherlands BV is a wholly owned subsidiary of Interspan Holdings Netherlands BV.
Interspan Holdings Pty Ltd (Dubai Branch)
2024
2023
£
£
Related party creditor:
Balance brought forward
(152,315)
(106,535)
Exchange rate movement (increase) / decrease
462
5,266
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Related party transactions
(Continued)
18
Purchase invoices from
(19,400)
(17,273)
Related party cross charges
(1,975)
(33,773)
Loan repayments
173,228
-
Balance carried forward
-
(152,315)
Interspan Holdings Pty Ltd (Dubai Branch) is a branch of Interspan Holdings Pty Ltd.
Enspan Design Pty Ltd
2024
2023
£
£
Related party creditor:
Balance brought forward
(542,935)
(616,744)
Exchange rate movement (increase) / decrease
(7,703)
28,203
Purchase invoices from
(529,033)
(507,717)
Sales invoices to
1,068
-
Related party cross charges
(71,735)
(184,543)
Loan repayments
913,929
737,866
Balance carried forward
(236,409)
(542,935)
Enspan Design Pty Ltd, incorporated in Australia is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
Enspan Limited
2024
2023
£
£
Related party creditor:
Balance brought forward
(433,316)
(81,172)
Sales invoices to
-
398,921
Purchase invoices from
(1,488,738)
(1,047,884)
Related party cross charges
762,882
332,650
Loan repayments
637,456
(35,831)
Balance carried forward
(521,716)
(433,316)
Enspan Limited, incorporated in the UK  is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
Interspan (NSW) Pty Ltd
2024
2023
£
£
Related party creditor:
Balance brought forward
(23,041)
(18,882)
Exchange rate movement increase / (decrease)
152
792
Purchase invoices from
Related party cross charges
(14,253)
(22,447)
Loan repayments
37,142
17,496
Balance carried forward
-
(23,041)
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Related party transactions
(Continued)
19
Interspan (NSW) Pty Ltd. incorporated in Australia,  is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
Slabtec Limited
2024
2023
£
£
Related party debtor:
Balance brought forward
60,998
100
Related party cross charges
93,173
60,898
Sales invoices to
746
-
Loan repayments
(140,000)
-
Balance carried forward
14,916
60,998
Slabtec Limited, incorporated in the UK, is a wholly owned subsidiary of Slabtec Holdings Pty Ltd.
Slabtec (NSW) Pty Ltd
2024
2023
£
£
Related party creditor:
(31,716)
-
Exchange rate movement increase / (decrease)
(1,246)
(843)
Related party cross charges
-
-
Loan repayments
32,962
(30,873)
Balance carried forward
-
(31,716)
Slabtec (NSW) Pty Ltd, incorporated in Australia, is a wholly owned subsidiary of Slabtec Holdings Pty Ltd.
All above balances are interest free and have no fixed date for repayment. The fair value of the Related party balances is approximately equal to their carrying amount.
No guarantees have been given or received.
INTERSPAN EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
19
Events after the reporting date

There are no post balance sheet events that the directors feel should be brought to the attention of the shareholders.

20
Directors' transactions

The following amounts were outstanding at the reporting end date:

Loans
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr J R Laws - Directors' loan
-
1,002
44,144
45,146
Mr D H Jones - Directors' loan
-
7,278
-
7,278
8,280
44,144
52,424

Loans made to directors are interest free and repayable on demand.

21
Controlling party

The immediate and ultimate parent company of Interspan Europe Limited is Interspan Holdings Pty Ltd, a company incorporated in Australia.

 

Interspan Holdings Pty Ltd has the power to amend the financial statements after their issue, should it wish to do so.

Interspan Europe Limited is consolidated into the accounts of Interspan Holdings Pty Ltd, copies of which are available via the Australian Securities & Investments Commission.

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