REGISTERED NUMBER: 12060737 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
EUROPA ENGINEERING HOLDINGS LTD |
REGISTERED NUMBER: 12060737 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
EUROPA ENGINEERING HOLDINGS LTD |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditor | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 21 |
EUROPA ENGINEERING HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
8th Floor, Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
BANKERS: | Barclays Bank Plc |
2 Arena Court |
Sheffield |
South Yorkshire |
S9 2LF |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The principal activities of the group have been set out in the report of the directors. |
Profit for the year ended 30th September 2024, after taxation, was £637,438 (2023: £995,129) |
Dividends for the year were £408,000 (2023: £230,001) |
Shareholder funds at 30th September 2024 were £6,944,990 (2023: £6,715,552) |
The group has shown a strong performance for the year ended 30 September 2024, with increased turnover, consistent profits and margins thanks to increased activity. |
Outlook is positive with an encouraging healthy order book and good enquiry levels. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The ability to identify and manage risks and uncertainties is a key element in ensuring the continued success of the group. The directors conclude that the group as a whole, is not exposed to any particular risks or uncertainties. The group is essentially self supporting in terms of cash and liquid assets and the directors continue to monitor the risks and uncertainties, match the cash and liquid resources to the challenges they present and adapt their plans and forecasts accordingly. The group maintains what is considered to be enough cash and liquid resources to carry the group through what will be a challenging post pandemic period. |
It is acknowledged that the group is indirectly exposed to the trading risks and uncertainties of the group's trading company Europa Engineering Limited. These risks and uncertainties would align with those typical to many other business sectors. Inflationary pressures on materials, energy prices and wages are particularly challenging at present. Supply chain issues, staff recruitment and retention and general market confidences are also presenting their own challenges. These issues continue to be monitored closely and again, plans and forecasts adapted to overcome the challenges. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
KEY PERFORMANCE INDICATORS |
The group is pleased to report another year of strong results. Our key performance indicators for the year ended 30th September 2024 |
2024 | 2023 |
Gross profit | £2,999,140 | £3,089,160 |
Gross profit percentage | 35.33% | 38.40% |
Operating profit | £659,654 | £1,251,407 |
Operating profit percentage |
7.78% |
15.78% |
It is acknowledged that the above indicators may be challenged in the near future but the directors and management team continue to work hard in order to mitigate the exposure to the market changes and look forward to another period of profitable trading. |
ON BEHALF OF THE BOARD: |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal trading activities of the group, in the year under review, continued to be those of the manufacture of lifting materials and mechanical lifting equipment, structural fabrication, non-ferrous founding, precision and general engineering and medium to heavy machining. The groups other activities included the management of company and property investments. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £ 408,000 . |
RESEARCH AND DEVELOPMENT |
The group continues with its ongoing programme of research and development activities across all sites, divisions and market sectors. It continues to drive change and adapt to changes in technological, legislative, customer and market demands. |
FUTURE DEVELOPMENTS |
The group looks to continue to consolidate and strengthen trading activities in the post pandemic era. The directors and management team continue to explore all market sectors, look to make gains in established activities and develop traction in new ones. The group is self supporting and maintains what is considered to be sufficient cash and liquid resources to sustain all activities. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditor is aware of that information. |
AUDITOR |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
EUROPA ENGINEERING HOLDINGS LTD |
Opinion |
We have audited the financial statements of Europa Engineering Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
EUROPA ENGINEERING HOLDINGS LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditor thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
EUROPA ENGINEERING HOLDINGS LTD |
Auditors' 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 a Report of the Auditor 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditor. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
EUROPA ENGINEERING HOLDINGS LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
8th Floor, Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 4 | 8,488,225 | 7,932,453 |
Cost of sales | (5,489,085 | ) | (4,843,293 | ) |
GROSS PROFIT | 2,999,140 | 3,089,160 |
Administrative expenses | (2,556,254 | ) | (1,847,644 | ) |
442,886 | 1,241,516 |
Other operating income | 5 | 216,844 | 9,925 |
OPERATING PROFIT | 7 | 659,730 | 1,251,441 |
Income from shares in group undertakings |
- |
(650,000 |
) |
Interest receivable and similar income | 8 | 143,374 | 53,153 |
803,104 | 654,594 |
Interest payable and similar expenses | 9 | (47,787 | ) | (36,429 | ) |
PROFIT BEFORE TAXATION | 755,317 | 618,165 |
Tax on profit | 10 | (117,803 | ) | (273,002 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation | - | 1,331,423 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
1,331,423 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
637,514 |
1,676,586 |
Profit attributable to: |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
£ | £ |
Owners of the parent | 637,514 | 345,163 |
Total comprehensive income attributable to: |
Owners of the parent | 637,514 | 1,676,586 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 | 4,015,956 | 4,218,740 |
Investments | 14 | (850,000 | ) | (850,000 | ) |
Investment property | 15 | 789,268 | 321,061 |
3,955,224 | 3,689,801 |
CURRENT ASSETS |
Stocks | 16 | 507,271 | 477,595 |
Debtors | 17 | 2,986,377 | 2,697,327 |
Cash at bank and in hand | 1,736,784 | 3,329,385 |
5,230,432 | 6,504,307 |
CREDITORS |
Amounts falling due within one year | 18 | 2,643,870 | 3,766,896 |
NET CURRENT ASSETS | 2,586,562 | 2,737,411 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,541,786 | 6,427,212 |
CREDITORS |
Amounts falling due after more than one year |
19 |
- |
(45,790 |
) |
PROVISIONS FOR LIABILITIES | 23 | (531,819 | ) | (600,969 | ) |
NET ASSETS | 6,009,967 | 5,780,453 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 24 | (7,900 | ) | (7,900 | ) |
Revaluation reserve | 25 | 1,331,423 | 1,331,423 |
Capital redemption reserve | 25 | (12,000 | ) | (12,000 | ) |
Other reserves | 25 | 1,800,000 | 1,800,000 |
Retained earnings | 25 | 2,898,444 | 2,668,930 |
SHAREHOLDERS' FUNDS | 6,009,967 | 5,780,453 |
The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by: |
Mr J P Cheetham - Director |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 24 |
Other reserves | 25 |
Retained earnings | 25 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(99 |
) |
649,890 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 October 2022 | (7,900 | ) | 1,903,768 | - |
Changes in equity |
Dividends | - | 419,999 | - |
Total comprehensive income | - | 345,163 | 1,331,423 |
Balance at 30 September 2023 | (7,900 | ) | 2,668,930 | 1,331,423 |
Changes in equity |
Dividends | - | (408,000 | ) | - |
Total comprehensive income | - | 637,514 | - |
Balance at 30 September 2024 | (7,900 | ) | 2,898,444 | 1,331,423 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 October 2022 | (12,000 | ) | 1,800,000 | 3,683,868 |
Changes in equity |
Dividends | - | - | 419,999 |
Total comprehensive income | - | - | 1,676,586 |
Balance at 30 September 2023 | (12,000 | ) | 1,800,000 | 5,780,453 |
Changes in equity |
Dividends | - | - | (408,000 | ) |
Total comprehensive income | - | - | 637,514 |
Balance at 30 September 2024 | (12,000 | ) | 1,800,000 | 6,009,967 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2024 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (511,007 | ) | 2,447,346 |
Interest paid | (36,582 | ) | (31,265 | ) |
Interest element of hire purchase payments paid |
(11,205 |
) |
(3,953 |
) |
Finance costs paid | - | (1,211 | ) |
Taxation (paid) refunded | (241,458 | ) | (95,490 | ) |
Net cash from operating activities | (800,252 | ) | 2,315,427 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (194,171 | ) | (255,568 | ) |
Purchase of investment property | (468,207 | ) | - |
Sale of tangible fixed assets | 177,250 | 103,170 |
Interest received | 143,374 | 53,153 |
Dividends received | - | (650,000 | ) |
Net cash from investing activities | (341,754 | ) | (749,245 | ) |
Cash flows from financing activities |
Loan repayments in year | (87,500 | ) | (75,000 | ) |
Capital repayments in year | (73,238 | ) | (49,492 | ) |
Amount introduced by directors | 118,643 | 15,585 |
Equity dividends paid | (408,000 | ) | 419,999 |
Net cash from financing activities | (450,095 | ) | 311,092 |
(Decrease)/increase in cash and cash equivalents | (1,592,101 | ) | 1,877,274 |
Cash and cash equivalents at beginning of year |
2 |
3,329,385 |
1,452,112 |
Cash and cash equivalents at end of year |
2 |
1,736,784 |
3,329,385 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.24 | 30.9.23 |
£ | £ |
Profit before taxation | 755,317 | 618,165 |
Depreciation charges | 197,106 | 191,860 |
Loss/(profit) on disposal of fixed assets | 22,598 | (7,036 | ) |
Finance costs | 47,787 | 36,429 |
Finance income | (143,374 | ) | 596,847 |
879,434 | 1,436,265 |
Increase in stocks | (29,676 | ) | (28,661 | ) |
Increase in trade and other debtors | (789,050 | ) | (576,410 | ) |
(Decrease)/increase in trade and other creditors | (571,715 | ) | 1,616,152 |
Cash generated from operations | (511,007 | ) | 2,447,346 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 1,736,784 | 3,329,385 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 3,329,385 | 1,452,112 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,329,385 | (1,592,601 | ) | 1,736,784 |
3,329,385 | (1,592,601 | ) | 1,736,784 |
Debt |
Finance leases | (73,238 | ) | 73,238 | - |
Debts falling due within 1 year | (75,000 | ) | 75,000 | - |
Debts falling due after 1 year | (12,500 | ) | 12,500 | - |
(160,738 | ) | 160,738 | - |
Total | 3,168,647 | (1,431,863 | ) | 1,736,784 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
ERROR MESSAGES FROM THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
** | CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | (1,592,101 | ) |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS | = | (1,592,601 | ) |
** | LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | 1,877,274 |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS | = | 1,877,273 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Europa Engineering Holdings Ltd is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, the functional currency of the company, Monetary amounts in these financial statements are rounded to the nearest £. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of Europa Engineering Holdings Limited and all of its subsidiaries are drawn up to 30 September each year. Subsidiaries are consolidated from the date of their acquisition , being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. |
Significant judgements and estimates |
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair vale of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and the other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Turnover 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. |
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimates reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Land and Buildings are held at fair value less any accumulates depreciation and subsequent impairment losses. Increases in fair value are recognised in other comprehensive income. |
Depreciation is provided at the following annual rates in order to write off the cost of each asset to its estimated residual value on a straight line basis over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
Freehold land - Not depreciated |
Freehold property - Straight line over 50 years |
Plant and machinery - Straight line over 10 years |
Fixtures and fittings - Straight line over 10 years and 4 years |
Motor vehicles - Straight line over 4 years |
Government grants |
Capital grants received are deferred and released over the useful life of the asset. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
Investment property |
Investment property, which is property held to realise rental income and capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable purchase expenditure. Subsequently, it is valued at fair value at the reporting date and any aggregate deficits or surpluses arising from changes in fair value are recognised in the profit or loss |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using a first-in, first-out method and includes all purchase, transport and handling costs that have been incurred in bringing the stocks to their present location and condition. |
Financial instruments |
Financial instruments are classed and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of it's liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
30.9.24 | 30.9.23 |
£ | £ |
United Kingdom | 8,392,820 | 7,888,741 |
Europe | 80,066 | 29,320 |
Rest of the World | 15,339 | 14,392 |
8,488,225 | 7,932,453 |
5. | OTHER OPERATING INCOME |
30.9.24 | 30.9.23 |
£ | £ |
Rents received | 214,750 | 9,300 |
Government grants | 2,094 | 625 |
216,844 | 9,925 |
6. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries | 2,222,758 | 2,054,180 |
Social security costs | 197,174 | 181,308 |
Other pension costs | 476,912 | 203,352 |
2,896,844 | 2,438,840 |
The average number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Management | 9 | 9 |
Administrative and technical | 25 | 24 |
Operatives | 41 | 47 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | EMPLOYEES AND DIRECTORS - continued |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration | 67,394 | 65,493 |
Directors' pension contributions to money purchase schemes | 409,426 | 144,519 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.24 | 30.9.23 |
£ | £ |
Operating lease rentals | 212,185 | 37,000 |
Depreciation - owned assets | 164,753 | 154,216 |
Depreciation - assets on hire purchase contracts | 32,354 | 37,643 |
Loss/(profit) on disposal of fixed assets | 22,598 | (7,036 | ) |
Auditors' remuneration | 20,636 | 16,000 |
Foreign exchange differences | (13,260 | ) | (1,943 | ) |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.9.24 | 30.9.23 |
£ | £ |
Other interest income | 143,374 | 53,153 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Bank interest | 36,582 | 31,265 |
Hire purchase interest | 11,205 | 3,953 |
Other interest | - | 1,211 |
47,787 | 36,429 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax | 244,182 | 298,769 |
Corporation tax prior year adj | (57,229 | ) | (57,287 | ) |
Total current tax | 186,953 | 241,482 |
Deferred tax | (69,150 | ) | 31,520 |
Tax on profit | 117,803 | 273,002 |
UK corporation tax was charged at 22 %) in 2023. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax | 755,241 | 1,268,131 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
188,810 |
278,989 |
Effects of: |
Expenses not deductible for tax purposes | 2,272 | 2,598 |
Income not taxable for tax purposes | (524 | ) | (138 | ) |
Depreciation in excess of capital allowances | 51,889 | 18,733 |
Adjustments to tax charge in respect of previous periods | (57,229 | ) | (57,287 | ) |
(Loss)/ Profit on asset disposals | 5,650 | (1,548 | ) |
claims |
Other adjustments | - | 135 |
Deferred taxation charges (credits) | (69,150 | ) | 31,520 |
Non trade deficits brought forward | (5,759 | ) | - |
Movement in pension creditor | 1,844 | - |
Total tax charge | 117,803 | 273,002 |
** | PROFIT BEFORE TAX FOR CURRENT YEAR ON CLIENT SCREEN OF | 755,241 |
DOES NOT AGREE TO AMOUNT ON STATEMENT OF COMPREHENSIVE INCOME OF | 755,317 |
** | PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF | 1,268,131 |
DOES NOT AGREE TO AMOUNT ON STATEMENT OF COMPREHENSIVE INCOME OF | 618,165 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 September 2024. |
30.9.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation | 1,331,423 | - | 1,331,423 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
12. | DIVIDENDS |
30.9.24 | 30.9.23 |
£ | £ |
Ordinary shares of 10p each |
Final | - | (650,000 | ) |
A Ordinary shares of 10p each |
Interim | 408,000 | 230,001 |
408,000 | (419,999 | ) |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 3,500,000 | 2,351,203 | 177,046 | 452,822 | 6,481,071 |
Additions | - | 17,681 | 16,170 | 160,320 | 194,171 |
Disposals | - | (135,983 | ) | (4,229 | ) | (280,907 | ) | (421,119 | ) |
At 30 September 2024 | 3,500,000 | 2,232,901 | 188,987 | 332,235 | 6,254,123 |
DEPRECIATION |
At 1 October 2023 | - | 1,936,978 | 146,896 | 178,457 | 2,262,331 |
Charge for year | - | 95,178 | 10,448 | 91,481 | 197,107 |
Eliminated on disposal | - | (135,983 | ) | (4,229 | ) | (81,059 | ) | (221,271 | ) |
At 30 September 2024 | - | 1,896,173 | 153,115 | 188,879 | 2,238,167 |
NET BOOK VALUE |
At 30 September 2024 | 3,500,000 | 336,728 | 35,872 | 143,356 | 4,015,956 |
At 30 September 2023 | 3,500,000 | 414,225 | 30,150 | 274,365 | 4,218,740 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 1,775,230 | - | - | - | 1,775,230 |
Cost | 1,724,770 | 2,232,901 | 188,987 | 332,235 | 4,478,893 |
3,500,000 | 2,232,901 | 188,987 | 332,235 | 6,254,123 |
The fair value of the Freehold property has been arrived at on the basis of a valuation carried out at 31 May 2023 by Bennell Limited. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 41,543 | 133,958 | 175,501 |
Additions | - | 135,950 | 135,950 |
Disposals | - | (269,908 | ) | (269,908 | ) |
At 30 September 2024 | 41,543 | - | 41,543 |
DEPRECIATION |
At 1 October 2023 | 17,309 | 41,861 | 59,170 |
Charge for year | 4,155 | 28,199 | 32,354 |
Eliminated on disposal | - | (70,060 | ) | (70,060 | ) |
At 30 September 2024 | 21,464 | - | 21,464 |
NET BOOK VALUE |
At 30 September 2024 | 20,079 | - | 20,079 |
At 30 September 2023 | 24,234 | 92,097 | 116,331 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | (850,000 | ) |
NET BOOK VALUE |
At 30 September 2024 | (850,000 | ) |
At 30 September 2023 | (850,000 | ) |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Name | Principal activity | Class | Holding % |
Europa Engineering Group Limited | Holding company | Ordinary | 100 |
Synergis Trading Limited | Property and equipment rental | Ordinary | 100 |
Europa Engineering Ltd. |
Structural engineers in the lifting industry |
Ordinary |
100 |
Brass Founders (Sheffield) Limited | Dormant | Ordinary | 100 |
J T Barker and Sons Limited | Dormant | Ordinary | 100 |
J Youle and Company Limited | Dormant | Ordinary | 100 |
Lifting Gear Products Limited | Dormant | Ordinary | 100 |
Pattisons Brothers Limited | Dormant | Ordinary | 100 |
Plum-Alti Limited | Dormant | Ordinary | 100 |
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: |
Capital and reserves 2024 |
Profit/ (loss for the year 2024 |
) |
£ | £ |
Europa Engineering Group Limited | 935,023 | (76 | ) |
Synergis Trading Limited | 7,014,135 | 738,433 |
Europa Engineering Ltd. | 1,240,761 | 299,180 |
Brass Founders (Sheffield) Limited | 1 | - |
J T Barker and Sons Limited | 1 | - |
J Youle and Company Limited | 1 | - |
Lifting Gear Products Limited | 1 | - |
Pattisons Brothers Limited | 1 | - |
Plum-Alti Limited | 1 | - |
The above companies share the same registered office as that of the company as shown on the company information (page 1). |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 October 2023 | 321,061 |
Additions | 468,207 |
At 30 September 2024 | 789,268 |
NET BOOK VALUE |
At 30 September 2024 | 789,268 |
At 30 September 2023 | 321,061 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
16. | STOCKS |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Raw materials | 507,271 | 477,595 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Trade debtors | 1,842,660 | 1,805,817 |
Amounts owed by group undertakings | - | 500,000 |
Amounts recoverable on contract | 172,913 | 218,403 |
Other debtors | 2,006 | 7,775 |
Prepayments | 968,798 | 165,332 |
2,986,377 | 2,697,327 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | - | 75,000 |
Hire purchase contracts (see note 21) | - | 39,948 |
Payments on account | 1,097,112 | 1,381,007 |
Trade creditors | 338,905 | 919,238 |
Amounts owed to group undertakings | 84,500 | 585,000 |
Corporation tax | 186,953 | 241,458 |
Social security and other taxes | 42,723 | 51,686 |
VAT | 242,242 | 206,642 | - | - |
Other creditors | 84,063 | 73,110 |
Directors' current accounts | 134,228 | 15,585 | - | - |
Accruals and deferred income | 433,144 | 178,222 |
2,643,870 | 3,766,896 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans (see note 20) | - | 12,500 |
Hire purchase contracts (see note 21) | - | 33,290 |
- | 45,790 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | - | 75,000 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 12,500 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.9.24 | 30.9.23 |
£ | £ |
Net obligations repayable: |
Within one year | - | 39,948 |
Between one and five years | - | 33,290 |
- | 73,238 |
Group |
Non-cancellable | operating leases |
30.9.24 | 30.9.23 |
£ | £ |
Within one year | 88,000 | 88,000 |
Between one and five years | 352,000 | 352,000 |
In more than five years | 418,000 | 506,000 |
858,000 | 946,000 |
22. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans | - | 87,500 |
Hire purchase contracts | - | 73,238 |
- | 160,738 |
Bank loans were ultimately secured by a fixed and floating charge debenture and group wide cross guarantee agreement with the groups banking partner. Hire purchase contracts were secured by a charge over the assets to which they relate. |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
23. | PROVISIONS FOR LIABILITIES |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 88,011 | 157,161 |
Other timing differences | 443,808 | 443,808 |
531,819 | 600,969 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 600,969 |
Credit to Statement of Comprehensive Income during year | (69,150 | ) |
Revaluation surpluses |
Balance at 30 September 2024 | 531,819 |
24. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
A Ordinary | 10p | 70 | 70 |
B Ordinary | 10p | 10 | 10 |
C Ordinary | 10p | 10 | 10 |
D Ordinary | 10p | 10 | 10 |
100 | 100 |
EUROPA ENGINEERING HOLDINGS LTD (REGISTERED NUMBER: 12060737) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
25. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption | Other |
earnings | reserve | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 October 2023 | 2,668,930 | 1,331,423 | (12,000 | ) | 1,800,000 | 5,788,353 |
Profit for the year | 637,514 | 637,514 |
Dividends | (408,000 | ) | (408,000 | ) |
At 30 September 2024 | 2,898,444 | 1,331,423 | (12,000 | ) | 1,800,000 | 6,017,867 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 October 2023 | 4,023,027 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 3,614,928 |
26. | CAPITAL COMMITMENTS |
30.9.24 | 30.9.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 468,641 |
27. | SUBSEQUENT EVENTS |
On 1 October 2024, the company acquired Dale & Company (Ancoats) Limited, company number 00610341. |