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Company registration number: 04207276

European Administration Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

European Administration Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

European Administration Limited

(Registration number: 04207276)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

535,187

201,501

Tangible assets

5

58,437

48,666

 

593,624

250,167

Current assets

 

Debtors

6

1,484,292

2,362,356

Cash at bank and in hand

 

142,033

85,338

 

1,626,325

2,447,694

Creditors: Amounts falling due within one year

7

(2,372,974)

(2,570,998)

Net current liabilities

 

(746,649)

(123,304)

Total assets less current liabilities

 

(153,025)

126,863

Provisions for liabilities

 

Deferred tax liabilities

 

(60,675)

(28,000)

Net (liabilities)/assets

 

(213,700)

98,863

Capital and reserves

 

Called up share capital

5

5

Profit and loss account

(213,705)

98,858

Total equity

 

(213,700)

98,863

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 


G R Lindop
Director

   
 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Equity House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

The accounts for the year ended 31 December 2022 have been restated to reduce turnover and direct costs by £400,974 relating to mediation revenue collected by the company and relating to reimbursement of costs.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Commission due in respect of services provided to barristers is recognised at the point at which the barrister’s fees have been paid. Until this point, it is considered that the amount of revenue cannot be reliably measured.

The company also receives subscription revenue for the library service it offers, this income is recognised over the term of the subscription.

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5 years straight line

Fixtures and fittings

5 years straight line

Office equipment

5 years straight line

Computer equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Development costs are shown at historical cost.

Development costs are recognised at fair value at the acquisition date.

Development costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated inpairment losses.

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Development costs

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 35 (2022 - 27).

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

200,000

513,095

713,095

Additions internally developed

-

421,558

421,558

At 31 December 2023

200,000

934,653

1,134,653

Amortisation

At 1 January 2023

200,000

311,594

511,594

Amortisation charge

-

87,872

87,872

At 31 December 2023

200,000

399,466

599,466

Carrying amount

At 31 December 2023

-

535,187

535,187

At 31 December 2022

-

201,501

201,501

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 January 2023

20,530

204,172

40,742

265,444

Additions

-

18,107

11,326

29,433

At 31 December 2023

20,530

222,279

52,068

294,877

Depreciation

At 1 January 2023

20,530

192,298

3,950

216,778

Charge for the year

-

11,291

8,371

19,662

At 31 December 2023

20,530

203,589

12,321

236,440

Carrying amount

At 31 December 2023

-

18,690

39,747

58,437

At 31 December 2022

-

11,874

36,792

48,666

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

160,814

257,153

Amounts owed by related parties

1,002,227

633,284

Prepayments

139,879

75,637

Other debtors

181,372

1,396,282

 

1,484,292

2,362,356

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

68,856

Trade creditors

 

335,469

389,970

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,731,940

1,708,409

Taxation and social security

 

78,867

301,762

Accruals and deferred income

 

183,704

26,688

Other creditors

 

42,994

75,313

 

2,372,974

2,570,998

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

113

113

The amount of non-cancellable operating lease payments recognised as an expense during the year was £452 (2022 - £452).

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

68,856

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £380,200 (2022 - £86,973).

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

S M Ward

Interest bearing current account

588,029

130,762

(718,791)

-

H J Hodgkin

Interest bearing current account

611,561

125,640

(737,201)

-

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

S M Ward

Interest bearing current account

289,239

305,378

(6,588)

588,029

H J Hodgkin

Interest bearing current account

283,127

328,434

-

611,561

 

European Administration Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

12

Parent and ultimate parent undertaking

The company's immediate parent is Bar Bidco Limited, incorporated in England and Wales.

 

13

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 February 2025 was Christopher Walford ACA, who signed for and on behalf of Albert Goodman LLP.

Other matters
In forming our opinion on the financial statements, which is not modified, we note the prior period financial statements were not audited. Consequently, International Standards on Auditing (UK & Ireland) require the auditor to state that the corresponding figures contained within these financial statements are unaudited.