Company registration number:
for the Year Ended
European Administration Limited
(Registration number: 04207276)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(60,675) |
(28,000) |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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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
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European Administration Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
European Administration Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Intangible assets |
Goodwill |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions internally developed |
- |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 December 2022 |
- |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 December 2022 |
- |
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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.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
European Administration Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank overdrafts |
- |
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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 £
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
S M Ward |
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Interest bearing current account |
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( |
- |
H J Hodgkin |
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Interest bearing current account |
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( |
- |
2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
S M Ward |
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Interest bearing current account |
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( |
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H J Hodgkin |
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Interest bearing current account |
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- |
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European Administration Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
Audit Report |
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.