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REGISTERED NUMBER: 07520196 (England and Wales)



Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2024

for

Euro Exim Bank Limited

Euro Exim Bank Limited (Registered number: 07520196)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Report of the Directors 2 to 3

Statement of Financial Position 4

Notes to the Financial Statements 5 to 10


Euro Exim Bank Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr K A Punjani
Mr A R Shah





REGISTERED OFFICE: Suite 1e One Oaks Court
Warwick Road
Borehamwood
Hertfordshire
WD6 1GS





REGISTERED NUMBER: 07520196 (England and Wales)





INDEPENDENT AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Euro Exim Bank Limited (Registered number: 07520196)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of support consultancy and management during the issuance of letters of credits.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr K A Punjani
Mr A R Shah

POLITICAL DONATIONS AND EXPENDITURE
The Company made neither political donations nor incurred any political expenditure during the year.

The charitable donations made during the year was £nil (2023: £500).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and BBK Partnership will therefore continue in office.


Euro Exim Bank Limited (Registered number: 07520196)

Report of the Directors
for the Year Ended 31 March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr K A Punjani - Director


26 March 2025

Euro Exim Bank Limited (Registered number: 07520196)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 145,069 190,793
Tangible assets 5 194,563 147,163
339,632 337,956

CURRENT ASSETS
Debtors 6 531,363 746,692
Cash at bank and in hand 520,327 93,067
1,051,690 839,759
CREDITORS
Amounts falling due within one year 7 (243,253 ) (64,300 )
NET CURRENT ASSETS 808,437 775,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,148,069

1,113,415

CREDITORS
Amounts falling due after more than one
year

8

(73,385

)

(88,175

)

PROVISIONS FOR LIABILITIES 9 (31,160 ) (34,088 )
NET ASSETS 1,043,524 991,152

CAPITAL AND RESERVES
Called up share capital 10 350,100 350,100
Retained earnings 11 693,424 641,052
SHAREHOLDERS' FUNDS 1,043,524 991,152

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





Mr K A Punjani - Director


Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Euro Exim Bank Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to competed letters of credit issued by Euro Exim Bank Limited St Lucia.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:
Computer software-10 years

Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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

Foreign currency transactions and balances
Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Trade 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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Director and shareholder loans
Loans provided by or to the directors or shareholders considered to be a neutral person will be measured at transaction price.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Going concern
As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 457,242
AMORTISATION
At 1 April 2023 266,449
Amortisation for year 45,724
At 31 March 2024 312,173
NET BOOK VALUE
At 31 March 2024 145,069
At 31 March 2023 190,793

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 113,977 120,775 234,752
Additions 82,296 38,397 120,693
Disposals (10,588 ) - (10,588 )
At 31 March 2024 185,685 159,172 344,857
DEPRECIATION
At 1 April 2023 65,139 22,450 87,589
Charge for year 24,364 48,929 73,293
Eliminated on disposal (10,588 ) - (10,588 )
At 31 March 2024 78,915 71,379 150,294
NET BOOK VALUE
At 31 March 2024 106,770 87,793 194,563
At 31 March 2023 48,838 98,325 147,163

Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 22,086 106,631
Other debtors 398,427 608,263
HP Interest 10,856 15,198
Directors' loan accounts 1,854 -
VAT 31,449 10,208
Prepayments 66,691 6,392
531,363 746,692

The Director's loan account has a debit balance of £1,854 (2023: nil), which has been settled within 9 months from the year-end.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Finance leases 14,790 14,790
Trade creditors 31,673 1,484
Taxation and social security 45,471 28,159
Other creditors 151,319 19,867
243,253 64,300

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Finance leases 73,385 88,175

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 31,160 34,088

Deferred
tax
£   
Balance at 1 April 2023 34,088
Credit to Income Statement during year (2,928 )
Balance at 31 March 2024 31,160

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
350,100 Ordinary £1 350,100 350,100

Euro Exim Bank Limited (Registered number: 07520196)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. RESERVES
Retained
earnings
£   

At 1 April 2023 641,052
Profit for the year 52,372
At 31 March 2024 693,424

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Kaye FCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership

13. RELATED PARTY DISCLOSURES

During the period the company had transactions with Premium Brands Distributors Limited registered in England amounting to receivables of £3,935 (2023: £2,625), in which a key management personnel has a controlling interest.

During the period the company had transactions with Currency Square Limited registered in England amounting to receivables of £2,000 (2023: £nil), in which a key management personnel has a controlling interest.

During the period the company had transactions with Euro Exim Holding Limited registered in England amounting to receivables of £2,589 (2023: £2,589), in which a key management personnel has a controlling interest.

During the period the company had transactions with Exchange Legal Limited registered in England amounting to receivables of £155,900 (2023: £82,300), in which a key management personnel has a controlling interest.

During the period the company had transactions with Euro Exim Bank Limited registered in St Lucia amounting to payables of £135,617 (2023: Receivables of £392,079). Euro Exim Bank Limited (St Lucia) is controlled by Century Holding Limited, in which a key management personnel has a controlling interest.

During the period the company had transactions with Euro Exim Holdings Limited (Seychelles) registered in The Seychelles amounting to receivables of £5,240 (2023: £4,055). Euro Exim Holdings Limited (Seychelles) is controlled by Century Holding Limited, in which a key management personnel has a controlling interest.

During the period the company had transactions with Century Financial Limited (New Zealand) registered in New Zealand amounting to receivables of £188,014 (2023: £42,910). Century Finance Limited (New Zealand) is controlled by Century Holding Limited, in which a key management personnel has a controlling interest.