REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 February 2023 to 26 January 2024 |
for |
Europride UK Investments Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 February 2023 to 26 January 2024 |
for |
Europride UK Investments Limited |
Europride UK Investments Limited (Registered number: 06984326) |
Contents of the Financial Statements |
for the Period 1 February 2023 to 26 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 |
Europride UK Investments Limited |
Company Information |
for the Period 1 February 2023 to 26 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
10A Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
Europride UK Investments Limited (Registered number: 06984326) |
Report of the Directors |
for the Period 1 February 2023 to 26 January 2024 |
The directors present their report with the financial statements of the company for the period 1 February 2023 to 26 January 2024. |
DIVIDENDS |
No interim dividend was paid during the period. The directors recommend a final dividend of £ |
The total distribution of dividends for the period ended 26 January 2024 will be £ |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are 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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Chris Pantazis Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Europride UK Investments Limited (Registered number: 06984326) |
Opinion |
We have audited the financial statements of Europride UK Investments Limited (the 'company') for the period ended 26 January 2024 which comprise the Income Statement, Balance Sheet and 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 company's affairs as at 26 January 2024 and of its profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Europride UK Investments Limited (Registered number: 06984326) |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Europride UK Investments Limited (Registered number: 06984326) |
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 Auditors 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
a) Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation; and |
b) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 Auditors. |
Report of the Independent Auditors to the Members of |
Europride UK Investments Limited (Registered number: 06984326) |
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 Auditors 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 |
10A Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
Europride UK Investments Limited (Registered number: 06984326) |
Income Statement |
for the Period 1 February 2023 to 26 January 2024 |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
332,770 | 278,409 |
Unrealised gain on revaluation |
of property | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL PERIOD |
Europride UK Investments Limited (Registered number: 06984326) |
Balance Sheet |
26 January 2024 |
26.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Revaluation reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements |
for the Period 1 February 2023 to 26 January 2024 |
1. | STATUTORY INFORMATION |
Europride UK Investments Limited (registered number: 06984326), having its registered office and principal place of busniess at 36-38 Mortimer Street, London, England, W1W 7RG, is a private limited company incorporated in England and Wales. |
2. | ACCOUNTING POLICIES |
2.1 | Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies, and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006. |
The following principal accounting policies have been applied: |
2.2 | Financial reporting standard 102: reduced disclosure exemptions |
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102, the Financial Reporting Standard applicable in the UK and republic of Ireland: |
a) the requirements of Section 3: Financial Statement Presentation, paragraph 3.17(d); |
b) the requirements of Section 7: Statement of Cash Flows; |
c) the requirements of Section 33: Related Party Disclosures, paragraph 33.7. |
This information is included in the consolidated financial statements of Europride Holdings Limited at 31 January 2024 and these financial statements may be obtained from the address given in Note 12. |
2.3 Turnover |
Turnover comprises rental and other property related income exclusive of Value Added Tax. |
Turnover in respect of rental income, lease premiums, insurance and other recharges of property related expenditure is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding Value Added Tax. |
2.4 | Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. |
Depreciation is provided on the following basis: |
Freehold property - Not depreciated (see note 2.9) |
Long-term leasehold property - Not depreciated (see note 2.9) |
Fixtures and fittings - 25% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
2. | ACCOUNTING POLICIES - continued |
2.6 | Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
2.7 | Taxation |
Taxation for the period 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 balance sheet date. |
2.8 | 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 period 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. |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
2. | ACCOUNTING POLICIES - continued |
2.9 | Investment property |
Investment property is carried at fair value, determined annually by the directors, on the basis of open market value for its current use. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings. |
2.10 Debtors |
Short-term debtors are measured at transaction price, less any impairment. |
2.11 Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
2.12 Creditors |
Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
2.13 Finance costs |
Finance costs are charged to the Statement of Income and retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
2.14 Dividends |
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities as expenses and classified within interest payable. |
2.15 Borrowing costs |
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
An analysis of turnover by geographical market is given below: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
United Kingdom | 100.00% | 100.00% |
100.00% | 100.00% |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
4. | UNREALISED GAIN ON REVALUATION |
OF PROPERTY |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Fair Value movements | 681,850 | 240,000 |
5. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was as follows: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
Directors |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Depreciation - owned assets |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Bank loan interest |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.2.23 |
to | Year Ended |
26.1.24 | 31.1.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred Tax | 170,462 | 60,000 |
Less Marginal Tax Relief | (41,561 | ) | - |
Total tax charge | 222,278 | 98,466 |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Leasehold | Fixtures |
investment | investment | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Revaluations |
At 26 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for period |
At 26 January 2024 |
NET BOOK VALUE |
At 26 January 2024 |
At 31 January 2023 |
Cost or valuation at 26 January 2024 is represented by: |
Freehold | Leasehold | Fixtures |
investment | investment | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2024 | 243,491 | 438,359 | - | 681,850 |
Valuation in 2023 | 178,359 | 61,641 | - | 240,000 |
Cost | 10,677,000 | 3,690,000 | 14,384 | 14,381,384 |
11,098,850 | 4,190,000 | 14,384 | 15,303,234 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Other creditors |
Directors' current accounts | - | 8,538 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
26.1.24 | 31.1.23 |
£ | £ |
Bank loans 1-2 years |
Bank loans 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,758,854 | 1,730,406 |
13. | SECURED DEBTS |
Details of Charge: |
Date: 07/06/2024 |
Charge code: 0698 4326 0040 |
Persons entitled: Investec Bank PLC |
Brief description: |
Leasehold property known as 28 appledore crescent, sidcup and garage, DA14 6RQ. And. X15 other property titles as detailed in schedule 1 of the enclosed deed. |
Contains fixed charge. |
Contains negative pledge. |
14. | PROVISIONS FOR LIABILITIES |
26.1.24 | 31.1.23 |
£ | £ |
Deferred tax |
At begining of year | 1,826,441 | 1,826,441 |
Charged to profit or loss | 170,463 | - |
1,996,904 | 1,826,441 |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Provided during period |
Balance at 26 January 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 26.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary Share | £1.00 | 100 | 100 |
16. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 5,700,690 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 26 January 2024 | 6,356,953 |
17. | POST BALANCE SHEET EVENTS |
On 20 September 2024, subsequent to the balance sheet date, Europride Ltd transferred its ownership of 1,201,022 ordinary shares in Nobody's Child Limited to Europride UK Investments Limited for a consideration of £1,100,000. |
This transaction occurred between entities under common control, as both Europride Ltd and Europride UK Investments Limited are 100% owned subsidiaries of Europride Holdings Ltd. The transfer represents a group restructuring with no impact on the consolidated financial statements of Europride Holdings Ltd. The consideration received has been accounted for in accordance with the group’s accounting policies. |
Management has assessed this event and determined it to be a non-adjusting post-balance sheet event. Accordingly, no adjustments have been made to the financial statements of Europride Ltd for the year ended 31 January 2024. |
18. | TRANSFER OF ARTWORK |
On 6 September 2024, subsequent to the balance sheet date, Europride Ltd transferred ownership of an artwork asset to Europride UK Investments Limited for a consideration of £300,000. This transfer is part of an internal restructuring within the Europride Group, as both entities are 100% owned subsidiaries of Europride Holdings Ltd. |
Europride UK Investments Limited (Registered number: 06984326) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 26 January 2024 |
19. | IMMEDIATE AND ULTIMATE PARENT UNDERTAKING |
The Company's immediate and ultimate parent undertaking at 31 January 2024 and 31 January 2023, by virtue of its shareholding in the Company, was Europride Holdings Limited, a company incorporated in the United Kingdom. |
The group in which the results of the Company are consolidated is headed by Europride Holdings Limited. The consolidated accounts of this company are available to the public and may be obtained from: |
36-38 Mortimer Street |
London |
W1W 7RG |