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COMPANY REGISTRATION NUMBER: 03128188
EUROFABS (U.K.) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2024
EUROFABS (U.K.) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
EUROFABS (U.K.) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
42,108
46,324
Current assets
Stocks
491,075
662,925
Debtors
6
605,889
288,589
Cash at bank and in hand
14,613
263,128
------------
------------
1,111,577
1,214,642
Creditors: amounts falling due within one year
7
559,395
602,621
------------
------------
Net current assets
552,182
612,021
---------
---------
Total assets less current liabilities
594,290
658,345
Creditors: amounts falling due after more than one year
8
75,074
218,567
Provisions
Taxation including deferred tax
9,796
10,693
---------
---------
Net assets
509,420
429,085
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
509,418
429,083
---------
---------
Shareholders funds
509,420
429,085
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EUROFABS (U.K.) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
K. J. Hanson
Director
Company registration number: 03128188
EUROFABS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, Manchester, M3 5JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
25% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified 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 assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2023: 38 ).
5. Tangible assets
Property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
11,017
159,412
108,452
24,100
302,981
Additions
3,539
3,539
--------
---------
---------
--------
---------
At 31 December 2024
11,017
159,412
111,991
24,100
306,520
--------
---------
---------
--------
---------
Depreciation
At 1 January 2024
11,000
128,889
95,416
21,352
256,657
Charge for the year
4
4,578
2,486
687
7,755
--------
---------
---------
--------
---------
At 31 December 2024
11,004
133,467
97,902
22,039
264,412
--------
---------
---------
--------
---------
Carrying amount
At 31 December 2024
13
25,945
14,089
2,061
42,108
--------
---------
---------
--------
---------
At 31 December 2023
17
30,523
13,036
2,748
46,324
--------
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2024
13,879
--------
At 31 December 2023
16,328
--------
6. Debtors
2024
2023
£
£
Trade debtors
564,729
281,346
Other debtors
41,160
7,243
---------
---------
605,889
288,589
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,077
20,089
Trade creditors
222,067
148,995
Accruals and deferred income
27,708
22,363
Social security and other taxes
156,060
263,418
Obligations under finance leases and hire purchase contracts
3,422
5,866
Director loan accounts
7,212
17,212
Other creditors
120,849
124,678
---------
---------
559,395
602,621
---------
---------
Bank loans and overdrafts are secured by a mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,725
56,750
Obligations under finance leases and hire purchase contracts
3,422
Other creditors
41,349
158,395
--------
---------
75,074
218,567
--------
---------
Bank loans and overdrafts are secured by a mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.
9. Director's advances, credits and guarantees
2024 2023
£ £
Director loan accounts 7,212 17,212
------- --------
No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.
10. Related party transactions
The company was under the control of K. J. Hanson throughout the current and previous year. K. J. Hanson owns the whole of the issued share capital.