Eurospecial Express Ltd
Company Registration No. 11056054 (England And Wales)
Unaudited Financial Statements
Year Ended 31 December 2024
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
31,149
46,425
Tangible assets
5
70,430
86,749
101,579
133,174
Current assets
Debtors
6
644,656
774,585
Cash at bank and in hand
112,340
114,465
756,996
889,050
Creditors: amounts falling due within one year
7
(408,351)
(565,503)
Net current assets
348,645
323,547
Total assets less current liabilities
450,224
456,721
Provisions for liabilities
(13,242)
(16,202)
Net assets
436,982
440,519
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
436,882
440,419
Total equity
436,982
440,519
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
J V Heath
O J Heath
Director
Director
Company registration number 11056054 (England and Wales)
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Eurospecial Express Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bowland House, Gadbrook Park, Northwich, Cheshire, CW9 7TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of the accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% straight line
Customer list
20% straight line
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, trade creditors, other borrowings, and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
11
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
24,809
203,816
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Intangible fixed assets
Software
Customer list
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,500
75,128
77,628
Amortisation and impairment
At 1 January 2024
1,500
29,703
31,203
Amortisation charged for the year
250
15,026
15,276
At 31 December 2024
1,750
44,729
46,479
Carrying amount
At 31 December 2024
750
30,399
31,149
At 31 December 2023
1,000
45,425
46,425
5
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
17,459
26,591
72,894
116,944
Additions
18,244
3,381
1,114
22,739
Disposals
(16,633)
(16,633)
At 31 December 2024
35,703
29,972
57,375
123,050
Depreciation and impairment
At 1 January 2024
12,435
16,951
809
30,195
Depreciation charged in the year
3,036
5,433
17,075
25,544
Eliminated in respect of disposals
(3,119)
(3,119)
At 31 December 2024
15,471
22,384
14,765
52,620
Carrying amount
At 31 December 2024
20,232
7,588
42,610
70,430
At 31 December 2023
5,024
9,640
72,085
86,749
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
427,053
449,358
Amounts owed by group undertakings
169,802
269,250
Other debtors
28,910
43,489
Prepayments and accrued income
18,891
12,488
644,656
774,585
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
150,000
Trade creditors
262,887
312,726
Corporation tax
40,996
31,301
Other taxation and social security
8,488
10,018
Other creditors
1,357
22,822
Accruals and deferred income
94,623
38,636
408,351
565,503
The company has a fixed and floating charge over all assets and undertakings of the business in favour of HSBC UK Bank PLC.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
52,500
EUROSPECIAL EXPRESS LTD
Eurospecial Express Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Related party transactions
During the year the Company had transactions with other companies under common control.
Included within other creditors is a balance of £nil (2023- £20,618) due to another related party.
Included within other debtors is a balance of £567 (2023 - £22,385) due from another related party.
10
Directors' transactions
During the year the Directors advanced the company £114,984 (2023 - £113,078) and were repaid £115,353 (2023- £129,796). At 31 December 2024, the Company owed £nil (2023 - £370) to the Directors. 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.