Company registration number 04396070 (England and Wales)
EUROPEAN SLATE COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
EUROPEAN SLATE COMPANY LIMITED
COMPANY INFORMATION
Director
Michael Farrelly
Secretary
Arlington Accountants Limited
Company number
04396070
Registered office
Unit F2 Adanac Park
Adanac Drive
Southampton
England
SO16 0BT
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
Business address
Unit F2 Adanac Park
Adanac Drive
Southampton
England
SO16 0BT
EUROPEAN SLATE COMPANY LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 9
EUROPEAN SLATE COMPANY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2025.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Michael Farrelly
Jean Louisa Farrelly
(Resigned 22 August 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................................
Michael Farrelly
Director
Date: .............................................
2025-06-05
EUROPEAN SLATE COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EUROPEAN SLATE COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of European Slate Company Limited for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of European Slate Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of European Slate Company Limited and state those matters that we have agreed to state to the board of directors of European Slate Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than European Slate Company Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that European Slate Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of European Slate Company Limited. You consider that European Slate Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of European Slate Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH
United Kingdom
Date: ...........................
2025-06-05
EUROPEAN SLATE COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2025
2024
Notes
£
£
Gross profit
893,061
1,071,381
Administrative expenses
(394,485)
(455,273)
Operating profit
498,576
616,108
Interest receivable and similar income
60,576
42,149
Interest payable and similar expenses
1,242
1,662
Profit before taxation
560,394
659,919
Tax on profit
3
(143,974)
(162,746)
Profit for the financial year
416,420
497,173
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EUROPEAN SLATE COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,705
56,764
Investments
5
1,315,972
1,238,097
1,346,677
1,294,861
Current assets
Stocks
522,784
677,500
Debtors
6
856,817
918,351
Cash at bank and in hand
718,133
712,541
2,097,734
2,308,392
Creditors: amounts falling due within one year
7
(889,644)
(1,390,265)
Net current assets
1,208,090
918,127
Net assets
2,554,767
2,212,988
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
2,534,767
2,192,988
Total equity
2,554,767
2,212,988
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2025-06-05
..............................................
Michael Farrelly
Director
Company registration number 04396070 (England and Wales)
EUROPEAN SLATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information
European Slate Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit F2 Adanac Park, Adanac Drive, Southampton, England, SO16 0BT.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of Services
1.3
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.
EUROPEAN SLATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
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:
Plant and machinery
5 Years Straight line
Fixtures and fittings
25% Reducing balance
Office Equipment
5 Years Straight line
Vehicles
20% 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.
1.4
Fixed asset investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
1.5
Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable
such sales to complete).
1.6
Taxation
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.
1.7
Retirement benefits
The company operates a defined contribution pension plan for the benefit of its employees.
Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
1.8
Foreign exchange
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of
the transaction. At the end of each reporting period foreign currency monetary items are translated at
the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at
the rate ruling at the date of the transaction. All differences are charged to profit or loss.
EUROPEAN SLATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
6
6
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
143,974
162,746
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period
4
Tangible fixed assets
Total
£
Cost
At 1 April 2024
123,102
Disposals
(43,331)
At 31 March 2025
79,771
Depreciation and impairment
At 1 April 2024
66,338
Depreciation charged in the year
8,939
Eliminated in respect of disposals
(26,211)
At 31 March 2025
49,066
Carrying amount
At 31 March 2025
30,705
At 31 March 2024
56,764
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
1,315,972
1,238,097
EUROPEAN SLATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
1,238,097
Additions
21,442
Interest
56,433
At 31 March 2025
1,315,972
Carrying amount
At 31 March 2025
1,315,972
At 31 March 2024
1,238,097
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
815,782
878,903
Other debtors
41,035
39,448
856,817
918,351
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
504,900
762,193
Taxation and social security
379,172
386,439
Other creditors
5,572
241,633
889,644
1,390,265
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
EUROPEAN SLATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Michael Farrelly -
-
(70,491)
93,496
(23,785)
(780)
Jean Louisa Farrelly -
-
(106,472)
165,800
(59,328)
-
(176,963)
259,296
(83,113)
(780)