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Eurostation Limited

Registered number: 04037712
Annual report and
 financial statements
For the year ended 31 December 2024

 
EUROSTATION LIMITED
 
 
COMPANY INFORMATION


Directors
S M Shonn 
R L Shonn 
A L Lewis 




Registered number
04037712



Registered office
The Old School House
39 Bengal Street

Manchester

M4 6AF




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
EUROSTATION LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 22


 
EUROSTATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Company is that of a holding company, the Group's principal activity continues to be that of wholesaling branded domestic products.

Business review
 
As set out within the Statement of Comprehensive Income, the main activity during the year has been dividend receipts from subsidiaries.

Principal risks and uncertainties
 
The business is impacted by the performance of the retail sector but, where risks can be identified, they have been addressed and actions taken where possible to control them.  
Fluctuations in currency continue to affect the Company's trading and any devaluation of Sterling poses a challenge to the business. The business reduces the risk by entering into forward contract currency deals. 
Whilst risk and uncertainty in the market is still present, the directors feel that the Group is well positioned to build on this year’s results and continue to trade well in future years.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172(1) Statement

The Companies (Miscellaneous Reporting) Regulations 2018, requires directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006, when performing their duty to promote the success of the Company under S172. This S172 statement explains how, during the financial year, group directors:

have engaged with employees, suppliers, customers & others
have maintained the company and the groups reputation for good business conduct
have acted fairly for all shareholders whilst having regard to other stakeholders


S172(1) (A) – The likely consequences of any decision in the long term
 
The directors understand the business and environment in which we operate, including the challenges faced by the UK & European retail sector.  The strategy set by the board is intended to strengthen our position as a wholesaler of high-quality domestic household products at competitive prices.
To achieve our strategic ambitions, the board have continued to develop relationships with suppliers and customers to communicate our strategy, ensuring our goals are understood and achievable. 
The directors recognise how our goals are viewed by our stakeholders and have taken decisions they believe best support strategic objectives.

S172(1) (B) – The interests of the Company’s employees

The directors recognise that its employees are core to the business and play a huge part in the delivery of our strategic goals. The success of our business depends on attracting and retaining employees and keeping them motivated. The directors understand that we must be a responsible employee from pay and benefits to health and safety in the workplace.
The directors consider the implications of decisions on employees and the wider workforce where relevant and feasible.
- 1 -

 
EUROSTATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

S172(1) (C) – The need to foster the Company’s business relationships with suppliers, customers and others

Delivering our strategy requires mutually beneficial relationships with suppliers & customers. The board continuously reviews and approves the approach to suppliers and assesses customer related priorities and with whom we do business with. The board communicates with the business on these matters by way of business updates.

S172(1) (D) – The impact of the Company’s operations on the community and the environment

The directors are aware of the growing importance of environmental sustainability & preservation. The board understand that we must act responsibly in this regard in our day to day business activities.  The board will discuss any environmental issues with their senior management team as and when required.

S172(1) E – The desirability of the Company maintaining a reputation for high standards of business conduct

This aspect has always been inherent within the values & the strategic ambitions of the company. The directors periodically review and approve the company frameworks such as employee handbook, Statements of Operating Procedures & Modern Slavery Statements. This is to ensure that high standards are maintained within the company and other business relationships. The board is informed of any key changes to relevant compliances and take these into consideration during the review process.

S172(1) F – The need to act fairly as between members of the Company
 
The directors will make decisions in line with company strategy whilst taking into consideration the impact on stakeholders. In doing so they act fairly as between the members of the company.


This report was approved by the board on 30 May 2025 and signed on its behalf.



R L Shonn
Director

- 2 -

 
EUROSTATION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £854,822 (2023 - £652,725).

The Company declared dividends of £325,398 (2023: £655,725) during the year.

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
The parent entity will provide support to make sufficient funds available if needed for at least twelve months from the date of the audit report.

Directors

The directors who served during the year were:

S M Shonn 
R L Shonn 
A L Lewis 

- 3 -

 
EUROSTATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The Group, in which the Company is a subsidiary, has a mixture of funding lines in place which are reviewed regularly to ensure there is sufficient headroom available to meet the working capital requirements of the business.
The directors consider that the Group is well positioned to continue the current level of performance into the future.

Streamlined Energy and Carbon Report (SECR)

The Company has taken the option to exclude any information relating to energy and carbon reporting as it is included in the consolidated accounts of the parent company.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 May 2025 and signed on its behalf.
 





R L Shonn
Director

- 4 -

 
EUROSTATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROSTATION LIMITED
 

Opinion

We have audited the financial statements of Eurostation Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 FRS 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 31 December 2024 and of its profit for the year 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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 5 -

 
EUROSTATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROSTATION LIMITED
 

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 course of 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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.
- 6 -

 
EUROSTATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROSTATION LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report 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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
- 7 -

 
EUROSTATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROSTATION LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to  posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's report 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.




John Daly (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

30 May 2025
- 8 -

 
EUROSTATION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
 £
£

  

Turnover
 4 
56,250
-

Gross profit
  
56,250
-

Administrative expenses
  
(13,174)
(3,000)

Operating profit/(loss)
  
43,076
(3,000)

Income from fixed assets investments
 7 
825,398
655,725

Profit before taxation
  
868,474
652,725

Tax on profit
 8 
(13,652)
-

Profit for the financial year
  
854,822
652,725

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 12 to 22 form part of these financial statements.

- 9 -

 
EUROSTATION LIMITED
REGISTERED NUMBER: 04037712

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
1,000
1,000

Investment property
 11 
3,500,000
-

  
3,501,000
1,000

Current assets
  

Debtors: amounts falling due within one year
 12 
105,381
130,329

Cash at bank and in hand
 13 
84,665
-

  
190,046
130,329

Creditors: amounts falling due within one year
 14 
(3,038,654)
(8,361)

Net current (liabilities)/assets
  
 
 
(2,848,608)
 
 
121,968

Total assets less current liabilities
  
652,392
122,968

  

Net assets
  
652,392
122,968


Capital and reserves
  

Called up share capital 
 15 
1,000
1,000

Profit and loss account
 16 
651,392
121,968

  
652,392
122,968


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2025.



R L Shonn
Director

The notes on pages 12 to 22 form part of these financial statements.

- 10 -

 
EUROSTATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023 (as previously stated)
1,000
78,500
79,500

Prior year adjustment - correction of error
-
46,468
46,468


At 1 January 2023 (as restated)
1,000
124,968
125,968


Comprehensive income for the year

Profit for the year
-
652,725
652,725
Total comprehensive income for the year
-
652,725
652,725


Contributions by and distributions to owners

Dividends: Equity capital
-
(655,725)
(655,725)


Total transactions with owners
-
(655,725)
(655,725)



At 1 January 2024
1,000
121,968
122,968


Comprehensive income for the year

Profit for the year
-
854,822
854,822
Total comprehensive income for the year
-
854,822
854,822


Contributions by and distributions to owners

Dividends: Equity capital
-
(325,398)
(325,398)


Total transactions with owners
-
(325,398)
(325,398)


At 31 December 2024
1,000
651,392
652,392


The notes on pages 12 to 22 form part of these financial statements.

- 11 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Eurostation Limited ('the Company') is a private limited company incorporated in the England and Wales. The address of its registered office and principal place of business is:
The Old School House, 39 Bengal Street, Manchester, M4 6AF.
The principal activity of the Group is that of wholesaling branded domestic products.
The functional currency of the Company is Pounds Sterling (£) as this is the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Eurostation Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

- 12 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
The parent entity will provide support to make sufficient funds available if needed for at least twelve months from the date of the audit report.

 
2.4

Turnover

Turnover 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rental income
Income from the letting and maintenance of investment property is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 13 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

- 14 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 15 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amount of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors believe that there are no critical accounting policies where judgments or estimates are necessarily applied.

- 16 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rental Income
56,250
-


All turnover arose within the United Kingdom.


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
3,135
3,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management staff
3
3


7.


Income from investments

2024
2023
£
£





Dividends received from subsidiaries
825,398
655,725


- 17 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
13,652
-


Total current tax
13,652
-

Deferred tax

Total deferred tax
-
-


Tax on profit
13,652
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
868,474
652,725


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)
217,119
153,521

Effects of:


Expenses not deductible for tax purposes
2,883
-

Income not taxable for tax purposes
(206,350)
(153,521)

Total tax charge for the year
13,652
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

2024
2023
£
£


Dividends paid during the year
325,398
655,725

- 18 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2024
1,000



At 31 December 2024
1,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

151 Products Limited
Wholesaling branded domestic products
Ordinary
100%
Swirl Consumer Products Limited (indirect)
Wholesaling branded domestic products
Ordinary
100%
Star Wipes Limited (indirect)
Wholesaling branded domestic products
Ordinary
100%

All the subsidiary undertakings of the Company have the same registered office: The Old School House, 39 Bengal Street, Manchester, M4 6AF.


11.


Investment property


Freehold investment property

£



Valuation


Additions at cost
3,500,000



At 31 December 2024
3,500,000


The 2024 valuations were made by Nolan Redshaw Ltd, on an open market value for existing use basis. This valuation was made before the property was transferred from a connected company in October 2024.




- 19 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
105,381
130,329


Amounts owed from group undertakings are interest free and repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
84,665
-



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
35
-

Amounts owed to related undertakings
8,361
8,361

Amounts owed to entities under common control
3,000,000
-

Corporation tax
13,652
-

Other taxation and social security
10,071
-

Accruals and deferred income
6,535
-

3,038,654
8,361


Amounts owed to group undertakings are interest free and repayable on demand.
Amounts owed to entities under common control are typically charged at 7.5% interest per annum and is secured over the Property purchased during the year, detailed in note 11. However, no interest has been charged for this period as it has been waived. 

- 20 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,500 (2023 -2,500) A Ordinary shares of £0.10 each
250
250
1,250 (2023 -1,250) B Ordinary shares of £0.10 each
125
125
3,750 (2023 -3,750) C Ordinary shares of £0.10 each
375
375
1,250 (2023 -1,250) D Ordinary shares of £0.10 each
125
125
1,250 (2023 -1,250) E Ordinary shares of £0.10 each
125
125

1,000

1,000

All Ordinary shares hold the right to vote and receive payments of dividends and distributions.



16.


Reserves

Profit and loss account

The balance of the profit & loss account represents the accumulated profits of the Company less any distributed dividends.


17.


Related party transactions

The Company has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other wholly-owed members of the Group.
All loans and balances owed are unsecured and repayable on demand.
Key management personnel are deemed to be the directors.
The Company has an unlimited cross company guarantee with a related party dated 21 November 2002.
Eurostation Limited made purchases from Propeller Investments LLP amounting to £3,500,000 (2023: £Nil). At the Statement of Financial Position date Eurostation Limited owed Propeller Investments LLP £3,000,000 (2023: £Nil) and this is included within amounts owed to entities under common control within one year. Propeller Investments LLP is a related party by virtue of common directorship (R L Shonn and S M Shonn).
At the Statement of Financial Position date Eurostation Limited owed Chorio Limited £3,897 (2023: £Nil) and this is included within amounts owed to related undertakings within one year. Chorio Limited is a related party by virtue of common directorship (R L Shonn).
At the Statement of Financial Position date Eurostation Limited owed Saxwood Limited £3,564 (2023: £Nil) and this is included within amounts owed to related undertakings within one year. Saxwood Limited is a related party by virtue of common directorship (R L Shonn).

- 21 -

 
EUROSTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Controlling party

The ultimate parent company is Eurostation Holdings Limited, company number 11574848. The  ultimate parent company is registered in England and Wales and copies of the financial statements are available from The Old School House, 39 Bengal Street, Manchester, M4 6AF.

 
- 22 -