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Eurostation Holdings Limited

Registered number: 11574848
Annual report and consolidated financial statements
For the year ended 31 December 2024

 
EUROSTATION HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A Lewis 
R Shonn 
S Shonn 




Registered number
11574848



Registered office
The Old School House
39 Bengal Street

Manchester

M4 6AF




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
EUROSTATION HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Statement of Financial Position
 
12
Company Statement of Financial Position
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Notes to the Financial Statements
 
18 - 42


 
EUROSTATION HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Group continues to be that of wholesaling branded domestic products.

Business review
 
The principal activity of the Group continues to be that of wholesaling branded domestic products.
The Group has continued to adjust to pre covid levels of trading and as such, the Group has seen a 20.4% increase in turnover and a 23.2% increase in gross margin.
The business maintains a strong order book and high customer demand so does not expect to see more decline in future years.
The directors continue to monitor the distribution and administration costs to ensure the Company remains profitable.
The Group retains a strong balance sheet with £24.5m in reserves at the year end. The Company will continue to see future growth and sustained profitability levels in future years.

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 Group’s trading and any devaluation of Sterling poses a challenge to the business. The business reduces this 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 will continue to trade well in future years.

- 1 -

 
EUROSTATION HOLDINGS LIMITED
 

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

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 Group's 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.
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 and the Group strategy whilst taking into consideration the impact on stakeholders. In doing so they act fairly as between the members of the Company.

- 2 -

 
EUROSTATION HOLDINGS LIMITED
 

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

Future Developments

The Group retains a combination of funding lines which are regularly reviewed to ensure there is sufficient headroom available to meet all working capital requirements.
The directors consider the Group to be well positioned to continue the current level of performance into the future.


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



R Shonn
Director

- 3 -

 
EUROSTATION HOLDINGS 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £5,346,785 (2023 - £4,477,879).

The Company declared dividends of £315,398 (2023 - £655,725) during the year.

Directors

The directors who served during the year were:

A Lewis 
R Shonn 
S Shonn 

- 4 -

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

Streamlined Energy and Carbon Report (SECR)

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ('2018 Regulations' or 'SECR Requirements') require businesses to report on their energy use and Greenhouse Gas emissions. This SECR shows the data required and explains the Company's approach to environmental issues.


2024
2024
2023
2023


GHG CO2e:

GHG CO2e:
Electricity (kWh)
737,424
166
708,194
159
Gas (kWh)
205,539
38
190,797
35
Diesel (Gal)
50,623
496
53,344
474
Total

700

668
Tonnes of CO2e per sales revenue 
0.0000079
0.0000088

As a Group we are always monitoring ways to reduce our carbon footprint. We are making changes to the lighting in our Head Office by switching to LED and motion sensor lighting where appropriate.
We continue to increase the number of fully electric and hybrid cars within our company fleet and offer on-site electric vehicle charging points.
The majority of our CO2e comes from diesel consumption by our commercial fleet of HGV’s. We continue to replace vehicles with newer models with lower CO2 emissions and improved fuel consumption rates as the leases come up for renewal.

The Company actively encourages staff to recycle all paper and plastics wherever possible and has contracts in place for the collection of all recyclable waste from site.
The Company is a signatory of the international Association for Soaps, Detergents and Maintenance Products (AISE) Charter for Sustainable Cleaning. The Company complies with all appropriate waste packaging and electrical and electronic regulations and aims to record the packaging weight of all our products with a view to identifying ways in which to minimize packaging and make continuous improvement in the management of its environmental impact.

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.

Disclosure of information to auditors

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 and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

- 5 -

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

Auditors

The auditorsForvis 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 Shonn
Director

- 6 -

 
EUROSTATION HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROSTATION HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of Eurostation Holdings Limited (the ‘Parent Company’) and their subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 Group and Parent Company’s affairs as at 31 December 2024 and of the Group's 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 Group and Parent 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 Group's and Parent 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.
- 7 -

 
EUROSTATION HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROSTATION HOLDINGS 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 Group and Parent 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company 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.

- 8 -

 
EUROSTATION HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROSTATION HOLDINGS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and Parent 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 Group or Parent 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 Group and Parent Company and their 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 Group and Parent 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 Group and Parent 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, the Companies Act 2006.

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.
- 9 -

 
EUROSTATION HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROSTATION HOLDINGS LIMITED
 

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
- 10 -

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

2024
2023
Note
 £
£

  

Turnover
 4 
82,343,901
68,394,841

Cost of sales
  
(56,839,677)
(47,689,739)

Gross profit
  
25,504,224
20,705,102

Distribution costs
  
(6,311,438)
(4,933,556)

Administrative expenses
  
(12,101,280)
(10,132,921)

Other operating income
 5 
272,344
423,251

Operating profit
 6 
7,363,850
6,061,876

Interest receivable and similar income
 10 
44,831
44,473

Interest payable and similar expenses
 11 
(210,739)
(215,160)

Profit before taxation
  
7,197,942
5,891,189

Tax on profit
 12 
(1,851,157)
(1,413,310)

Profit for the financial year
  
5,346,785
4,477,879

  

  

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

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

The notes on pages 18 to 42 form part of these financial statements.

- 11 -

 
EUROSTATION HOLDINGS LIMITED
REGISTERED NUMBER: 11574848

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
642,784
692,585

Tangible assets
 15 
2,846,025
2,806,718

Investment property
 17 
3,500,000
-

  
6,988,809
3,499,303

Current assets
  

Stocks
 18 
9,010,481
8,365,820

Debtors: amounts falling due within one year
 19 
15,000,319
13,617,775

Cash at bank and in hand
 20 
6,250,658
3,683,847

  
30,261,458
25,667,442

Creditors: amounts falling due within one year
 21 
(10,804,283)
(7,281,559)

Net current assets
  
 
 
19,457,175
 
 
18,385,883

Total assets less current liabilities
  
26,445,984
21,885,186

Creditors: amounts falling due after more than one year
 22 
(1,863,734)
(2,382,416)

Provisions for liabilities
  

Deferred taxation
 24 
(101,378)
(53,285)

Net assets
  
24,480,872
19,449,485


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Revaluation reserve
 26 
271,872
271,872

Profit and loss account
 26 
24,208,000
19,176,613

  
24,480,872
19,449,485


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




R Shonn
Director

The notes on pages 18 to 42 form part of these financial statements.

- 12 -

 
EUROSTATION HOLDINGS LIMITED
REGISTERED NUMBER: 11574848

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
16,340
16,340

  
16,340
16,340

Current assets
  

Debtors: amounts falling due within one year
 19 
11,125
1,125

  
11,125
1,125

Creditors: amounts falling due within one year
 21 
(22,500)
(19,365)

Net current liabilities
  
 
 
(11,375)
 
 
(18,240)

Total assets less current liabilities
  
4,965
(1,900)

  

  

Net assets/(liabilities)
  
4,965
(1,900)


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Profit and loss account
 26 
3,965
(2,900)

  
4,965
(1,900)


The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £322,263 (2023: £652,725).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2025.


R Shonn
Director

The notes on pages 18 to 42 form part of these financial statements.

- 13 -

 
EUROSTATION HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023 (as previously stated)
1,000
271,872
15,307,991
15,580,863

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


At 1 January 2023 (as restated)
1,000
271,872
15,354,459
15,627,331


Comprehensive income for the year

Profit for the year
-
-
4,477,879
4,477,879
Total comprehensive income for the year
-
-
4,477,879
4,477,879


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
271,872
19,176,613
19,449,485


Comprehensive income for the year

Profit for the year
-
-
5,346,785
5,346,785
Total comprehensive income for the year
-
-
5,346,785
5,346,785


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(315,398)
(315,398)


Total transactions with owners
-
-
(315,398)
(315,398)


At 31 December 2024
1,000
271,872
24,208,000
24,480,872


The notes on pages 18 to 42 form part of these financial statements.

- 14 -

 
EUROSTATION HOLDINGS LIMITED
 

COMPANY 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
1,000
100
1,100


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
(2,900)
(1,900)


Comprehensive income for the year

Profit for the year
-
322,263
322,263
Total comprehensive income for the year
-
322,263
322,263


Contributions by and distributions to owners

Dividends: Equity capital
-
(315,398)
(315,398)


Total transactions with owners
-
(315,398)
(315,398)


At 31 December 2024
1,000
3,965
4,965


The notes on pages 18 to 42 form part of these financial statements.

- 15 -

 
EUROSTATION HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,346,785
4,477,879

Adjustments for:

Amortisation of intangible assets
49,801
49,801

Depreciation of tangible assets
227,662
148,012

Interest paid
210,739
215,160

Interest received
(44,831)
(44,473)

Taxation charge
1,851,157
1,413,310

Increase in stocks
(644,661)
(2,021,914)

Increase in debtors
(2,097,630)
(1,749,776)

Decrease in amounts owed by participating interests
3,740,513
454,490

Decrease in creditors
1,409,544
(52,080)

Corporation tax (paid)
(2,785,183)
(11,199)

Net cash generated from operating activities

7,263,896
2,879,210


Cash flows from investing activities

Purchase of tangible fixed assets
(266,969)
(281,493)

Purchase of investment property
(3,500,000)
-

Interest received
44,831
44,473

HP interest paid
(2,994)
-

Net cash from investing activities

(3,725,132)
(237,020)
- 16 -

 
EUROSTATION HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(511,879)
(449,185)

New finance leases
89,416
-

Repayment of finance leases
-
(5,750)

Dividends paid
(315,398)
(655,725)

Interest paid
(207,745)
(215,160)

Movements on invoice discounting
(26,347)
1,219,767

Net cash used in financing activities
(971,953)
(106,053)

Net increase in cash and cash equivalents
2,566,811
2,536,137

Cash and cash equivalents at beginning of year
3,683,847
1,147,710

Cash and cash equivalents at the end of year
6,250,658
3,683,847


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,250,658
3,683,847

6,250,658
3,683,847


- 17 -

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

1.


General information

Eurostation Holdings Limited ('the Company') is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The Company's registered number 11574848. The address of its registered office and principal place of business is The Old School House, 39 Bengal Street, Manchester, M4 6AF.
The principal activities of the Group is that of wholesaling branded domestic products.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their book values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
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.

- 18 -

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

- 19 -

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

2.Accounting policies (continued)

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss 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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

- 20 -

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

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 21 -

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

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
15% straight line
Trademarks
-
20 years straight line

 
2.14

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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight-line
Plant & machinery
-
20 - 33% straight-line
Fixtures & fittings
-
33% straight-line
Computer equipment
-
33% straight-line

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 profit or loss.

- 22 -

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

2.Accounting policies (continued)

 
2.15

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 through a Revaluation Reserve.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

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.

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

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.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

- 23 -

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

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group 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 Group's Statement of Financial Position when the Group 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 Group'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.
 
- 24 -

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

2.Accounting policies (continued)


2.22
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, other loans and loans due to fellow group companies 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.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.23

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.

- 25 -

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Group'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 the critical accounting policies where judgments or estimates are necessarily applied are stock provisions, bad debt provisions and the useful expected lives of property, plant and equipment, and trademarks


4.


Turnover

The whole of the turnover is attributable to that of wholesaling branded domestic products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
65,586,350
58,101,318

Rest of Europe
12,310,598
7,767,219

Rest of the world
4,446,953
2,526,304

82,343,901
68,394,841



5.


Other operating income

2024
2023
£
£

Management fees
272,344
423,251


- 26 -

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

6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
227,662
148,012

Exchange gains
(1,179,608)
(987,351)

Amortisation of intangible assets, including goodwill
49,801
49,801

Operating lease expenditure
582,918
178,213

Defined contribution pension costs
139,367
118,059

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


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

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

Fees payable to the Company's auditor for the audit of the subsidiaries' financial statements
42,435
37,740

Fees payable to the Company's auditor in respect of:
-
-

Taxation compliance services
10,875
9,750

All other services
13,635
12,918

- 27 -

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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
6,516,828
4,971,601

Social security costs
790,610
585,871

Cost of defined contribution pension scheme
139,367
118,059

7,446,805
5,675,531


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


        2024
        2023
            No.
            No.







Management Staff
3
3



Administrative Staff
92
78



Production Staff
54
53

149
134


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
432,132
461,724

Group contributions to defined contribution pension schemes
31,763
29,163

463,895
490,887


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £186,677 (2023 - £244,267).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,321 (2023 - £8,521).

- 28 -

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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
44,831
44,473


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
12,574
11,819

Other loan interest payable
195,171
203,341

Finance leases and hire purchase contracts
2,994
-

210,739
215,160


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,803,128
1,360,183

Adjustments in respect of previous periods
-
(158)


1,803,128
1,360,025


Total current tax
1,803,128
1,360,025

Deferred tax


Origination and reversal of timing differences
48,014
57,221

Adjustments in respect of prior periods
15
(3,936)

Total deferred tax
48,029
53,285


Taxation on profit on ordinary activities
1,851,157
1,413,310
- 29 -

 
EUROSTATION HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher 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
7,197,942
5,891,189


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,799,486
1,385,608

Effects of:


Expenses not deductible for tax purposes
13,245
2,573

Fixed asset differences
38,411
30,687

Adjustment to deferred tax in respect of previous periods
15
(3,936)

Adjustment to tax in respect of previous periods
-
(158)

Remeasurement of deferred tax for changes in tax rates
-
3,426

Other differences leading to an increase in the tax charge
-
(4,826)

Movement in deferred tax not recognised
-
(64)

Total tax charge for the year
1,851,157
1,413,310


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Equity dividends
315,398
655,725

- 30 -

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

14.


Intangible assets

Group





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2024
950,000
15,340
965,340



At 31 December 2024

950,000
15,340
965,340



Amortisation


At 1 January 2024
261,250
11,505
272,755


Charge for the year
47,500
2,301
49,801



At 31 December 2024

308,750
13,806
322,556



Net book value



At 31 December 2024
641,250
1,534
642,784



At 31 December 2023
688,750
3,835
692,585



- 31 -

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

15.


Tangible fixed assets

Group






Freehold property
Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2024
3,100,000
1,008,923
819,120
380,820
5,308,863


Additions
-
129,129
123,803
14,037
266,969



At 31 December 2024

3,100,000
1,138,052
942,923
394,857
5,575,832



Depreciation


At 1 January 2024
599,100
970,822
635,188
297,035
2,502,145


Charge for the year
61,999
35,471
95,909
34,283
227,662



At 31 December 2024

661,099
1,006,293
731,097
331,318
2,729,807



Net book value



At 31 December 2024
2,438,901
131,759
211,826
63,539
2,846,025



At 31 December 2023
2,500,900
38,101
183,932
83,785
2,806,718

- 32 -

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

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2024
16,340



At 31 December 2024
16,340





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Eurostation Limited
The Old School House, 39 Bengal Street, Manchester, M4 6AF
Ordinary
  100%
151 Products Limited*
The Old School House, 39 Bengal Street, Manchester, M4 6AF
Ordinary
100%
Swirl Consumer Products Limited*
The Old School House, 39 Bengal Street, Manchester, M4 6AF
Ordinary
100%
Star Wipes Limited.*
The Old School House, 39 Bengal Street, Manchester, M4 6AF
Ordinary
100%

All subsidiaries marked with a * above are held indirectly by the Parent Company Eurostation Holdings Limited. 

- 33 -

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

17.


Investment property

Group


Freehold investment property

£



Valuation


Additions
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.








18.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
9,010,481
8,365,820


- 34 -

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

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
10,155,466
9,570,683
-
-

Amounts owed by group undertakings
-
-
11,125
1,125

Amounts owed by joint ventures and associated undertakings
9,406
749,919
-
-

Other debtors
547,420
469,347
-
-

Prepayments and accrued income
4,262,600
2,827,826
-
-

Tax recoverable
25,427
-
-
-

15,000,319
13,617,775
11,125
1,125


Amounts owed from group undertakings are interest free and repayable on demand.
The invoice finance balance is secured against certain trade debtor balances.


20.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
6,250,658
3,683,847


- 35 -

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

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
632,648
597,468
-
-

Payments received on account
-
26,347
-
-

Trade creditors
2,934,561
2,753,795
-
-

Amounts owed to group undertakings
-
-
22,500
19,365

Amounts owed to joint ventures
7,461
8,361
-
-

Amounts owed to other participating interests
3,000,900
-
-
-

Corporation tax
28,555
985,183
-
-

Other taxation and social security
841,323
387,467
-
-

Obligations under finance lease and hire purchase contracts
21,039
-
-
-

Other creditors
867,751
1,084,177
-
-

Accruals and deferred income
2,470,045
1,438,761
-
-

10,804,283
7,281,559
22,500
19,365


Amounts owed to group undertakings are interest free and repayable on demand.
Included within amounts owed to entities under common control is a balance of £3,000,000 (2023: £Nil), typically charged at 7.5% interest per annum and is secured over the Property purchased during the year, detailed in note 17. However, no interest has been charged for this period as it has been waived.
Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

- 36 -

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

22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
1,715,357
2,262,416

Net obligations under finance leases and hire purchase contracts
68,377
-

Other creditors
80,000
120,000

1,863,734
2,382,416


Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

Secured Loans
The Company enters into short term "import loan" agreement with the bank, whereby the funds borrowed are secured on the stock purchased.
Bank loans is a mortgage, repayable in equal installments until October 2029, with interest charged at 2.09% above HSBC Bank Plc base rate. The mortgage is secured by way of a debenture comprising a fixed and floating charge over the freehold property. An amount of £Nil (2023: £205,984) is due after more than 5 years.


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
21,039
-

Between 1-5 years
68,377
-

89,416
-

- 37 -

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

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(53,285)
4,734


Charged to profit or loss
(48,093)
(58,019)



At end of year
(101,378)
(53,285)

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(103,743)
(69,734)

Short term timing differences
2,365
16,449

(101,378)
(53,285)


25.


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

The share ranks pari passu in all respects with the exception of equity dividends paid which are made at the discretion of the directors.


- 38 -

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

26.


Reserves

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Profit & loss account

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

27.


Analysis of net debt






At 1 January 2024
Cash flows
New finance leases
Repayment of loans
At 31 December 2024
£

£

£

£

£

Cash at bank and in hand

3,683,847

2,566,811

-

-

6,250,658

Debt due after 1 year

(2,262,416)

-

-

547,059

(1,715,357)

Debt due within 1 year

(597,468)

(70,360)

-

35,180

(632,648)

Finance leases

-

-

(89,416)

-

(89,416)


823,963
2,496,451
(89,416)
582,239
3,813,237


28.


Contingencies

A composite company multilateral guarantee dated 3 December 2015 is also now held by HSBC Bank Plc.
Also the Company has given a guarantee in favour of HM Revenue and Customs for £130,000 (2023: £130,000). 


29.


Pension commitments

The Group operates a defined contribution plan for all employees of the Group. Contributions made into this plan are paid by the Group at rates specified in the rules of the schemes. The total amount recognised in profit and loss during the year was £139,367 (2023: £118,059 ). At 31 December 2024 the amount of pensions outstanding on the period end date was £23,941 (2023: £19,986).

- 39 -

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

30.


Commitments under operating leases

At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group

Group
As restated
2024
2023
£
£

Not later than 1 year
675,992
382,224

Later than 1 year and not later than 5 years
1,321,235
562,322

Later than 5 years
960
2,407

1,998,187
946,953
The Company had no commitments under the non-cancellable operating leases as at the reporting date.

- 40 -

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

31.


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.

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).

151 Products Limited made purchases from Propeller Investments LLP amounting to £174,740 (2023: £390,000). At the Statement of Financial Position date Propeller Investments LLP owes the Group £Nil (2023: £443,731) and this is included within amounts due from joint ventures and associated undertakings due within one year. Propeller Investments LLP is a related party by virtue of common directorship (R L Shonn and S M Shonn).

151 Products Limited made purchases during the period up to 21 January 2024 from Shonn Brothers Manchester) Limited amounting to £797 (2023: £6,855) and sales to Shonn Brothers (Manchester) Limited amounting to £Nil (2023: £1,090,062). As of 22 January 2024, Shonn Brothers (Manchester) Limited ceased to be a related party due to the termination of common directorship (R L Shonn and S M Shonn).
151 Products Limited made purchases during the year from B7 Ventures Limited amounting to £111,400 (2023: £190,969) and sales to B7 Ventures Limited amounting to £Nil (2023: £Nil). At the Statement of Financial Position date B7 Ventures Limited is owed £Nil (2023: £19,097), this is included within other creditors due within one year. B7 Ventures Limited is a related party by virtue of common directorship (R L Shonn).

151 Products Limited made purchases during the period up to 31 August 2024 from Doff Portland Limited amounting to £633,902 (2023: £569,033) and sales to Doff Portland Limited amounting to £1,009,917 (2023: £1,045,743). As of 1 September 2024, Doff Portland Limited ceased to be a related party due to the termination of common directorship (R L Shonn).
At the Statement of Financial Position date Chorio Limited owes £713 (2023: £713). Chorio Limited is a related party by virtue of common directorship (R L Shonn).
At the Statement of Financial Position date Saxwood Limited owes £713 (2023: £713). Saxwood Limited is a related party by virtue of common directorship (R L Shonn).
At the Statement of Financial Position date an amount of £1,820 was owed by EHL 2021 Limited (2023: £1,820), a company under common control and owning shares in the ultimate parent company.
At the Statement of Financial Position date an amount of £Nil was owed by Overna Limited (2023: £46,468), a related party by virtue of common directorship (R L Shonn). As of 1 September 2024, Overna Limited ceased to be a related party due to the termination of common directorship (all directors).
All loans to and from related parties are unsecured and repayable on demand.
Key management personnel are deemed to be the directors.
The Group has an unlimited cross company guarantee with a related party dated 21 November 2002.

 
- 41 -

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

32.


Controlling party

The Company is controlled by the directors. The Company is not deemed to have a single controlling or ultimate controlling party.

 
- 42 -