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Company Registration Number
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EUROROUTE LIMITED
COMPANY INFORMATION
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EUROROUTE LIMITED
CONTENTS
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EUROROUTE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
The directors present their Strategic Report for the Company for the period from 1 May 2023 to 31 October 2024. The comparatives presented are for the year ended 30 April 2023.
Euroroute Limited operates a vehicle recovery and new and used car parts business. The company has had a successful 18 month period, with turnover for the period totalling £11,780,512 compared to £6,580,466 for the year ended 30 April 2023, a pro-rata increase of 19.3%. This has generated an operating profit for the period of £1,095,828 compared to £865,764 for the prior year. The company has continued to invest in plant and machinery and vehicles with additions in the year totalling £3,089,323 (2023: £1,088,376). The directors are of the opinion that the future prospects of the company remain positive, as they look to continue to grow the company's turnover.
The directors continually monitor the key risks facing the Company together with assessing the controls used for managing risks. The principal risk facing the Company is from competition in the vehicle recovery sector and the potential loss of significant contracts, which is mitigated by the expertise of the directors in the sector.
The Company’s financial instruments mainly comprise cash, trade debtors, trade creditors, and finance lease and hire purchase contract liabilities. The Company’s main risks arising from financial instruments are counterparty, liquidity and cashflow risk. The Company has no exposure to exchange rate risk and has not entered into any derivative transactions. The directors agree policies for managing the risks arising from the Company's financial instruments. The Company has treasury and liquidity management procedures in place appropriate to the size of the business.
The directors use a range of performance measures to monitor and manage the Company. The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the Company, being turnover, EBITDA, profitability before taxation and net assets.
2024 2023 £m £m Turnover 11.8 6.6 EBITDA 2.5 1.8 Profit before tax 0.8 0.7 Net assets 2.2 1.9
This report was approved by the board and signed on its behalf.
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EUROROUTE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the period from 1 May 2023 to 31 October 2024. The comparatives presented are for the year ended 30 April 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙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 2006. They 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.
The profit for the period, after taxation, amounted to £591,113 (2023 - £680,848).
During the period ended 31 October 2024 the directors paid a dividend of £351,500 (2023 - £182,000).
The directors who served during the period were:
The Company has chosen to set out in the Company's strategic report information required to be contained in the director's report, in respect of financial instruments.
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EUROROUTE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
There are no significant future developments or post balance sheet events.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EUROROUTE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED
We have audited the financial statements of Euroroute Limited (the 'Company') for the period ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were not appointed as auditor of the company until after 30 April 2023 and thus did not observe the counting of physical inventories at the end of the that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £531,073 held at 30 April 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 30 April 2023 was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 October 2024.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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EUROROUTE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £531,073 held at 30 April. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, 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 period 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.
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in the 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.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we were unable to determine whether adequate accounting records have been kept.
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EUROROUTE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Health and Safety at Work Act, UK Companies Act, tax legislation and employment legislation. • We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. • We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. • The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. • We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. • We enquired of the directors and third-party advisors about actual and potential litigation and claims. • We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. • In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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 Auditors' Report.
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EUROROUTE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
James Watson House
Montgomery Way
Rosehill
CA1 2UU
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EUROROUTE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
REGISTERED NUMBER: SC110658
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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EUROROUTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023
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EUROROUTE LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
Euroroute Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC110658 and the registered office address is 51 Rae Street, Dumfries, DG1 1JD.
The the principal activities of the Company are vehicle recovery and the sale of new and used car parts. The financial statements are presented in sterling which is the functional currency of the Company.
2.Accounting policies
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:
Given the company's significant cash balance, profitability, and positive net asset position, the financial statements have been prepared on the going concern basis, as the directors have a reasonable expectation that the Company will have sufficient funds to meet its liabilities for the next 12 months from the signing of these financial statement.
Revenue from the company's vehicle recovery service is recognised once the vehicle has been recovered and returned to one of the company's vehicle storage locations. Sale of vehicles and parts Revenue from the sale of vehicles, parts and scrap is recognised upon collection or delivery, when the significant risks and rewards of ownership have been transferred to the buyer. Van hire Revenue from the hiring out of vans to customers is recognised upon collection or delivery of the vehicle by/to the customer. Garage services Revenue from the company's garage services is recognised upon completion of the work being carried out on the vehicle.
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight-line basis.
Depreciation is provided on the following basis:
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.
New parts for resale - cost is based on the cost of purchase on a first in, first out basis. Dismantled parts for resale - the cost of each part held for resale includes the average purchase cost of vehicles to be dismantled, the estimated cost of recovering vehicles to be dismantled, and the estimated direct cost of dismantling a vehicle, based on the average expected number of parts recovered per vehicle. Used vehicles for dismantling - cost is based on the direct purchase cost of the vehicle, plus the estimated cost of recovering vehicles, adjusted for the removal of parts. Vehicles held for sale - cost is based on the direct purchase cost of the vehicle, plus all costs incurred in bringing the vehicle to its present location and condition.
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enter into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: a) Stock valuation The Company makes various estimates when calculating the cost of dismantled parts for resale and used vehicles for dismantling. These include estimates for the average number of parts recovered per vehicle, the estimated average dismantling time per vehicle, the estimated average recovery distance and time for recovering vehicles, and the estimated running costs of recovery vehicles per mile. The Company makes these estimates based on historic data available and the knowledge of the Directors of the Company's operational costs.
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
Page 25
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
Page 27
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
21.Share capital (continued)
Profit and loss account
The directors identified a number of fixed assets which had previously been disposed of but were still included within fixed assets in the prior year financial statements. These have been corrected as a prior period adjustment, resulting in a decrease in the prior year tangible fixed assets totalling £294,797, a decrease in prior year administration expenses of £264,410, a decrease in prior year turnover of £505,850, a decrease in the prior year deferred tax charge and provision of £73,800 and a decrease in the prior year brought forward profit and loss account of £53,357. This has resulted in a decrease to the carried forward prior year profit and loss account of £220,997.
On review of the trade debtor and trade creditor ledgers, the directors have identified some historic balances which were not considered outstanding at the current or prior period end. These have been corrected as prior period adjustments, resulting in a decrease in the prior period trade debtor balance of £95,787, a decrease in the prior period trade creditor balance of £183,354, and an increase in the prior period brought forward and carried forward profit and loss account of £87,567.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
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EUROROUTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
There is no ultimate controlling party of the Company.
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