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2022-05-01 SC110658 c:PreviouslyStatedAmount 2023-04-30 SC110658 c:PreviouslyStatedAmount 2022-05-01 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number SC110658























EUROROUTE LIMITED





FINANCIAL STATEMENTS





 31 OCTOBER 2024


























img1a57.png

 
EUROROUTE LIMITED
 

COMPANY INFORMATION


Directors
Mrs N Stewart 
Mr P H Stewart 
Mr R A Stewart 




Company secretary
Mrs N Stewart



Registered number
SC110658



Registered office
51, Rae Street

Dumfries

DG1 1JD




Independent auditors
Armstrong Watson Audit Limited

James Watson House

Montgomery Way

Rosehill

Carlisle

CA1 2UU




Accountants
Armstrong Watson LLP
51 Rae Street

Dumfries

DG1 1JD





 
EUROROUTE LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10 - 11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 29


 
EUROROUTE LIMITED
 

STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.




................................................
Mr R A Stewart
Director

Date: 27 June 2025

Page 1

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the 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).

Directors

The directors who served during the period were:

Mrs N Stewart 
Mr P H Stewart 
Mr R A Stewart 

Matters covered in the Strategic Report

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.

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'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's auditors are aware of that information.

Page 2

 
EUROROUTE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024

Future developments and post balance sheet events

There are no significant future developments or post balance sheet events.

Auditors

The auditorsArmstrong Watson Audit Limitedwill 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.
 





................................................
Mr R A Stewart
Director

Date: 27 June 2025

Page 3

 
EUROROUTE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED
 

Qualified opinion


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 policiesThe 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).


Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the period 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 qualified opinion


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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
EUROROUTE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.



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:


returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made.


Page 5

 
EUROROUTE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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.


Page 6

 
EUROROUTE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROROUTE LIMITED (CONTINUED)


Use of our 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 2006Our 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.





Lauren Graham (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
James Watson House
Montgomery Way
Rosehill
Carlisle
CA1 2UU

27 June 2025
Page 7

 
EUROROUTE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024

Period from 1 May 2023 to
31 October
As restated
Year ended
30 April
2024
2023
Note
£
£

  

Turnover
 4 
11,780,512
6,580,466

Cost of sales
  
(2,267,578)
(998,130)

Gross profit
  
9,512,934
5,582,336

Administrative expenses
  
(8,417,106)
(4,716,572)

Operating profit
 5 
1,095,828
865,764

Interest payable and similar expenses
 9 
(293,679)
(135,716)

Profit before tax
  
802,149
730,048

Tax on profit
 10 
(211,036)
(49,200)

Profit for the financial period
  
591,113
680,848

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

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

The notes on pages 14 to 29 form part of these financial statements.

Page 8

 
EUROROUTE LIMITED
REGISTERED NUMBER: SC110658

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

31 October
As restated
30 April
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
4,367,469
3,641,677

Investments
 13 
400
400

  
4,367,869
3,642,077

Current assets
  

Stocks
 14 
709,750
531,073

Debtors: amounts falling due within one year
 15 
795,517
671,013

Cash at bank and in hand
  
588,219
843,092

  
2,093,486
2,045,178

Creditors: amounts falling due within one year
 16 
(1,659,523)
(1,616,464)

Net current assets
  
 
 
433,963
 
 
428,714

Total assets less current liabilities
  
4,801,832
4,070,791

Creditors: amounts falling due after more than one year
 17 
(1,914,450)
(1,634,058)

Provisions for liabilities
  

Deferred tax
 20 
(726,236)
(515,200)

  
 
 
(726,236)
 
 
(515,200)

Net assets
  
2,161,146
1,921,533


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
2,111,146
1,871,533

  
2,161,146
1,921,533


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R A Stewart
Director

Date: 27 June 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 9

 
EUROROUTE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023 (as previously stated)
50,000
2,004,963
2,054,963

Prior year adjustment
-
(133,430)
(133,430)

At 1 May 2023 (as restated)
50,000
1,871,533
1,921,533



Profit for the period
-
591,113
591,113

Dividends: Equity capital
-
(351,500)
(351,500)


At 31 October 2024
50,000
2,111,146
2,161,146


The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
EUROROUTE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022 (as previously stated)
50,000
1,338,475
1,388,475

Prior year adjustment
-
34,210
34,210

At 1 May 2022 (as restated)
50,000
1,372,685
1,422,685



Profit for the year
-
680,848
680,848

Dividends: Equity capital
-
(182,000)
(182,000)


At 30 April 2023
50,000
1,871,533
1,921,533


The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
EUROROUTE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024

Period from 1 May 2023 to
31 October
As restated
Year ended
30 April
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
591,113
680,848

Adjustments for:

Depreciation of tangible assets
1,446,234
927,659

Profit on disposal of tangible assets
(98,058)
(308,553)

Interest paid
293,679
135,716

Taxation charge
211,036
49,200

(Increase) in stocks
(178,677)
(440,624)

(Increase) in debtors
(124,504)
(191,861)

(Decrease)/increase in creditors
(89,002)
430,904

Net cash generated from operating activities

2,051,821
1,283,289


Cash flows from investing activities

Purchase of tangible fixed assets
(788,646)
(3,050)

Sale of tangible fixed assets
1,015,354
704,850

Net cash from investing activities

226,708
701,800

Cash flows from financing activities

New secured loans
-
208,700

Repayment of loans
(13,915)
(3,527)

Repayment of finance leases
(1,874,308)
(1,296,457)

Dividends paid
(351,500)
(182,000)

Interest paid
(22,333)
(3,791)

HP interest paid
(271,346)
(131,925)

Net cash used in financing activities
(2,533,402)
(1,409,000)

Net (decrease)/increase in cash and cash equivalents
(254,873)
576,089

Cash and cash equivalents at beginning of period
843,092
267,003

Cash and cash equivalents at the end of period
588,219
843,092


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
588,219
843,092


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
EUROROUTE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2024





At 1 May 2023
Cash flows
New finance leases
At 31 October 2024
£

£

£

£

Cash at bank and in hand

843,092

(254,873)

-

588,219

Debt due after 1 year

(196,749)

15,424

-

(181,325)

Debt due within 1 year

(125,662)

56,949

-

(68,713)

Finance leases

(2,387,148)

1,874,308

(2,300,676)

(2,813,516)


(1,866,467)
1,691,808
(2,300,676)
(2,475,335)

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Going concern

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Vehicle recovery
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.

Page 14

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company 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.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of
Page 15

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.8
Current and deferred taxation (continued)

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.


 
2.9

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, on a reducing balance or straight-line basis.

Depreciation is provided on the following basis:

Buildings
-
2%
reducing balance/1% straight-line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost includes all costs incurred in bringing each item to its present location and condition, as follows:
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.

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
Page 16

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.11
Stocks (continued)

immediately in profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Financial instruments

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
Page 17

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (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.


 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
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.

Page 18

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

4.


Turnover

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


Period from 1 May 2023 to
31 October
As restated
Year ended
30 April
2024
2023
£
£

Vehicle recovery services
7,942,724
4,313,233

Garage services
218,917
198,410

Sale of vehicle parts and scrap
2,633,676
1,781,661

Sale of vehicles and plant & machinery
985,195
287,162

11,780,512
6,580,466


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

Period from 1 May 2023 to
31 October
As restated
Year ended
30 April
2024
2023
£
£

Pension costs
83,849
119,407

Impairment of stocks
128,155
-

Depreciation of tangible fixed assets
1,446,234
924,659

Other operating lease rentals
221,119
113,341


6.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Period from 1 May 2023 to
31 October
Year ended
30 April
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,950
-
Page 19

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

7.


Employees

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


Period from 1 May 2023 to
31 October
Year ended
30 April
2024
2023
£
£

Wages and salaries
3,354,946
1,762,083

Social security costs
326,367
181,781

Cost of defined contribution scheme
83,849
119,407

3,765,162
2,063,271


Total key management personnel compensation for the period was £368,196 (2023: 192,695).

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


Period from 1 May 2023 to
      31 October
       Year ended
        30 April
        2024
        2023
            No.
            No.







Administrative
6
4



Sales
4
3



Operatives
52
47



Directors
3
3

65
57


8.


Directors' remuneration

Period from 1 May 2023 to
31 October
Year ended
30 April
2024
2023
£
£

Directors' emoluments
13,114
8,632

Company contributions to defined contribution pension schemes
3,582
2,063

16,696
10,695


During the period retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 20

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

9.


Interest payable and similar expenses

Period from 1 May 2023 to
31 October
Year ended
30 April
2024
2023
£
£


Bank interest payable
22,333
3,791

Finance leases and hire purchase contracts
271,346
131,925

293,679
135,716


10.


Taxation


Period from 1 May 2023 to
31 October
As restated
Year ended
30 April
2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
211,036
49,200

Total deferred tax
211,036
49,200


Tax on profit
211,036
49,200
Page 21

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

Period from 1 May 2023 to
31 October
Year ended
30 April
2024
2023
£
£


Profit on ordinary activities before tax
802,149
730,048


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
200,537
142,359

Effects of:


Expenses not deductible for tax purposes
7,620
4,028

Fixed asset differences
26,490
(23,250)

Adjustments to tax charge in respect of prior periods - deferred tax
16
(29,114)

Adjustments to brought forward values
(23,627)
-

Other permanent differences
-
(44,823)

Total tax charge for the period/year
211,036
49,200


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

31 October
30 April
2024
2023
£
£


Ordinary A shares
104,000
52,000


Ordinary B shares
104,000
52,000


Ordinary C shares
143,500
78,000

351,500
182,000

Page 22

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

12.


Tangible fixed assets







Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023 (as restated)
403,996
1,621,838
5,469,368
7,495,202


Additions
221,786
572,750
2,294,787
3,089,323


Disposals
-
(446,853)
(2,038,914)
(2,485,767)



At 31 October 2024

625,782
1,747,735
5,725,241
8,098,758



Depreciation


At 1 May 2023 (as restated)
84,967
1,006,744
2,761,814
3,853,525


Charge in the period on owned assets
11,453
46,625
101,072
159,150


Charge for the period on financed assets
-
78,602
1,208,482
1,287,084


Disposals
-
(167,664)
(1,400,806)
(1,568,470)



At 31 October 2024

96,420
964,307
2,670,562
3,731,289



Net book value



At 31 October 2024
529,362
783,428
3,054,679
4,367,469



At 30 April 2023(as restated)
319,029
615,094
2,707,554
3,641,677

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 October
As restated
30 April
2024
2023
£
£



Plant and machinery
430,483
438,186

Motor vehicles
2,723,179
2,489,121

3,153,662
2,927,307

Page 23

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

13.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 May 2023
400



At 31 October 2024
400




As all of the Company's subsidiary undertakings were dormant throughout the period, there is no requirement for the Company to prepare consolidated financial statements.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Euroroute Garage Ltd (dormant)
Ordinary
100%
S6 Hire Limited (dormant)
Ordinary
100%
Autoshop Online Limited (dormant)
Ordinary
100%
Euroroute Recovery Scotland Limited (dormant)
Ordinary
100%


14.


Stocks

31 October
30 April
2024
2023
£
£

Work in progress (goods to be sold)
69,277
10,990

Finished goods and goods for resale
640,473
520,083

709,750
531,073


An impairment loss of £128,155 (2023: £Nil) was recognised in cost of sales against stock during the period.

Page 24

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

15.


Debtors

31 October
As restated
30 April
2024
2023
£
£


Trade debtors
573,439
603,503

Other debtors
182,039
6,123

Prepayments and accrued income
40,039
61,387

795,517
671,013



16.


Creditors: Amounts falling due within one year

31 October
As restated
30 April
2024
2023
£
£

Bank loans
9,933
8,424

Trade creditors
357,987
216,536

Amounts owed to group undertakings
400
400

Other taxation and social security
127,197
256,098

Obligations under finance lease and hire purchase contracts
1,080,391
949,839

Other creditors
58,780
180,107

Accruals and deferred income
24,835
5,060

1,659,523
1,616,464


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by a standard security over the property at the Company's depot at St Mary's Industrial Estate, Dumfries.

Page 25

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

17.


Creditors: Amounts falling due after more than one year

31 October
30 April
2024
2023
£
£

Bank loans
181,325
196,749

Net obligations under finance leases and hire purchase contracts
1,733,125
1,437,309

1,914,450
1,634,058


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by a standard security over the property at the Company's depot at St Mary's Industrial Estate, Dumfries.


18.


Loans


Analysis of the maturity of loans is given below:


31 October
30 April
2024
2023
£
£

Amounts falling due within one year

Bank loans
9,933
8,424

Amounts falling due 1-2 years

Bank loans
10,041
9,150

Amounts falling due 2-5 years

Bank loans
171,284
187,599


191,258
205,173


Bank loans are secured by a standard security over the property at the Company's depot at St Mary's Industrial Estate, Dumfries. Interest is charged monthly on the bank loan at a rate of 3% plus the Bank of England Base Rate per annum and is repayable in instalments over the period until November 2027.

Page 26

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 October
30 April
2024
2023
£
£


Within one year
1,080,392
949,839

Between 1-5 years
824,365
687,669

Over 5 years
908,759
749,640

2,813,516
2,387,148


20.


Deferred taxation






2024


£






At beginning of year
(515,200)


Charged to profit or loss
(211,036)



At end of year
(726,236)

The provision for deferred taxation is made up as follows:

31 October
As restated
30 April
2024
2023
£
£


Accelerated capital allowances
(932,059)
(788,200)

Tax losses carried forward
205,823
273,000

(726,236)
(515,200)


21.


Share capital

31 October
30 April
2024
2023
£
£
Allotted, called up and fully paid



16,667 (2023 - 16,667) Ordinary A shares of £1.000 each
16,667
16,667
16,667 (2023 - 16,667) Ordinary B shares of £1.000 each
16,667
16,667
16,666 (2023 - 16,666) Ordinary C shares of £1.000 each
16,666
16,666

50,000

50,000

Page 27

 
EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

21.Share capital (continued)

All share classes are ranked pari passu in respect of dividend payments with the Ordinary shares of £1 each holding the voting rights.



22.


Reserves

Profit and loss account

The profit and loss account comprises accumulated profits.


23.


Prior year adjustment

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.


24.


Capital commitments


At 31 October 2024 the Company had capital commitments as follows:

31 October
30 April
2024
2023
£
£


Contracted for but not provided in these financial statements
173,937
-


25.


Pension commitments

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 £83,849 (2023 - £119,407). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date.

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EUROROUTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

26.


Commitments under operating leases

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

31 October
30 April
2024
2023
£
£


Not later than 1 year
3,750
15,000

Later than 1 year and not later than 5 years
-
11,250

3,750
26,250


27.


Related party transactions

At the reporting date the Company owed the directors £58,780 (2023 - £117,238) in respect of directors' loan accounts. These amounts are included within other creditors and are unsecured, interest free and repayable on demand.  
At the reporting date the Company was due £174,600 (2023: £Nil) from a company under common control. This amount is included within other debtors and is unsecured, interest free and repayable on demand. 


28.


Controlling party

There is no ultimate controlling party of the Company.


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