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Company No: 05557786 (England and Wales)

EUROBRASS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

EUROBRASS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

EUROBRASS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
EUROBRASS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS B A Elvidge
H V Jones
SECRETARY B A Elvidge
REGISTERED OFFICE Treviot House 186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 05557786 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
EUROBRASS LIMITED

BALANCE SHEET

As at 31 December 2024
EUROBRASS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 165,742 139,697
165,742 139,697
Current assets
Stocks 1,363,211 1,614,103
Debtors 4 1,721,677 1,392,562
Cash at bank and in hand 1,571,304 1,449,451
4,656,192 4,456,116
Creditors: amounts falling due within one year 5 ( 1,112,072) ( 1,329,649)
Net current assets 3,544,120 3,126,467
Total assets less current liabilities 3,709,862 3,266,164
Provision for liabilities ( 13,325) ( 3,743)
Net assets 3,696,537 3,262,421
Capital and reserves
Called-up share capital 100 100
Profit and loss account 3,696,437 3,262,321
Total shareholders' funds 3,696,537 3,262,421

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Eurobrass Limited (registered number: 05557786) were approved and authorised for issue by the Board of Directors on 27 February 2025. They were signed on its behalf by:

B A Elvidge
Director
EUROBRASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
EUROBRASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eurobrass Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 15 years straight line
Plant and machinery etc. 25 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 13

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 137,880 135,633 273,513
Additions 0 52,854 52,854
At 31 December 2024 137,880 188,487 326,367
Accumulated depreciation
At 01 January 2024 45,960 87,856 133,816
Charge for the financial year 9,192 17,617 26,809
At 31 December 2024 55,152 105,473 160,625
Net book value
At 31 December 2024 82,728 83,014 165,742
At 31 December 2023 91,920 47,777 139,697

4. Debtors

2024 2023
£ £
Trade debtors 1,559,234 1,280,644
Other debtors 162,443 111,918
1,721,677 1,392,562

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 601,292 1,046,009
Taxation and social security 421,604 192,445
Other creditors 89,176 91,195
1,112,072 1,329,649

6. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 - Amounts Advanced 64,431 44,115
Director 1 - Amounts Repaid (43,049) (48,251)
Director 2 - Amounts Advanced 65,439 44,115
Director 2 - Amounts Repaid (43,050) (48,251)

The loan to the director is repayable on demand. Interest is charged on loans at the official interest set by HMRC.