REGISTERED NUMBER: 01149081 (England and Wales)

EUROCOILS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K J Murray

Mr W P Murray

REGISTERED OFFICE:

Unit D3

Eurolink Commercial Park

Bonham Drive

SITTINGBOURNE

Kent

ME10 3RX

REGISTERED NUMBER:

01149081 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Tangible assets

5

1,799,335

1,845,380

CURRENT ASSETS

Stocks

89,377

52,982

Debtors

6

1,040,346

956,912

Investments

7

20,000

20,000

Cash at bank and in hand

106,561

230,225

1,256,284

1,260,119

CREDITORS

Amounts falling due within one year

8

492,984

481,219

NET CURRENT ASSETS

763,300

778,900

TOTAL ASSETS LESS CURRENT LIABILITIES

2,562,635

2,624,280

CREDITORS

Amounts falling due after more than one year

9

(14,113

)

(26,773

)

PROVISIONS FOR LIABILITIES

(59,459

)

(64,802

)

NET ASSETS

2,489,063

2,532,705

CAPITAL AND RESERVES

Called up share capital

11

20,000

20,000

Fair Value Reserve

12

1,332,185

1,332,185

Retained earnings

12

1,136,878

1,180,520

SHAREHOLDERS' FUNDS

2,489,063

2,532,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mr K J Murray - Director

1.	STATUTORY INFORMATION

Eurocoils Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to 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 key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets, the valuation of freehold property, and the recoverability of trade debtors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses but excluding Value Added Tax.

For incomplete contracts, an assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors, under accrued income and revenue billed in advance included in creditors under payments received on account.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

8% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

On transition to FRS 102 the company elected to use a previous GAAP revaluation of freehold property as deemed cost.

Government grants

During the year the company received Employment Allowance of £5,000 (2023: £5,000).

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a weighted average cost basis.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

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 profit or loss.

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 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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 25 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2024

1,700,000

972,991

57,346

96,322

2,826,659

Additions

-

1,464

960

1,605

4,029

Disposals

-

-

-

(93,762

)

(93,762

)

At 31 December 2024

1,700,000

974,455

58,306

4,165

2,736,926

DEPRECIATION

At 1 January 2024

112,000

725,099

50,149

94,031

981,279

Charge for year

28,000

19,930

1,176

598

49,704

Eliminated on disposal

-

-

-

(93,392

)

(93,392

)

At 31 December 2024

140,000

745,029

51,325

1,237

937,591

NET BOOK VALUE

At 31 December 2024

1,560,000

229,426

6,981

2,928

1,799,335

At 31 December 2023

1,588,000

247,892

7,197

2,291

1,845,380

Included in cost or valuation of land and buildings is freehold land of £ 300,000 (2023 - £ 300,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2002

271,703

-

-

-

271,703

Valuation in 2008

(10,000

)

-

-

-

(10,000

)

Valuation in 2014

250,000

-

-

-

250,000

Valuation in 2019

500,000

-

-

-

500,000

Cost

688,297

974,455

58,306

4,165

1,725,223

1,700,000

974,455

58,306

4,165

2,736,926

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

688,297

688,297

Aggregate depreciation

372,214

361,868

Value of land in freehold land and buildings

170,977

170,977

Freehold Land and Buildings were valued on an open market basis on 31 December 2019 by Harrisons Residential .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

374,357

467,723

Other debtors

215,636

194,373

Parent company loan

17,949

16,721

Directors' Loan Accounts

370,705

232,307

Accrued income

38,120

23,990

Prepayments

23,579

21,798

1,040,346

956,912

7.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Listed investments

20,000

20,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

10,000

Invoice discounting

255,321

158,481

Hire purchase contracts

2,660

2,288

Trade creditors

103,160

137,059

VAT

54,728

67,265

Other creditors

13,822

8,178

Other taxes and PAYE

39,555

87,318

Accrued expenses

13,738

10,630

492,984

481,219

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

5,000

10,000

Bank loans - 2-5 years

-

5,000

Hire purchase contracts

9,113

11,773

14,113

26,773

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

-

761

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Invoice discounting

255,321

158,481

Trade debtors have been assigned in return for a secured loan of £255,321 (2023: £158,481), which is secured by a debenture over the company's assets dated 11 November 2009.

A legal mortgage and an all assets debenture is also in place with regard to the Freehold land, plot D3 on the Eurolink Industrial Estate.

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

20,000

Ordinary

£1

20,000

20,000

12.

RESERVES

Fair

Retained

Value

earnings

Reserve

Totals

£

£

£

At 1 January 2024

1,180,520

1,332,185

2,512,705

Deficit for the year

(43,642

)

(43,642

)

At 31 December 2024

1,136,878

1,332,185

2,469,063

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mrs D L Murray Deceased

Balance outstanding at start of year

1,071

1,071

Amounts repaid

(1,071

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,071

Mr W P Murray

Balance outstanding at start of year

2,720

523

Amounts advanced

124,361

2,197

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

127,081

2,720

Mr K J Murray

Balance outstanding at start of year

228,516

238,178

Amounts advanced

20,868

-

Amounts repaid

(5,760

)

(9,662

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

243,624

228,516

Mr K J Murray received a loan of £30,000 in 2021, of which £5,000 was repaid in March 2022. The remaining loan of £25,000 is repayable over 48 months with a 2.5% loan interest per annum.

Mr K J Murray received a loan of £240,000 in 2022, of which £30,000 was repaid in March 2022 and £15,000 was repaid in June 2023. The remaining loan of £195,000 is repayable over 10 years with a 2.5% loan interest per annum.

Mr W P Murray received a loan of £120,000 in 2024, which is repayable over 10 years with a 2.5% loan interest per annum.

Mrs D L Murray had a balance of £1,071 being owed to the company, which has been reclassified to Other Debtors.

14.	RELATED PARTY DISCLOSURES

Last year the company loaned J Murray, son of the director K J Murray, £80,000.

This loan is to be repaid over 10 years with 2.5% interest applied per annum.

Riberia Limited, a company owned by the directors, owed the company £17,949 (2023: £16,721) at the year end.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Mr K J Murray, by virtue of his majority shareholding in the parent company, Riberia Limited, and his day to day managerial role in the company.