REGISTERED NUMBER: 08276887 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EUROPEAN ASSOCIATION OF CERTIFIED

TURNAROUND PROFESSIONALS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Cerini

S C Jones

A Koutsouris

A Le Berre

C A Lieve

V Nastase

M A Pombo Barcenas

SECRETARY:

M A Pombo Barcenas

REGISTERED OFFICE:

C/o Centora James Limited

Jury Farm

Ripley Lane

West Horsley

Surrey

KT24 6JT

REGISTERED NUMBER:

08276887 (England and Wales)

ACCOUNTANTS:

Centora James Limited

FIXED ASSETS

Intangible assets

4

8,515

13,892

CURRENT ASSETS

Stocks

1,305

1,740

Debtors

5

13,162

3,551

Cash at bank

2,031

6,042

16,498

11,333

CREDITORS

Amounts falling due within one year

6

48,784

46,523

NET CURRENT LIABILITIES

(32,286

)

(35,190

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(23,771

)

(21,298

)

RESERVES

Income and expenditure account

(23,771

)

(21,298

)

(23,771

)

(21,298

)

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 surplus or deficit 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

M A Pombo Barcenas - Director

1.	STATUTORY INFORMATION

European Association Of Certified Turnaround Professionals is a private company, limited by guarantee , 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis. The company has net liabilities of £25,388 (2023: £21,298) but has the continuing support of its directors and its creditors, such support has been maintained since the year end and will continue to be made available to the extent required to enable the company to meet its liabilities as and when they fall due during the course of the current year.

Accordingly, the directors believe that it is appropriate to prepare the acounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received for subscriptions in the year. Course and exam fees are accounted for when the courses have taken place and the exams have been sat by the students.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Leiden Platform course are being amortised evenly over their estimated useful life of five years.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

26,888

AMORTISATION

At 1 January 2024

12,996

Charge for year

5,377

At 31 December 2024

18,373

NET BOOK VALUE

At 31 December 2024

8,515

At 31 December 2023

13,892

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

12,915

3,441

Other debtors

247

110

13,162

3,551

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,109

-

Other creditors

45,675

46,523

48,784

46,523

Included in other creditors is an interest-free loan facility from TMA Global via TMA Europe totalling £50,000 (2023: £34,000). This comprises Loan 1 of £34,000 and Loan 2 of approximately £16,000, received in 2024. Under the terms of the Addendum dated 22 August 2023, repayment/conversion of the loans is linked to performance targets based on courses delivered and membership intake. Following achievement of the 2023-2024 base case target (12 courses sold), £7,500 of the facility has been converted into a grant, leaving an outstanding loan balance of £42,500 at the year end.

Accruals of £2,782 (2023: £11,578) are also included in other creditors.