Mediterranean Energy Company Limited

Mediterranean Energy Company Limited
Registered number:		04930255
Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
€				€
Fixed assets
Intangible assets	3		-			10,000
Financial assets			452,010			452,010
			452,010			462,010

Current assets
Debtors	4	18,569			16,687
Cash at bank and in hand		50,843			49,810
		69,412			66,497

Creditors: amounts falling due within one year	5	(1,854,181)			(1,828,669)

Net current liabilities			(1,784,769)			(1,762,172)

Net liabilities			(1,332,759)			(1,300,162)

Capital and reserves
Called up share capital			3			3
Profit and loss account			(1,332,762)			(1,300,165)

Shareholder's funds			(1,332,759)			(1,300,162)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Irene Evriviadou
Director
Approved by the board on 29 September 2025

Mediterranean Energy Company Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.

	Going concern
	The directors believe the company will make profits and are making efforts to improve the company's profitability. The company also has the financial support of the shareholders which will continue for the foreseeable future. The accounts have therefore been prepared under the going concern basis.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments (other than investments in subsidiaries, associates and joint ventures) are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value/Impairment losses are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2	Employees and directors	2024		2023
Number			Number

	Average number of directors and persons employed by the company	-		-

3	Intangible fixed assets			€
	Franchising Royalty

	Cost
	At 1 January 2024			200,000
	At 31 December 2024			200,000

	Amortisation
	At 1 January 2024			190,000
	Provided during the year			10,000
	At 31 December 2024			200,000

	Net book value
	At 31 December 2024			-
	At 31 December 2023			10,000

	The company has purchased the rights to use the name "Auto Speedy" for 200,000 Euros over a period of 20 years. Brand name royalties are recognised at cost and amortised over their useful life on a straight-line basis. The brand name royalties' useful life is determined by the directors or the contracts of purchase. At the balance sheet date the company estimates whether there is any difference in its fair value from its net book value. In the case where there is a difference it is written off in the profit and loss account.

4	Debtors	2024		2023
€			€

	Other debtors	18,569		16,687


5	Creditors: amounts falling due within one year	2024		2023
€			€

	Trade creditors	-		37,845
	Accruals	6,000		4,476
	Amounts owed to associated undertakings	1,846,226		1,786,348
	Other creditors	1,955		-
		1,854,181		1,828,669

6	Controlling party

	The parent company is Schelswich Trustees Ltd. Its registered office is: Dimostheni Severi 12, 6th Floor, Flat / office 601, 1080 Nicosia, Cyprus

7	Other information

	Mediterranean Energy Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
	1st Floor, 8 Bridle Close
	Kingston Upon Thames
	Surrey
	KT1 2JW