| REGISTERED NUMBER: |
| Euromed Maritime Limited |
| Abridged Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Euromed Maritime Limited |
| Abridged Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| Euromed Maritime Limited (Registered number: 02837068) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| Euromed Maritime Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 239-241 Kennington Lane |
| London |
| SE11 5QU |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Euromed Maritime Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Euromed Maritime Limited for the year ended 31 December 2024 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Euromed Maritime Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euromed Maritime Limited and state those matters that we have agreed to state to the director of Euromed Maritime Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euromed Maritime Limited and its director for our work or for this report. |
| It is your duty to ensure that Euromed Maritime Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Euromed Maritime Limited. You consider that Euromed Maritime Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Euromed Maritime Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 239-241 Kennington Lane |
| London |
| SE11 5QU |
| Euromed Maritime Limited (Registered number: 02837068) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| Euromed Maritime Limited (Registered number: 02837068) |
| Statement of Financial Position - continued |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Fair value reserve | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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 were approved by the director and authorised for issue on |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Euromed Maritime Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is derived from the ordinary activities of the business and is recognised when the company has completely executed the contract. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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. |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 4. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in cost of land and buildings is freehold land of £ 84,500 (2023 - £ 84,500 ) which is not depreciated. |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2014 | 676,000 |
| Valuation in 2016 | 40,000 |
| Valuation in 2017 | 19,999 |
| Cost | 64,000 |
| 799,999 |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 64,000 | 64,000 |
| Investment properties were valued on fair value basis on 31 December 2024 by the director . |
| The fair value of the investment properties have been assessed by the director at the year end The director is of the opinion that there has not been any material movement in the value of the properties from that of last year. There has not been significant movement in the market values of properties of a similar nature in the area where these properties are located since last year. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Interco -Euromed Transport Ltd | 131,898 | 117,483 |
| Interco - Euromed Shipping | 338,392 | - |
| VAT |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| Wages & salaries control |
| Private Loan - M Gazioglu | 30,000 | 30,000 |
| Directors' current accounts | 42,049 | 30,505 |
| Accrued expenses |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Bank loans are secured by way of fixed and floating charges over all the assets of the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 184,585 | 183,100 |
| Euromed Maritime Limited (Registered number: 02837068) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| DT on plant & machinery | 1,485 |
| Balance at 31 December 2024 |
| Included in deferred tax provision is an amount of £173,036 (2023 - £173,036) being the tax that will arise should a sale of the investment properties realize the fair value gains provided in the accounts. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 13. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 2,000,475 |
| Profit for the year |
| At 31 December 2024 | 2,407,160 |
| 14. | RELATED PARTY DISCLOSURES |
| Entities with control, joint control or significant influence over the entity |
| There were transfers to and from related parties during the period . |
| 2024 | 2023 |
| £ | £ |
| Sales to related parties during the year | 11,333 | 5,882,926 |
| Balance due from related parties at the year end | 1,092,160 | 1,828,851 |
| Direct cost from related party during the year | 2,696,480 | 2,172,600 |
| Balance due to related parties at the year end | 1,444,142 | 564,303 |
| Persons with significant influence |
| They have given a personal guarantee for the loan in the company. |
| Credit balances with related party £72,049 (2023 - £60,505). |