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Registered number: 04713998
European Information Technology Limited
Financial Statements
For The Year Ended 31 March 2025
Aspirations Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04713998
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 204,394 146,046
Tangible Assets 5 150,643 179,440
355,037 325,486
CURRENT ASSETS
Stocks 6 56,551 78,127
Debtors 7 1,519,543 1,356,071
Cash at bank and in hand 14,023 40,227
1,590,117 1,474,425
Creditors: Amounts Falling Due Within One Year 8 (1,014,646 ) (868,390 )
NET CURRENT ASSETS (LIABILITIES) 575,471 606,035
TOTAL ASSETS LESS CURRENT LIABILITIES 930,508 931,521
Creditors: Amounts Falling Due After More Than One Year 9 (86,724 ) (112,907 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,622 ) (34,094 )
NET ASSETS 815,162 784,520
CAPITAL AND RESERVES
Called up share capital 11 1,003 1,003
Profit and Loss Account 814,159 783,517
SHAREHOLDERS' FUNDS 815,162 784,520
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nigel Tanner
Director
02/12/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
European Information Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04713998 . The registered office is Unit 5 Church Trading Estate, Slade Green Road, Erith, Kent, DA8 2JA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance method
Motor Vehicles 25% Reducing balance method
Fixtures & Fittings 25% Reducing balance method
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2024: 28)
28 28
4. Intangible Assets
Other
£
Cost
As at 1 April 2024 174,157
Additions 84,182
As at 31 March 2025 258,339
Amortisation
As at 1 April 2024 28,111
Provided during the period 25,834
As at 31 March 2025 53,945
Net Book Value
As at 31 March 2025 204,394
As at 1 April 2024 146,046
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 52,555 29,171 169,489 22,672 273,887
Additions - - 19,997 5,083 25,080
Disposals (6,400 ) - (44,551 ) (1,265 ) (52,216 )
As at 31 March 2025 46,155 29,171 144,935 26,490 246,751
Depreciation
As at 1 April 2024 27,451 7,293 50,337 9,366 94,447
Provided during the period 6,055 5,469 30,355 4,004 45,883
Disposals (5,514 ) - (37,843 ) (865 ) (44,222 )
As at 31 March 2025 27,992 12,762 42,849 12,505 96,108
Net Book Value
As at 31 March 2025 18,163 16,409 102,086 13,985 150,643
As at 1 April 2024 25,104 21,878 119,152 13,306 179,440
6. Stocks
2025 2024
£ £
Finished goods 56,551 78,127
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 406,744 274,803
Prepayments and accrued income 47,496 53,813
Other debtors - 23,920
Amounts owed by group undertakings 1,065,303 1,003,535
1,519,543 1,356,071
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 557,911 526,332
Bank loans and overdrafts 41,869 49,653
Other taxes and social security 20,627 18,436
Other creditors 75,283 28,908
Company credit card 6,783 8,898
Pension creditor 2,423 3,137
Accruals and deferred income 151,542 65,117
Directors' loan accounts - 13,701
Amounts owed to related parties 158,208 154,208
1,014,646 868,390
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9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 33,056
Bank loans 48,608 79,851
Other creditors (3) 38,116 -
86,724 112,907
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years - 33,056
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,003 1,003
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