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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
COMPANY INFORMATION
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EURO EQUIPMENT LIMITED
CONTENTS
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EURO EQUIPMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report on the company for the year ended 31 December 2024.
The key financial highlights are as follows:
FY24 FY23 FY22 FY21 Turnover (£'000) 14,810 12,279 9,377 7,344 The company has experienced a trend of growth which has continued in FY25. The main drivers of this have been growth in new customers, geographical reach and mix of sales. Gross margin has also been increased due to proactive pricing and close monitoring of margins, which has been challenging with a backdrop of fluctuating exchange rates, rising shipping costs and latterly, increased international tariffs. Careful budgetary control has helped to minimise overhead increases, albeit salary costs have risen in line with inflation and also due to the need to remain a competitive employer and to retain key talent. Liquidity levels were satisfactory at the year end, albeit this is just one point in time and the company must carefully manage its working capital requirements in respect of customer and supplier credit terms and the impact of shifting exchange rates. The directors are pleased with the financial outturn for FY24, which they feel puts the company in a position of strength for continued future growth.
The directors are aware of the inherent risk of customer retention and external competition and strive to offer outstanding customer service to hep mitigate the risk of stagnant or falling sales.
Cashflow management is considered a key risk area, due to the aforementioned impacts of foreign currency fluctuations, supplier and customer credit terms and import and export tariffs and taxes. The directors address this risk by maintaining surplus cash within the company as a contingency for identified risks. The company has a modest, long standing workforce and whilst retention rates are high, there is a risk of reliance on key employees in pivotal roles. The directors recognise this and are working to expand and diversify the core management team. Price risk The company is not exposed to significant commodity price risk as a result of its operations. Credit Risk The company's financial assets are cash and trade debtors. The company's credit risk is primarily attributable to its trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Liquidity and Cash flow risk The Company’s liquidity and cash flow risk are considered low. The only borrowings are non-material hire purchase liabilities, which are managed within the Company’s cash flow forecasts. The Board regularly monitors cash balances, working capital, and cash flow projections to ensure that obligations can be met as they fall due.
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EURO EQUIPMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company’s principal financial instruments are cash at bank, trade debtors and creditors and finance/stocking arrangements. The main purpose of these instruments is to finance the company’s working capital and sales growth.
Trade debtors are managed in respect of credit and cash flow risk by setting policies in respect of credit terms offered to customers, with careful monitoring of amounts outstanding. Trade creditor liquidity risk is managed by ensuring sufficient funds are available to settle outstanding amounts. The company is exposed to exchange rate risks as it imports and exports goods. The company manages such risks by holding liquid funds in foreign currencies, using forward exchange contracts where relevant and setting specific contractual terms with customers. Future developments Looking ahead, the Company will focus on enhancing operational effectiveness and maintaining strong relationships with customers and suppliers to support sustainable growth. At the same time, it will continue to exercise financial discipline and prudent capital management, ensuring that resources are allocated efficiently, investments are targeted to support strategic objectives, and long-term value is maximised for stakeholders.
This report was approved by the board and signed on its behalf.
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EURO EQUIPMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
Included in the company's strategic report is a reivew of the business and description of the principal risks and uncertanties facing the company.
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EURO EQUIPMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Further information is disclosed in note 24 to the financial statements.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EURO EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EURO EQUIPMENT LIMITED
We have audited the financial statements of Euro Equipment Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Chanes in Equity, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EURO EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EURO EQUIPMENT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the Basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31 December 2023 and the potential impact on these balances on the current years profit and loss account.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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EURO EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EURO EQUIPMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness; - evaluating the business rationale of significant transactions outside the normal course of business; and - An assessment of the methodologies used in order to calculate the estimate/provision at the year end for evidence of bias. - The accounting policy was checked to the financial reporting standards where necessary and confirmed to be appropriate; - Reviewing accounting estimates for bias; - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; - Discussions with management over any potential or suspected fraud. - Performing audit work over the recognition of revenue on dispatch of goods occurring at the year end to provide assurance over cut-off; - Performing substantive tests of detail over the completeness/existence of income within the financial system; - Performing audit work on the design and implementation of key controls around the recording of income.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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EURO EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EURO EQUIPMENT LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
The financial statements of Euro Equipment Limited for the year ended 31 December 2023 were unaudited. Accordingly, the corresponding figures presented in these financial statements are unaudited
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC312313).
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EURO EQUIPMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
REGISTERED NUMBER: 01963645
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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EURO EQUIPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Euro Equipment Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is:
Phoenix Way Garngoch Industrial Estate Gorseinon Swansea SA4 9WF The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in the financial statements are rounded to the nearest one Pound Sterling.
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" and the Companies Act 2006.
3.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
The following principal accounting policies have been applied:
The company has traded profitably in the year and has increased its net assets from the previous year. However, since the balance sheet date and in common with most businesses, costs in most areas of the business have increased significantly.
Current economic forecasts have shown increased uncertainties in relation to both demand and cost inflation and this presents a risk to future results. However, the company's financial reporting systems enable the directors to closely monitor performance and to respond quickly to changes in demand and costs, so reducing future financial risks. The directors have reviewed future cash flows on alternative scenarios and consider that it is appropriate to prepare the financial statements using the going concern basis of accounting.
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.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales taxes and net of VAT. Revenue is recognised on the despatch of goods to customers.
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Land over life of lease Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
1. Purpose
The purpose of this policy is to establish consistent criteria for recognising, measuring, depreciating and monitoring demonstration equipment used for sales, marketing, training and evaluation activities. 2. Scope This policy applies to all demonstration equipment purchased for use in product demonstrations, customer trials, exhibitions, internal training, or similar purposes. 3. Definition of Demonstration Equipment Demonstration equipment refers to tangible items held for the purpose of: • Displaying product features and capabilities to customers • Conducting trials, pilots, or evaluations • Supporting trade shows, marketing events, or sales presentations • Internal training or testing not related to production 4. Capitalisation Criteria Demonstration equipment must be capitalised as a fixed asset when all of the following conditions are met: 1. Control: The organisation owns or controls the equipment. 2. Future Economic Benefit: Use of the equipment is expected to support revenue generation or business development over a period exceeding 12 months. 3. Cost Measurement: Cost can be reliably measured (e.g., purchase price, transport, installation). 4. Use in Operations: The equipment is intended for ongoing demo use rather than immediate resale or one-off events. Equipment not meeting these criteria must be expensed. 5. Measurement at Initial Recognition Capitalised demonstration equipment is recognised at cost, including: • Purchase price & Freight 6. Depreciation Demonstration equipment is not depreciated. 7. Impairment Demonstration equipment must be reviewed periodically for indicators of impairment, including: • Physical damage or excessive wear • Discontinuation of the related product line • Reduced expected utilisation If impaired, the asset must be written down to its recoverable amount. 8. Reclassification and Disposal • If demonstration equipment is refurbished and transferred for resale, its carrying amount must be reclassified to inventory. • When the equipment is scrapped, donated, or sold, it must be removed from the asset register and any gain or loss recognised in profit or loss. • Proceeds from disposal reduce the carrying amount of the asset. 9. Monitoring and Control
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
All demonstration equipment must be reviewed at least annually for physical existence, condition, and ongoing usefulness
10. Financial Statement Presentation Capitalised demonstration equipment is presented within Plant & Machinery.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, exceptto 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 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.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
The company operates a defined contribution pension scheme. Contributions pavable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be 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 in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Impairment of assets Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. Provisions and contingencies Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hire purchase agreements are secured over the assets to which they relate.
Bank loans were unsecured and fully repaid during the year.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Profit and loss account
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution pension scheme for its employees. Contributions are charged to the profit and loss account in the year in which they are payable.
The total contributions payable to the scheme in respect of the year were £29,906 (2023: £24,561). The total outstanding contributions payable to the scheme as at the balance sheet date were £6,650 (2023: £7,027).
At the balance sheet date, the Estates of the late D E Holloway and Mrs I Holloway owed the company £NIL (2023: £19,397).
At the balance sheet date, the company owed its directors £141,384 (2023: £38,311). Directors' loans relate to personal expenses met by the company and are unsecured and non interest bearing. Directors' loans are repayble on demand.
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EURO EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. The company has further invested in its tangible fixed assets, acquiring new assets costing £313,999. 2. In March 2025, the company signed a new lease agreement for the rental of property, extending the term through to March 2030. The annual lease payment is £36,000. These amounts are not included in the operating lease commitments note.
The directors consider there is no ultimate controlling parties.
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