REGISTERED NUMBER: 03477100 (England and Wales)

EUROPEAN ECONOMIC RESEARCH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Dr A Lilico

Dr J Spicer

SECRETARY:

Dr J Spicer

REGISTERED OFFICE:

1st Floor

330 High Holborn

LONDON

WC1V 7QH

REGISTERED NUMBER:

03477100 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ashley Phillips FCCA

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

BANKERS:

Metro Bank

One Southampton Row

London

WC1B 5HA

FIXED ASSETS

Intangible assets

5

18,639

21,838

Tangible assets

6

1,801

1,791

20,440

23,629

CURRENT ASSETS

Debtors

7

465,010

381,218

Cash at bank

387,258

262,558

852,268

643,776

CREDITORS

Amounts falling due within one year

8

334,646

174,210

NET CURRENT ASSETS

517,622

469,566

TOTAL ASSETS LESS CURRENT LIABILITIES

538,062

493,195

CAPITAL AND RESERVES

Called up share capital

9

278,500

278,500

Share premium

16,740

16,740

Capital redemption reserve

1,000

1,000

Retained earnings

241,822

196,955

SHAREHOLDERS' FUNDS

538,062

493,195

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2026 and were signed on its behalf by:

Dr A Lilico - Director

1.	STATUTORY INFORMATION

European Economic Research Limited is a private company, limited by shares , 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The directors have assessed the major risks to which the company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements.

The company expects to continue to meets its operational needs, financial and regulatory obligations. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets and the valuation of accrued income based on the stage of completion of projects.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, and reflects the right to consideration of unbilled contract costs at the year end date.

Government Grants

Government grants are recognised when the performance related conditions imposed upon the receipt of the grant have been met. Where these a have not been satisfied, these grants are recognised as liabilities. If grants are not conditional on future performance related conditions, then income is recognised when the grant proceeds are receivable. During the year the company received the following grants:

Employment allowance to contribute towards the Employers National Insurance costs of employing staff.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

straight line over 5 years and straight line over 2 years

Fixtures and fittings

-

straight line over 5 years

Computer equipment

-

straight line over 4 years and straight line over 2 years

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

Accrued income

In accordance with section 23 of FRS 102, income is accrued to reflect the fair value of the right to consideration of unbilled contract costs at the year end.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2024

53,805

Additions

5,724

Disposals

(13,861

)

At 30 April 2025

45,668

AMORTISATION

At 1 May 2024

31,967

Charge for year

8,923

Eliminated on disposal

(13,861

)

At 30 April 2025

27,029

NET BOOK VALUE

At 30 April 2025

18,639

At 30 April 2024

21,838

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 May 2024

33,586

60,935

14,332

108,853

Additions

-

133

1,473

1,606

Disposals

(33,586

)

(59,779

)

(7,703

)

(101,068

)

At 30 April 2025

-

1,289

8,102

9,391

DEPRECIATION

At 1 May 2024

33,586

60,553

12,923

107,062

Charge for year

-

248

1,348

1,596

Eliminated on disposal

(33,586

)

(59,779

)

(7,703

)

(101,068

)

At 30 April 2025

-

1,022

6,568

7,590

NET BOOK VALUE

At 30 April 2025

-

267

1,534

1,801

At 30 April 2024

-

382

1,409

1,791

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade debtors

378,592

71,291

Other debtors

6,600

19,069

Deferred tax asset

12,576

10,622

Prepayments and accrued income

67,242

280,236

465,010

381,218

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade creditors

43,429

1,544

Other taxes and PAYE taxes

131,710

60,937

Accruals and deferred income

159,507

111,729

334,646

174,210

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.25

30.4.24

value:

£

£

278,500

Ordinary

£1

278,500

278,500

During the previous year the company performed a purchase of own shares out of retained earnings. On 30 April 2024 these shares were transferred out of treasury and were distributed to employees.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

11.	CAPITAL COMMITMENTS

30.4.25

30.4.24

£

£

Contracted but not provided for in the

financial statements

-

5,725

12.	RELATED PARTY DISCLOSURES

During the year a payment was made to Dermot Glynn of £nil (2024: £26,088) as a result of the company's purchase of own shares.

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Our auditors also provide payroll related services to the company.