Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Despite net current liabilities at the year end date, the company retains the support of its fellow subsidiary companies and directors. Based on this, and a review of forecast activity for the company over the next 12 months, the directors are content that this basis remains appropriate.

Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 September 2026 was Benjamin Hayes BSc FCA , who signed for and on behalf of Wenn Townsend.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents due from tenants from properties owned by the company. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 1).

4	Investment properties

	2025 £
At 1 January	2,748,285
At 31 December	2,748,285

A desktop valuation is provided as at the year end date by a local property agent, and the directors review these values and use them as deemed appropriate for the purposes of year end book value in the accounts.

Included in the net book value above is an amount of £80,000 (2024: £80,000) relating to a property currently held in the name of Craig D.O.O. (a Croatian company) for and on behalf of Trans Europa Trading Limited.

5

Debtors

	2025 £	2024 £
Trade debtors	304	737
Other debtors	1,465	183
	1,769	920

Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	144,506	179,988
Trade creditors		611	490
Accruals and deferred income		10,616	13,294
		155,733	193,772

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	-	144,810
Owed to group undertakings	9	750,430	585,088
		750,430	729,898

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	144,810

Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	144,506	179,988

9	Related party transactions

Transactions with directors

2025	At 1 January 2025 £	At 31 December 2025 £
P G Stoddart
Loan to a director	120,974	120,974

2024	At 1 January 2024 £	At 31 December 2024 £
P G Stoddart
Loan to a director	120,974	120,974

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	37,603	32,813

Summary of transactions with all entities with joint control or significant interest

Balances owing from/(to) fellow group companies:

European Aviation Limited: (£666,727); 2024: (£494,124)
Gannet Investments Limited: (£35,000); 2024: (£35,000)
European Skybus Limited: £31,297; 2024: £24,036
European Minardi Team Limited: (£80,000); 2024: (£80,000)

The company was recharged wages of £30,000 (2024: £30,000) by European Aviation Limted.

Trans Europa Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10	Parent and ultimate parent undertaking

The company's immediate parent is Gannet Investments Limited, incorporated in Liberia. The entire issued share capital of Gannet Investments Limited is owned by the Cosmar Settlement, a discretionary trust registered in the Isle of Man and administered from the UK.
 
In 2018 Companies House was notified that Mr PG Stoddart is a person with significant control.