ACCOUNTS - Final Accounts

Operating (loss)/profit

The operating (loss)/profit is stated after charging/(crediting):

Registered number: 01441872

EURO SERVICES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

EURO SERVICES LIMITED

COMPANY INFORMATION

Directors	R Kandioti
	N J Laudrum


Registered number	01441872


Registered office	Unit 2C
	Twickenham Trading Estate
	Rugby Road
	Twickenham
	Middlesex
	TW1 1DG


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

EURO SERVICES LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Statement of comprehensive income	10
Statement of financial position	11 - 12
Statement of changes in equity	13
Notes to the financial statements	14 - 31

EURO SERVICES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Strategic report for the year ended 31 March 2025.

Business review

Trading conditions were challenging in the year to 31 March 2025. Despite this, the company continues to search out suitable new or replacement retail outlets (where leases are due to expire) which would be a good fit with our existing infrastructure and financial base, and to expand its product portfolio, to take advantage of domestic bathroom refurbishments.

To retain trade volume we have focussed on service levels and have remained cost conscious throughout this uncertain period.

We have targeted the contract sector where we believe we are under-represented, and identified sales staff with relevant experience.

The key financial and other performance indicators during the year were as follows:

2025 2024 Change

£'000 £'000 %

Turnover 8,797 9,900 (11.14)

Gross profit 3,114 3,376 (7.76)

Operating (loss)/profit (142) 49 (389.79)

(Loss)/profit after tax (157) 3 (5333.33)

Shareholders' funds 2,718 3,005 (9.55)

Principal risks and uncertainties

- Competitive risks on our wholesale operations

The company is reliant on sales to retailers in a competitive market place. There are few switching costs for retailers and this risk is addressed by regular contact between our sales managers and our customers, by continually monitoring our competitors' offerings, and by continually reviewing and refreshing our product ranges.

- Competitive risks on our retail operations

The retail market for tiles is highly competitive. We address this by offering a more personal service than many of our competitors, offering a wide range of products, and by ensuring that our opening hours suit tradesmen.

- Foreign exchange rate variability

The company uses forward contracts and options to reduce exposure to foreign exchange rate movements.

- Reliance on suppliers

The company use a geographically wide variety of suppliers to ensure that we would not suffer unduly if individual suppliers failed, or if there was difficulty in obtaining product from a particular geographical region.

- Liquidity and cash flow risks

The company minimises liquidity risk by managing cash generation by its operations, and by insuring customer debt where credit terms have been agreed. The company reduces its exposure to cash flow risks from sales on credit terms by utilising an invoice financing arrangement which allows cash drawdowns during the credit period.

Page 1

EURO SERVICES LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 11 November 2025 and signed on its behalf.

R Kandioti

Director

Page 2

EURO SERVICES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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.

Going concern assumption

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Results and dividends

The loss for the year, after taxation, amounted to £156,558 (2024 - profit £3,055).

Dividends of £130,500 were declared and paid during the year (2024 - £66,750).

Directors

The directors who served during the year were:

R Kandioti

N J Laudrum

Page 3

EURO SERVICES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future developments

The company looks to progress its aim of controlled growth by continuing to explore and develop new and existing opportunities within its core wholesale business, while also looking to expand on the retail side through adding additional units where appropriate opportunities are identified.

Matters covered in the Strategic report

The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the Strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 11 November 2025 and signed on its behalf.

R Kandioti

Director

Page 4

EURO SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EURO SERVICES LIMITED

Opinion

We have audited the financial statements of Euro Services Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' 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 opinion.

Conclusions relating to going concern

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.

Page 5

EURO SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EURO SERVICES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

EURO SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EURO SERVICES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation.
iv) Employment legislation.

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

Page 7

EURO SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EURO SERVICES LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

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

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 Auditors' report.

Page 8

EURO SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EURO SERVICES LIMITED (CONTINUED)

Use of our report

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 Auditors' 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.

Elliot S J Arwas (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

Date: 25 November 2025

Page 9

EURO SERVICES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	8,797,413	9,900,217
Cost of sales		(5,683,640)	(6,524,627)
Gross profit		3,113,773	3,375,590
Administrative expenses		(3,255,452)	(3,326,186)
Operating (loss)/profit	5	(141,679)	49,404
Interest receivable and similar income	9	-	4,718
Interest payable and similar expenses	10	(23,988)	(29,910)
(Loss)/profit before tax		(165,667)	24,212
Tax on (loss)/profit	11	9,109	(21,157)
(Loss)/profit for the financial year		(156,558)	3,055

Total comprehensive income for the year

(156,558)

3,055

The notes on pages 14 to 31 form part of these financial statements.

Page 10

EURO SERVICES LIMITED

REGISTERED NUMBER: 01441872

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note	£	£	£	£

Fixed assets
Intangible assets	13		10,375		10,375
Tangible assets	14		1,459,107		1,443,372
			1,469,482		1,453,747
Current assets
Stocks	15	2,296,188		2,158,010
Debtors: amounts falling due within one year	16	1,317,825		1,410,028
Cash at bank and in hand	17	323,077		518,925
		3,937,090		4,086,963
Creditors: amounts falling due within one year	18	(2,372,173)		(2,140,571)
Net current assets			1,564,917		1,946,392
Total assets less current liabilities			3,034,399		3,400,139
Creditors: amounts falling due after more than one year	19		(221,766)		(300,448)
Provisions for liabilities
Deferred tax	22	(95,036)		(95,036)
			(95,036)		(95,036)
Net assets			2,717,597		3,004,655

Capital and reserves
Called up share capital	23	25,000	25,000
Revaluation reserve	24	318,707	318,707
Capital redemption reserve	24	25,000	25,000
Profit and loss account	24	2,348,890	2,635,948
		2,717,597	3,004,655

Page 11

EURO SERVICES LIMITED

REGISTERED NUMBER: 01441872

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 November 2025.

R Kandioti

Director

The notes on pages 14 to 31 form part of these financial statements.

Page 12

EURO SERVICES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	25,000	318,707	25,000	2,635,948	3,004,655
Comprehensive income for the year
Loss for the year	-	-	-	(156,558)	(156,558)
Total comprehensive income for the year	-	-	-	(156,558)	(156,558)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(130,500)	(130,500)
Total transactions with owners	-	-	-	(130,500)	(130,500)
At 31 March 2025	25,000	318,707	25,000	2,348,890	2,717,597

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	25,000	318,707	25,000	2,699,643	3,068,350
Comprehensive income for the year
Profit for the year	-	-	-	3,055	3,055
Total comprehensive income for the year	-	-	-	3,055	3,055
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(66,750)	(66,750)
Total transactions with owners	-	-	-	(66,750)	(66,750)
At 31 March 2024	25,000	318,707	25,000	2,635,948	3,004,655

The notes on pages 14 to 31 form part of these financial statements.

Page 13

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Euro Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 2C, Twickenham Trading Estate, Rugby Road, Twickenham, Middlesex, TW1 1DG.

The principal activity of the company is the wholesale and retail sale of tiles and bathroom ancillaries.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Euro Services Holdings Limited as at 31 March 2025 and these financial statements may be obtained from the Companies House.

2.3

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Page 14

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method as appropriate.

Depreciation is provided on the following basis:

Long-term leasehold property	-	Not depreciated
Short-term leasehold property	-	10% straight line
Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	20-30% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 15

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Revaluation of tangible fixed assets

Individual leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in Other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

2.12

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Page 17

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.16

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.17

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.18

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 18

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.20

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Operating lease commitments
The company has entered into leases as a lessee and obtains use of property. The classification of such leases as operating or finance leases requires the company to determine based on the evaluation of the terms and conditions of the arrangements whether it acquires the significant risk and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of financial position.

Impairment of assets
Where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from an arms' length transaction on similar assets or observable market prices less incremental costs for disposing of the asset.

Recoverability of receivables
The Company establishes a provision for receivables that are considered not to be recoverable. When assessing recoverability, the directors consider factors such as aging of the receivables, past experience of recoverability and credit profile of customers.

Stock provision
The Company establishes a provision for stock that is slow-moving, obsolete or damaged. The Company identifies which stock items should be provided for given its knowledge of the relevant inventory lines.

Turnover

The whole of the turnover is attributable to the company's principal activity.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	8,791,254	9,893,661
Rest of the world	6,159	6,556
	8,797,413	9,900,217

Depreciation of tangible fixed assets	96,765	103,400
Exchange differences	(7,383)	(24,603)
Other operating lease rentals	391,269	359,901
Profit on sale of tangible fixed assets	(16,008)	(6,400)

Page 20

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


	Fees payable to the Company's auditors for the audit of the Company's financial statements	14,740	14,740

Wages and salaries	1,528,317	1,599,424
Social security costs	145,977	149,952
Cost of defined contribution scheme	30,893	32,313
	1,705,187	1,781,689

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	2	2
Administration	4	6
Sales and retail outlets	40	46
Finance	5	5

	51	59

Page 21

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Directors' remuneration
		2025	2024
		£	£


Directors' emoluments	119,256	116,241
Company contributions to defined contribution pension schemes	9,519	9,522
	128,775	125,763

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

Remuneration paid to key management personnel of the Company totalled £265,948 (2024 - £267,190).

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	-	4,718
		-	4,718

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	23,033	28,420
Hire purchase interest payable	955	1,490
	23,988	29,910

Page 22

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	(9,109)	21,157
	(9,109)	21,157

Total current tax	(9,109)	21,157


	Tax on profit	(9,109)	21,157

(Loss)/profit on ordinary activities before tax

(165,667)

24,212

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(41,417)	6,053
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,693	2,025
Accelerated capital allowances	(8,643)	12,903
Other timing differences leading to an increase in taxation	7,728	176
Group relief	29,028	-
Difference in tax rate	(498)	-
Total tax charge for the year	(9,109)	21,157

Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.

Page 23

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Dividends
		2025	2024
		£	£

	Dividends paid on equity capital	130,500	66,750
		130,500	66,750

13.	Intangible assets

		Development expenditure
		£
	Cost
	At 1 April 2024	10,375
	At 31 March 2025	10,375

	Net book value
	At 31 March 2025	10,375
	At 31 March 2024	10,375

Page 24

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Tangible fixed assets

	Long-term leasehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	1,120,900	680,461	219,891	380,108	419,027	2,820,387
Additions	-	3,995	7,460	114,742	1,107	127,304
Disposals	-	-	-	(134,412)	-	(134,412)
At 31 March 2025	1,120,900	684,456	227,351	360,438	420,134	2,813,279
Depreciation
At 1 April 2024	-	562,098	159,472	262,152	393,293	1,377,015
Charge for the year	-	26,922	13,328	47,238	9,277	96,765
Disposals	-	-	-	(119,608)	-	(119,608)
At 31 March 2025	-	589,020	172,800	189,782	402,570	1,354,172
Net book value
At 31 March 2025	1,120,900	95,436	54,551	170,656	17,564	1,459,107
At 31 March 2024	1,120,900	118,363	60,419	117,956	25,734	1,443,372

If the long term leasehold property had not been included at valuation it would have been included under the historical cost convention at a net book value of £468,819 (2024 - £483,026).

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Motor vehicles	13,781	18,375
	13,781	18,375

Page 25

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	2,296,188	2,158,010
	2,296,188	2,158,010

16.

Debtors

					2025	2024
					£	£


Trade debtors	1,177,681	1,279,397
Other debtors	22,167	15,842
Prepayments and accrued income	117,977	114,789
	1,317,825	1,410,028

17.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	323,077	518,925
	323,077	518,925

Page 26

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	70,000	70,000
Invoice discounting facility	328,889	193,052
Trade creditors	1,524,311	1,261,015
Amounts owed to group undertakings	167,374	169,270
Corporation tax	-	21,158
Other taxation and social security	140,320	212,774
Obligations under finance lease and hire purchase contracts	4,263	6,250
Other creditors	137,016	207,052
	2,372,173	2,140,571

The Company has entered into an invoice financing arrangement whereby it receives a proportion of the value of sales invoices in advance. Advances are disclosed in the Statement of financial position as current assets or liabilities and the gross amount of the financial debtors is included in trade debtors. The invoice discounting facility is secured over the trade debtors balances.

19.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	221,766	296,186
Obligations under finance leases and hire purchase contracts	-	4,262
	221,766	300,448

Page 27

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	70,000	70,000
	70,000	70,000
Amounts falling due 1-2 years
Bank loans	70,000	70,000
	70,000	70,000
Amounts falling due 2-5 years
Bank loans	151,766	210,000
	151,766	210,000
Amounts falling due after more than 5 years
Bank loans	-	16,186
	-	16,186
	291,766	366,186

Interest on the loans is charged at a rate which is equivalent to 1% per annum above the Bank of England base rate is charged on the daily balance outstanding on a year of 365 days.

The bank loan is secured by way of a legal charge on the long term leasehold property.

Page 28

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Within one year	4,262	6,250
Between 1-2 years	-	4,262
	4,262	10,512

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

22.	Deferred taxation

		2025
		£

	At beginning of year	95,036
	At end of year	95,036

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	71,424	71,424
Other short term timing differences	(860)	(860)
Potential capital gains tax	24,472	24,472
	95,036	95,036

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

25,000 Ordinary shares of £1 each	25,000	25,000

Page 29

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.

Reserves

Revaluation reserve

This is a non-distributable reserve related to the revaluation of land and buildings included in fixed tangible assets.

Capital redemption reserve

A non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares.

Profit and loss account

Profit and loss account includes all current and prior year retained profit and losses.

25.	Pension commitments

The company makes contributions to defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £30,893 (2024 -£32,313). Contributions totalling £33,674 (2024 - £10,622) were payable to the fund at the Statement of financial position date and are included in creditors.


Not later than 1 year	263,409	263,409
Later than 1 year and not later than 5 years	614,589	796,447
Later than 5 years	-	81,550
	877,998	1,141,406

27.	Related party transactions
	The company has taken advantage of the exemption permitted by FRS 102 not to disclose any transactions with its parent company or other group undertakings on the basis that they are wholly owned.

28.	Transactions with directors

Included within other creditors is an amount of £4,516 (2024 - £2,429) owed to a director.

Page 30

EURO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.	Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

30.	Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Euro Services Holdings Limited, a company incorporated in England and Wales, the address of the registered office is Unit 2c, Twickenham Trading Estate, Rugby Road, Twickenham, Middlesex, TW1 1DG.

The smallest and largest group where the company's financial statements are consolidated is Euro Services Holdings Limited which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The ultimate controlling party is a director by virtue of his majority shareholding in the parent company.

Page 31