REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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EUROVIEW MANUFACTURING LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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EUROVIEW MANUFACTURING LTD |
EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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EUROVIEW MANUFACTURING LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Kingfisher House |
11 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
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SOLICITORS: |
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65 Newland Street |
Witham |
Essex |
CM8 1AB |
EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Euroview Manufacturing Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure. |
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Investment property |
Investment property is shown at most recent valuation, deemed by the directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Going concern |
At the balance sheet date the company had a deficit on shareholders funds. A significant proportion of the company's liabilities relate to long term loans, which are not due for repayment until after more than 5 years. |
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The directors have considered the cashflow requirements of the company for a period of twelve months from the date of approval of these financial statements and are satisfied that the property rental and investment activities will generate sufficient financial resources to enable the company to meet its operating costs and short term debt repayments. Accordingly these financial statements have been prepared on a going concern basis. |
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Rental income |
Rental income from operating leases is recognised on a straight-line basis over the term of the lease. Rental income is included within other operating income in the statement of comprehensive income. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2020 |
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Revaluations | 765,000 |
At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans | 8,806,200 | 9,606,200 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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The bank loans are secured by a legal charge over all the current and future assets of the company including the freehold properties of the company and property owned by Mr & Mrs P Hubble. The bank loans are repayable by instalments at a variable rate of interest. |
EUROVIEW MANUFACTURING LTD (REGISTERED NUMBER: 02774569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2020 |
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Revaluation | 765,000 |
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At 31 December 2020 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in debtors at 31 December 2020 was an amount of £nil (2019 - £142,892) due from P Hubble to the company. Interest was charged on the loan at 2.5% and the loan was repaid within 9 months of the balance sheet date. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by HUBCO Limited, its immediate parent. Mr P Hubble is the ultimate controlling party of the company. |