REGISTERED NUMBER:
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Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 March 2020 |
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Euro Exim Bank Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Euro Exim Bank Limited |
Euro Exim Bank Limited (Registered number: 07520196) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Report of the Directors | 2 | to | 4 |
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Statement of Financial Position | 5 |
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Notes to the Financial Statements | 6 | to | 10 |
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Euro Exim Bank Limited |
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Company Information |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants & Statutory Auditors |
1 Beauchamp Court |
10 Victors Way |
Barnet |
Hertfordshire |
EN5 5TZ |
Euro Exim Bank Limited (Registered number: 07520196) |
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Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of support consultancy and management during the issuance of letters of credits. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 April 2019 to the date of this report. |
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The beneficial interests of the directors holding office at 31 March 2020 in the shares of the company, according to the register of directors' interests, were as follows: |
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1.4.19 |
or date of |
appointment |
31.3.20 | if later |
Ordinary shares of £1 each |
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350,100 | 350,100 |
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- | - |
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These directors did not hold any non-beneficial interests in the shares of the company. |
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POLITICAL DONATIONS AND EXPENDITURE |
The Company made neither political donations nor incurred any political expenditure during the year. |
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The charitable donations made during the year was £nil (2019:£6,802) and it was toward support of children with Down’s syndrome. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and BBK Partnership will therefore continue in office. |
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Euro Exim Bank Limited (Registered number: 07520196) |
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Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2020 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Euro Exim Bank Limited (Registered number: 07520196) |
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Statement of Directors' Responsibilities |
FOR THE YEAR ENDED 31 MARCH 2020 |
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The director is responsible for preparing the director's report and the financial statements in |
accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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. |
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In preparing these financial statements, the director is required to: |
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-select suitable accounting policies and then apply them consistently; |
-make judgements 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. |
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The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
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The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
Euro Exim Bank Limited (Registered number: 07520196) |
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Statement of Financial Position |
31 MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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875,710 | 714,566 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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Euro Exim Bank Limited (Registered number: 07520196) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Euro Exim Bank Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows: |
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When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to competed letters of credit issued by Euro Exim Bank Limited St Lucia. |
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Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
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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. |
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The net value is depreciated over its useful economical value at the rate of 10% on straight line. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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 statement of financial position date. |
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Euro Exim Bank Limited (Registered number: 07520196) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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Director and shareholder loans |
Loans provided by or to the directors or shareholders considered to be a neutral person will be measured at transaction price. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Euro Exim Bank Limited (Registered number: 07520196) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 350,100 | 350,100 |
Euro Exim Bank Limited (Registered number: 07520196) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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9. | RESERVES |
Retained |
earnings |
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At 1 April 2019 |
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Profit for the year |
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At 31 March 2020 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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During the period the company had transactions with EEB Consultants Limited registered in England amounting to receivables of £74,687 (2019: £91,258), in which a key management personnel has a controlling interest. |
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During the period the company had transactions with Premium Brands Distributors Limited registered in England amounting to receivables of £46,331 (2019: £20,000), in which a key management personnel has a controlling interest. |
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During the period the company had transactions with Century Holdings Limited registered in UAE amounting to receivables of £nil (2019: £258,475), in which a key management personnel has a controlling interest. |
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During the period the company facilitated a loan amounting to £nil (2019: £130,941) to Euro Exim Bank Limited registered in St Lucia, which is controlled by Century Holding Limited, in which a key management personnel has a controlling interest. The loan is to be repaid to the company on demand and the rate on interest charged on the loan is 0%. |
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During the period the company had transactions with Euro Exim Bank Limited registered in St Lucia amounting to payables of £2,506 (2019: £178,936), which is controlled by Century Holding Limited, in which a key management personnel has a controlling interest. |
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During the period the company had transactions with Euro Exim Bank Limited registered in St Lucia amounting to receivables of £191,147.53 (2019: £nil). Euro Exim Bank Limited (St Lucia) is controlled by Century Holding Limited, in which a key management personnel has a controlling interest. |
Euro Exim Bank Limited (Registered number: 07520196) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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12. | POST BALANCE SHEET EVENTS |
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On 23 March 2020 and eventually 4 January 2021 the government announced a 'circuit-breaker' lockdown following an outbreak of Covid-19, which resulted in the temporary closure of the company's main office sites. The company continued to trade remotely and has not incurred additional costs apart from the regular maintenance costs and have considered these as a non-adjusting event. |
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During the period the company changed its trading activity from acting as an issuer of financial intermediation by way of letter of credits to supplying administration support Euro Exim Bank Limited St Lucia in exchange for an agreed fee. |