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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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EUROS PROPERTY LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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EUROS PROPERTY LTD |
EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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EUROS PROPERTY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
EUROS PROPERTY LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Euros Property Ltd for the year ended 31 March 2019 which comprise the Statement of |
Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Euros Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euros Property Ltd and state those matters that we have agreed to state to the Board of Directors of Euros Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euros Property Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Euros Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Euros Property Ltd. You consider that Euros Property Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Euros Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
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EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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BALANCE SHEET |
31 MARCH 2019 |
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31/3/19 | 31/3/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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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 on
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Miss J Kara - Director | Mrs T Kara - Director |
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Miss R Kara - Director |
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EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Euros Property Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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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. |
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Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to |
the balance sheet date. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Investment properties are properties which are held either to earn rental income or for capital appreciation or for |
both. Investment properties are recognised initially at cost. |
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Subsequent to initial recognition: |
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investment properties whose fair value can be measured reliably without undue cost or effort are held at
fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. |
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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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EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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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 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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Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and |
other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to |
initial recognition they are measured at amortised cost using the effective interest method, less any impairment |
losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment |
is deferred beyond normal business terms, then it is measured at the present value of future payments discounted |
at a market rate of instrument for a similar debt instrument. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Based on advice from a property agent and the directors' knowledge of the local property and rental markets, the |
market value of the investment property at 31 March 2018 is not significantly different to that stated above. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Trade debtors |
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Amounts owed by connected companies | 200,000 | - |
Other debtors |
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EUROS PROPERTY LTD (REGISTERED NUMBER: 09967056) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Trade creditors |
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Amounts owed to group companies |
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Amounts owed to connected companies | 452,374 | 37,306 |
Tax |
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Other creditors |
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Directors' current accounts | 251,193 | 94,708 |
Accrued expenses |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in creditors amounts falling due within one year is a balance of £94,708 (2018: £94,708) due to Mrs P |
V Kara. |
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7. | RELATED PARTY DISCLOSURES |
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Included within creditors amounts falling due within one year is a balance of £34,806 (2018 : £34,806) due to |
Landrose Developments Ltd, a company with directors in common. |
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Included within creditors amounts falling due within one year is a balance of £2,500 (2018 : £2,500) due to |
Euros Steel Limited, a company with directors in common. |
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Included within debtors amounts falling due within one year is a balance of £200,000 (2018 : £Nil) due from |
Gargreen Limited,, a company with directors in common. |
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8. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent company is EPG Ltd, incorporated in Jersey. |