REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2019 TO 31 DECEMBER 2019 |
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EURICOM UK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2019 TO 31 DECEMBER 2019 |
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FOR |
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EURICOM UK LIMITED |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 JULY 2019 TO 31 DECEMBER 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EURICOM UK LIMITED |
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COMPANY INFORMATION |
for the Period 1 JULY 2019 TO 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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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EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 JULY 2019 TO 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Euricom UK Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The current period represents a 6 month trading period from 1 July 2019 to 31 December |
2019, whilst the comparatives presented in these financial statements represent financial |
information for a full year but for which period the company remained dormant. |
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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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Financial instruments |
Financial assets, financial liabilities and equity instruments are classified according to the |
substance of the contractual arrangements entered into. An equity instrument is any contract |
that evidences a residual interest in the assets of the entity after deducting all of its financial |
liabilities. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash |
in hand and at bank. |
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Financial liabilities and equity instruments issued by the company are classified in |
accordance with the substance of the contractual arrangements entered into and the |
definitions of a financial liability and an equity instrument. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of |
its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of any direct issue costs. |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 JULY 2019 TO 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company has been profitable since commencing trading on 1 July 2019, had net current |
assets and net assets at 31 December 2019 and has remained profitable in the period up to |
the signing of these financial statements. |
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The directors have assessed the next twelve months as best they can given the current |
situation with COVID-19. They have 'key worker' status for the its business as a key part of |
the logistics chain for the supply of staple foods into UK supermarkets and fully expect, that |
with the promised backing of the British Government for British businesses, the company will |
remain a going concern and the directors, through the parent undertakings, will endeavour to |
ensure that the company has sufficient working capital to meet its requirements for the |
foreseeable future. The directors will continue to carefully monitor the situation and have |
alternative plans in place should the need arise. |
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In light of the above, the directors have reviewed the going concern status of the business |
for the foreseeable future to the best of their abilities and have concluded that they have a |
reasonable expectation that the company has adequate resources to continue in operational |
existence for the foreseeable future. The company therefore continues to adopt the going |
concern basis of accounting in preparing these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 2,954 | - |
VAT |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to participating interests | - | 219 |
Corporation tax |
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EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 JULY 2019 TO 31 DECEMBER 2019 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2019 |
value: | £ | £ |
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Ordinary | £1.00 | 1,000 | 1,000 |
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7. | 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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8. | RELATED PARTY DISCLOSURES |
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During the period to 31 December 2019 the company made purchases totalling £46,573 |
(year to 30 June 2019 - £nil) from Euricom S.P.A., and at 31 December 2019 the company |
owed £45,068 (30 June 2019 - £nil) to Euricom S.P.A., its parent undertaking. This balance |
is presented within trade creditors. |
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During the period to 31 December 2019 the company incurred management charges |
totalling £19,102 (year to 30 June 2019 - £nil) and received additional income contributions |
totalling £34,612 (year to 30 June 2019 - £nil) and at 31 December 2019 was owed £2,954 |
by (30 June 2019 - owed £219 to) Brands Direct Limited, a company related through its |
minority interest in the issued share capital of the company and as the party responsible for |
the administrative affairs of the company. These balances are unsecured, interest free, and |
are repayable on demand. |
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The controlling party is Euricom S.P.A.. |
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Euricom S.P.A. prepares consolidated financial statements in which the financial statements |
of the company are included. Euricom S.P.A. is a company registered in Italy, with its |
registered office at Via Stazione 119, Valle Lomellina (PV), 27020, Pavia, Italy. |