REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
EURICOM UK LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
EURICOM UK LIMITED |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EURICOM UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Euricom UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has made a profit for the year and at the year end had Net Liabilities of £101,212. A loss was made in the previous year due to loss-making contracts which prompted a review of the business with a view to focus on cost management. As a result of this, the company has returned to profitability and this is expected to continue. |
The directors 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. |
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 directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax recoverable |
VAT |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 428,906 | 631,977 |
Other creditors |
Accruals and deferred income |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other creditors | - | 200,000 |
The Other creditors were secured by a fixed charge over the book debts and other assets of the company. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 1,000 | 1,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
At 31 December 2023, the company owed £739,294 to its parent undertaking and the other group companies it controls. In 2022, the company was owed £47,959 by group companies. During the year, the company charged management fees of £329,666 (2022 - £123,193), recharged freight and duty of £755,164 (2022 - £543,241) and other miscellaneous recharges of £45,993 (2022 - £761,503). Total purchases of goods from the group were £3,058,434 (2022 - £4,231,213). |
At 31 December 2023, the company owed £428,906 (2022 - £631,977) to a company related through a minority interest in the issued share capital and as the party responsible for the administrative affairs of the company. During the year, the management charges incurred amounted to £461,594 (2022 - £312,514) and other recharges including freight and duty amounted to £365,080 (2022 - £790,467). |
All these balances are unsecured, interest-free, and are repayable on demand.They are included within trade debtors and trade creditors in these financial statements where not otherwise disclosed. |
At 31 December 2023, the company owed £Nil (2022 - £200,000) to the individual who controls the minority interest in the issued share capital of the company. This loan was secured on the company's assets as detailed in note 7. |
EURICOM UK LIMITED (REGISTERED NUMBER: 11212088) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
9. | RELATED PARTY DISCLOSURES - continued |
The controlling party is Euricom S.P.A.. |
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. |