3E Europe Limited
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Notes to the Accounts |
for the year ended 31 December 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue from licences and subscriptions is recognised evenly over the contract period.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
33% straight line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2017 |
126,124 |
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13,340 |
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139,464 |
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At 31 December 2017 |
126,124 |
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13,340 |
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139,464 |
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Depreciation |
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At 1 January 2017 |
124,282 |
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13,340 |
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137,622 |
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Charge for the year |
1,564 |
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- |
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1,564 |
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At 31 December 2017 |
125,846 |
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13,340 |
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139,186 |
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Net book value |
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At 31 December 2017 |
278 |
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- |
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278 |
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At 31 December 2016 |
1,842 |
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- |
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1,842 |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
118,635 |
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99,414 |
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Other debtors |
- |
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2,830 |
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118,635 |
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102,244 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
3,198 |
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5,682 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,960,292 |
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1,960,526 |
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Other taxes and social security costs |
76,026 |
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40,740 |
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Directors current accounts |
111,124 |
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46,193 |
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Accruals and deferred income |
98,785 |
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117,922 |
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Other creditors |
- |
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7,406 |
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2,249,425 |
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2,178,469 |
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5 |
Controlling party |
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The controlling party is the parent company, 3E Development Ltd which owns 100% of the issued shares.
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6 |
Other information |
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3E Europe Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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101 Rose Street |
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South Lane |
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Edinburgh |
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Scotland |
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EH2 3JG |