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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 July 2019 |
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European Active Projects Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 July 2019 |
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for |
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European Active Projects Limited |
European Active Projects Limited (Registered number: 05447028) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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European Active Projects Limited |
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Company Information |
for the Year Ended 31 July 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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65 Deans Street |
Oakham |
Rutland |
LE15 6AF |
European Active Projects Limited (Registered number: 05447028) |
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Strategic Report |
for the Year Ended 31 July 2019 |
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The director presents his strategic report for the year ended 31 July 2019. |
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REVIEW OF BUSINESS |
The results for the year are set out on page 7 of the financial statements. During the year ended 31 July 2019, the company |
saw an increase in turnover compared to 31 July 2019, with turnover for the year being £16,200,768 (2018 £14,659,587) |
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The management team has continued to develop processes and procedures to ensure that the company delivers efficient gains |
as well as offering an improved customer experience throughout its operating functions. This is imperative in a time of |
economic uncertainty so that the company is prepared for whatever challenges each financial year brings. |
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The Team continues its strong emphasis on Health and Safety with significant investment across the entire organisation for |
Health, Safety and Occupational Health initiatives. |
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The company is in a robust state and has made good contingencies against the current coronavirus pandemic to ensure it |
remains a good going concern. |
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In the opinion of the directors the uncomplicated nature of the company's business does not warrant an analysis of KPI's to |
fully understand the company's development, performance or position. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company seeks to broaden its customer base and capabilities to limit its exposure to changes in demand. The principal |
challenge is to remain competitive in a global market place with continual increase in material costs. The directors have |
maintained a policy of investment to continually improve productivity and to manage its commercial pricing to ensure |
minimal exposure, whilst remaining competitive. |
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ON BEHALF OF THE BOARD: |
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European Active Projects Limited (Registered number: 05447028) |
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Report of the Director |
for the Year Ended 31 July 2019 |
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The director presents his report with the financial statements of the company for the year ended 31 July 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of support services to the marine and industrial |
sectors. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2019. |
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FUTURE DEVELOPMENTS |
With difficult trading conditions expected globally the business looks to operate as efficiently as possible and be pro active |
with current customers as well as aiming to develop relationships with new customers. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has |
elected to prepare 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. 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; |
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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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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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. |
European Active Projects Limited (Registered number: 05447028) |
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Report of the Director |
for the Year Ended 31 July 2019 |
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AUDITORS |
The auditors, Hills Accountants (Oakham) Limited, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
European Active Projects Limited |
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Opinion |
We have audited the financial statements of European Active Projects Limited (the 'company') for the year ended |
31 July 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary |
of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable |
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial |
statements section of our report. We are independent of the company in accordance with the ethical requirements that are |
relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our |
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is |
sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you |
where: |
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the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate;
or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly |
stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in |
the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
European Active Projects Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we |
have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, |
in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the director determines necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless |
the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will |
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material |
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on |
the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Other matters which we are required to address |
The financial statements of European Active Projects Limited for the year ended 31 July 2018 were unaudited. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies |
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are |
required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do |
not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit |
work, for this report, or for the opinions we have formed. |
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for and on behalf of
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65 Deans Street |
Oakham |
Rutland |
LE15 6AF |
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European Active Projects Limited (Registered number: 05447028) |
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Income Statement |
for the Year Ended 31 July 2019 |
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31.7.19 | 31.7.18 |
as restated |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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European Active Projects Limited (Registered number: 05447028) |
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Other Comprehensive Income |
for the Year Ended 31 July 2019 |
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31.7.19 | 31.7.18 |
as restated |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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European Active Projects Limited (Registered number: 05447028) |
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Balance Sheet |
31 July 2019 |
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31.7.19 | 31.7.18 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 13 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Revaluation reserve | 19 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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European Active Projects Limited (Registered number: 05447028) |
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Statement of Changes in Equity |
for the Year Ended 31 July 2019 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 August 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 July 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 July 2019 |
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European Active Projects Limited (Registered number: 05447028) |
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Cash Flow Statement |
for the Year Ended 31 July 2019 |
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31.7.19 | 31.7.18 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
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Interest paid |
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( |
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Interest element of hire purchase payments
paid |
( |
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Tax paid |
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( |
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Net cash from operating activities | ( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Capital repayments in year | ( |
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Net cash from financing activities | ( |
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Decrease in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
(1,791,381 |
) |
(1,107,422 |
) |
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Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
European Active Projects Limited (Registered number: 05447028) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 July 2019 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 1,407 | 165 |
312,485 | 381,059 |
Increase in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations | ( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 31 July 2019 |
31.7.19 | 1.8.18 |
£ | £ |
Cash and cash equivalents | 39,252 | 49,880 |
Bank overdrafts | ( |
) | ( |
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(1,847,535 | ) | (1,791,381 | ) |
Year ended 31 July 2018 |
31.7.18 | 1.8.17 |
as restated |
£ | £ |
Cash and cash equivalents | 49,880 | 88,878 |
Bank overdrafts | ( |
) | ( |
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(1,791,381 | ) | (1,107,422 | ) |
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Bank overdrafts consist solely of an amount owing to a debt factoring company. |
European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2019 |
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1. | STATUTORY INFORMATION |
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European Active Projects Limited is a
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company's 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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Going concern |
The directors have prepared forecasts for the company for a period greater than 12 months from the date of approval |
of these financial statements. The forecasts take into account known changes in the trading environment, |
performance and funding requirements during that period. |
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After making enquiries, the directors have a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going |
concern 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. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at |
transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of |
impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present |
value of the estimated cash flows discounted assets original effective interest rate. The impairment loss is recognised |
in profit or loss. |
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Basis financial liabilities, including trade and other creditors, and bank loans are initially recognised at transaction |
price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present |
value of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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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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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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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. |
European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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31.7.19 | 31.7.18 |
as restated |
£ | £ |
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The analysis of turnover by geographical markets has not been provided as, in the opinion of the directors such |
disclosure would be seriously prejudicial to the interests of the company. |
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4. | EMPLOYEES AND DIRECTORS |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.7.19 | 31.7.18 |
as restated |
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Production | 45 | 37 |
Administration | 19 | 17 |
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31.7.19 | 31.7.18 |
as restated |
£ | £ |
Director's remuneration |
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Director's pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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Information regarding the highest paid director is as follows: |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.7.19 | 31.7.18 |
as restated |
£ | £ |
Equipment hire |
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Other operating leases |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Bank interest |
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Hire purchase |
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7. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
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Tax on profit | ( |
) |
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European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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7. | TAXATION - continued |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained |
below: |
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31.7.19 | 31.7.18 |
as restated |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
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Effects of: |
Income not taxable for tax purposes |
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Depreciation in excess of capital allowances |
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Research and development credit | (70,879 | ) | - |
Total tax (credit)/charge | (18,598 | ) | 59,101 |
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8. | PRIOR YEAR ADJUSTMENT |
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The accounts have been restated to correctly disclose the factoring account balance within 'Creditors: Amounts |
falling due within one year'. The change has resulted in an increase to 'Trade debtors' of £1,841,261 and an equal |
increase to 'Bank loans and overdrafts'. |
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9. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2018 |
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Additions |
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Disposals |
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( |
) | ( |
) |
At 31 July 2019 |
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DEPRECIATION |
At 1 August 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
) | ( |
) |
At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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The net book value of tangible fixed assets included £39,977 (2018 £Nil) in respect of assets held under hire |
purchase contracts. |
European Active Projects Limited (Registered number: 05447028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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10. | STOCKS |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Stocks |
|
|
Work-in-progress |
|
|
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Hire purchase contracts (see note 15) |
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
European Active Projects Limited (Registered number: 05447028) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Factoring account | 1,886,787 | 1,841,261 |
|
Included in 'Bank loans and overdrafts' is an amount of £1,886,787 (2018 £1,841,261) owing to a debt factoring |
company which is secured against the trade debtors of the company. |
|
17. | FINANCIAL INSTRUMENTS |
|
|
|
31.7.19 | 31.7.18 |
£ | £ |
|
|
Financial assets measured at amortised cost |
Trade debtors | 2,726,595 | 2,966,745 |
Other debtors | 79,790 | 205,785 |
|
|
|
|
Financial liabilities measured at amortised cost |
Bank loans and overdrafts | 1,886,787 | 1,841,261 |
Hire purchase contracts | 33,312 | - |
Trade creditors | 426,214 | 911,024 |
|
European Active Projects Limited (Registered number: 05447028) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.19 | 31.7.18 |
value: | as restated |
£ | £ |
|
Ordinary | £1 | 50 | 50 |
|
19. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 August 2018 |
|
|
738,892 |
Profit for the year |
|
|
At 31 July 2019 |
|
|
958,366 |
|
20. | RELATED PARTY DISCLOSURES |
|
|
31.7.19 | 31.7.18 |
as restated |
£ | £ |
Management and training fees |
|
|
Amount due from related party |
|
|
Amount due to related party |
|
|
|
During the financial year the company paid management and training fees amounting to £4,167 (2018 £341,667) to Whissendine Training Limited, a company controlled by S Jones who is the controlling director and shareholder of European Active Projects Limited. |
|
As at 31 July 2019 the company was owed £Nil (2018 £48,890) from Whissendine Training Limited and £Nil (2018 £309,000) was owed to Whissendine Training Limited. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is S M Jones. |
|
The ultimate controlling party is
|
|
22. | UNAUDITED COMPARATIVES |
|
The financial statements of European Active Projects Limited for the year ended 31 July 2018 were unaudited. |