Europa Communications - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02961237 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

EUROPA MARKETING SERVICES LIMITED

TRADING AS

EUROPA COMMUNICATIONS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J A Haley

Ms F Holland

SECRETARY:

Mr E Mcardle

REGISTERED OFFICE:

Beech House

27 Little Marlow Road

Marlow

Buckinghamshire

SL7 1HA

REGISTERED NUMBER:

02961237 (England and Wales)

ACCOUNTANTS:

Richardson Jones

Chartered Accountants

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

FIXED ASSETS

Tangible assets

4

3,579

6,968

CURRENT ASSETS

Debtors

5

389,947

243,882

Cash at bank and in hand

63,459

206,626

453,406

450,508

CREDITORS

Amounts falling due within one year

6

(302,356

)

(319,034

)

NET CURRENT ASSETS

151,050

131,474

TOTAL ASSETS LESS CURRENT LIABILITIES

154,629

138,442

PROVISIONS FOR LIABILITIES

7

(482

)

(1,082

)

NET ASSETS

154,147

137,360

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

154,047

137,260

SHAREHOLDERS' FUNDS

154,147

137,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16th April 2019 and were signed on its behalf by:

Mr J A Haley - Director

1.	STATUTORY INFORMATION

Europa Marketing Services Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of marketing services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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.

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.

Contributions to employee ownership trust

On 18 September 2017, the shares held by the previous shareholders were sold to the newly formed Europa

Communications Employee Ownership Trust (The EOT). Contributions to the EOT are recognised as a movement

on Reserves/Shareholders' Funds and not as an expense within the Income Statement/Profit and Loss Account.

Costs incurred as a result of the changes in legal structure and ownership are reported as exceptional costs in the

Income Statement for the prior year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2018

and 31st December 2018

59,388

113,929

173,317

DEPRECIATION

At 1st January 2018

55,523

110,826

166,349

Charge for year

1,450

1,939

3,389

At 31st December 2018

56,973

112,765

169,738

NET BOOK VALUE

At 31st December 2018

2,415

1,164

3,579

At 31st December 2017

3,865

3,103

6,968

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

370,466

197,648

Other debtors

7,500

7,600

Directors' current accounts

-

9,098

Prepayments and accrued income

11,981

29,536

389,947

243,882

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

35,502

68,765

Tax

2,246

44,309

Social security and other taxes

10,022

11,579

VAT

44,368

47,830

Other creditors

2,135

1,524

Accruals and deferred income

208,083

145,027

302,356

319,034

7.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

482

1,082

Deferred

tax

£

Balance at 1st January 2018

1,082

Utilised during year

(600

)

Balance at 31st December 2018

482

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

1,500

A Ordinary Shares

0.01

15

15

500

B Ordinary Shares

0.01

5

5

8,000

C Ordinary Shares

0.01

80

80

100

100

On 18 September 2017, 7,500 A ordinary shares and 500 B ordinary shares were re-designated as 8,000 C

ordinary shares.

9.

RESERVES

Retained

earnings

£

At 1st January 2018

137,260

Profit for the year

97,236

Contribution to Europa Communications Employee Ownership Trust

(80,449

)

At 31st December 2018

154,047

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st December 2018 and the

period ended 31st December 2017:

31.12.18

31.12.17

£

£

Mr J A Haley

Balance outstanding at start of year

9,098

3,903

Amounts advanced

-

9,098

Amounts repaid

(9,098

)

(3,903

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

9,098

On 18 September 2017, the directors, being the shareholders at the time, sold 80% of their shares to the newly

formed Europa Communications Employee Ownership Trust (The EOT). The total consideration payable for the

shares is £737,503.

11.	RELATED PARTY DISCLOSURES

Director and shareholder, Mr J A Haley, holds a fixed and floating charge over the all assets of the company as

trustee for the previous shareholders.

This charge runs concurrently with a guarantee given by the company over the consideration payable to the

previous shareholders by the Employee Ownership Trust. At the balance sheet date the consideration owing to

the previous shareholders amounted to £328,929 (2017: £409,378) and is due to be fully paid by instalments

before 31 August 2027.

12.	ULTIMATE CONTROLLING PARTY

On 18 September 2017 80% of the shares held by the previous shareholders were sold to the newly formed

Europa Communications Employee Ownership Trust (The EOT). The EOT is controlled through Europa

Communications Trustees Limited (a company incorporated in England), the directors of which are the Trustees of

the EOT.

13.	EMPLOYEE OWNERSHIP TRUST

The EOT holds the shares on behalf of all the employees of the company, no individual employee is allotted

shares. The interests of the EOT are managed by Europa Communications Trustees Limited as its trustee. The

EOT is therefore the majority shareholder in the company. The total consideration payable by the EOT for the

shares is £737,503, of which £408,574 had been paid by 31 December 2018. Subject to it being capable of doing

so, the company provides funding to the EOT to enable it to make payments for the consideration, which is

payable by instalments, provided that the deferred consideration has been fully paid by 31 August 2027.