Europe Holdings (UK) Ltd - Period Ending 2019-03-31

Registration number: 08969319

Europe Holdings (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Europe Holdings (UK) Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Europe Holdings (UK) Ltd

(Registration number: 08969319)
Balance Sheet as at 31 March 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Investments	4		100		100
Current assets
Debtors	5	153,563		209,527
Cash at bank and in hand		156,822		169,945
		310,385		379,472
Creditors: Amounts falling due within one year	6	(12,474)		(4,958)
Net current assets			297,911		374,514
Net assets			298,011		374,614
Capital and reserves
Called up share capital	8	100		100
Profit and loss account		297,911		374,514
Total equity			298,011		374,614

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 December 2019 and signed on its behalf by:
 

......................................... I P Dobson Director

......................................... L Demurtas Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Europe Holdings (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
12a Russell Court
Cottingley Business Park
Cottingley
Bingley
BD16 1PE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under section 1AC.35 Related Party disclosures from discloing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

Europe Holdings (UK) Ltd is exempt from preparing group accounts as the group is small.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 2

Europe Holdings (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

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 at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 0 (2018 - 0).

Page 3

Europe Holdings (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Investments

	2019 £	2018 £
Investments in subsidiaries	100	100

Subsidiaries	£
Cost or valuation
At 1 April 2018	100
Provision
Carrying amount
At 31 March 2019	100
At 31 March 2018	100

5

Debtors

	Note	2019 £	2018 £
Amounts owed by group undertakings		153,563	193,227
Other debtors		-	16,300
		153,563	209,527

6

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	11,474	3,899
Taxation and social security		1,000	1,059
		12,474	4,958

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	11,474	3,899

Page 4

Europe Holdings (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 5