Euroglade Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03186827 (England and Wales)

Financial Statements for the Period 1 April 2019 to 30 September 2020

for

Euroglade Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

B F Bull

SECRETARY:

J Bull

REGISTERED OFFICE:

Meriden House

Great Cornbow

Halesowen

West Midlands

B63 3AB

REGISTERED NUMBER:

03186827 (England and Wales)

ACCOUNTANTS:

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Euroglade Ltd for the period ended 30 September 2020 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Euroglade Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euroglade Ltd and state those matters that we have agreed to state to the director of Euroglade Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Euroglade Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Euroglade Ltd. You consider that Euroglade Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Euroglade Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

14 December 2020

FIXED ASSETS

Property, plant and equipment

4

2,100,000

1,600,000

CURRENT ASSETS

Debtors

5

-

52,783

Cash at bank

607,094

563,600

607,094

616,383

CREDITORS

Amounts falling due within one year

6

607,078

15,140

NET CURRENT ASSETS

16

601,243

TOTAL ASSETS LESS CURRENT LIABILITIES

2,100,016

2,201,243

CREDITORS

Amounts falling due after more than one year

7

-

(600,000

)

PROVISIONS FOR LIABILITIES

9

(367,916

)

(272,916

)

NET ASSETS

1,732,100

1,328,327

CAPITAL AND RESERVES

Called up share capital

10

4

4

Revaluation reserve

11

1,568,484

1,163,484

Retained earnings

163,612

164,839

SHAREHOLDERS' FUNDS

1,732,100

1,328,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 December 2020 and were signed by:

B F Bull - Director

1.	STATUTORY INFORMATION

Euroglade Ltd 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 as modified by the revaluation of certain assets.

The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £.

Accounting period

The financial statements cover the period from 1 April 2019 to 30 September 2020. Comparatives cover the year to 31 March 2019.

Turnover

Turnover represents rents receivable for the year.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold Property

-

0%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Depreciation has been provided at a rate of 0% on freehold property as they are maintained in a continual state of sound repair, their lives are long and residual values are such that depreciation is not material.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2019 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

property

£

COST OR VALUATION

At 1 April 2019

1,600,000

Revaluations

500,000

At 30 September 2020

2,100,000

NET BOOK VALUE

At 30 September 2020

2,100,000

At 31 March 2019

1,600,000

Cost or valuation at 30 September 2020 is represented by:

Freehold

property

£

Valuation in 2010

1,236,400

Valuation in 2017

200,000

Valuation in 2020

500,000

Cost

163,600

2,100,000

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

163,600

163,600

Freehold property was valued on an open market basis on by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by related parties

-

52,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

600,000

-

Corporation tax

3,817

6,415

Directors' accounts

-

3,566

Accruals and deferred income

3,261

5,159

607,078

15,140

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more 5 yr by instal

-

600,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

600,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

600,000

600,000

The bank loan is secured by a Mortgage Deed dated 17 April 2008 in favour of Lloyds Bank plc over the freehold property.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

367,916

272,916

Deferred

tax

£

Balance at 1 April 2019

272,916

Provided during period

95,000

Balance at 30 September 2020

367,916

A deferred tax provision has arisen as a result of accelerated capital allowances.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

4

4

11.

RESERVES

Revaluation

reserve

£

At 1 April 2019

1,163,484

Revaluation during the year

500,000

Movement on deferred taxation

(95,000

)

At 30 September 2020

1,568,484