CURRIE_EUROPEAN_TRANSPORT - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Currie European Transport Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Edinburgh Road, Heathhall, DUMFRIES, DG1 3NX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the director hatrues a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future notwithstanding the net current liability position of £340,120. In making this assessment, the director has considered the continued support of the company's immediate parent entity Currie International Holdings Limited as well as cash flow projections prepared for the wider group which cover at least 12 months from the date of approval of these financial statements. The director has also considered the continued support from the wider group's finance providers with key finance facilities in place for at least 12 months from the date of approval of these financial statements.

The director has also considered the impact of the Global COVID-19 pandemic which continues to create uncertainty for global economies. The company has continued to operate through the associated disruption and the director is confident that the company can continue to manage any further short term operational or commercial challenges presented by the pandemic.

Based on the above factors, the director is satisfied that it remains appropriate for the company to prepare its financial statements on a going concern basis and that the company has access to adequate financial resources to meet its liabilities as they fall due for at least the next 12 months.

The company's reporting period has been extended to 30 June 2020 to align the reporting date with that of its parent undertaking. As a result, comparative amounts (year ended 31 December 2018) presented in the financial statements (including the related notes) are not entirely comparable.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons employed by the company during the period was 0 (2018 - 0).

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 16 June 2020 by Lambert Smith Hampton Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Bank loans and overdrafts stated above are secured by a bond and floating charge over the assets of the company including first legal charge over the company's investment property.

Bank loans and overdrafts stated above are secured by a bond and floating charge over the assets of the company including first legal charge over the company's investment property.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has provided a corporate guarantee and indemnity to other group entities party to the wider group's invoice finance facility. The maximum exposure under the corporate guarantee is £9m.

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.

The immediate parent company of Currie European Transport Holdings Limited is Currie International Holdings Limited, a company registered in Scotland, whose registered address is Edinburgh Road, Heathhall, Dumfries, DG1 3NX.

Currie International Holdings Limited is the smallest company which prepares consolidated financial statements.

The ultimate controlling party is Project Abbie Limited, a company incorporated in Scotland.