Eurosat Distribution Limited - Accounts to registrar (filleted) - small 22.3
Eurosat Distribution Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2022 |
for |
EUROSAT DISTRIBUTION LIMITED |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Contents of the Financial Statements |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
EUROSAT DISTRIBUTION LIMITED |
Company Information |
for the year ended 31 March 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants |
Statutory Auditors |
Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Statement of Financial Position |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 11 |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements |
for the year ended 31 March 2022 |
1. | Statutory information |
Eurosat Distribution Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The presentation currency of the financial statements in the Pound Sterling (£). |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
There is estimation uncertainty in calculating stock provisions. The company makes an estimate for obsolete and slow moving stock. Management review the aging profile and physical condition of stock regularly and use this as a basis for the provision. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
3. | Accounting policies - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Government grants |
The accruals model has been adopted in recognising grant income relating to the Coronavirus Job Retention Scheme (CJRS). Grant income has been recognised in the same period in which the expense has been incurred and included in other operating income. |
Stock |
Stock is stated at the lower of cost and net realisable value. Where applicable, cost includes attributable overheads in bringing the stock to its present condition and location. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
3. | Accounting policies - continued |
Pension costs and other post-retirement benefits |
The company operate a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period. |
Operating leases |
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments |
are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are |
similarly spread on a straight-line basis over the lease term. |
Investments |
Investments are recognised at cost less provision for impairment. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1 April 2021 |
Additions |
Disposals |
At 31 March 2022 |
Depreciation |
At 1 April 2021 |
Charge for year |
Eliminated on disposal |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
At 31 March 2021 |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
5. | Tangible fixed assets - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2022 |
Depreciation |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
At 31 March 2021 |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 April 2021 |
and 31 March 2022 |
Net book value |
At 31 March 2022 |
At 31 March 2021 |
The above are companies in which the company's interest at the year end is more than 20%. |
7. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
10. | Secured debts |
A bond and fixed charge has been granted to HSBC over the property and assets of the company. A floating charge is also in existence over all assets. |
11. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 6,027 | 2,679 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 March 2022 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
EUROSAT DISTRIBUTION LIMITED (REGISTERED NUMBER: 02247629) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
13. | Disclosure under Section 444(5B) of the Companies Act 2006 - continued |
The following wording was included in the section of the audit report headed "Conclusions relating to going concern": |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed in note 2 to the financial statements. |
14. | Pension commitments |
Pension contributions payable during the year amounted to £8,550 (2021: £7,430). There was £1,289 outstanding at the year end (2021: £1,775). |
15. | Ultimate controlling party |
The ultimate controlling party is |
Ultimate parent company |
NEEM Holdings Limited (incorporated in United Kingdom) is regarded by the directors as being the company's ultimate parent company. |
NEEM Holdings Limited is the parent of the smallest and largest group into which the results and financial position of this company are consolidated. Copies of the financial statements of NEEM Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. |