EUROC LIMITED 31/12/2020 iXBRL

EUROC LIMITED 31/12/2020 iXBRL

EUROC LIMITED - Company Information

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Company registration number: 11687730
EUROC LIMITED
Company limited by guarantee
Financial statements
31 December 2020
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
Contents
Directors and other information
Directors' report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS AND OTHER INFORMATION
Directors Mr P Gardner-Bougaard
Mr F Johnston
Mr N Howells (Resigned 12 February 2020)
Mr M Hallas (Appointed 3 November 2020)
Mrs S Barnett (Appointed 23 June 2020)
Mr R Coles (Appointed 23 June 2020)
Mr J Davey (Appointed 23 June 2020)
Mr M Edwards-West (Appointed 23 June 2020)
Mr W Francis (Appointed 23 June 2020)
Mr K McKelvey (Appointed 23 June 2020)
Secretary FNTC (Secretaries) Limited
Company number 11687730
Registered office 4th Floor
3 More London Riverside
London
SE1 2AQ
Auditor Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD
Accountants Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements of the company for the year ended 31 December 2020.
Directors
The directors who served the company during the year were as follows:
Mr P Gardner-Bougaard
Mr F Johnston
Mr N Howells (Resigned 12 February 2020)
Mr M Hallas (Appointed 3 November 2020)
Mrs S Barnett (Appointed 23 June 2020)
Mr R Coles (Appointed 23 June 2020)
Mr J Davey (Appointed 23 June 2020)
Mr M Edwards-West (Appointed 23 June 2020)
Mr W Francis (Appointed 23 June 2020)
Mr K McKelvey (Appointed 23 June 2020)
Directors responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 June 2021 and signed on behalf of the board by:
Mr F Johnston Mr W Francis
Director Director
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
EUROC LIMITED
YEAR ENDED 31 DECEMBER 2020
Opinion
We have audited the financial statements of EUROC LIMITED for the year ended 31 December 2020 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. - The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation. - Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart Carrington FCA (Senior Statutory Auditor)
For and on behalf of
Thomas Westcott
Chartered Accountant and Senior statutory auditor
Timberly
South Street
Axminster
Devon
EX13 5AD
19 July 2021
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2020
2020 2019
Note £ £
Turnover 153,229 133,235
Administrative expenses ( 144,450) ( 120,992)
Other operating income 880 -
_______ _______
Operating profit 9,659 12,243
_______ _______
Profit before taxation 6 9,659 12,243
Tax on profit - -
_______ _______
Profit for the financial year and total comprehensive income 9,659 12,243
_______ _______
All the activities of the company are from continuing operations.
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 7 4,093 4,605
Tangible assets 8 541 1,082
_______ _______
4,634 5,687
Current assets
Debtors 9 - 4,303
Cash at bank and in hand 19,632 47,225
_______ _______
19,632 51,528
Creditors: amounts falling due
within one year 10 ( 2,364) ( 44,972)
_______ _______
Net current assets 17,268 6,556
_______ _______
Total assets less current liabilities 21,902 12,243
_______ _______
Net assets 21,902 12,243
_______ _______
Capital and reserves
Profit and loss account 12 21,902 12,243
_______ _______
Members funds 21,902 12,243
_______ _______
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 22 June 2021 , and are signed on behalf of the board by:
Mr F Johnston Mr W Francis
Director Director
Company registration number: 11687730
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2020
At 1 January 2019
Profit for the year
Total comprehensive income for the year
At 31 December 2019 and 1 January 2020
Profit for the year
Total comprehensive income for the year
At 31 December 2020
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 4th Floor, 3 More London Riverside, London, SE1 2AQ.
Principal activity
The principal activity of the company is to represent timeshare owners' committees in Europe with the aim of being the voice of Home Owners Associations in Europe.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The company is a trade association acting for its members and therefore is not liable to corporation tax.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademarks - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
In the absence of a way to arrive at a reliable estimate for the useful life of the intangible assets, in accordance with FRS102, an estimated useful life of 10 years has been used.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee and therefore has no share capital. Each director has committed to contributing no more than £1 should the company be wound up.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 1 ).
The Board of Directors do not receive any remuneration for their time and are on the EUROC Board purely as timeshare owner volunteers.
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020 2019
£ £
Amortisation of intangible assets 512 512
Depreciation of tangible assets 541 541
_______ _______
7. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2020 and 31 December 2020 5,117 5,117
_______ _______
Amortisation
At 1 January 2020 512 512
Charge for the year 512 512
_______ _______
At 31 December 2020 1,024 1,024
_______ _______
Carrying amount
At 31 December 2020 4,093 4,093
_______ _______
At 31 December 2019 4,605 4,605
_______ _______
8. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2020 and 31 December 2020 1,623 1,623
_______ _______
Depreciation
At 1 January 2020 541 541
Charge for the year 541 541
_______ _______
At 31 December 2020 1,082 1,082
_______ _______
Carrying amount
At 31 December 2020 541 541
_______ _______
At 31 December 2019 1,082 1,082
_______ _______
9. Debtors
2020 2019
£ £
Trade debtors - 4,303
_______ _______
10. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 780 39,888
Accruals and deferred income 1,584 5,084
_______ _______
2,364 44,972
_______ _______
11. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2020 2019
£ £
Recognised in other operating income:
Government grants recognised directly in income 880 -
_______ _______
Durng the year the company received £880 in relation to government assistance under the Job Retention Scheme.
12. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
13. Events after the end of the reporting period
After the closure of the 2020 financial year, there were no events that could have significant effects on the company's financial statements.However, it should be noted that, at the date of preparation of the financial statements, the instability factor relating to the health emergency due to the spread of Coronavirus still exists and should not be underestimated. This factor was considered as an event that does not trigger adjustments to the financial statements. The long-term impact of the Covid-19 pandemic is not yet fully understood.
14. Related party transactions
Included within income is £37,841 in donations received from a company which has a director in common with EUROC Ltd. In 2019, the company received donations of £133,235 in total from two companies which have a director in common with EUROC Ltd. During the year, EUROC Ltd paid £80,458 to a connected company for management fees (2019: £65,000). EUROC Ltd also reimbursed the company for expenses paid on EUROC Ltd's behalf. As at 31 December 2020, no monies were owed to EUROC Ltd (2019: £450 is owed to the company and is included within trade creditors).
EUROC LIMITED
COMPANY LIMITED BY GUARANTEE
The following pages do not form part of the statutory accounts.