Eurodebt Recovery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03593833 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

EURODEBT RECOVERY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

DIRECTOR:

Miss C Freeman-Palmer

REGISTERED OFFICE:

6 Target Chartermark Way

Colburn Business Park

Colburn

North Yorkshire

DL9 4QJ

REGISTERED NUMBER:

03593833 (England and Wales)

ACCOUNTANTS:

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

FIXED ASSETS

Tangible assets

4

487,119

450,853

CURRENT ASSETS

Stocks

327,341

-

Debtors

91,771

54,233

Cash at bank and in hand

590,671

529,476

1,009,783

583,709

CREDITORS

Amounts falling due within one year

355,626

149,801

NET CURRENT ASSETS

654,157

433,908

TOTAL ASSETS LESS CURRENT LIABILITIES

1,141,276

884,761

CREDITORS

Amounts falling due after more than one year

5

(97,182

)

-

PROVISIONS FOR LIABILITIES

(9,356

)

(2,273

)

NET ASSETS

1,034,738

882,488

CAPITAL AND RESERVES

Called up share capital

51

51

Revaluation reserve

6

75,000

75,000

Capital redemption reserve

49

49

Retained earnings

959,638

807,388

1,034,738

882,488

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 6 May 2022 and were signed by:

Miss C Freeman-Palmer - Director

1.	STATUTORY INFORMATION

Eurodebt Recovery Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 have been prepared under the going concern basis of accounting.

Turnover

Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

Straight line over 20 years

Plant and machinery

-

15% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 July 2020

649,372

Additions

47,614

At 30 June 2021

696,986

DEPRECIATION

At 1 July 2020

198,519

Charge for year

11,348

At 30 June 2021

209,867

NET BOOK VALUE

At 30 June 2021

487,119

At 30 June 2020

450,853

The company has chosen to use a previous GAAP valuation for freehold property as its deemed cost for future periods when transitioning to FRS102 for the first time under FRS102 35.10 (d).

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30/6/21

30/6/20

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs

20,504

-

6.

RESERVES

Revaluation

reserve

£

At 1 July 2020

and 30 June 2021

75,000

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30/6/21

30/6/20

£

£

Miss C Freeman-Palmer

Balance outstanding at start of year

-

8,910

Amounts repaid

-

(8,910

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above advances are interest free and repayable upon demand.

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 Balance Sheet. Readers are cautioned that the Abridged Income Statement 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 Eurodebt Recovery Limited for the year ended 30 June 2021 which comprise the Abridged Income Statement, Abridged Balance Sheet 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 Eurodebt Recovery Limited in accordance with the terms of our engagement letter dated 24 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Eurodebt Recovery Limited and state those matters that we have agreed to state to the director of Eurodebt Recovery Limited 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 Eurodebt Recovery Limited 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 Eurodebt Recovery Limited. You consider that Eurodebt Recovery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Eurodebt Recovery Limited. 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.

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

6 May 2022