Euros Steel Limited - Accounts to registrar (filleted) - small 23.1.2
Euros Steel Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| EUROS STEEL LIMITED |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| EUROS STEEL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| BANKERS: |
| 1-2 Trinity Way |
| Chingford |
| London |
| E4 8TD |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| EUROS STEEL LIMITED |
| The following reproduces the text of the report prepared for the directors 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors 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 Euros Steel Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Euros Steel Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Euros Steel Limited and state those matters that we have agreed to state to the Board of Directors of Euros Steel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euros Steel Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Euros Steel 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 Euros Steel Limited. You consider that Euros Steel 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 Euros Steel 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. |
| Chartered Accountants |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Inventories | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| Euros Steel Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Euros Steel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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. |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue recognition |
| Revenue from the engineering work is recognised at the time of the service is rendered. Rent is recognised on a receivable basis to the balance sheet date. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment property |
| Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. |
| Subsequent to initial recognition: |
| i investment properties whose fair value can be measured reliably without undue cost or effort are held |
| at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in |
| the period that they arise. |
| Stocks |
| Stocks are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories 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. |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
| Interest receivable and interest payable |
| Interest receivable and interest payable are recognised in the profit and loss as they accrue, using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| AMORTISATION |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Additions |
| Disposals |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Cost or valuation at 31 March 2023 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2016 | (250,000 | ) | - | - |
| Valuation in 2015 | 121,251 | - | - |
| Cost | 5,986,383 | 1,620,686 | 20,488 |
| 5,857,634 | 1,620,686 | 20,488 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2016 | - | - | (250,000 | ) |
| Valuation in 2015 | - | - | 121,251 |
| Cost | 30,760 | 16,459 | 7,674,776 |
| 30,760 | 16,459 | 7,546,027 |
| Based on advice from a property agent and the directors' knowledge of the local property and rental markets, the market value of the freehold property at 31 March 2023 is not significantly different to that stated above. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| Fair value at 31 March 2023 is represented by: |
| £ |
| Cost | 4,120,000 |
| Based on advice from a property agent and the directors' knowledge of the local property and rental markets, the market value of the investment properties at 31 March 2023 is not significantly different to that stated above. |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 7. | INVENTORIES |
| 2023 | 2022 |
| £ | £ |
| Stocks |
| 8. | DEBTORS |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by connected companies |
| Amounts owed by group companies | 59,394 | - |
| Deferred tax asset |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| On 31 January 2017, a loan was provided to Euros Steel Limited Special Pension Scheme, a principal amount of £735,500.The rate of interest on the Loan is 3% above Barclays Bank plc base rate.The interest is payable annually in arrears at the end of the term of the loan. The loan is repayable on 31 January 2026. |
| On 21 September 2017, a loan was provided to Euro Steel DB SASS Pension Scheme, a principal amount of £280,000.The rate of interest on the Loan is 3% above Barclays Bank plc base rate. The interest is payable annually in arrears at the end of the term of the loan. The loan is repayable on 21 January 2026. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Amounts owed to group companies | 4,103,563 | - |
| Tax |
| VAT | 44,139 | 12,768 |
| Other creditors |
| Wages control | 25,401 | - |
| Accrued expenses |
| EUROS STEEL LIMITED (REGISTERED NUMBER: 04361486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 10. | DEFERRED TAX |
| £ |
| Balance at 1 April 2022 | ( |
) |
| Provided during year | ( |
) |
| Movement during the year |
| Balance at 31 March 2023 | ( |
) |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 12. | RELATED PARTY DISCLOSURES |
| Included within debtors amounts falling due within one year is a balance of £10,420 (2022: £10,420) from The Euros Steel DB SSAS, in which the directors are trustees. |
| Included within debtors amounts falling due within one year is a balance of £NIL (2022: £16,485) from The Euros Steel Limited Special Pension Scheme, in which the directors are trustees. |
| 13. | ULTIMATE PARENT COMPANY |
| The immediate parent company is Euros Group Limited, a company incorporated in England and Wales. |
| The ultimate parent company is Euros Group Holding 2022 Limited, a company incorporated in the England and Wales. |