Euros Steel Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 04361486

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

EUROS STEEL LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

V Kara

SECRETARY:

Miss T Kara

REGISTERED OFFICE:

713a North Circular Road

London

London

NW2 7AX

REGISTERED NUMBER:

04361486

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

BANKERS:

Barclays Commercial Bank

1-2 Trinity Way

Chingford

London

E4 8TD

SOLICITORS:

Grant Argent & Co

Bank House

59/61 The Broadway

Cricklewood

NW2 3JX

The following reproduces the text of the report prepared for the director and members 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 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 Euros Steel Limited for the year ended 31 March 2016 which comprise the Income Statement,

Other Comprehensive Income, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Euros Steel Limited in accordance with the terms of our engagement letter dated 25 July 2016. 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 director of Euros Steel Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

24 August 2016

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

2,833,079

3,133,483

Investment property

6

725,000

725,000

3,558,079

3,858,483

CURRENT ASSETS

Inventories

210,256

186,993

Debtors

7

1,175,253

915,540

Cash at bank and in hand

539,246

88,196

1,924,755

1,190,729

CREDITORS

Amounts falling due within one year

8

1,545,693

2,118,039

NET CURRENT ASSETS/(LIABILITIES)

379,062

(927,310

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,937,141

2,931,173

PROVISIONS FOR LIABILITIES

9

34,122

27,217

NET ASSETS

3,903,019

2,903,956

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

-

120,038

Retained earnings

3,902,919

2,783,818

SHAREHOLDERS' FUNDS

3,903,019

2,903,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24 August 2016 and were signed by:

V Kara - Director

1.	STATUTORY INFORMATION

Euros Steel Limited is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of five years.

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

-

1% on cost

Short leasehold

-

Over term of lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at

fair value at each reporting date with changes in fair value recognised in profit or loss. Under pervious UK

GAAP, investment property was valued on an open market basis.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and

total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2015 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2015

and 31 March 2016

16,443

AMORTISATION

At 1 April 2015

and 31 March 2016

16,443

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

-

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 April 2015

3,000,000

165,656

624,221

Additions

-

-

1,509

Impairments

(250,000

)

-

-

At 31 March 2016

2,750,000

165,656

625,730

DEPRECIATION

At 1 April 2015

199,581

77,825

432,247

Charge for year

27,500

7,888

38,696

At 31 March 2016

227,081

85,713

470,943

NET BOOK VALUE

At 31 March 2016

2,522,919

79,943

154,787

At 31 March 2015

2,800,419

87,831

191,974

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2015

20,488

120,611

9,878

3,940,854

Additions

-

48,221

1,153

50,883

Impairments

-

-

-

(250,000

)

At 31 March 2016

20,488

168,832

11,031

3,741,737

DEPRECIATION

At 1 April 2015

19,389

70,302

8,027

807,371

Charge for year

275

24,633

2,295

101,287

At 31 March 2016

19,664

94,935

10,322

908,658

NET BOOK VALUE

At 31 March 2016

824

73,897

709

2,833,079

At 31 March 2015

1,099

50,309

1,851

3,133,483

Cost or valuation at 31 March 2016 is represented by:

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

Valuation in 2016

(250,000

)

-

-

Valuation in 2015

121,251

-

-

Cost

2,878,749

165,656

625,730

2,750,000

165,656

625,730

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2016

-

-

-

(250,000

)

Valuation in 2015

-

-

-

121,251

Cost

20,488

168,832

11,031

3,870,486

20,488

168,832

11,031

3,741,737

Freehold property was valued on an open market basis on 3 February 2016 by Anderson Wilde & Harris (FRICS, MRICS)

.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2015

and 31 March 2016

725,000

NET BOOK VALUE

At 31 March 2016

725,000

At 31 March 2015

725,000

Cost or valuation at 31 March 2016 is represented by:

£

Valuation in 2014

28,058

Valuation in 2015

25,000

Cost

671,942

725,000

In the opinion of the director, the market value of the investment property at 31 March 2016 is not significantly

different to that stated above.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

133,856

170,165

Amounts owed by group companies

952,763

745,375

Prepayments

88,634

-

1,175,253

915,540

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other loans

-

230,000

Trade creditors

259,766

485,947

Amounts owed to group companies

817,225

1,119,198

Tax

246,513

122,598

Social security and other taxes

3,648

1,213

VAT

55,582

74,069

Other creditors

15,535

10,735

Directors' current accounts

141,924

69,779

Accrued expenses

5,500

4,500

1,545,693

2,118,039

9.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

34,122

27,217

Deferred

tax

£

Balance at 1 April 2015

27,217

Movement during the year

6,905

Balance at 31 March 2016

34,122

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in creditors amounts less than one year is a balance of £141,924 owed to Mr V Kara.

12.	RELATED PARTY DISCLOSURES

The company paid total contributions of £200,000 (2015: £200,000) into The Euros Steel Limited Special

Pension Scheme, in which the director is a trustee.

13.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Euros Group Limited, a company incorporated in England and Wales.

The ultimate parent company is Euros Group Holding 2010 Limited, a company incorporated in the Jersey.

The director is the ultimate controlling party.