ACCOUNTS - Final Accounts preparation

EUROMET INTERNATIONAL LIMITED - Company Information

	EUROMET INTERNATIONAL LIMITED
	Company registration number SC531056
	FILING FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 JUNE 2020


EUROMET INTERNATIONAL LIMITED

CONTENTS

	Page
Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 - 6


EUROMET INTERNATIONAL LIMITED

COMPANY INFORMATION

Directors	Paul Heneaghan
	Laura Heneaghan


Registered number	SC531056


Registered office	4th Floor
	Exchange Place 3
	Semple Street
	Edinburgh
	EH3 8BL


Accountants	Azets
	Exchange Place 3
	Semple Street
	Edinburgh
	EH3 8BL


EUROMET INTERNATIONAL LIMITED REGISTERED NUMBER:SC531056

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	1,591		964
Cash at bank and in hand		224,296		184,838
		225,887		185,802
Creditors: amounts falling due within one year	6	(83,835)		(88,907)
Net current assets			142,052		96,895
Total assets less current liabilities			142,052		96,895

Net assets			142,052		96,895

Capital and reserves
Called up share capital	100	100
Profit and loss account	141,952	96,795
	142,052	96,895

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

As permitted by Section 444 of the Companies Act 2006, the director has not delivered to the Registrar a copy
of the company's Statement of Income and Retained Earnings for the year ended 30 June 2020.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Paul Heneaghan

Director

Date: 8 March 2021

The notes on pages 3 to 6 form part of these financial statements.


EUROMET INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

1.	General information

These financial statements are presented in Pounds Sterling (GBP), as that is in the reporting currency of the company. The majority of the company's transactions are denominated US Dollars (USD). They comprise the financial statements of the company drawn up for the year ended 30 June 2020.
The continuing activities of Euromet International Limited ('the company') are agents involved in the sale of fuels, ores, metals and industrial chemicals.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC531056.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all relevant information available to them, believe it appropriate to prepare the financial statements on a going concern basis.
This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements.


EUROMET INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.


EUROMET INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price.

2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

4.	Dividends
		2020	2019
		£	£

	Dividends	147,636	137,748
		147,636	137,748


EUROMET INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

Debtors

					2020	2019
					£	£


Other debtors	1,591	964
	1,591	964

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	696	456
Corporation tax	45,224	40,983
Other taxation and social security	920	559
Other creditors	34,100	44,065
Accruals and deferred income	2,895	2,844
	83,835	88,907

7.	Related party transactions
	Included in other creditors is a balance of £34,100 (2019: £33,630) due to Paul Heneaghan, director and shareholder of Euromet International Limited. The loan is interest free, unsecured and has no set repayment terms.