Eurospares (Continental Parts) Limited - Period Ending 2018-03-31

Registration number: 01895506

Eurospares (Continental Parts) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Eurospares (Continental Parts) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Eurospares (Continental Parts) Limited

Company Information

Director	Mr James Omero Pumo

Company secretary

Mr Claudio Di Paola

Registered office

Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Accountants

Anthony Russel Limited Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Page 1

Eurospares (Continental Parts) Limited

(Registration number: 01895506)
Balance Sheet as at 31 March 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	1,802,135	561,975
Current assets
Stocks	5	1,228,247	823,821
Debtors	6	439,018	332,029
Investments	7	395,295	393,573
Cash at bank and in hand		2,008,885	2,619,090
		4,071,445	4,168,513
Creditors: Amounts falling due within one year	8	(1,310,230)	(1,493,363)
Net current assets		2,761,215	2,675,150
Total assets less current liabilities		4,563,350	3,237,125
Provisions for liabilities		(24,949)	(29,236)
Net assets		4,538,401	3,207,889
Capital and reserves
Called up share capital		300	300
Profit and loss account		4,538,101	3,207,589
Total equity		4,538,401	3,207,889

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Eurospares (Continental Parts) Limited

(Registration number: 01895506)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 13 December 2018
 

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

Mr James Omero Pumo
Director

The notes on pages 4 to 9 form an integral part of these financial statements.

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Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Winghams House 9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG
England

The principal place of business is:
Unit 10
Fourth Avenue
Bluebridge Industrial Estate
Halstead
Essex
CO9 2SY
England

These financial statements were authorised for issue by the director on 13 December 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents revenue earned under a wide variety of contracts to provide goods and services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.

Page 4

Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% on cost
Improvements to property	20% on cost
Fixtures, fittings & equipment	25% on reducing balance
Motor vehicles	25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2017 - 16).

Page 6

Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2017	531,484	413,949	361,633	1,307,066
Additions	1,140,357	72,677	368,708	1,581,742
Disposals	(80,706)	-	(231,026)	(311,732)
At 31 March 2018	1,591,135	486,626	499,315	2,577,076
Depreciation
At 1 April 2017	273,125	277,591	194,375	745,091
Charge for the year	122,821	39,935	87,941	250,697
Eliminated on disposal	(80,706)	-	(140,141)	(220,847)
At 31 March 2018	315,240	317,526	142,175	774,941
Carrying amount
At 31 March 2018	1,275,895	169,100	357,140	1,802,135
At 31 March 2017	258,359	136,358	167,258	561,975

5

Stocks

	2018 £	2017 £
Stocks	1,228,247	823,821

6

Debtors

	2018  £	2017  £
Trade debtors	149,049	68,917
Other debtors	137,664	181,789
VAT	44,005	23,132
Prepayments	108,300	58,191
Total current trade and other debtors	439,018	332,029

Page 7

Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Current asset investments

	2018 £	2017 £
Other investments	395,295	393,573

8

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Trade creditors		846,764	1,149,333
P.A.Y.E.		8,602	6,775
Other creditors		56,214	160,141
Pension contributions payable		842	322
Director's current account		4,201	5,705
Corporation Tax		338,187	166,822
Accrued expenses		55,420	4,265
		1,310,230	1,493,363

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	300	300	300	300

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Eurospares (Continental Parts) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

10	Related party transactions

Transactions with directors The following advances and credits to a director subsisted during the years ended 31 March 2018 and 31 March 2017:

Transactions with directors

2018	At 1 April 2017 £	Advances to directors £	Repayments by director £	At 31 March 2018 £
Interest is charged on debit balances at 2.5% per annum	(5,706)	1,076,250	(1,074,746)	(4,202)

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Interest is charged on debit balances at 2.5% per annum	(198,684)	1,772,124	(1,579,146)	(5,706)

Directors' remuneration

The director's remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	10,200	10,200
Contributions paid to money purchase schemes	9,996	9,996
	20,196	20,196

Summary of transactions with other related parties

Mr C Di Paola - a shareholder of the company.
 During the year a loan subsisted between the company and Mr C Di Paola. At the year end there was a balance due from the company of £5,722 (2017 £14,852). No interest is charged on the loan.
 

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