Company Registration No. 02444764 (England and Wales)
EUROWEB (S.W.) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
EUROWEB (S.W.) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
EUROWEB (S.W.) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
25,000
25,000
Debtors
3
83,165
78,713
Cash at bank and in hand
534,800
965,727
642,965
1,069,440
Creditors: amounts falling due within one year
4
(33,080)
(46,776)
Net current assets
609,885
1,022,664
Capital and reserves
Called up share capital
10,002
10,002
Profit and loss reserves
599,883
1,012,662
Total equity
609,885
1,022,664

The director of the company has elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

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

The financial statements were approved and signed by the director and authorised for issue on 13 July 2020
Mr G D Tait
Director
Company Registration No. 02444764
EUROWEB (S.W.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information

Euroweb (S.W.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is North House , 198 High Street , Tonbridge , Kent , TN9 1BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EUROWEB (S.W.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1).

2020
2019
Number
Number
Total
1
1
EUROWEB (S.W.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
83,165
78,713
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,644
18,225
Corporation tax
20,460
20,846
Other taxation and social security
4,437
6,166
Other creditors
1,539
1,539
33,080
46,776
5
Related party transactions

During the year the company received goods and services from it's parent company GT Factors Limited. The total value of the goods and services received was £405,646 (2019: £437,596 ). The balance due to GT Factors Limited at the year end was £6,198 (2019: £9,398 ).

2020-03-31 2019-04-01 false 13 July 2020 CCH Software CCH Accounts Production 2020.200 No description of principal activity Mr G D Tait 2020-07-13 02444764 2019-04-01 2020-03-31 02444764 2020-03-31 02444764 2019-03-31 02444764 core:CurrentFinancialInstruments 2020-03-31 02444764 core:CurrentFinancialInstruments 2019-03-31 02444764 core:ShareCapital 2020-03-31 02444764 core:ShareCapital 2019-03-31 02444764 core:RetainedEarningsAccumulatedLosses 2020-03-31 02444764 core:RetainedEarningsAccumulatedLosses 2019-03-31 02444764 bus:Director1 2019-04-01 2020-03-31 02444764 bus:RegisteredOffice 2019-04-01 2020-03-31 02444764 2018-04-01 2019-03-31 02444764 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 02444764 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 02444764 bus:FRS102 2019-04-01 2020-03-31 02444764 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 02444764 bus:FullAccounts 2019-04-01 2020-03-31 xbrli:pure xbrli:shares iso4217:GBP