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REGISTERED NUMBER: 06560635 (England and Wales)







Financial Statements for the Year Ended 31st December 2021

for

THD (UK) Limited

THD (UK) Limited (Registered number: 06560635)






Contents of the Financial Statements
for the Year Ended 31st December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THD (UK) Limited

Company Information
for the Year Ended 31st December 2021







DIRECTORS: F Bastia
M B Morris
G Spaggiari





SECRETARY: M B Morris





REGISTERED OFFICE: Unit 3 Great Western Business Park
Mckenzie Way
Worcester
Worcestershire
WR4 9PT





REGISTERED NUMBER: 06560635 (England and Wales)





AUDITORS: The Richards Sandy Partnership Ltd
(Statutory Auditor)
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

THD (UK) Limited (Registered number: 06560635)

Balance Sheet
31st December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 90,282 110,074
90,282 110,074

CURRENT ASSETS
Stocks 243,816 273,316
Debtors 6 208,444 181,517
Cash at bank and in hand 564,760 468,397
1,017,020 923,230
CREDITORS
Amounts falling due within one year 7 700,183 361,001
NET CURRENT ASSETS 316,837 562,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,119

672,303

CREDITORS
Amounts falling due after more than one
year

8

1,830,000

2,180,000
NET LIABILITIES (1,422,881 ) (1,507,697 )

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings (1,722,881 ) (1,807,697 )
SHAREHOLDERS' FUNDS (1,422,881 ) (1,507,697 )

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

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 11th March 2022 and were signed on its behalf by:





M B Morris - Director


THD (UK) Limited (Registered number: 06560635)

Notes to the Financial Statements
for the Year Ended 31st December 2021

1. STATUTORY INFORMATION

THD (UK) Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of goods have passed to the buyer, usually on dispatch of the goods.

GOODWILL
Acquired goodwill has been fully amortised in the financial statements.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses:

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Plant and machinery-20% on cost and 33% on cost
Fixtures and fittings-25% on cost
Computer equipment-25% on cost and 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the profit or loss.

GOVERNMENT GRANTS
Government grants are recognised on the performance model. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Certain consumable stock items are provided free of charge to customers, these are carried at cost and written out to cost of sales once sent to the customer.

FINANCIAL INSTRUMENTS
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

THD (UK) Limited (Registered number: 06560635)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

2. ACCOUNTING POLICIES - continued

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction.

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.

PENSION COSTS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOING CONCERN
The ultimate parent company, Fispa SRL have confirmed their support for a period of at least 12 months from the date of these financial statements.

The directors, after considering the financial position in relation to the above, have a reasonable expectation that the company has adequate and potential resources to continue in operation for the foreseeable future. For these reasons, the going concern basis has been adopted in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2021
and 31st December 2021 7,600
AMORTISATION
At 1st January 2021
and 31st December 2021 7,600
NET BOOK VALUE
At 31st December 2021 -
At 31st December 2020 -

THD (UK) Limited (Registered number: 06560635)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st January 2021 1,036,107 31,870 18,844 1,086,821
Additions 38,186 - 5,612 43,798
Disposals (4,043 ) (16,711 ) - (20,754 )
At 31st December 2021 1,070,250 15,159 24,456 1,109,865
DEPRECIATION
At 1st January 2021 933,637 27,184 15,926 976,747
Charge for year 56,117 3,124 2,448 61,689
Eliminated on disposal (2,142 ) (16,711 ) - (18,853 )
At 31st December 2021 987,612 13,597 18,374 1,019,583
NET BOOK VALUE
At 31st December 2021 82,638 1,562 6,082 90,282
At 31st December 2020 102,470 4,686 2,918 110,074

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 195,727 141,197
Other debtors - 9,852
Prepayments and accrued income 12,717 30,468
208,444 181,517

Unprovided deferred tax asset
The deferred tax asset has not been recognised in the financial statements due to the uncertainty of future profits being generated. If tax losses can be utilised in the future, the estimated value of the deferred tax asset as at the year end is £273,301 (2020: £288,766).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 16,677 20,693
Amounts owed to group undertakings 505,011 153,202
Social security and other taxes 9,857 9,920
VAT 78,232 148,684
Other creditors 2,755 2,069
Accruals and deferred income 87,651 26,433
700,183 361,001

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings 1,830,000 2,180,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Paul Sandy FCA (Senior Statutory Auditor)
for and on behalf of The Richards Sandy Partnership Ltd

THD (UK) Limited (Registered number: 06560635)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The ultimate holding company is FISPA SRL The parent company is THD SPA a company registered in Italy, who own all the issued share capital of THD (UK) Ltd.

The registered office address of FISPA SRL is Corso Mazzini, 14, 42015 Correggio (RE), Italy.

12. LOAN GUARANTEE

A loan of £200,000 has been made to THD (UK) Ltd during the year, a guarantee has been provided to the lender by Spal Automotive SRL, a related company.