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REGISTERED NUMBER: 04713781 (England and Wales)















Rima UK Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended

31st December 2022






Rima UK Limited (Registered number: 04713781)

Contents of the Consolidated Financial Statements
For The Year Ended 31st December 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 6

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15 to 23


Rima UK Limited

Company Information
For The Year Ended 31st December 2022







DIRECTORS: R Faganelli
A Monfardini
C Salvi
G Zonta





REGISTERED OFFICE: Unit 2 Rash's Green Industrial Estate
Dereham
Norfolk
NR19 1JG





REGISTERED NUMBER: 04713781 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
8 Hopper Way
Diss
Norfolk
IP22 4GT

Rima UK Limited (Registered number: 04713781)

Group Strategic Report
For The Year Ended 31st December 2022


The directors present their strategic report of the company and the group for the year ended 31st December 2022.

The UK Group comprises Rima UK Ltd and its subsidiary Sirca SA based in Romania.

The principal activity of the worldwide Group is manufacturing agricultural and industrial components. Sales are made either direct by Sirca SA, in the UK by Rima UK Ltd or worldwide by the ultimate parent, Rima SpA, based in Italy.

REVIEW OF BUSINESS
Following the acquisition of Sirca SA in 2012, the Group is well placed to continue to develop and grow the business in the UK and overseas.

During the year, the Worldwide Group strengthened its market position, retaining key account customers and continued to invest in property and plant in Romania.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks include the loss of key customers and increases in raw material costs that the Group might be unable to pass onto customers.

To mitigate the risk associated with the loss of key customers, the Group continues to develop its customer base, not only in the UK but the rest of Europe and worldwide through Rima SpA.

To mitigate the risk of rising raw material costs, the Group buys in certain raw materials, such as steel, when the price appears favourable. However, the current International instability following the war in Ukraine, Brexit, Covid and impending energy crisis somewhat limits this option.

The group operates across a number of countries and its exposed to foreign exchange risk. To some extent, this is mitigated by transactions within the Group and with the ultimate parent, being denominated in Euros.

The business is however, experiencing challenges with its customers as they are less receptive to price increases and prefer postponing or cancelling orders altogether due to cashflow constraints. While we face some uncertainty and are not naive about the negative impact this will potentially have on liquidity, earnings and operations,

FINANCIAL KEY PERFORMANCE INDICATORS
The main key performance indicators used by the directors to monitor the performance of the Group are, turnover, gross profit and operating profit. The directors monitor these ib a regular basis along with other operating information.

In GBP 2022 2021 Var %
Turnover 8,043,801 5,995,558 34,16%
Gross profit 2,978,760 1,777,209 67.61%
Gross profit % 37.03% 29.64% 7.39%
Operating profit 1,629,413 524,848 210%
Operating profit % 20.26% 8,75% 11.51%

ON BEHALF OF THE BOARD:





C Salvi - Director


30th September 2023

Rima UK Limited (Registered number: 04713781)

Report of the Directors
For The Year Ended 31st December 2022


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2022.

DIVIDENDS
An interim dividend of 1.35 per share was paid on 31st December 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st December 2022 will be £ 120,000 .

FUTURE DEVELOPMENTS
The Group is seeking further growth by increasing its customer base worldwide. It is looking to consolidate its position in Europe and develop new markets within EMEA (Europe, the Middle East and Africa).

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

R Faganelli
A Monfardini
C Salvi
G Zonta

FINANCIAL INSTRUMENTS
The Group's activities expose it to a number of risks, including credit risk, cash flow risk and liquidity risk.

Cash flow risk
Interest bearing assets and liabilities are, where possible, held at a fixed rate to ensure certainly of cash flows. The policy for mitigating the risks associated with foreign currency exchange is covered in the Strategic report.

Credit risk
The Group's financial assets are bank balances and cash, trade and other debtors, including amounts owed by the ultimate parent undertaking. The amounts presented in the balance sheet are net of allowances for doubtful debts, The credit risk on liquid funds is limited because the counterparts are banks with high credit ratings. The Group has no significant concentration of credit risk, other than amounts receivable from or payable to the ultimate parent undertaking.

Liquidity risk
In order to maintain liquidity to ensure funds are available for ongoing operations and future developments, the Group uses a mixture of long term and short term debt finance.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Rima UK Limited (Registered number: 04713781)

Report of the Directors
For The Year Ended 31st December 2022


AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Salvi - Director


30th September 2023

Report of the Independent Auditors to the Members of
Rima UK Limited


Opinion
We have audited the financial statements of Rima UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Rima UK Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-We considered the risk of fraud through management override and in response, we incorporated
testing of manual journal entries into our audit approach throughout the financial year.

-We also considered the risk of fraud through assumptions and judgements used within accounting
estimates and in response, reviewed and scrutinised these estimates in order to detect possible
management bias.

- We also considered the risk of fraud associated with the preparation of the financial statements and
in response, tested the disclosures prepared against relevant supporting documentation.

However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simonetta Castellano FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts
Statutory Auditor
8 Hopper Way
Diss
Norfolk
IP22 4GT

30th September 2023

Rima UK Limited (Registered number: 04713781)

Consolidated Income Statement
For The Year Ended 31st December 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 8,043,801 5,995,558

Cost of sales 5,065,041 4,218,349
GROSS PROFIT 2,978,760 1,777,209

Distribution costs - 240
Administrative expenses 1,349,347 1,252,121
1,349,347 1,252,361
OPERATING PROFIT 5 1,629,413 524,848

Exceptional items 6 - 4,200
1,629,413 529,048

Income from fixed asset investments 6,334 6,401
1,635,747 535,449

Interest payable and similar expenses 7 43,890 52,812
PROFIT BEFORE TAXATION 1,591,857 482,637

Tax on profit 8 214,555 73,351
PROFIT FOR THE FINANCIAL YEAR 1,377,302 409,286
Profit attributable to:
Owners of the parent 1,377,302 409,286

Rima UK Limited (Registered number: 04713781)

Consolidated Other Comprehensive Income
For The Year Ended 31st December 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 1,377,302 409,286


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,377,302 409,286

Total comprehensive income attributable to:
Owners of the parent 1,377,302 409,286

Rima UK Limited (Registered number: 04713781)

Consolidated Balance Sheet
31st December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 (696,234 ) (761,211 )
Tangible assets 12 4,935,223 5,148,136
Investments 13 - -
4,238,989 4,386,925

CURRENT ASSETS
Stocks 14 3,905,298 2,493,682
Debtors 15 1,437,396 911,893
Cash at bank and in hand 588,920 703,706
5,931,614 4,109,281
CREDITORS
Amounts falling due within one year 16 2,334,150 1,797,591
NET CURRENT ASSETS 3,597,464 2,311,690
TOTAL ASSETS LESS CURRENT LIABILITIES 7,836,453 6,698,615

CREDITORS
Amounts falling due after more than one year 17 (690,056 ) (808,789 )

PROVISIONS FOR LIABILITIES 20 (3,262 ) (3,993 )
NET ASSETS 7,143,135 5,885,833

CAPITAL AND RESERVES
Called up share capital 21 162,400 162,400
Revaluation reserve 22 261,168 261,168
Retained earnings 22 6,719,567 5,462,265
SHAREHOLDERS' FUNDS 7,143,135 5,885,833

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2023 and were signed on its behalf by:





C Salvi - Director


Rima UK Limited (Registered number: 04713781)

Company Balance Sheet
31st December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 17,576 21,016
Investments 13 81,661 81,661
99,237 102,677

CURRENT ASSETS
Stocks 14 412,628 231,679
Debtors 15 589,125 313,929
Cash at bank and in hand 422,185 559,236
1,423,938 1,104,844
CREDITORS
Amounts falling due within one year 16 815,708 490,805
NET CURRENT ASSETS 608,230 614,039
TOTAL ASSETS LESS CURRENT LIABILITIES 707,467 716,716

CREDITORS
Amounts falling due after more than one year 17 (38,886 ) (48,433 )

PROVISIONS FOR LIABILITIES 20 (3,262 ) (3,993 )
NET ASSETS 665,319 664,290

CAPITAL AND RESERVES
Called up share capital 21 162,400 162,400
Retained earnings 502,919 501,890
SHAREHOLDERS' FUNDS 665,319 664,290

Company's profit for the financial year 121,029 167,104

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

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2023 and were signed on its behalf by:





C Salvi - Director


Rima UK Limited (Registered number: 04713781)

Consolidated Statement of Changes in Equity
For The Year Ended 31st December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st January 2021 162,400 5,312,113 261,168 5,735,681

Changes in equity
Dividends - (259,134 ) - (259,134 )
Total comprehensive income - 409,286 - 409,286
Balance at 31st December 2021 162,400 5,462,265 261,168 5,885,833

Changes in equity
Dividends - (120,000 ) - (120,000 )
Total comprehensive income - 1,377,302 - 1,377,302
Balance at 31st December 2022 162,400 6,719,567 261,168 7,143,135

Rima UK Limited (Registered number: 04713781)

Company Statement of Changes in Equity
For The Year Ended 31st December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st January 2021 162,400 593,920 756,320

Changes in equity
Dividends - (259,134 ) (259,134 )
Total comprehensive income - 167,104 167,104
Balance at 31st December 2021 162,400 501,890 664,290

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 121,029 121,029
Balance at 31st December 2022 162,400 502,919 665,319

Rima UK Limited (Registered number: 04713781)

Consolidated Cash Flow Statement
For The Year Ended 31st December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 717,173 1,160,447
Interest paid (43,890 ) (52,705 )
Interest element of hire purchase or finance lease
rental payments paid

-

(107

)
Tax paid (114,692 ) 18,984
Net cash from operating activities 558,591 1,126,619

Cash flows from investing activities
Purchase of intangible fixed assets - (643 )
Purchase of tangible fixed assets (471,083 ) (262,101 )
Sale of tangible fixed assets 95,955 71,990
Dividends received 6,334 6,401
Net cash from investing activities (368,794 ) (184,353 )

Cash flows from financing activities
Group loan repayments in year (184,583 ) (678,377 )
New group loans in year - (26,454 )
Capital repayments in year - (4,755 )
Equity dividends paid (120,000 ) (259,134 )
Net cash from financing activities (304,583 ) (968,720 )

Decrease in cash and cash equivalents (114,786 ) (26,454 )
Cash and cash equivalents at beginning of year 2 703,706 730,160

Cash and cash equivalents at end of year 2 588,920 703,706

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 31st December 2022


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 1,591,857 482,637
Depreciation charges 522,487 519,915
Loss on disposal of fixed assets - 2,481
Finance costs 43,890 52,812
Finance income (6,334 ) (6,401 )
2,151,900 1,051,444
Increase in stocks (1,411,616 ) (168,001 )
Increase in trade and other debtors (331,468 ) (12,434 )
Increase in trade and other creditors 308,357 289,438
Cash generated from operations 717,173 1,160,447

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 588,920 703,706
Year ended 31st December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 703,706 730,160


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/22 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 703,706 (114,786 ) 588,920
703,706 (114,786 ) 588,920
Debt
Debts falling due within 1 year (587,444 ) 13,712 (573,732 )
Debts falling due after 1 year (799,973 ) 112,649 (687,324 )
(1,387,417 ) 126,361 (1,261,056 )
Total (683,711 ) 11,575 (672,136 )

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements
For The Year Ended 31st December 2022


1. STATUTORY INFORMATION

Rima 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Group financial statements are presented in Sterling (£), however the Group's functional currency is Euros.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.and have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Property valuations
The Group carries its freehold property at fair value. The valuation of the Group's property is inherently subjective due to the nature and location of the property. As a result, the valuation is subject to a degree of uncertainty and are made on the basis which may not prove accurate.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Provisions
The Group assesses the need for provisions for corporation tax, impairment of stocks and impairment of trade debtors in its financial statements which require management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

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 all of the following conditions are satisfied:

- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Goodwill
Negative goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil 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 - 10% straight line and 4% straight line
Plant and machinery - 33.33% straight line and 15% on cost
Fixed assets in progress - 33.33% straight line and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group 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 financial institutions, loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present fair value of the future cash flows and subsequently att amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a a rate of interest that is not a market rate or in the case of an out-right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated income statement.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 4,421,285 1,606,790
Europe 3,622,516 4,300,992
Rest of the world - 87,776
8,043,801 5,995,558

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,254,171 1,008,266
Social security costs 26,120 21,954
Other pension costs 1,089 1,521
1,281,380 1,031,741

The average number of employees during the year was as follows:
2022 2021

Management and administration 19 8
Production 78 87
97 95

The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2021 - 85 ) .

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


4. EMPLOYEES AND DIRECTORS - continued

2022 2021
£    £   
Directors' remuneration 122,900 39,900

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 588,041 585,555
Loss on disposal of fixed assets - 2,481
Negative goodwill amortisation (65,170 ) (65,170 )
Patents and licences amortisation 193 356
Auditors' remuneration 10,500 -
Foreign exchange differences (56,760 ) 78,556
Negative goodwill amortisation 65,170 (65,170 )
Auditors' remuneration 10,500 12,200

6. EXCEPTIONAL ITEMS
2022 2021
£    £   
Exceptional items - 4,200

During the year, the parent company received furlough claims from the government totalling £Nil (2021- £4,200) under the Coronavirus Job Retention Scheme.

The sums assisted the company in paying for staff members who were put on temporary leave ("furlough") due to coronavirus (COVID-19) global pandemic and has been included under Exceptional Items.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank loan interest 43,890 52,705
Hire purchase - 107
43,890 52,812

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 215,286 74,362

Deferred tax (731 ) (1,011 )
Tax on profit 214,555 73,351

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


10. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Interim 120,000 259,134

11. INTANGIBLE FIXED ASSETS

Group
Patents
Negative and
goodwill licences Totals
£    £    £   
COST
At 1st January 2022 (1,477,763 ) 24,277 (1,453,486 )
Disposals - (346 ) (346 )
At 31st December 2022 (1,477,763 ) 23,931 (1,453,832 )
AMORTISATION
At 1st January 2022 (715,711 ) 23,436 (692,275 )
Amortisation for year (65,170 ) 193 (64,977 )
Eliminated on disposal - (346 ) (346 )
At 31st December 2022 (780,881 ) 23,283 (757,598 )
NET BOOK VALUE
At 31st December 2022 (696,882 ) 648 (696,234 )
At 31st December 2021 (762,052 ) 841 (761,211 )

12. TANGIBLE FIXED ASSETS

Group
Fixed
Freehold Short Plant and assets in
property leasehold machinery progress Totals
£    £    £    £    £   
COST
At 1st January 2022 2,770,397 15,577 6,218,772 167,732 9,172,478
Additions - - 97,135 373,948 471,083
Disposals - - (90,860 ) (95,955 ) (186,815 )
At 31st December 2022 2,770,397 15,577 6,225,047 445,725 9,456,746
DEPRECIATION
At 1st January 2022 215,508 12,087 3,799,440 (2,693 ) 4,024,342
Charge for year 97,785 306 489,950 - 588,041
Eliminated on disposal - - (90,860 ) - (90,860 )
At 31st December 2022 313,293 12,393 4,198,530 (2,693 ) 4,521,523
NET BOOK VALUE
At 31st December 2022 2,457,104 3,184 2,026,517 448,418 4,935,223
At 31st December 2021 2,554,889 3,490 2,419,332 170,425 5,148,136

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


12. TANGIBLE FIXED ASSETS - continued

Company
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1st January 2022 15,577 86,425 102,002
Additions - 3,024 3,024
At 31st December 2022 15,577 89,449 105,026
DEPRECIATION
At 1st January 2022 12,087 68,899 80,986
Charge for year 306 6,158 6,464
At 31st December 2022 12,393 75,057 87,450
NET BOOK VALUE
At 31st December 2022 3,184 14,392 17,576
At 31st December 2021 3,490 17,526 21,016

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2022
and 31st December 2022 81,661
NET BOOK VALUE
At 31st December 2022 81,661
At 31st December 2021 81,661


14. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Stocks 3,905,298 2,493,682 412,628 231,679

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Stock is recognised in cost of sales during the year as an expense was £3,699,910 (2021 - £3,044,075) for the Group and £1,490,801 (2021 - £1,224,626) for the Company.

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 927,843 538,465 572,691 300,227
Amounts owed by group undertakings 477,332 283,297 - -
Other debtors 3,900 64,962 - -
Prepayments 28,321 25,169 16,434 13,702
1,437,396 911,893 589,125 313,929

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 18) 573,732 587,444 - -
Trade creditors 856,985 839,434 23,073 23,079
Bills of exchange payable 4,974 1,984 - -
Amounts owed to group undertakings 197,455 65,209 488,271 309,208
Corporation tax 167,725 67,131 15,858 6,410
Social security and other taxes 46,343 26,632 2,144 1,246
Net wages 4,120 5,712 4,120 5,712
VAT 72,019 55,737 125,432 94,717
Other creditors 270,947 97,947 16,960 72
Pension fund 1,018 1,269 1,018 1,269
Accrued expenses 138,832 49,092 138,832 49,092
2,334,150 1,797,591 815,708 490,805

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 18) 648,438 751,540 - -
Other loans (see note 18) 38,886 48,433 38,886 48,433
Other creditors 2,732 8,816 - -
690,056 808,789 38,886 48,433

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 573,732 587,444 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 648,438 751,540 - -
Other loans - 1-2 years 38,886 48,433 38,886 48,433
687,324 799,973 38,886 48,433

In 2020, the parent company obtained a bank loan under the UK Coronavirus Bounce Back Loan Scheme. The annual interest for the first 12 months is in effect 0%. Thereafter, interest is charged at 2.5% per annum above the Bank of England base rate.

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank loans 1,222,170 1,338,984

Amounts included in bank loans of £1,222,170 (2021 - £1,338,984) are secured on the property owned by Sirca SA.

Obligations under finance leases and hire purchase contracts are secured on related assets.

20. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax 3,262 3,993 3,262 3,993

Group
Deferred
tax
£   
Balance at 1st January 2022 3,993
Utilised during year (731 )
Balance at 31st December 2022 3,262

Company
Deferred
tax
£   
Balance at 1st January 2022 3,993
Provided during year (731 )
Balance at 31st December 2022 3,262

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
162,400 Ordinary £1 162,400 162,400

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2022 5,462,265 261,168 5,723,433
Profit for the year 1,377,302 1,377,302
Dividends (120,000 ) (120,000 )
At 31st December 2022 6,719,567 261,168 6,980,735

Rima UK Limited (Registered number: 04713781)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2022


22. RESERVES - continued

Revaluation reserve
The surplus or deficit arising on historical valuations of company assets, less associated deferred tax.

Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.

23. ULTIMATE PARENT COMPANY

Rima SpA (incorporated in Italy ) is regarded by the directors as being the company's ultimate parent company.

The ultimate controlling parties are Mr. R Faganelli, Mr. A Monfardini and Mr G Zonta by virtue of their shareholdings in Rima SpA.

24. RELATED PARTY DISCLOSURES

Transactions with related parties during the year were as follows:

20222021
£   £   

Purchase of stock for resale from Rima SpA273,954137,850
Sales to Rima SpA2,347,45153,775
Amounts due from Rima SpA85,20925,332
Amounts due to Rima SpA139,48215,260


Rima SpA holds 162,397 of the 162,400 issued ordinary shares of Rima UK Limited.

Three of the directors of Rima SpA, A Monfardini, R Faganelli and G Zonta, are also directors of Rima UK Limited.

The Company has taken advantage of the exception made available under FRS 102 paragraph 33.1A not to disclose the transactions between wholly owned members of a Group.