Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity3435truetrue 04216083 2022-01-01 2022-12-31 04216083 2021-01-01 2021-12-31 04216083 2022-12-31 04216083 2021-12-31 04216083 c:Director2 2022-01-01 2022-12-31 04216083 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 04216083 d:Buildings d:LongLeaseholdAssets 2022-12-31 04216083 d:Buildings d:LongLeaseholdAssets 2021-12-31 04216083 d:PlantMachinery 2022-01-01 2022-12-31 04216083 d:PlantMachinery 2022-12-31 04216083 d:PlantMachinery 2021-12-31 04216083 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04216083 d:MotorVehicles 2022-01-01 2022-12-31 04216083 d:MotorVehicles 2022-12-31 04216083 d:MotorVehicles 2021-12-31 04216083 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04216083 d:FurnitureFittings 2022-01-01 2022-12-31 04216083 d:FurnitureFittings 2022-12-31 04216083 d:FurnitureFittings 2021-12-31 04216083 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04216083 d:OfficeEquipment 2022-01-01 2022-12-31 04216083 d:OfficeEquipment 2022-12-31 04216083 d:OfficeEquipment 2021-12-31 04216083 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04216083 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04216083 d:CurrentFinancialInstruments 2022-12-31 04216083 d:CurrentFinancialInstruments 2021-12-31 04216083 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04216083 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04216083 d:ShareCapital 2022-12-31 04216083 d:ShareCapital 2021-12-31 04216083 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04216083 d:RetainedEarningsAccumulatedLosses 2022-12-31 04216083 d:RetainedEarningsAccumulatedLosses 2021-12-31 04216083 c:OrdinaryShareClass1 2022-01-01 2022-12-31 04216083 c:OrdinaryShareClass1 2022-12-31 04216083 c:OrdinaryShareClass1 2021-12-31 04216083 c:FRS102 2022-01-01 2022-12-31 04216083 c:Audited 2022-01-01 2022-12-31 04216083 c:FullAccounts 2022-01-01 2022-12-31 04216083 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04216083 d:Subsidiary1 2022-01-01 2022-12-31 04216083 d:Subsidiary1 1 2022-01-01 2022-12-31 04216083 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04216083 6 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04216083










POLIFORM UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
POLIFORM UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLIFORM UK LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Adverse Opinion


We have audited the financial statements of Poliform UK Limited (the 'Company') for the year ended 31 December 2022, which comprise  the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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, except for the effects of the matter described in the basis for adverse opinion section of our report, the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its 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 Adverse opinion


As explained in note 7 (Debtors) a material uncertainty exists over the work in progress balance.  Based on the information seen in the audit it is our opinion that £300,118 of this balance should be written off to the profit and loss account in line with the accounting standards for long term contracts as detailed within FRS102. However due to the uncertainty over the long term on the project in question management have decided not to make this adjustment.
 
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 adverse 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 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.


Page 1

 
POLIFORM UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLIFORM UK LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the effects of the matters described in the basis for adverse opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
POLIFORM UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLIFORM UK LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditor's 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 an Auditor's Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire with management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire with management and those charged with governance about actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements, which are susceptible to fraud or error and design our audit approach thereon.
Perform walkthrough tests on the controls in place that they are working effectively.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income and expenditure has been accounted for in the correct period. 
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


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 Auditor's Report.


Page 3

 
POLIFORM UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLIFORM UK LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 2006Our 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 an Auditor's Report 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.






Paul Hawksley FCA, MAAT, CTA (Senior Statutory Auditor)
for and on behalf of
Lawfords Consulting Limited
Chartered Accountants and Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

11 October 2023
Page 4

 
POLIFORM UK LIMITED
REGISTERED NUMBER: 04216083

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,653,817
3,083,249

Investments
 5 
47,269
47,269

  
2,701,086
3,130,518

Current assets
  

Stocks
 6 
1,434,374
1,529,401

Debtors: amounts falling due within one year
 7 
6,647,637
2,838,697

Cash at bank and in hand
  
1,168,206
2,384,323

  
9,250,217
6,752,421

Creditors: amounts falling due within one year
 8 
(10,457,323)
(8,457,739)

Net current liabilities
  
 
 
(1,207,106)
 
 
(1,705,318)

Total assets less current liabilities
  
1,493,980
1,425,200

Provisions for liabilities
  

Deferred tax
  
(184,946)
(184,946)

Other provisions
  
(364,749)
(404,879)

  
 
 
(549,695)
 
 
(589,825)

Net assets
  
944,285
835,375


Capital and reserves
  

Called up share capital 
 9 
1,000,000
1,000,000

Profit and loss account
 10 
(55,715)
(164,625)

  
944,285
835,375


Page 5

 
POLIFORM UK LIMITED
REGISTERED NUMBER: 04216083

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 October 2023.





................................................
Alberto Spinelli
Director

The notes on pages 7 to 16 form part of these financial statements.

Page 6

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Poliform UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04216083 and registered office address is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE. The company's address is 278 King's Rd, London, SW3 5 AW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

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.

Page 7

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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:

Sale of goods
Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on delivery or installation of the goods.
Construction contracts:
Turnover arises from increases in valuation on contracts and is determined by external valuations. It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified.
Profits on contracts are calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract.

 
2.5

Operating leases: the Company as lessee

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.  Those held under hire purchase contracts are depreciated over their estimated useful lives.  Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. 
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. 

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Page 8

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 9

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvement to property
-
Over the term of lease
Plant and machinery
-
11.5%
Motor vehicles
-
20%
Fixtures and fittings
-
12/20 %
Office equipment
-
12/20 %

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

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.

Page 10

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 11

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.16
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 12

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 34 (2021 - 35).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
3,014,665
332,606
40,195
1,158,952
97,526
4,643,944


Additions
-
-
-
5,941
1,306
7,247



At 31 December 2022

3,014,665
332,606
40,195
1,164,893
98,832
4,651,191



Depreciation


At 1 January 2022
913,933
87,370
40,194
450,357
68,841
1,560,695


Charge for the year on owned assets
194,051
35,004
1
196,946
10,677
436,679



At 31 December 2022

1,107,984
122,374
40,195
647,303
79,518
1,997,374



Net book value



At 31 December 2022
1,906,681
210,232
-
517,590
19,314
2,653,817



At 31 December 2021
2,100,732
245,236
1
708,595
28,685
3,083,249

Page 13

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
300,000



At 31 December 2022

300,000



Impairment


At 1 January 2022
252,731



At 31 December 2022

252,731



Net book value



At 31 December 2022
47,269



At 31 December 2021
47,269


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Varenna Kitchen Limited
England and Wales
Ordinary
100%


6.


Stocks

2022
2021
£
£

Raw materials and consumables
1,434,374
1,529,401

1,434,374
1,529,401


Page 14

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
3,130,427
1,343,910

Other debtors
3,517,210
1,494,787

6,647,637
2,838,697


Within other debtors is £2,250,497 of work in progress on long term contracts.  Within this are two particular projects that in the opinion of management will be loss making. Due to a number of uncertain factors the quantum of the final loss cannot be determined.  One project indicates a loss at the year end of £300,118, but due to the uncertainty surrounding this project, management have decided not to recognise this loss in the current period.  While the other project is not loss making at the year end, results post year end show it is loss making in the next financial period.  Its balance within work in progress at the year end is £277,555. 


8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
550,660
641,902

Amounts owed to group undertakings
3,822,193
1,395,780

Other taxation and social security
187,629
538,504

Other creditors
5,896,841
5,881,553

10,457,323
8,457,739



9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000,000 (2021 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000



10.


Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses, net of dividends and other adjustments.

Page 15

 
POLIFORM UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £62,721 (2021 - £45,554).
At balance sheet date contributions amounting to £29,371 (2021 - £16,076) were payable to the fund.


12.


Related party transactions

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.


13.


Controlling party

During the period the company was a wholly owned subsidiary of Poliform Spa, a company incorporated and registered in Italy which prepares consolidated group accounts.
The ultimate parent undertaking and controlling party is Poliform Spa.



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