FAAC (U.K.) LIMITED

Company Registration Number:
01875607 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

FAAC (U.K.) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

FAAC (U.K.) LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activities of the company are the distribution of automation systems for doors, gates, turnstiles andbarriers and the provision and maintenance of revenue parking systems.The company operates two business units, one in the access automation sector and the other in the parkingsector.Rising material and energy costs were a significant challenge throughout the year, the company has negotiatedwith suppliers to minimise these where possible and passed on price increases to customers only wherenecessary to maintain profitability.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

E Gailoni
C Dodgson
L Cervato
N Mathews


Secretary Clarks Nominees Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
9 May 2023

And signed on behalf of the board by:
Name: C Dodgson
Status: Director

FAAC (U.K.) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 15,815,257 16,684,999
Cost of sales: ( 9,267,947 ) ( 10,090,169 )
Gross profit(or loss): 6,547,310 6,594,830
Distribution costs: ( 669,250 ) ( 607,014 )
Administrative expenses: ( 4,530,178 ) ( 4,124,750 )
Other operating income: 0 18,421
Operating profit(or loss): 1,347,882 1,881,487
Interest receivable and similar income: 119,138 723,752
Profit(or loss) before tax: 1,467,020 2,605,239
Tax: ( 350,427 ) ( 371,521 )
Profit(or loss) for the financial year: 1,116,593 2,233,718

FAAC (U.K.) LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 160,525 108,999
Investments: 4 1,961,448 1,961,448
Total fixed assets: 2,121,973 2,070,447
Current assets
Stocks: 5 1,453,748 1,287,961
Debtors: 6 9,085,775 10,525,881
Cash at bank and in hand: 358 849
Total current assets: 10,539,881 11,814,691
Creditors: amounts falling due within one year: 7 ( 6,099,839 ) ( 6,211,572 )
Net current assets (liabilities): 4,440,042 5,603,119
Total assets less current liabilities: 6,562,015 7,673,566
Provision for liabilities: ( 51,284 ) ( 55,428 )
Total net assets (liabilities): 6,510,731 7,618,138
Capital and reserves
Called up share capital: 100,000 100,000
Profit and loss account: 6,410,731 7,518,138
Total Shareholders' funds: 6,510,731 7,618,138

The notes form part of these financial statements

FAAC (U.K.) LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 9 May 2023
and signed on behalf of the board by:

Name: C Dodgson
Status: Director

The notes form part of these financial statements

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover in respect of Access Automation and Parking represents sales to external customers atinvoiced amounts less value added tax or local taxes on sales. Turnover is recognised uponcustomer receipt of goods or on completion of the agreed servicing work or upon the completion ofcertain milestones.Turnover from services is recognised only when the company can reliably measure the amount ofrevenue and the associated cost related to the stage of completion of a contract or transaction, andthe recovery of the consideration is considered probable. Where reliable measurement of turnoverand associated costs is not possible both revenue and associated costs thereon are deferred.

    Tangible fixed assets depreciation policy

    Tangible assets under the cost model are stated at historical cost less accumulated depreciationand any accumulated impairment losses. Historical cost includes expenditure that is directlyattributable to bringing the asset to the location and condition necessary for it to be capable ofoperating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over theirestimated useful lives, using the straight-line method.Depreciation is provided on the following basis:Plant and machinery - 6% - 40% straight lineMotor vehicles - 25% - 50% straight lineFixtures and fittings - 6% - 33% straight lineThe assets' residual values, useful lives and depreciation methods are reviewed, and adjustedprospectively if appropriate, or if there is an indication of a significant change since the last reportingdate.Gains and losses on disposals are determined by comparing the proceeds with the carrying amountand are recognised in the statement of income and retained earnings.

    Valuation information and policy

    Investments in subsidiaries are measured at cost less accumulated impairment.

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 72 71

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 202,367 154,271 182,886 217,254 756,778
Additions 1,119 10,735 28,328 108,975 149,157
Disposals ( 85,013 ) ( 85,013 )
Revaluations
Transfers
At 31 December 2022 203,486 165,006 211,214 241,216 820,922
Depreciation
At 1 January 2022 166,333 143,948 169,340 168,158 647,779
Charge for year 16,202 2,776 13,470 55,910 88,358
On disposals ( 75,740 ) ( 75,740 )
Other adjustments
At 31 December 2022 182,535 146,724 182,810 148,328 660,397
Net book value
At 31 December 2022 20,951 18,282 28,404 92,888 160,525
At 31 December 2021 36,034 10,323 13,546 49,096 108,999

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed assets investments note

Investments in subsidiaries are measured at cost less accumulated impairment.

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Stocks

2022 2021
£ £
Stocks 1,453,748 1,287,961
Total 1,453,748 1,287,961

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Debtors

2022 2021
£ £
Trade debtors 2,296,329 2,201,832
Prepayments and accrued income 214,940 132,189
Other debtors 6,574,506 8,191,860
Total 9,085,775 10,525,881

FAAC (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 136,799 157,470
Taxation and social security 220,845 410,271
Accruals and deferred income 762,606 697,865
Other creditors 4,979,589 4,945,966
Total 6,099,839 6,211,572