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REGISTERED NUMBER: 02870385 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

IMETEC (UK) LIMITED

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IMETEC (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31st March 2023







DIRECTORS: Mr A Morgandi
Mr P Travis
Mr R S Watkins





SECRETARY: Mr A Morgandi





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 02870385 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

BALANCE SHEET
31st March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 979 56,940
Tangible assets 5 464,222 479,121
465,201 536,061

CURRENT ASSETS
Stocks 6 4,540,435 1,380,678
Debtors 7 3,024,426 1,924,070
Cash at bank and in hand 1,560,139 287,901
9,125,000 3,592,649
CREDITORS
Amounts falling due within one year 8 (5,235,404 ) (771,152 )
NET CURRENT ASSETS 3,889,596 2,821,497
TOTAL ASSETS LESS CURRENT LIABILITIES 4,354,797 3,357,558

PROVISIONS FOR LIABILITIES 9 (1,068,846 ) (514,690 )
NET ASSETS 3,285,951 2,842,868

CAPITAL AND RESERVES
Called up share capital 10 375,100 375,100
Other reserves 375,000 375,000
Retained earnings 2,535,851 2,092,768
SHAREHOLDERS' FUNDS 3,285,951 2,842,868

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

BALANCE SHEET - continued
31st March 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2023 and were signed on its behalf by:





Mr R S Watkins - Director


IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2023


1. STATUTORY INFORMATION

Imetec UK Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02870385. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is Unit 7, Verity Court, Middlewich, Cheshire, CW10 0GW.

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.

The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

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.

Turnover
Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of electrical appliances which are recognised at the point of which the goods are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Goodwill is stated at initial cost less any accumulated amortisation and any accumulated impairment losses.

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.

Computer software has been fully amortised in the current year.

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed 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.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Land and buildings2% straight line
Fixtures and fittings20% straight line
Computer equipment33% straight line

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets that are held by the Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs . Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
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.

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Derivative financial instruments
The company uses derivative financial instruments to reduce exposure to foreign exchange risk.The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date.The resulting gain or loss is recognised in profit or loss immediately.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


4. INTANGIBLE FIXED ASSETS
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1st April 2022 2,277,600 - - 2,277,600
Additions - 987 - 987
Reclassification/transfer - - 5,220 5,220
At 31st March 2023 2,277,600 987 5,220 2,283,807
AMORTISATION
At 1st April 2022 2,220,660 - - 2,220,660
Amortisation for year 56,940 8 - 56,948
Reclassification/transfer - - 5,220 5,220
At 31st March 2023 2,277,600 8 5,220 2,282,828
NET BOOK VALUE
At 31st March 2023 - 979 - 979
At 31st March 2022 56,940 - - 56,940

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st April 2022 558,074 48,769 - 606,843
Additions - - 3,239 3,239
Reclassification/transfer - (37,090 ) 31,870 (5,220 )
At 31st March 2023 558,074 11,679 35,109 604,862
DEPRECIATION
At 1st April 2022 89,292 38,430 - 127,722
Charge for year 11,161 2,381 4,596 18,138
Reclassification/transfer - (31,635 ) 26,415 (5,220 )
At 31st March 2023 100,453 9,176 31,011 140,640
NET BOOK VALUE
At 31st March 2023 457,621 2,503 4,098 464,222
At 31st March 2022 468,782 10,339 - 479,121

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


6. STOCKS
2023 2022
£    £   
Stocks 4,540,435 1,380,678

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,861,000 537,890
Amounts owed by group undertakings - 1,279,152
Other debtors 163,426 107,028
3,024,426 1,924,070

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,093,875 400,000
Trade creditors 579,860 80,257
Amounts owed to group undertakings 1,488,344 -
Taxation and social security 918,652 167,552
Other creditors 1,154,673 123,343
5,235,404 771,152

9. PROVISIONS FOR LIABILITIES

20232022
££
Deferred tax16,22022,083
Cash discount provision785,557273,148
Warranty provision267,069219,459
1,068,846514,689

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
375,100 Ordinary £1.00 375,100 375,100

IMETEC (UK) LIMITED (REGISTERED NUMBER: 02870385)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2023


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

The Report of the Auditors was unqualified.

Julian Beressi (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

12. OTHER FINANCIAL COMMITMENTS

At the year end the company had operating lease commitments of £71,635 (2022 - £21,163).

At the year end the company was committed to purchasing $16,000,000 (2022 - $5,000,000) by way of foreign currency commitments.

13. ULTIMATE PARENT COMPANY

The ultimate controlling party are the directors of the ultimate parent company by virtue of their controlling interest in the ultimate parent, Cascina Egla 1900 S.P.A..

The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is Cascina Egla 1900 S.P.A, a company incorporated in Italy. The consolidated accounts are available to the public and may be obtained from :- Cascina Egla 1900 S.P.A., Via Piemonte 5/11, 24052 Azzano S Paolo (BG), Bergamo, Italy.