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REGISTERED NUMBER: 10754067 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

VETROELITE UK LIMITED

VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VETROELITE UK LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Feletto
C D Carruthers
K J Strope
D J McCarthy
Mrs B K Wilson Mathews





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 10754067 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,964 3,044

CURRENT ASSETS
Stocks 54,928 22,636
Debtors 5 499,354 632,688
Cash at bank 1,376,803 1,544,649
1,931,085 2,199,973
CREDITORS
Amounts falling due within one year 6 832,403 1,370,294
NET CURRENT ASSETS 1,098,682 829,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,100,646

832,723

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,100,546 832,623
1,100,646 832,723

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





D Feletto - Director


VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Vetroelite UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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 is measured at the fair value of the consideration received or receivable and represents amounts receivable on the goods and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity. The company's main activity can described as the sale of exclusive range of glass containers for food & liquid products.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life:

25% straight line method

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

VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.


Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 4,322
DEPRECIATION
At 1 January 2023 1,278
Charge for year 1,080
At 31 December 2023 2,358
NET BOOK VALUE
At 31 December 2023 1,964
At 31 December 2022 3,044

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 482,136 606,738
Other debtors 17,218 25,950
499,354 632,688

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,455 6,226
Amounts owed to group undertakings 612,079 1,113,985
Taxation and social security 155,441 173,493
Other creditors 60,428 76,590
832,403 1,370,294

VETROELITE UK LIMITED (REGISTERED NUMBER: 10754067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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

The Report of the Auditors was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

8. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Vetroelite Srl a company incorporated in Italy.
The next most senior parent that produces consolidated financial statements is TricorBraun Holdings, Inc. having its registered office in 6 CityPlace Drive, Suite 1000, St. Louis, MO 6314, United States of America.