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REGISTERED NUMBER: 01734824 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

SIPCAM (UK) LIMITED

SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)






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


SIPCAM (UK) LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Alessandrini
R G King
P Brogi





SECRETARY: J J Linwood





REGISTERED OFFICE: 4c Archway House
The Lanterns, Melbourn Street
Royston
Hertfordshire
SG8 7BX





REGISTERED NUMBER: 01734824 (England and Wales)





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

SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,931 12,572
Tangible assets 5 - -
10,931 12,572

CURRENT ASSETS
Stocks 2,475,828 1,780,879
Debtors 6 2,222,257 1,378,667
Cash at bank and in hand 2,630,417 1,743,270
7,328,502 4,902,816
CREDITORS
Amounts falling due within one year 7 5,132,966 3,424,582
NET CURRENT ASSETS 2,195,536 1,478,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,206,467

1,490,806

CAPITAL AND RESERVES
Called up share capital 9 410,000 410,000
Retained earnings 10 1,796,467 1,080,806
SHAREHOLDERS' FUNDS 2,206,467 1,490,806

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 March 2024 and were signed on its behalf by:





R G King - Director


SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

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

1. STATUTORY INFORMATION

Sipcam (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 £.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported for revenues and expenses during the year.

Critical accounting estimates and assumptions

The company 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 amount of the assets and liabilities within the next financial year are addressed below.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Useful economic lives of non-financial assets

The annual depreciation charge for tangible assets is sensitive to changes in estimated 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, economic utilization and the physical condition of the assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The sales relate to the products that provide cost effective solutions to a number of weed, insect pest and disease problems with UK crops.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

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

2. ACCOUNTING POLICIES - continued

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

Fixtures and fittings over 5 years
Plant and equipment over 2 years

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

Financial instruments

Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, prepayments, accrued income and 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, prepayments, accrued income 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, corporation tax, accruals and deferred income. 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.


SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

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

2. ACCOUNTING POLICIES - continued
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.

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 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 12,572
AMORTISATION
Charge for year 1,641
At 31 December 2023 1,641
NET BOOK VALUE
At 31 December 2023 10,931
At 31 December 2022 12,572

SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 21,024
DEPRECIATION
At 1 January 2023
and 31 December 2023 21,024
NET BOOK VALUE
At 31 December 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,801,139 1,048,124
Amounts owed by group undertakings 394,046 324,533
Other debtors 27,072 6,010
2,222,257 1,378,667

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 72,061 351,396
Amounts owed to group undertakings 4,368,082 2,595,248
Taxation and social security 405,826 252,231
Other creditors 286,997 225,707
5,132,966 3,424,582

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 67,604 60,757
Between one and five years 74,161 119,419
141,765 180,176

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
410,000 Ordinary share capital £1 410,000 410,000

SIPCAM (UK) LIMITED (REGISTERED NUMBER: 01734824)

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

10. RESERVES
Retained
earnings
£   

At 1 January 2023 1,080,806
Profit for the year 715,661
At 31 December 2023 1,796,467

11. 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

12. RELATED PARTY DISCLOSURES

During the year the entity made purchase from the following companies:
Ital-Agro SRL £5,888 (nil in 2022)
Sofbey £11,546 (nil in 2022)
Sumi Agro Limited £655,483 (2022: £225,168)
Sipcam Ingra S.A £191,017 (2022: £227,177)
Sipcam Oxon SpA £5,978,522 (2022: £4,459,056)

Interest included the amount payable of £138,274 (2022: £107,653) to Sipcam Oxon SpA.

During the year the entity made sales and re-charged expenses to Sipcam Home & Garden Ltd of £80,248 (2022: £98,938). At the year end the company had a net receivable balance of £339,585 (2022: £313,848). Sipcam UK also charged £12,619 (2022: £18,037) worth of interest to Sipcam Home & Gardens Ltd.

At year end the company owes the following amount due to be payable to:
Sipcam Oxon S.p.a.- £4,229,576 (2022: 2,554,684)
Ital-Agro SRL- £5,884 (nil in 2022)
Sipcam Inagra S.A.- £100,574 (2022: £40,564)
Sofbey SA- £193 (nil in 2022)
Sipcam Home & Garden Ltd £31,855 (nil in 2022)

At year end the company are owed the following amount:
Sipcam Home & Garden Ltd £371,440 (2022: £313,848)
Sipcam Oxon S.p.A £22,606 (2022: £10,685)

13. ULTIMATE CONTROLLING PARTY

The immediate parent company and immediate controlling party is Sipcam Europe S.p.A, a company registered in Italy.

The ultimate parent company and ultimate controlling party is Sipcam Oxon S.p.A, a company registered in Italy.

Copies of the group consolidated accounts of Sipcam Oxon S.p.A can be obtained from Via Sempione, 195, 20016 Pero, (Mi) Italy.

The company has taken advantage of the exemption allowed by FRS 102 and has not disclosed related party transactions with other group companies which are wholly owned within the Sipcam Europe S.p.A group.