Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31true2023-01-01falseDistribution of hinges1011true 01899644 2023-01-01 2023-12-31 01899644 2022-01-01 2022-12-31 01899644 2023-12-31 01899644 2022-12-31 01899644 c:Director4 2023-01-01 2023-12-31 01899644 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 01899644 d:Buildings d:LongLeaseholdAssets 2023-12-31 01899644 d:Buildings d:LongLeaseholdAssets 2022-12-31 01899644 d:PlantMachinery 2023-01-01 2023-12-31 01899644 d:PlantMachinery 2023-12-31 01899644 d:PlantMachinery 2022-12-31 01899644 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01899644 d:MotorVehicles 2023-01-01 2023-12-31 01899644 d:MotorVehicles 2023-12-31 01899644 d:MotorVehicles 2022-12-31 01899644 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01899644 d:FurnitureFittings 2023-01-01 2023-12-31 01899644 d:FurnitureFittings 2023-12-31 01899644 d:FurnitureFittings 2022-12-31 01899644 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01899644 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01899644 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 01899644 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01899644 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01899644 d:CurrentFinancialInstruments 2023-12-31 01899644 d:CurrentFinancialInstruments 2022-12-31 01899644 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01899644 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01899644 d:ShareCapital 2023-12-31 01899644 d:ShareCapital 2022-12-31 01899644 d:RetainedEarningsAccumulatedLosses 2023-12-31 01899644 d:RetainedEarningsAccumulatedLosses 2022-12-31 01899644 c:FRS102 2023-01-01 2023-12-31 01899644 c:Audited 2023-01-01 2023-12-31 01899644 c:FullAccounts 2023-01-01 2023-12-31 01899644 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01899644 d:WithinOneYear 2023-12-31 01899644 d:WithinOneYear 2022-12-31 01899644 d:BetweenOneFiveYears 2023-12-31 01899644 d:BetweenOneFiveYears 2022-12-31 01899644 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01899644 2 2023-01-01 2023-12-31 01899644 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 01899644









SALICE UK LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023







































 
SALICE UK LIMITED
REGISTERED NUMBER: 01899644

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
2

Tangible assets
 5 
745,759
740,138

  
745,759
740,140

Current assets
  

Stocks
 6 
645,477
980,552

Debtors: amounts falling due within one year
 7 
524,866
542,367

Cash at bank and in hand
 8 
282,495
260,616

  
1,452,838
1,783,535

Creditors: amounts falling due within one year
 9 
(757,255)
(1,353,011)

Net current assets
  
 
 
695,583
 
 
430,524

Total assets less current liabilities
  
1,441,342
1,170,664

Provisions for liabilities
  

Deferred tax
  
(1,272)
-

  
 
 
(1,272)
 
 
-

Net assets
  
1,440,070
1,170,664

Page 1

 
SALICE UK LIMITED
REGISTERED NUMBER: 01899644
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
600,000
600,000

Profit and loss account
  
840,070
570,664

  
1,440,070
1,170,664


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 statement of comprehensive income 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 by: 


Andrea Marcellan
Director

Date: 5 March 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Salice UK Limited is a private company, limited by shares and is incorporated in England & Wales. The address of the registered office is Hinchingbrooke Business Park, Kingfisher Way, Huntingdon, Cambs, PE29 6FN. The principal activity of the company is the sale of hinges, runners and sliding systems.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the going concern basis in preparing these financial statements.
In making this assessment, the directors have considered the company's cash flow requirements for a period of at least twelve months from the date of approving these financial statements. The directors have concluded that the company is expected to manage its working capital and existing resources, including cash flow support from its parent company and fellow subsidiaries, to enable it to meet its liabilities as they fall due.
The parent company has confirmed their intention to continue to trade with the company, and to provide sufficient funds or other financial support to enable the company to continue trading and meet its day to day commitments properly incurred for at least a period of 12 months from the date of approval of these financial statements.
Based on these factors, the directors believe that it is appropriate to prepare these financial statements on the going concern basis.

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue recognition

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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

Page 4

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 The estimated useful lives range as follows:

Software licences
-
5
years

Page 5

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is not charged on assets under construction. Depreciation is charged on assets from the date that they are complete and available for use.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
50 years
Plant and machinery
-
20 years
Motor vehicles
-
3 - 4 years
Fixtures and fittings
-
4 - 10 years

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.

 
2.11

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 weighted average 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.

Page 6

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
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.

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.

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
Page 7

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.


3.


Employees

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


4.


Intangible assets




Software licences

£



Cost


At 1 January 2023
9,085



At 31 December 2023

9,085



Amortisation


At 1 January 2023
9,083


Charge for the year on owned assets
2



At 31 December 2023

9,085



Net book value



At 31 December 2023
-



At 31 December 2022
2



Page 8

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 January 2023
916,344
185,477
148,155
142,953
1,392,929


Additions
-
5,905
-
28,158
34,063


Disposals
-
-
-
(374)
(374)



At 31 December 2023

916,344
191,382
148,155
170,737
1,426,618



Depreciation


At 1 January 2023
266,100
122,415
139,939
124,337
652,791


Charge for the year on owned assets
11,759
3,923
5,835
6,728
28,245


Disposals
-
-
-
(177)
(177)



At 31 December 2023

277,859
126,338
145,774
130,888
680,859



Net book value



At 31 December 2023
638,485
65,044
2,381
39,849
745,759



At 31 December 2022
650,244
63,062
8,216
18,616
740,138

Page 9

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
645,477
980,552



7.


Debtors

2023
2022
£
£


Trade debtors
495,019
508,646

Prepayments and accrued income
29,847
27,923

Deferred taxation
-
5,798

524,866
542,367



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
282,495
260,616



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21,081
16,623

Amounts owed to group undertakings
420,077
1,014,364

Corporation tax
82,100
101,228

Other taxation and social security
185,057
186,748

Other creditors
24,138
7,521

Accruals and deferred income
24,802
26,527

757,255
1,353,011


Page 10

 
SALICE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


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 £17,348 (2022 - £18,669). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
5,020
3,995

Later than 1 year and not later than 5 years
15,059
1,980

20,079
5,975


12.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33.1A from disclosing transactions with the parent company Arturo Salice SpA and its other wholly owned subsidiaries.


13.


Controlling party

At the balance sheet date the ultimate controlling party was Cobepa SA, a company incorporated in Belgium. The directors consider Cobepa SA to be the controlling party by virtue of its controlling interest in the wholly owned group to which this company belongs.
The immediate parent company, the parent company of the smallest group of undertakings of which this company is a member, is Arturo Salice SpA, a company incorporated in Italy. Consolidated financial statements are not made publicly available. The registered address of Arturo Salice SpA is Via Provinciale Novedratese, 10, 22060 Novedrate CO, Italy.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 March 2024 by Jaimie King (Senior Statutory Auditor) on behalf of Whitings LLP.

 
Page 11