Registration number:
Aetna (UK) Limited
for the Year Ended 31 December 2023
Aetna (UK) Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Independent Auditor's Report |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Aetna (UK) Limited
Company Information
Director |
Stefano Pascucci |
Registered office |
|
Auditors |
|
Company number |
02522111 |
Aetna (UK) Limited
Strategic Report for the Year Ended 31 December 2023
The director presents the strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the production and sale of end of line packaging products.
Principal risks and uncertainties
The principal risks and uncertainties facing Aetna (UK) Limited are exchange rate risk, credit risk, liquidity risk, market risk, Russia and Ukraine conflict risk and Brexit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Exchange rate risk: The company has some exposure to exchange rate fluctuations due to purchasing of goods in foreign currencies, however the majority of the companies purchases are from the parent company which invoices the company in pounds sterling.
Credit risk: The company's principal financial assets are bank and cash balances and trade and other receivables. The company's credit risk is attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Appropriate trade terms and negotiated with suppliers and customers and management reviews these terms and their relationship with suppliers and customers and manages any exposure on normal trade terms.
Liquidity risk: The directors consider the company's banking facilities are adequate going forward.
Market risk: The company operates in a highly competitive market which is a continuing risk to the company and could result in losing revenue to its key competitors. The company manages this risk by providing value added services to its customers, responding promptly to customer requests and by maintaining strong relationships with its customers.
Russia and Ukraine conflict risk: The Russia Ukraine conflict has brought tragic loss of life and destruction across Ukraine. The crisis is also causing political and economic disruptions across the world, with businesses navigating conflict related risks to their people, assets, operations, and supply chains in the region and globally. The company is not reliant on supply chains within this region, so the global impact on operations is minimal.
Brexit risk: The company trades with entities based in the European Union and the exit therefrom poses a risk for the company due to the uncertainty surrounding trade agreements. This is mitigated by the loyal supplier base with which the company has traded with for a number of years. The company management is monitoring the situation and will respond to any changes that arise from Brexit.
Fair review of the business
The director recognises the below Key Performance Indicators represent the current economic climate and they are confident they have the policies and procedures in place to ensure that the results in the forthcoming year are maintained should the economic climate remain similar.
Aetna (UK) Limited
Strategic Report for the Year Ended 31 December 2023
2023 |
2022 |
|
Turnover (GBP £'000) |
16,239 |
14,538 |
Gross profit % |
35.72 |
34.81 |
Net profit % |
5.29 |
4.26 |
The results for the year and financial position of the company are as shown in the annexed financial statements.
Approved and authorised by the
......................................... |
Aetna (UK) Limited
Director's Report for the Year Ended 31 December 2023
The report and the financial statements for the year ended 31 December 2023.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £600,000. The director does not recommend payment of a final dividend.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The director expects growth in the present level of turnover and profit for the foreseeable future.
Reappointment of auditors
The auditors RBCA Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors report.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information of which the auditors are unaware.
Aetna (UK) Limited
Director's Report for the Year Ended 31 December 2023
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director isdirector is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and authorised by the
......................................... |
Aetna (UK) Limited
Independent Auditor's Report to the Members of Aetna (UK) Limited
Opinion
We have audited the financial statements of Aetna (UK) Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In accordance with exemptions provided by the FRC's Ethical Standard, we have prepared and submitted the Company's returns to the tax authorities and assisted with the preparation of the accounts.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Aetna (UK) Limited
Independent Auditor's Report to the Members of Aetna (UK) Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; |
• | the financial statements are not in agreement with the accounting records and returns; |
• | certain disclosures of directors' remuneration specified by law are not made; |
• | we have not received all the information and explanations we require for our audit; or |
• |
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director report. |
Responsibilities of the directorthe director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determinesdirector determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Aetna (UK) Limited
Independent Auditor's Report to the Members of Aetna (UK) Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards). |
• |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
• |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors and other management. |
• |
We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit. |
• |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
• |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk if not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Aetna (UK) Limited
Independent Auditor's Report to the Members of Aetna (UK) Limited
......................................
For and on behalf of
Linenhall Exchange
26 Linenhall Street
BT2 8BG
Aetna (UK) Limited
Statement of Comprehensive Income for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
1,124,652 |
764,837 |
|
Interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
22,508 |
4,037 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Aetna (UK) Limited
(Registration number: 02522111)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100,000 |
100,000 |
|
Retained earnings |
1,856,545 |
1,597,452 |
|
Shareholders' funds |
1,956,545 |
1,697,452 |
Approved and authorised by the
......................................... |
Aetna (UK) Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2022 |
|
|
|
Aetna (UK) Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
- |
|
|
Income tax expense |
|
|
|
Impairment loss |
9,600 |
- |
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Increase in provisions |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,381,381 |
1,031,416 |
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The presentational currency is £ sterling and the level of rounding is to the nearest £.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
2% straight line |
Plant and equipment |
20% straight line and 10% straight line |
Fixtures and fittings |
22.5% reducing balance, 22.5% straight line and 50% straight line |
Leasehold improvements |
Over the term of the lease of 15 years |
Computers |
20% straight line |
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Judgements and key sources of estimation uncertainty
Estimates and judgements made in the process of preparing the association financial statements are continually evaluated and are based on historical expenses and other factors, including expectations of future events that believed to be reasonable under the circumstances.
(a) Critical judgement in applying the entity's accounting policies
There are no critical judgements in applying the company's accounting policies.
(b) Critical accounting estimates and assumptions
The Director makes estimates and assumptions concerning the future in the process of preparing the company financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Bad debt provisions
Recoverability of trade debtors is part of the company's credit control process to regularly monitor the recoverability of trade debtors, and make adequate provisions for any doubtful amounts. Bad debt provisions are calculated both on a specific and general basis, using all information available to the company at the time.
(ii) Accruals
Estimates for accruals are made based on committed operational expenditure with reference to invoices or purchase orders.
(iii) Stock provisions
Stock provisions require management to exercise judgement and estimation in predicting future inventory values. By considering selling prices, costs of completion, inventory obsolescence, and market fluctuations, management aims to reflect the most accurate estimate of stock provision.
(iv) Warranty provisions
Warranty provisions reflect management's judgment regarding the future costs associated with fulfilling warranties on products or services sold. These provisions are measured at the best estimate of the amount required to settle the present obligation, taking into account relevant factors such as historical warranty claim experience, product performance data, and anticipated future costs.
There are no other critical accounting estimates and assumptions.
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Turnover and other revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Impairment loss |
|
- |
Fees payable to the company's auditor for the audit of the company's financial statements |
15,000 |
25,500 |
Exchange losses |
8,402 |
2,171 |
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
256,017 |
254,852 |
Staff pensions costs |
183,483 |
170,483 |
|
|
The average number of persons employed by the company (including directors) during the year was:
2023 |
2022 |
|
Total employees |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration for qualifying services |
|
|
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023 |
2022 |
|
Remuneration for qualifying services |
|
|
Interest receivable and similar income |
Interest Income |
2023 |
2022 |
Bank Interest receivable |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Other interest |
- |
|
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
2023 |
2022 |
|
Current taxation |
||
UK corporation tax on profits for the current period |
|
|
Deferred taxation |
||
Origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023 |
2022 |
|
Profit before tax |
|
|
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% and 25.00% (2022: 19.00%) |
|
|
Deferred tax adjustment |
|
|
Other |
|
|
Timing differences |
|
|
Permanent capital allowances in excess of depreciation |
( |
( |
Tax effect of expenses that are not deductible in determining taxable profit |
|
|
Total tax charge |
|
|
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
|
||||
Interim paid |
600,000 |
500,000 |
||
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Freehold land and buildings |
Fixtures and fittings |
Plant and equipment |
Computers |
|||
Cost or valuation |
||||||
At 1 January 2023 |
|
|
|
|
||
Additions |
- |
|
|
- |
||
Disposals |
- |
- |
( |
- |
||
At 31 December 2023 |
|
|
|
|
||
Depreciation |
||||||
At 1 January 2023 |
|
|
|
|
||
Charge for the year |
|
|
|
|
||
Eliminated on disposal |
- |
- |
( |
- |
||
Impairment |
|
- |
- |
- |
||
At 31 December 2023 |
|
|
|
|
||
Carrying amount |
||||||
At 31 December 2023 |
|
|
|
|
||
At 31 December 2022 |
|
|
|
|
Leasehold improvements |
Total |
|||||
Cost or valuation |
||||||
At 1 January 2023 |
|
|
||||
Additions |
- |
|
||||
Disposals |
- |
( |
||||
At 31 December 2023 |
|
|
||||
Depreciation |
||||||
At 1 January 2023 |
|
|
||||
Charge for the year |
- |
|
||||
Eliminated on disposal |
- |
( |
||||
Impairment |
- |
|
||||
At 31 December 2023 |
|
|
||||
Carrying amount |
||||||
At 31 December 2023 |
- |
|
||||
At 31 December 2022 |
- |
|
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other taxation and social security |
|
|
Accruals and deferred income |
|
|
Corporation tax |
229,729 |
49,532 |
|
|
Provisions for liabilities |
2023 |
2022 |
|
Warranty provision |
163,523 |
196,335 |
Dilapidations provision |
100,000 |
50,000 |
|
|
Movements on provisions: |
Warranty provision |
Dilapidations provision |
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
( |
|
At 31 December 2023 |
|
|
|
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Warranty provisions are estimated based on expected warranty costs on sales made by the company. The company generally operates a two year warranty period.
Dilapidations provisions are estimated based on external advice and the specific characteristics of the property they relate to.
Deferred taxation |
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
2023 |
2022 |
|
Deferred tax liability |
13,139 |
5,270 |
Movements in the year: |
Deferred tax |
Liability at 1 January 2023 |
( |
Charge to profit or loss |
( |
Liability at 31 December 2023 |
( |
|
Retirement benefit schemes |
2023 |
2022 |
|
Defined contribution schemes |
||
Charge to profit or loss in respect of defined contribution schemes |
183,483 |
170,483 |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
70,000 |
|
70,000 |
|
|
30,000 |
|
30,000 |
|
|
|
|
Aetna (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The Ordinary A and B shares constitute different classes of shares for the purposes of the Companies Act 2006. The Ordinary A shares and B shares rank pari passu in all respects except that the directors are empowered to declare dividends to any one or more of the share categories separately.
Operating lease commitments |
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023 |
2022 |
|
Within one year |
94,880 |
205,036 |
Between two and five years |
176,977 |
323,878 |
271,857 |
528,914 |
Related party transactions |
The company has taken advantage of the exemption to subsidiary undertakings not to disclose transactions and balances with other group companies as the parent undertaking prepares consolidated accounts. The company is a wholly owned subsidiary of the parent undertaking.
Ultimate controlling party |
The company's ultimate parent undertaking is Aetna Group Holding Spa. Consolidated accounts for the group of Aetna Group Holding Spa can be obtained from the following address:
Aetna Group Holding Spa,
S P Marechchia, 59,
47826 Villa Verucchio (RN)
Italy
Post balance sheet event |
After the year end the company made an agreement to sell a property to a third party. The carrying value of the property at the year end has been impaired accordingly.