Company registration number 03200331 (England and Wales)
AUTOMAC (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AUTOMAC (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
AUTOMAC (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,318
11,749
Current assets
Stocks
467,777
535,978
Debtors
5
3,657,025
3,727,502
Cash at bank and in hand
42,208
62,312
4,167,010
4,325,792
Creditors: amounts falling due within one year
6
(1,137,275)
(1,363,408)
Net current assets
3,029,735
2,962,384
Net assets
3,038,053
2,974,133
Capital and reserves
Called up share capital
7
1,650,000
1,650,000
Profit and loss reserves
1,388,053
1,324,133
Total equity
3,038,053
2,974,133

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

 

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

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

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
Mr Michele Govoni
Director
Company registration number 03200331 (England and Wales)
AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Automac (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Browning Way, Woodford Park Industrial Estate, Winsford, CW7 2RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

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 and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% straight line
Plant and machinery
3 year straight line
Fixtures, fittings & equipment
5 year straight line

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.

1.4
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.

AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value. 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.

 

The company values its stock using the first in first out method.

1.6
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.

1.7
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.

AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

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.

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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
11,864
179,048
190,912
Depreciation and impairment
At 1 January 2023
7,475
171,688
179,163
Depreciation charged in the year
878
2,553
3,431
At 31 December 2023
8,353
174,241
182,594
Carrying amount
At 31 December 2023
3,511
4,807
8,318
At 31 December 2022
4,389
7,360
11,749
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
460,497
546,436
Other debtors
3,196,528
3,181,066
3,657,025
3,727,502

Trade debtors disclosed above are measured at amortised cost.

Within other debtors is a figure of £3,159,416 (2022: £3,148,368) due from the parent company. This is represented by cash held within the parent company as part of the group's liquidity management.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
803,333
1,035,804
Taxation and social security
166,307
184,587
Other creditors
167,635
143,017
1,137,275
1,363,408

Included within trade creditors is a balance of £752,674 (2022: £920,849) due to related parties (See note 10).

AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,650,000
1,650,000
1,650,000
1,650,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Edwards FCCA CTA
Statutory Auditor:
Afford Bond Holdings Limited
Date of audit report:
21 March 2024
9
Operating lease commitments
Lessee

Non-cancellable operating lease rentals are payable as follows:

2023
2022
£
£
281,942
73,526

The operating lease commitments include a property lease repayable over 5 years.

10
Related party transactions

During the year the company entered into the following transactions with related parties:

 

As at 31 December 2023 the company was due £3,159,416 (2022: £3,148,368) from Gruppo Fabbri Vignola SpA, the company's parent company. This balance represents cash held within the parent company as part of the group's liquidity management.

 

As at 31 December 2023 the company owed £75,989 (2022: £171,824) to Gruppo Fabbri Vignola SpA. This balance is disclosed within trade creditors at the year end.

 

As at 31 December 2023 the company owed £676,685 (2022: £749,025) to Gruppo Fabbri Svizzera SA. This balance is disclosed within trade creditors at the year end.

 

As at 31 December 2023 the company was due £16,626 (2022: £1,355) from Gruppo Fabbri Vignola SpA. This balance is disclosed within trade debtors at the year end.

 

The total purchases from related parties in the year amounted to £1,571,904 (2022: £1,762,291) and the total income from related parties in the year amounted to £15,276 (2022: £12,505).

 

No guarantees have been given or received.

AUTOMAC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Parent company

The immediate parent company is Gruppo Fabbri Vignola SpA and its registered office is 1863 Via Per Sassuolo, Vignola Modena (Italy).

2023-12-312023-01-01false21 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr Michele GovoniMr Stefano Pellegattafalse032003312023-01-012023-12-31032003312023-12-31032003312022-12-3103200331core:LandBuildings2023-12-3103200331core:OtherPropertyPlantEquipment2023-12-3103200331core:LandBuildings2022-12-3103200331core:OtherPropertyPlantEquipment2022-12-3103200331core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103200331core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103200331core:CurrentFinancialInstruments2023-12-3103200331core:CurrentFinancialInstruments2022-12-3103200331core:ShareCapital2023-12-3103200331core:ShareCapital2022-12-3103200331core:RetainedEarningsAccumulatedLosses2023-12-3103200331core:RetainedEarningsAccumulatedLosses2022-12-3103200331bus:Director12023-01-012023-12-3103200331core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103200331core:PlantMachinery2023-01-012023-12-3103200331core:FurnitureFittings2023-01-012023-12-31032003312022-01-012022-12-3103200331core:LandBuildings2022-12-3103200331core:OtherPropertyPlantEquipment2022-12-31032003312022-12-3103200331core:LandBuildings2023-01-012023-12-3103200331core:OtherPropertyPlantEquipment2023-01-012023-12-3103200331core:WithinOneYear2023-12-3103200331core:WithinOneYear2022-12-3103200331bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103200331bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103200331bus:FRS1022023-01-012023-12-3103200331bus:Audited2023-01-012023-12-3103200331bus:Director22023-01-012023-12-3103200331bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP