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REGISTERED NUMBER: 06924327 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PETTINAROLI UK LIMITED

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)






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


PETTINAROLI UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ms F Isaia
Mrs M P Pettinaroli
U Pettinaroli


REGISTERED OFFICE: Unit K Austin Way
Hamstead Industrial Estate
Birmingham
West Midlands
B42 1DU


REGISTERED NUMBER: 06924327 (England and Wales)


SENIOR STATUTORY AUDITOR: William David Chinn


AUDITORS: Stour Accountants Limited
Chartered Certified Accountants and Statutory
Auditor
402-403 Stourport Road
Kidderminster
Worcestershire
DY11 7BG


SOLICITORS: Mills & Reeve Llp
78-84 Colmore Row
Birmingham
B3 2AB

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,380 32,366
Investments 5 - -
17,380 32,366

CURRENT ASSETS
Stocks 636,244 602,354
Debtors 6 399,296 250,867
Cash at bank 152,536 117,964
1,188,076 971,185
CREDITORS
Amounts falling due within one year 7 1,008,425 340,735
NET CURRENT ASSETS 179,651 630,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

197,031

662,816

CAPITAL AND RESERVES
Called up share capital 8 100,001 100,001
Share premium 1,399,999 1,399,999
Capital redemption reserve 12,000 12,000
Retained earnings (1,314,969 ) (849,184 )
SHAREHOLDERS' FUNDS 197,031 662,816

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 8 April 2024 and were signed on its behalf by:





Mrs M P Pettinaroli - Director


PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Pettinaroli 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £.

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 have been prepared on a going concern basis. Support from its major supplier and holding company has been obtained for the foreseeable future.

Preparation of consolidated financial statements
The financial statements contain information about Pettinaroli UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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 value added tax and other sales relate taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery - 15% - 20% on cost
Fixtures and fittings - 20% - 33% on cost
Motor vehicles - 25% on cost

Investments in subsidiaries
Interests in subsidiaries, associates and jointly owned entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Stocks held for distribution at no or no nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 losses profit or loss. Reversals of impairment losses are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 within 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 99,906 45,374 20,071 165,351
Additions - 1,570 - 1,570
At 31 December 2023 99,906 46,944 20,071 166,921
DEPRECIATION
At 1 January 2023 77,098 35,816 20,071 132,985
Charge for year 12,714 3,842 - 16,556
At 31 December 2023 89,812 39,658 20,071 149,541
NET BOOK VALUE
At 31 December 2023 10,094 7,286 - 17,380
At 31 December 2022 22,808 9,558 - 32,366

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 773,583
PROVISIONS
At 1 January 2023
and 31 December 2023 773,583
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

The company holds 100% of the share capital of its subsidiary, Pettinaroli UK Hydronics Limited.The net book value of the investment is £nil.(2022-£nil)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 377,463 133,852
Amounts owed by group undertakings - 94,680
Other debtors 21,833 22,335
399,296 250,867

PETTINAROLI UK LIMITED (REGISTERED NUMBER: 06924327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 925,391 306,658
Taxation and social security 41,938 14,680
Other creditors 41,096 19,397
1,008,425 340,735

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,001 Ordinary £1 100,001 100,001

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

The Report of the Auditors was unqualified.

William David Chinn (Senior Statutory Auditor)
for and on behalf of Stour Accountants Limited

10. OTHER FINANCIAL COMMITMENTS

There were total commitments under the remaining life of operating leases of £92,155.(2022 - £110,762)

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Fratelli Pettinaroli S.p.a..

The registered office is Via Pianelli, 38-28017. San Maurizio D'Opaglio, Italy.