IRIS Accounts Production v23.3.1.45 11722469 Board of Directors 1.1.23 31.12.23 31.12.23 6/3/2024 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117224692022-12-31117224692023-12-31117224692023-01-012023-12-31117224692021-12-31117224692022-01-012022-12-31117224692022-12-3111722469ns10:Originalns15:EnglandWales2023-01-012023-12-3111722469ns14:PoundSterlingns10:Original2023-01-012023-12-3111722469ns10:Originalns10:Director12023-01-012023-12-3111722469ns10:Original2023-01-012023-12-3111722469ns10:Original2023-12-3111722469ns10:Originalns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111722469ns10:Originalns10:SmallEntities2023-01-012023-12-3111722469ns10:Originalns10:Audited2023-01-012023-12-3111722469ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111722469ns10:SmallCompaniesRegimeForAccountsns10:Original2023-01-012023-12-3111722469ns10:Originalns10:FullAccounts2023-01-012023-12-3111722469ns10:Original12023-01-012023-12-3111722469ns10:Originalns10:Director22023-01-012023-12-3111722469ns10:Originalns10:Director32023-01-012023-12-3111722469ns10:CompanySecretary1ns10:Original2023-01-012023-12-3111722469ns10:Originalns10:RegisteredOffice2023-01-012023-12-3111722469ns10:Original2022-12-3111722469ns10:Originalns5:CurrentFinancialInstruments2023-12-3111722469ns10:Originalns5:CurrentFinancialInstruments2022-12-3111722469ns10:Originalns5:Non-currentFinancialInstruments2023-12-3111722469ns10:Originalns5:Non-currentFinancialInstruments2022-12-3111722469ns5:ShareCapitalns10:Original2023-12-3111722469ns5:ShareCapitalns10:Original2022-12-3111722469ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-12-3111722469ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3111722469ns10:Originalns5:NetGoodwill2023-01-012023-12-3111722469ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-01-012023-12-3111722469ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3111722469ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3111722469ns10:Originalns5:ComputerSoftware2023-01-012023-12-3111722469ns10:Original2022-01-012022-12-3111722469ns10:Originalns5:NetGoodwill2022-12-3111722469ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-12-3111722469ns10:Original2022-12-3111722469ns10:Originalns5:NetGoodwill2023-12-3111722469ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-12-3111722469ns10:Originalns5:NetGoodwill2022-12-3111722469ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-12-3111722469ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111722469ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111722469ns10:Originalns5:WithinOneYear2023-12-3111722469ns10:Originalns5:WithinOneYear2022-12-3111722469ns5:BetweenOneFiveYearsns10:Original2023-12-3111722469ns5:BetweenOneFiveYearsns10:Original2022-12-3111722469ns10:Originalns5:AllPeriods2023-12-3111722469ns10:Originalns5:AllPeriods2022-12-31
REGISTERED NUMBER: 11722469 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

SIPCAM HOME AND GARDEN LTD

SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIPCAM HOME AND GARDEN LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Brogi
S Alessandrini
Matthew Jones





SECRETARY: J J Linwood





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





REGISTERED NUMBER: 11722469 (England and Wales)





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

SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 461,652 392,389

CURRENT ASSETS
Stocks 960,847 1,222,727
Debtors 5 683,982 754,164
Cash at bank 134,661 41,904
1,779,490 2,018,795
CREDITORS
Amounts falling due within one year 6 1,424,769 1,608,152
NET CURRENT ASSETS 354,721 410,643
TOTAL ASSETS LESS CURRENT
LIABILITIES

816,373

803,032

CREDITORS
Amounts falling due after more than one
year

7

155,000

185,000
NET ASSETS 661,373 618,032

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 461,373 418,032
661,373 618,032

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





Matthew Jones - Director


SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)

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

1. STATUTORY INFORMATION

Sipcam Home And Garden Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.

Impairment of debtors

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

Useful economic lives of non-financial assets

The annual depreciation charge for tangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilization and the physical condition of the assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 10, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

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

SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)

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

2. ACCOUNTING POLICIES - continued

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

Financial instruments
Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, prepayments, accrued income and cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable, prepayments, accrued income and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables, corporation tax, accruals and deferred income. These are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 74,281 353,457 427,738
Additions - 103,699 103,699
At 31 December 2023 74,281 457,156 531,437
AMORTISATION
At 1 January 2023 29,714 5,635 35,349
Charge for year 7,428 27,008 34,436
At 31 December 2023 37,142 32,643 69,785
NET BOOK VALUE
At 31 December 2023 37,139 424,513 461,652
At 31 December 2022 44,567 347,822 392,389

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 633,059 739,200
Amounts owed by group undertakings 31,855 -
Other debtors 19,068 14,964
683,982 754,164

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 485,900 659,182
Amounts owed to group undertakings 756,381 673,750
Taxation and social security 34,094 85,003
Other creditors 148,394 190,217
1,424,769 1,608,152

SIPCAM HOME AND GARDEN LTD (REGISTERED NUMBER: 11722469)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Trade creditors 35,000 65,000
Other creditors 120,000 120,000
155,000 185,000

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 28,282 16,461
Between one and five years - 13,585
28,282 30,046

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

The Report of the Auditors was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

10. RELATED PARTY DISCLOSURES

During the year the entity made no purchases from Sipcam Oxon (2021 - Nil). At year end entity had a payable balance of £40,302 (2022: £40,302).

During the year the entity accrued interest due to £12,619 (2022: £18,037). During the year the entity made purchases from Sipcam UK of £85,876 (2022: £97,686). At the year end a payable balance of £371,440 (2022: £312,688) remained.

During the year the entity accrued interest due to Ital-agro of £Nil (2022: £8,505). During the year the entity made purchases from Ital-agro of £5,884 (2022: £19,128). At year end a balance of £65,800 (2022: £40,761) remained. A loan balance of £120,000 remained outstanding due to Ital-agro at the year end (2022 - £120,000).

During the year the entity accrued interest due to Sipcam Nederland Holding of £9,800 (2022: £9,773). A loan balance of £280,000 remained outstanding due to Sipcam Nederland Holding at year end (2022 - £280,000).

11. ULTIMATE CONTROLLING PARTY

The immediate parent company is Sipcam Nederland Holding N/V, a company incorporated in the Netherlands.

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

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