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REGISTERED NUMBER: 05997554 (England and Wales)













GRESPANIA (UK) LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)






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 to 8


GRESPANIA (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M Arnold
Mr L Hernandez
Mr M Prosper
Mrs C V Hernandez DeLa Torre
Mr A O Hernandez DeLa Torre



SECRETARY: Mrs S Fox



REGISTERED OFFICE: Unit 302 Hollymoor Point
Hollymoor Way
Rubery
Birmingham
West Midlands
B31 5HE



REGISTERED NUMBER: 05997554 (England and Wales)



SENIOR STATUTORY AUDITOR: Stuart Wood, FCA



AUDITORS: Curo Chartered Accountants
Curo House
Greenbox
Westonhall Road
Stoke Prior
West Midlands
B60 4AL

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,255,199 2,288,253

CURRENT ASSETS
Stocks 5 565,061 492,282
Debtors 6 465,863 535,293
Cash at bank and in hand 24,910 111,167
1,055,834 1,138,742
CREDITORS
Amounts falling due within one year 7 2,572,912 2,438,826
NET CURRENT LIABILITIES (1,517,078 ) (1,300,084 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

738,121

988,169

CREDITORS
Amounts falling due after more than one year 8 97,377 355,859
NET ASSETS 640,744 632,310

CAPITAL AND RESERVES
Called up share capital 10 2,773,471 2,773,471
Retained earnings (2,132,727 ) (2,141,161 )
SHAREHOLDERS' FUNDS 640,744 632,310

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 Statement Of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:




Mr L Hernandez - Director



Mrs C V Hernandez DeLa Torre - Director


GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

1. STATUTORY INFORMATION

Grespania (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 company sells and distributes ceramic tiles.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment alongside the support provided by the company's parent company, Grespania S.A.

Revenue recognition
Revenue represents sales of ceramic tiles into the UK retail market, along with commissions received on foreign parent company sales directly into the UK market. Revenue is recognised to the extent that it is probable that 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.

Commissions

Revenue from commissions are recognised on foreign parent company sales directly into the UK market.

These commissions are recognised in the month in which they occur.

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and office equipment - 33% on reducing balance

All fixed assets are initially recorded at cost. No depreciation is provided on freehold land.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement Of Comprehensive Income, 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. Transactions involving permanent capital are translated into sterling at the rates of exchange ruling at the date of transaction and are consistently held at that value. Exchange differences are taken into account in arriving at the operating result.

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classified as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 2,585,742 221,151 135,518
Additions - 10,544 7,718
Disposals - (4,170 ) -
At 31 December 2023 2,585,742 227,525 143,236
DEPRECIATION
At 1 January 2023 415,998 152,358 117,074
Charge for year 28,715 10,328 3,924
Eliminated on disposal - (1,136 ) -
At 31 December 2023 444,713 161,550 120,998
NET BOOK VALUE
At 31 December 2023 2,141,029 65,975 22,238
At 31 December 2022 2,169,744 68,793 18,444

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

4. TANGIBLE FIXED ASSETS - continued

Computer
and
Motor office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 28,390 54,056 3,024,857
Additions - 3,821 22,083
Disposals - - (4,170 )
At 31 December 2023 28,390 57,877 3,042,770
DEPRECIATION
At 1 January 2023 3,549 47,625 736,604
Charge for year 6,210 2,926 52,103
Eliminated on disposal - - (1,136 )
At 31 December 2023 9,759 50,551 787,571
NET BOOK VALUE
At 31 December 2023 18,631 7,326 2,255,199
At 31 December 2022 24,841 6,431 2,288,253

Freehold property includes freehold land of £1,200,000 (2022: £1,200,000) which is not depreciated.

5. STOCKS
2023 2022
£    £   
Stocks 565,061 492,282

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 211,052 335,942
Amounts owed by group undertakings 190,140 163,357
Prepayments and accrued income 64,671 35,994
465,863 535,293

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 6,984 6,984
Trade creditors 136,371 144,573
Amounts owed to group undertakings 2,351,893 2,161,396
Social security and other taxes 13,963 7,299
VAT 48,536 97,200
Accruals and deferred income 15,165 21,374
2,572,912 2,438,826

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 10,590 17,574
Amounts owed to group undertakings 86,787 338,285
97,377 355,859

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,984 6,984
Between one and five years 10,590 17,574
17,574 24,558

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,030 14,379
Between one and five years 50,557 7,397
74,587 21,776

GRESPANIA (UK) LIMITED (REGISTERED NUMBER: 05997554)

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

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000
2,100,000 Ordinary Euro One E uro 1,773,471 1,773,471
2,773,471 2,773,471

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

The Report of the Auditors was unqualified.

Stuart Wood, FCA (Senior Statutory Auditor)
for and on behalf of Curo Chartered Accountants


Curo Chartered Accountants (Statutory Auditor)

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all eligible employees. The assets of the scheme are held separately from those of the company in independently administered funds.

13. ULTIMATE CONTROLLING PARTY

Mr L Hernandez, a director of Grespania (UK) Limited, is the ultimate controlling party of Grespania (UK) Limited due to his majority family shareholding in Participacion e Impulso S.L., a company registered in Spain.

Participacion e Impulso S.L. is the holding company of Grespania S.A., a company also registered in Spain.

Grespania S.A. is the immediate parent company of Grespania (UK) Limited.