Aetna (UK) Limited 02522111 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is the production and sale of end of line packaging products. Digita Accounts Production Advanced 6.30.9574.0 true true true true 02522111 2023-01-01 2023-12-31 02522111 2023-12-31 02522111 bus:Director2 2023-12-31 02522111 bus:OrdinaryShareClass1 2023-12-31 02522111 bus:OrdinaryShareClass2 2023-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2023-12-31 02522111 core:ShareCapital 2023-12-31 02522111 core:CurrentFinancialInstruments 2023-12-31 02522111 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02522111 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02522111 core:FurnitureFittings 2023-12-31 02522111 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02522111 core:MotorVehicles 2023-12-31 02522111 core:OfficeEquipment 2023-12-31 02522111 core:PlantMachinery 2023-12-31 02522111 core:DeferredTaxation 2023-12-31 02522111 core:OtherProvisionsContingentLiabilities 2023-12-31 02522111 core:Warranties 2023-12-31 02522111 bus:FRS102 2023-01-01 2023-12-31 02522111 bus:Audited 2023-01-01 2023-12-31 02522111 bus:FullAccounts 2023-01-01 2023-12-31 02522111 bus:RegisteredOffice 2023-01-01 2023-12-31 02522111 bus:Director1 2023-01-01 2023-12-31 02522111 bus:Director2 2023-01-01 2023-12-31 02522111 bus:HighestPaidDirector 2023-01-01 2023-12-31 02522111 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02522111 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 02522111 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02522111 core:ShareCapital 2023-01-01 2023-12-31 02522111 countries:UnitedKingdom 2023-01-01 2023-12-31 02522111 core:ComputerEquipment 2023-01-01 2023-12-31 02522111 core:FurnitureFittings 2023-01-01 2023-12-31 02522111 core:LandBuildings 2023-01-01 2023-12-31 02522111 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02522111 core:LeaseholdImprovements 2023-01-01 2023-12-31 02522111 core:MotorCars 2023-01-01 2023-12-31 02522111 core:MotorVehicles 2023-01-01 2023-12-31 02522111 core:OfficeEquipment 2023-01-01 2023-12-31 02522111 core:PlantMachinery 2023-01-01 2023-12-31 02522111 core:DeferredTaxation 2023-01-01 2023-12-31 02522111 core:OtherProvisionsContingentLiabilities 2023-01-01 2023-12-31 02522111 core:Warranties 2023-01-01 2023-12-31 02522111 core:UKTax 2023-01-01 2023-12-31 02522111 countries:EnglandWales 2023-01-01 2023-12-31 02522111 2022-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2022-12-31 02522111 core:ShareCapital 2022-12-31 02522111 core:FurnitureFittings 2022-12-31 02522111 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 02522111 core:MotorVehicles 2022-12-31 02522111 core:OfficeEquipment 2022-12-31 02522111 core:PlantMachinery 2022-12-31 02522111 core:DeferredTaxation 2022-12-31 02522111 core:OtherProvisionsContingentLiabilities 2022-12-31 02522111 core:Warranties 2022-12-31 02522111 2022-01-01 2022-12-31 02522111 2022-12-31 02522111 bus:OrdinaryShareClass1 2022-12-31 02522111 bus:OrdinaryShareClass2 2022-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2022-12-31 02522111 core:ShareCapital 2022-12-31 02522111 core:CurrentFinancialInstruments 2022-12-31 02522111 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02522111 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02522111 core:FurnitureFittings 2022-12-31 02522111 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 02522111 core:MotorVehicles 2022-12-31 02522111 core:OfficeEquipment 2022-12-31 02522111 core:PlantMachinery 2022-12-31 02522111 bus:HighestPaidDirector 2022-01-01 2022-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02522111 core:ShareCapital 2022-01-01 2022-12-31 02522111 countries:UnitedKingdom 2022-01-01 2022-12-31 02522111 core:UKTax 2022-01-01 2022-12-31 02522111 2021-12-31 02522111 core:RetainedEarningsAccumulatedLosses 2021-12-31 02522111 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02522111

Aetna (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Aetna (UK) Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4 to 5

Independent Auditor's Report

6 to 9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

Aetna (UK) Limited

Company Information

Director

Stefano Pascucci

Registered office

Packaging Height,
Highfield Parc Highfield Road
Oakley
Bedfordshire
MK43 7TA

Auditors

RBCA Limited
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

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 director on 11 April 2024
 

.........................................
Stefano Pascucci
Director

 

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:

Stefano Pascucci

Mark Dicken (ceased 30 June 2023)

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 director on 11 April 2024
 

.........................................
Stefano Pascucci
Director

 

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

......................................
Brian Stewart (Senior Statutory Auditor)
For and on behalf of RBCA Limited, Statutory Auditor

Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

11 April 2024

 

Aetna (UK) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

16,239,032

14,538,180

Cost of sales

 

(10,437,823)

(9,477,887)

Gross profit

 

5,801,209

5,060,293

Distribution costs

 

(492,737)

(459,928)

Administrative expenses

 

(4,183,820)

(3,835,528)

Operating profit

4

1,124,652

764,837

Interest receivable and similar income

7

22,508

4,071

Interest payable and similar expenses

8

-

(34)

   

22,508

4,037

Profit before tax

 

1,147,160

768,874

Tax on profit

9

(288,067)

(149,122)

Profit for the financial year

 

859,093

619,752

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

11

372,191

365,890

Current assets

 

Stocks

12

749,142

638,582

Debtors

13

3,329,421

5,081,003

Cash at bank and in hand

 

1,381,381

1,031,416

 

5,459,944

6,751,001

Creditors: Amounts falling due within one year

14

(3,598,928)

(5,167,834)

Net current assets

 

1,861,016

1,583,167

Total assets less current liabilities

 

2,233,207

1,949,057

Provisions for liabilities

15, 16

(276,662)

(251,605)

Net assets

 

1,956,545

1,697,452

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 director on 11 April 2024
 

.........................................
Stefano Pascucci
Director

 

Aetna (UK) Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100,000

1,597,452

1,697,452

Profit for the year

-

859,093

859,093

Dividends

-

(600,000)

(600,000)

At 31 December 2023

100,000

1,856,545

1,956,545

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100,000

1,477,700

1,577,700

Profit for the year

-

619,752

619,752

Dividends

-

(500,000)

(500,000)

At 31 December 2022

100,000

1,597,452

1,697,452

 

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

 

859,093

619,752

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

24,300

27,605

Finance income

7

(22,508)

(4,071)

Finance costs

8

-

34

Income tax expense

9

288,067

149,122

Impairment loss

4

9,600

-

 

1,158,552

792,442

Working capital adjustments

 

(Increase)/decrease in stocks

12

(110,560)

216,431

Decrease/(increase) in trade debtors

13

1,751,582

(893,114)

(Decrease)/increase in trade creditors

14

(1,749,104)

1,290,385

Increase in provisions

15

17,188

145,319

Cash generated from operations

 

1,067,658

1,551,463

Income taxes paid

9

(100,000)

(252,476)

Net cash flow from operating activities

 

967,658

1,298,987

Cash flows from investing activities

 

Interest received

7

22,508

4,071

Acquisitions of tangible assets

(40,201)

(34,188)

Net cash flows from investing activities

 

(17,693)

(30,117)

Cash flows from financing activities

 

Interest paid

8

-

(34)

Dividends paid

10

(600,000)

(500,000)

Net cash flows from financing activities

 

(600,000)

(500,034)

Net increase in cash and cash equivalents

 

349,965

768,836

Cash and cash equivalents at 1 January

 

1,031,416

262,580

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Packaging Height,
Highfield Parc Highfield Road
Oakley
Bedfordshire
MK43 7TA

The presentational currency is £ sterling and the level of rounding is to the nearest £.

These financial statements were authorised for issue by the director on 11 April 2024.

2

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

3

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

16,239,032

14,538,180

The analysis of the company's Turnover for the year by market is as follows:

2023
£

2022
£

UK

16,239,032

14,538,180


 

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

24,300

27,605

Impairment loss

9,600

-

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

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,278,145

2,224,377

Social security costs

256,017

254,852

Staff pensions costs

183,483

170,483

2,717,645

2,649,712

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

2023
No.

2022
No.

Total employees

46

48

46

48

6

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration for qualifying services

159,118

200,106

Remuneration disclosed above include the following amounts paid to the highest paid director:

2023
£

2022
£

Remuneration for qualifying services

159,118

200,106

7

Interest receivable and similar income

Interest Income

2023
£

2022
£

Bank Interest receivable

22,508

4,071

8

Interest payable and similar expenses

2023
£

2022
£

Other interest

-

34

 

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Taxation

2023
£

2022
£

Current taxation

UK corporation tax on profits for the current period

280,197

149,024

Deferred taxation

Origination and reversal of timing differences

7,870

98

Tax expense in the income statement

288,067

149,122

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

1,147,160

768,874

Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% and 25.00% (2022: 19.00%)

269,583

146,086

Deferred tax adjustment

7,869

98

Other

62

1,031

Timing differences

245

503

Permanent capital allowances in excess of depreciation

(41)

(2,233)

Tax effect of expenses that are not deductible in determining taxable profit

10,349

3,637

Total tax charge

288,067

149,122

10

Dividends

   

2023

 

2022

   

£

 

£

 

 

Interim paid

 

600,000

 

500,000

   

 

         
 

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Plant and equipment
£

Computers
£

Cost or valuation

At 1 January 2023

340,000

175,560

51,360

10,162

Additions

-

19,200

21,001

-

Disposals

-

-

(9,256)

-

At 31 December 2023

340,000

194,760

63,105

10,162

Depreciation

At 1 January 2023

13,600

164,972

28,154

4,466

Charge for the year

6,800

8,905

6,153

2,442

Eliminated on disposal

-

-

(9,256)

-

Impairment

9,600

-

-

-

At 31 December 2023

30,000

173,877

25,051

6,908

Carrying amount

At 31 December 2023

310,000

20,883

38,054

3,254

At 31 December 2022

326,400

10,588

23,206

5,696

Leasehold improvements
 £

Total
£

Cost or valuation

At 1 January 2023

97,928

675,010

Additions

-

40,201

Disposals

-

(9,256)

At 31 December 2023

97,928

705,955

Depreciation

At 1 January 2023

97,928

309,120

Charge for the year

-

24,300

Eliminated on disposal

-

(9,256)

Impairment

-

9,600

At 31 December 2023

97,928

333,764

Carrying amount

At 31 December 2023

-

372,191

At 31 December 2022

-

365,890

 

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Stocks

2023
£

2022
£

Finished goods and goods for resale

749,142

638,582

13

Debtors

Current

2023
£

2022
£

Trade debtors

3,122,706

3,923,709

Prepayments and accrued income

206,715

1,157,294

 

3,329,421

5,081,003

14

Creditors

2023
£

2022
£

Due within one year

Trade creditors

263,630

532,689

Amounts owed to group undertakings

1,889,357

2,164,503

Other taxation and social security

480,290

634,367

Accruals and deferred income

735,922

1,786,743

Corporation tax

229,729

49,532

3,598,928

5,167,834

15

Provisions for liabilities

2023
£

2022
£

Warranty provision

163,523

196,335

Dilapidations provision

100,000

50,000

263,523

246,335


 

Movements on provisions:

Warranty provision
£

Dilapidations provision
£

At 1 January 2023

196,335

50,000

Increase (decrease) in existing provisions

(32,812)

50,000

At 31 December 2023

163,523

100,000

 

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.

16

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

(5,270)

Charge to profit or loss

(7,869)

Liability at 31 December 2023

(13,139)

17

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.

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

70,000

70,000

70,000

70,000

Ordinary B shares of £1 each

30,000

30,000

30,000

30,000

 

100,000

100,000

100,000

100,000

 

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.

19

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

20

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.

21

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

22

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.