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REGISTERED NUMBER: 06221537 (England and Wales)








Audited Financial Statements

for the Year Ended

31 December 2023

for

Fiocchi United Kingdom Limited

Fiocchi United Kingdom Limited (Registered number: 06221537)






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


Fiocchi United Kingdom Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Rose
C Fiocchi
L Fiocchi
D Stepan





SECRETARY: Gravitas Company Secretarial Limited





REGISTERED OFFICE: Raddle Farm
Raddle Lane
Edingale
Staffordshire
B79 9JR





REGISTERED NUMBER: 06221537 (England and Wales)





AUDITORS: Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Fiocchi United Kingdom Limited (Registered number: 06221537)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,004 16,370

CURRENT ASSETS
Stocks 2,035,806 1,308,279
Debtors 5 1,025,311 1,232,608
Cash at bank and in hand 1,186,290 1,238,016
4,247,407 3,778,903
CREDITORS
Amounts falling due within one year 6 2,644,850 2,735,716
NET CURRENT ASSETS 1,602,557 1,043,187
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,618,561

1,059,557

PROVISIONS FOR LIABILITIES 4,001 3,110
NET ASSETS 1,614,560 1,056,447

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,613,560 1,055,447
SHAREHOLDERS' FUNDS 1,614,560 1,056,447

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 25 March 2024 and were signed on its behalf by:





J Rose - Director


Fiocchi United Kingdom Limited (Registered number: 06221537)

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

1. STATUTORY INFORMATION

Fiocchi United Kingdom 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 (£).


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.

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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has been transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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 - 25% on reducing balance
Fixtures and fittings - 20% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of 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 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.

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.

Fiocchi United Kingdom Limited (Registered number: 06221537)

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 8 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 9,821 39,159 19,959 68,939
Additions - 4,357 - 4,357
Disposals (5,273 ) (854 ) (1,090 ) (7,217 )
At 31 December 2023 4,548 42,662 18,869 66,079
DEPRECIATION
At 1 January 2023 8,492 24,279 19,798 52,569
Charge for year 289 3,822 40 4,151
Eliminated on disposal (5,057 ) (498 ) (1,090 ) (6,645 )
At 31 December 2023 3,724 27,603 18,748 50,075
NET BOOK VALUE
At 31 December 2023 824 15,059 121 16,004
At 31 December 2022 1,329 14,880 161 16,370

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,022,273 931,847
Amounts owed by group undertakings - 290,974
Other debtors 3,038 9,787
1,025,311 1,232,608

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 58,880 101,120
Amounts owed to group undertakings 2,068,076 2,076,459
Taxation and social security 461,861 500,589
Other creditors 56,033 57,548
2,644,850 2,735,716

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

The Report of the Auditors was unqualified.

Mark Howell FCA (Senior Statutory Auditor)
for and on behalf of Nicklin Audit Limited

Fiocchi United Kingdom Limited (Registered number: 06221537)

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

8. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had financial commitments not included in the balance sheet amounting to £28,298 (2022 - £33,258).

9. RELATED PARTY DISCLOSURES

Owners holding a participating interest:

During the year, the company purchased goods from its ultimate parent company amounting to £5,319,519 (2022 - £6,047,339) and sold goods and services to its parent company amounting to £4,302 (2022 - £13,992). The company paid dividends to its ultimate parent company amounting to £nil (2022 - £225,000). At the balance sheet date, the company owed its parent company £1,074,217 (2022 - £1,899,119).

During the year, the company purchased goods from its parent company amounting to £869,774 (2022 - £nil) and sold goods and services to its parent company amounting to £642,223 (2022 - £nil). At the balance sheet date, the company owed its parent company £807,919 (2022 - £209,974 owed by).


Other group companies:

During the year, the company purchased goods from other group companies amounting to £1,070,829 (2022 - £566,807) and sold goods to other group companies amounting to £nil (2022 - 206,182). At the balance sheet date, other group companies owed the company £nil (2022 - £290,974) and the company owed other group companies £185,940 (2022 - £177,340).

Directors:

At the balance sheet date, the directors were owed £1,138 (2022 - £979).

10. POST BALANCE SHEET EVENTS

On 1 January 2024 the company's trade, assets and liabilities were transferred to its immediate parent company Lyalvale Express Limited.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Fiocchi Munizioni SpA. Group accounts can be obtained from the registered office;
via Santa Barbara 4, 23900 Lecco (LC), Italy.
The largest group which group accounts are prepared for is Fiocchibi SrL. Group accounts can be obtained from the registered office;
Corso Italia 22, 20122 Milano, Italy.
The ultimate holding company is C3F SpA incorporated in Italy.