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REGISTERED NUMBER: 03319037 (England and Wales)
























AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COMEFRI U.K. LIMITED

COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


COMEFRI U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs S Braun
Mr R Braun





SECRETARY: Milton Secretaries Ltd





REGISTERED OFFICE: 10 Orange Street
Haymarket
London
London
WC2H 7DQ





REGISTERED NUMBER: 03319037 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 230 866

CURRENT ASSETS
Stocks 5 291,548 403,906
Debtors 6 418,028 711,881
Cash at bank and in hand 1,155,768 689,319
1,865,344 1,805,106
CREDITORS
Amounts falling due within one year 7 443,398 472,246
NET CURRENT ASSETS 1,421,946 1,332,860
TOTAL ASSETS LESS CURRENT LIABILITIES 1,422,176 1,333,726

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 1,372,176 1,283,726
SHAREHOLDERS' FUNDS 1,422,176 1,333,726

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 26 August 2024 and were signed on its behalf by:





Mr R Braun - Director


COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

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


1. STATUTORY INFORMATION

Comefri U.K. 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 business address of the company is as follows:

10 Carters Lane
Kiln Farm
Milton Keynes
MK11 3ER

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.

There were no material departures from the standard.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvement - Straight line over the life of the lease
Plant and machinery - 33% on cost and 20% on cost
Computer equipment - 50% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks comprise finished goods and spare parts. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

Consignment stocks from the manufacturers are included at cost.

Financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

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


COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

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


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Operating leases
Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Going concern
The accounts for the company have been prepared on the going concern basis. This basis of preparation reflects the position that the company receives continued financial support from its parent company, CO.ME.FRI. - Construzioni Meccaniche Friulane S.p.A, (trading as CO.ME.FRI S.p.A).

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

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

COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

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


4. TANGIBLE FIXED ASSETS
Leasehold Plant and Computer
Improvement machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 19,055 36,146 4,835 60,036
DEPRECIATION
At 1 January 2023 19,055 35,686 4,429 59,170
Charge for year - 230 406 636
At 31 December 2023 19,055 35,916 4,835 59,806
NET BOOK VALUE
At 31 December 2023 - 230 - 230
At 31 December 2022 - 460 406 866

5. STOCKS
2023 2022
£    £   
Stocks 291,548 403,906

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 369,947 663,530
Other debtors & prepayments 48,081 48,351
418,028 711,881

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 74,034 85,020
Amounts owed to group undertakings 56,691 25,792
Corporation tax 105,584 91,858
Social security and other taxes - 18,772
VAT 89,363 122,805
Accruals and deferred income 117,726 127,999
443,398 472,246

There are no fixed credit terms with the parent company. Payments are made to minimise exchange losses as and when the funds are available and exchange rates favourable. No interest is charged on intercompany balances and the amounts are not secured.

COMEFRI U.K. LIMITED (REGISTERED NUMBER: 03319037)

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


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 111,288 111,288
Between one and five years 213,302 324,590
324,590 435,878

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary 1 50,000 50,000

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

The Report of the Auditors was unqualified.

Benjamin Young FCA (Senior Statutory Auditor)
for and on behalf of TC Group

11. RELATED PARTY DISCLOSURES

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.

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is CO.ME.FRI. - Construzioni Meccaniche Friulane S.p.A, (trading as CO.ME.FRI S.p.A).

The ultimate parent undertaking and controlling party is CO.ME.FRI. - Construzioni Meccaniche Friulane S.p.A, (trading as CO.ME.FRI S.p.A), a company incorporated in Italy.

CO.ME.FRI. - Construzioni Meccaniche Friulane S.p.A, (trading as CO.ME.FRI S.p.A) is the parent undertaking of the largest and the smallest group of undertakings to consolidate these financial statements.

The consolidated financial statements of CO.ME.FRI. - Construzioni Meccaniche Friulane S.p.A, (trading as CO.ME.FRI S.p.A) can be obtained from, the Company Secretary, CO.ME.FRI S.p.A, Via Buia 3, 33010 Magnano in Riviera, (Udine), Italy.