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Registered number: 02346743









SAVINO DEL BENE (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVINO DEL BENE (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
S Bazzurro 
A Bartolozzi 
L Turco 
G H Crews 




Registered number
02346743



Registered office
610 Rivers Gardens
North Fetham Trading Estate

Feltham

Middlesex

TW14 0RB




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
SAVINO DEL BENE (UK) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10 - 11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 28


 
SAVINO DEL BENE (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The results of the Company show a profit before tax for the year of £30,199 (2022: £677,073). Statutory turnover of core business for the year amounted to £13,975,202, representing a 20.6% decrease from the previous year. The EBT stood at £30,198, reflecting a 95.54% decrease from the previous year. The company embarked on an aggressive growth strategy in the year of review; opening two new fully operational branch offices, increasing the salesforce to target new business and service existing clients and increasing operations personnel to further streamline processes and continue the high client retention the company currently enjoys.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the company are; a sluggish United Kingdom economy which is struggling to maintain growth levels, high levels of inflation and interest rates which have had a direct impact on consumer demand and new housing stock. Geopolitically the Russia / Ukraine war continues to impact through higher energy prices, the Red Sea situation has increased supply chain lead times and seen a significant increase in air and ocean freight rates. 64 Countries will head to the polls in 2024, the outcomes of which will impact decision making and consumer spending, all eyes will be on the UK and USA elections.

Financial key performance indicators
 
The following key performance indicators (KPI's) illustrate the results achieved in 2023:


Key performance indicators

2023
2022
£
£
Turnover

13,975,202

17,582,030
 
Gross profit

3,884,094

3,195,726
 
Gross profit margin

28%

18%
 
Profit on ordinary activities before tax

30,198

677,073
 
EBITDA

50,996

815,698
 
Net cash inflow from operating activities

1,020,381

251,629
 
Net current assets

1,096,905

1,146,160
 

Environmental, Social, and Employee Matters
 
The company is committed to conducting its business in a responsible manner, taking into account environmental and social considerations. Employee matters, including the development and welfare of employees, are considered important by the company.

Page 1

 
SAVINO DEL BENE (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 6 May 2024 and signed on its behalf.



S Bazzurro
Director

Page 2

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The company's principal activity of the company in the year under review was that of freight forwarding and logistics activities. 

Results and dividends

The profit for the year, after taxation, amounted to £14,430 (2022 - £547,239).

Dividends paid during the year amounted to £200,000 (2022: £Nil).

Directors

The directors who served during the year were:

S Bazzurro 
A Bartolozzi 
L Turco 
G H Crews 

Future developments

The company remains focused on pursuing its growth strategy. The two-pronged approach to achieve this growth will be realised by new client onboarding and driving operational efficiencies through streamlining processes and systems optimisation, The Directors are optimistic about the company’s prospects for the future.

Page 3

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 May 2024 and signed on its behalf.
 





S Bazzurro
Director

Page 4

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVINO DEL BENE (UK) LIMITED
 

Opinion


We have audited the financial statements of Savino Del Bene (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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.


Page 5

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVINO DEL BENE (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 matters 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the 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 or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVINO DEL BENE (UK) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVINO DEL BENE (UK) LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

6 May 2024
Page 8

 
SAVINO DEL BENE (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
13,975,202
17,582,030

Cost of sales
  
(10,091,108)
(14,386,304)

Gross profit
  
3,884,094
3,195,726

Distribution costs
  
(458,884)
(443,198)

Administrative expenses
  
(3,477,286)
(2,152,479)

Other operating income
  
81,220
77,838

Operating profit
  
29,144
677,887

Interest receivable and similar income
  
1,086
-

Interest payable and similar expenses
  
(32)
(814)

Profit before tax
  
30,198
677,073

Tax on profit
  
(15,768)
(129,834)

Profit for the financial year
  
14,430
547,239

Other comprehensive income for the year
  

Total comprehensive income for the year
  
14,430
547,239

The notes on pages 16 to 28 form part of these financial statements.

Page 9

 
SAVINO DEL BENE (UK) LIMITED
REGISTERED NUMBER: 02346743

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
69,123
107,445

  
69,123
107,445

Current assets
  

Debtors
 15 
2,720,843
4,271,666

Cash at bank and in hand
 16 
1,174,764
392,032

  
3,895,607
4,663,698

Creditors: amounts falling due within one year
 17 
(2,798,702)
(3,517,538)

Net current assets
  
 
 
1,096,905
 
 
1,146,160

Total assets less current liabilities
  
1,166,028
1,253,605

Provisions for liabilities
  

Deferred tax
 18 
(5,256)
(7,670)

Other provisions
 19 
(159,274)
(58,867)

  
 
 
(164,530)
 
 
(66,537)

Net assets
  
1,001,498
1,187,068


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Profit and loss account
 21 
981,498
1,167,068

  
1,001,498
1,187,068


Page 10

 
SAVINO DEL BENE (UK) LIMITED
REGISTERED NUMBER: 02346743
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2024.




S Bazzurro
A Bartolozzi
Director
Director



L Turco
Director



G H Crews
Director

The notes on pages 16 to 28 form part of these financial statements.


Page 11

 
SAVINO DEL BENE (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
20,000
619,829
639,829


Comprehensive income for the year

Profit for the year
-
547,239
547,239



At 1 January 2023
20,000
1,167,068
1,187,068


Comprehensive income for the year

Profit for the year
-
14,430
14,430


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 December 2023
20,000
981,498
1,001,498


The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
SAVINO DEL BENE (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
14,430
547,239

Adjustments for:

Depreciation of tangible assets
77,101
75,386

Loss on disposal of tangible assets
(211)
-

Interest paid
32
814

Interest received
(1,086)
-

Taxation charge
15,768
129,834

Decrease in debtors
1,975,811
509,434

(Increase)/decrease in amounts owed by groups
(424,987)
352,115

Decrease in creditors
(507,605)
(1,303,653)

Decrease in amounts owed to groups
(229,279)
(71,676)

Increase in provisions
100,407
58,867

Corporation tax paid
-
(46,731)

Net cash generated from operating activities

1,020,381
251,629


Cash flows from investing activities

Purchase of tangible fixed assets
(38,914)
(44,014)

Sale of tangible fixed assets
211
-

Interest received
1,086
-

Net cash from investing activities

(37,617)
(44,014)
Page 13

 
SAVINO DEL BENE (UK) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
-
(44,487)

Dividends paid
(200,000)
-

Interest paid
(32)
(814)

Net cash used in financing activities
(200,032)
(45,301)

Net increase in cash and cash equivalents
782,732
162,314

Cash and cash equivalents at beginning of year
392,032
229,718

Cash and cash equivalents at the end of year
1,174,764
392,032


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,174,764
392,032

1,174,764
392,032


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
SAVINO DEL BENE (UK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

392,032

782,732

1,174,764


392,032
782,732
1,174,764

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Savino Del Bene 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.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Board and management meet regularly during the year and continue to review the Company's financial position, budgets and forecasts in order to neutralise the potential financial impact from any significant downturn in trading.
As a result of these reviews and projections, the Board and management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. The Company also continues to receive the full support of the Group.
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 16

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnover represents the total net amounts receivable by the company for services supplied during the year in the normal course of its business, after deducting trade discounts and value added tax.
Revenue is recognised when the service is carried out. For exports, this is the date of departure of the customers' goods from the UK. For imports, this is the date the customers' goods have passed through UK customs and are available for collection or, if the services include delivery of the goods, it is the date of delivery.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold
-
over the duration of the lease
Plant and machinery
-
between 15% and 25%
Office furniture
-
between 10% and 20%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

International freight forwarders
13,975,202
17,582,030

13,975,202
17,582,030


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,975,202
17,582,030

13,975,202
17,582,030



5.


Other operating income

2023
2022
£
£

Other operating income
78,000
78,000

Foreign exchange difference
3,220
(162)

81,220
77,838


Page 21

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(3,220)
162

Other operating lease rentals
280,343
232,509


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
12,500


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
526,062
487,319

Social security costs
52,692
41,794

Cost of defined contribution scheme
43,733
27,094

622,487
556,207


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Members of the Board of Directors
4
4



Operations
27
18



Administration & Financial Control
8
5



Sales
6
3



Warehouse
11
10

56
40

Page 22

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
106,922
126,281

Company contributions to defined contribution pension schemes
1,320
1,320

108,242
127,601


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
1,086
-

1,086
-


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
32
8

Other loan interest payable
-
806

32
814

Page 23

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
18,182
131,996


18,182
131,996


Total current tax
18,182
131,996

Deferred tax


Origination and reversal of timing differences
(2,414)
(2,162)

Total deferred tax
(2,414)
(2,162)


Tax on profit
15,768
129,834

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
30,198
677,073


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
7,550
128,644

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,414
2,330

Capital allowances for year in excess of depreciation
6,361
1,022

Deferred tax charges
(2,414)
(2,162)

Other differences leading to a decrease in the tax charge
(1,143)
-

Total tax charge for the year
15,768
129,834


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


Ordinary shares
200,000
-

200,000
-


14.


Tangible fixed assets





Short-term leasehold
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
20,159
268,638
167,015
97,360
553,172


Additions
-
218
19,179
19,517
38,914


Disposals
-
-
-
(4,264)
(4,264)



At 31 December 2023

20,159
268,856
186,194
112,613
587,822



Depreciation


At 1 January 2023
17,807
228,930
136,265
62,725
445,727


Charge for the year on owned assets
2,016
32,525
23,048
19,647
77,236


Disposals
-
-
-
(4,264)
(4,264)



At 31 December 2023

19,823
261,455
159,313
78,108
518,699



Net book value



At 31 December 2023
336
7,401
26,881
34,505
69,123



At 31 December 2022
2,352
39,708
30,750
34,635
107,445




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
336
2,352

336
2,352


Page 25

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
70,134
56,234

70,134
56,234

Due within one year

Trade debtors
1,327,125
2,974,465

Amounts owed by group undertakings
938,255
513,268

Other debtors
59,408
104,269

Prepayments and accrued income
325,921
623,430

2,720,843
4,271,666



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,174,764
392,032

1,174,764
392,032



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,731,920
2,189,537

Amounts owed to group undertakings
866,791
1,077,888

Other taxation and social security
66,477
45,770

Other creditors
10,692
44,585

Accruals and deferred income
122,822
159,758

2,798,702
3,517,538


Included within amounts owed to group undertakings is a credit amount of £166,615 (2022: £146,570) in respect of the anticipated reduction in the corporation tax liability for the Company by virtue of its utilising group relief for losses surrendered to it by Savino Del Bene FDS UK Limited.

Page 26

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation




2023


£






At beginning of year
(7,670)


Charged to profit or loss
2,414



At end of year
(5,256)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,256)
(7,670)

(5,256)
(7,670)


19.


Provisions




General bad debts provision
Dilapidation costs
Total

£
£
£





At 1 January 2023
58,867
-
58,867


Charged to profit or loss
(58,867)
159,274
100,407



At 31 December 2023
-
159,274
159,274




20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary Shares shares of £1.00 each
20,000
20,000


Page 27

 
SAVINO DEL BENE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Reserves

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.


22.


Pension commitments

The Company operates a defined contribution pension scheme for its staff and made contributions during the year of £43,733 (2022: £27,094). The assets of the scheme are held separately from those of the Company in an independently administered fund. At the balance sheet date there were unpaid contributions of £10,692 (2022: £6,003).


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
15,620
240,415

Later than 1 year and not later than 5 years
-
19,933

15,620
260,348


24.


Related party transactions

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.
All material transactions undertaken with non-wholly owned group companies are carried out under normal market conditions.
MSC Mediterranean Shipping company S.A, a company owned by Remco Holding S.A, which is a minority shareholder of Savino Del Bene S.p.A (ultimate parent company). MSC Mediterranean Shipping company S.A has charged the company for shipping services provided amounting to £1,577,542 (2022: £2,641,852). The amount payable to the related party by the company as at 31 December 2023 amounted to £ 24,179 (2022: £92,600).


25.


Controlling party

The immediate and ultimate parent company is Savino Del Bene SpA, whose registered office is Via del Botteghino, 24/26/28A, 50018 Scandicci (Florence) Italy.

 
Page 28