REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SACLA UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SACLA UK LIMITED |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
SACLA UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Our review of the business aims to show the company's development and performance during the year and our position at the year end. This review is consistent with the size and relatively uncomplicated nature of our business and is written in the context of the risks and the opportunities it faces. |
Our central philosophy remains that food is a joyful thing and that Italians do it best. We will continue to focus on driving the Sacla' brand, balanced carefully with products made for retailers' brands. |
More than ever, our customers and consumers want to do business with companies with a strong commitment towards people and planet and in 2023 our parent company continued their journey towards BCorp accreditation to gain recognition for our existing activities towards the environment and the community. |
We are proud to support The Natasha Allergy Research Foundation, in an on-going partnership, donating one penny from every jar of Sacla' Pesto sold in the UK to help fund valuable new research to Make Allergy History. |
We will continue to focus on using our business as a force for good in 2024, especially in terms of carbon footprint, community contribution and collaboration across our supply chains. |
We pay close attention to trading margins, carefully manage stock, and control shipping insurance and transportation costs to ensure a consistent gross profit return in a complex and competitive marketplace. Operating overheads have been carefully controlled and are consistently appropriate. |
There continues to be uncertainty in 2024 with challenging macro & micro economic factors and trading conditions and global conflict. Our family owners along with the teams in Italy and the UK continue to work diligently and tirelessly to support and develop the business at this time. |
We are especially grateful to our consumers, customers, suppliers and partners who have helped us continue to offer real Italian products of the highest quality, with their loyalty and support throughout yet another extraordinary year. |
In our opinion the key financial performance indicators are as follows; |
2023 | 2022 | 2021 |
Turnover | £25,425,020 | £23,600,576 | £25.988,714 |
Gross profit ratio | 13.27% | 11.93% | 9.58% |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to which the business is subject are, economic risk, financial risk, consumer safety risk and customer risk. Details of these risks and the procedures in place to minimise these are as follows: |
The economic risk relating to the possible decline in business is dependent on continued consumer demand for our products. We address this by closely monitoring our customers' and consumers' needs and respond to these by adapting our range, promotions and product development. |
The financial risks present in maintaining the on-going cash flow and also management of exchange rate fluctuations are addressed through a regular review of cash flow and rigorous management of our assets. |
We focus as much time on developing and implementing our safety procedures to mitigate consumer safety risk, as we do in ensuring the quality of our products. Consequently, we have state of the art technology to review every product before it reaches our retailers' shelves. In addition to this we also have procedures in place to enable us to react quickly to any consumer safety and quality incidents including the ability to initiate immediate product recalls where necessary. |
Customer risk is linked to both breakdown in customer relationships which could affect turnover, and customer consolidation which may result in a reduction of product volumes ordered. We are particularly proud of the strong Brand and consumer following which we have built in conjunction with strong customer relations. |
ON BEHALF OF THE BOARD: |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of an importer of pesto, pasta sauces, preserved vegetables and similar food condiments from Italy, for wholesale distribution to the UK grocery retail and foodservice markets. The company is a wholly-owned subsidiary of Fratelli Sacla' S.p.A, a company incorporated in Italy, which manufactures all the group's products. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
C E Blampied |
C Ercole |
CHARITABLE DONATIONS AND EXPENDITURE |
There were no political donations made or political expenditure incurred during the financial year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SACLA UK LIMITED |
Opinion |
We have audited the financial statements of Sacla UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 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 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. |
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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SACLA UK LIMITED |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
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; 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
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 a Report of the Auditors 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: |
- Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SACLA UK LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
58,393 | 123,589 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
Investments | 9 |
CURRENT ASSETS |
Inventories | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(94,491 |
) |
Cash and cash equivalents at end of year |
2 |
796,433 |
1,225,217 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Increase/(Decrease) in provisions | - | 25,000 |
Increase/(Decrease) in group company | 468,902 | 994,093 |
Finance costs | 34,411 | 20,206 |
Finance income | (13,070 | ) | (5,408 | ) |
644,750 | 1,219,015 |
(Increase)/decrease in inventories | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 796,433 | 1,225,217 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,225,217 | (94,491 | ) |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,225,217 | (428,784 | ) | 796,433 |
1,225,217 | ( |
) | 796,433 |
Total | 1,225,217 | (428,784 | ) | 796,433 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Sacla UK Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Italy House, 16 Warwick Road, Beaconsfield, Buckinghamshire, HP9 2PE. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency is £ sterling. |
Preparation of consolidated financial statements |
The financial statements contain information about Sacla UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405(2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Revenue |
The company's revenue represents the value, excluding value added tax, of goods and services supplied to customers during the year. |
Revenue represents gross sales to outside customers before taking account of trade discounts or other rebates given. |
Revenue recognition |
Revenue is recognised when goods have been delivered to customers such that risk and rewards of ownership have transferred to them. |
Property, plant and equipment |
Long leasehold | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
All fixed assets are initially recorded at cost. |
The assets are carried at cost less accumulated depreciation and impairment. |
Assets are removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal. |
Investments in subsidiaries |
Investment in subsidary undertakings are recognised at cost less any indicators of impairment. |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Inventories |
Inventories are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition. |
When the inventory's market value drops below its book value on the Statement of Financial Position an impairment correction is undertaken. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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. |
Leasing |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
The benefits of lease incentives are recognised in the profit and loss account over the lease period. |
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. |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are recognised when the company has a present obligation (legal or constructive) at the reporting date as a result of a past event, it is probable that the group will be required to settle the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
An analysis of revenue by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom | 25,452,020 | 23,600,576 |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Number of administrative staff |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank charges and interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
UK corporation tax has been charged at 23.52% (2022 - 19%). |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax: origination and reversal of timing differences | (9,506 | ) | (6,083 | ) |
Total tax charge | 13,237 | 24,986 |
Factors that may affect future tax charges: |
The Corporation Tax rate was 19%. The Corporation Tax rate of 19% was enacted with effect from April 1, 2017. The Government announced that from April 1, 2023 the corporation tax rate will increase to 25%. This proposal was substantively enacted on May 24, 2021 and as such taken into account in calculating the deferred tax assets and liabilities. |
8. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
Long | to | and |
leasehold | property | fittings |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | PROPERTY, PLANT AND EQUIPMENT - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Italy House, 16 Warwick Road, Beaconsfield, Buckinghamshire, HP9 2PE |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
10. | INVENTORIES |
31.12.23 | 31.12.22 |
£ | £ |
Inventories - goods for resale |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Accruals and deferred income |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 10,774 | 20,280 |
Other provisions | 150,000 | 150,000 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Movement in the year | (9,506 | ) |
Losses offset during year |
Balance at 31 December 2023 |
Deferred tax liabilities arise on taxable temporary differences resultant from annual capital allowances. |
Included within other provisions is an amount of £150000, in respect of the future reinstatement obligation forming part of an operating lease contract. In arriving at this provision, the company has taken account of a report prepared in April 2023 by a member firm of R.I.C.S. and specific remedial works completed between then and December 2023. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 300,000 | 300,000 |
SACLA UK LIMITED (REGISTERED NUMBER: 02609524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
17. | ULTIMATE PARENT COMPANY |
At the balance sheet date the company's ultimate parent undertaking was Fratelli Sacla' S.p.A, a company incorporated in Italy. |
18. | CONTINGENT LIABILITIES |
The bank holds an all assets debenture dated 16th August 2016 incorporating a fixed and floating charge over all current and future assets of the company. |
19. | 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. |
The company has taken advantage of the exemption to not disclose transactions with its parent company, due to being a wholly owned subsidiary of a EEA state parent company producing consolidated accounts. |
Group accounts can be obtained from https://italianbusinessregister.it/en/annual-accounts |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company at the balance sheet date was Sella Fiduciaria S.p.A, a company incorporated in Italy. |
21. | KEY MANAGEMENT PERSONNEL COMPENSATION |
The total remuneration of key management personnel in 2023 (including salaries and other benefits) was £550,263 (2022: £486,628). |