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REGISTERED NUMBER: 02609524 (England and Wales)















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: C E Blampied
C Ercole





SECRETARY: A Harper





REGISTERED OFFICE: Italy House
16 Warwick Road
Beaconsfield
Buckinghamshire
HP9 2PE





REGISTERED NUMBER: 02609524 (England and Wales)





AUDITORS: Landers Accountants Ltd
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:





C E Blampied - Director


15 April 2024

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:





C E Blampied - Director


15 April 2024

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.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

15 April 2024

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 25,452,020 23,600,576

Cost of sales 22,073,477 20,786,093
GROSS PROFIT 3,378,543 2,814,483

Administrative expenses 3,333,220 2,696,302
OPERATING PROFIT 5 45,323 118,181

Interest receivable and similar income 13,070 5,408
58,393 123,589

Interest payable and similar expenses 6 34,411 20,206
PROFIT BEFORE TAXATION 23,982 103,383

Tax on profit 7 13,237 24,986
PROFIT FOR THE FINANCIAL
YEAR

10,745

78,397

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

10,745

78,397

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 8 133,891 138,773
Investments 9 10,000 10,000
143,891 148,773

CURRENT ASSETS
Inventories 10 4,169,141 2,823,062
Debtors 11 2,170,535 2,745,697
Cash at bank and in hand 796,433 1,225,217
7,136,109 6,793,976
CREDITORS
Amounts falling due within one year 12 5,806,978 5,470,966
NET CURRENT ASSETS 1,329,131 1,323,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,473,022

1,471,783

PROVISIONS FOR LIABILITIES 14 160,774 170,280
NET ASSETS 1,312,248 1,301,503

CAPITAL AND RESERVES
Called up share capital 15 300,000 300,000
Retained earnings 16 1,012,248 1,001,503
SHAREHOLDERS' FUNDS 1,312,248 1,301,503

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:




C E Blampied - Director



C Ercole - Director


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 300,000 923,106 1,223,106

Changes in equity
Total comprehensive income - 78,397 78,397
Balance at 31 December 2022 300,000 1,001,503 1,301,503

Changes in equity
Total comprehensive income - 10,745 10,745
Balance at 31 December 2023 300,000 1,012,248 1,312,248

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 (250,730 ) 1,342,624
Interest paid (34,411 ) (20,206 )
Tax paid (31,069 ) -
Net cash from operating activities (316,210 ) 1,322,418

Cash flows from investing activities
Purchase of tangible fixed assets (125,644 ) (10,118 )
Sale of tangible fixed assets - 2,000
Interest received 13,070 5,408
Net cash from investing activities (112,574 ) (2,710 )

(Decrease)/increase in cash and cash equivalents (428,784 ) 1,319,708
Cash and cash equivalents at
beginning of year

2

1,225,217

(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 23,982 103,383
Depreciation charges 91,746 81,497
Loss on disposal of fixed assets 38,779 244
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 (1,346,079 ) 377,103
Decrease/(increase) in trade and other debtors 575,162 (164,635 )
Decrease in trade and other creditors (124,563 ) (88,859 )
Cash generated from operations (250,730 ) 1,342,624

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 (428,784 ) 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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Improvements to property - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 30% on cost
Computer equipment - 33% on cost

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
25,452,020 23,600,576

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,704,100 1,322,320
Social security costs 197,344 161,202
Other pension costs 181,841 109,244
2,083,285 1,592,766

The average number of employees during the year was as follows:
31.12.23 31.12.22

Number of administrative staff 22 17

31.12.23 31.12.22
£    £   
Directors' remuneration 395,121 346,588
Directors' pension contributions to money purchase schemes - 2,070

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 1 1

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 395,121 346,588
Pension contributions to money purchase schemes - 2,070

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire of plant and machinery 1,949 1,787
Other operating leases 124,967 116,410
Depreciation - owned assets 91,747 81,014
Loss on disposal of fixed assets 38,779 244
Auditors' remuneration 27,886 26,200
Foreign exchange differences 5,537 3,018

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank charges and interest 34,411 20,206

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 22,743 31,069

Deferred tax (9,506 ) (6,083 )
Tax on profit 13,237 24,986

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 23,982 103,383
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

5,641

19,643

Effects of:
Expenses not deductible for tax purposes 8,177 1,019
Depreciation in excess of capital allowances 8,925 10,407

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 52,596 40,396 242,095
Additions - - 44,658
Disposals - - (164,489 )
At 31 December 2023 52,596 40,396 122,264
DEPRECIATION
At 1 January 2023 44,551 39,260 212,172
Charge for year 8,045 1,136 13,776
Eliminated on disposal - - (164,349 )
At 31 December 2023 52,596 40,396 61,599
NET BOOK VALUE
At 31 December 2023 - - 60,665
At 31 December 2022 8,045 1,136 29,923

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 - 290,519 625,606
Additions 66,498 14,488 125,644
Disposals - (204,721 ) (369,210 )
At 31 December 2023 66,498 100,286 382,040
DEPRECIATION
At 1 January 2023 - 190,850 486,833
Charge for year 6,927 61,863 91,747
Eliminated on disposal - (166,082 ) (330,431 )
At 31 December 2023 6,927 86,631 248,149
NET BOOK VALUE
At 31 December 2023 59,571 13,655 133,891
At 31 December 2022 - 99,669 138,773

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 10,000
At 31 December 2022 10,000

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:

Sacla Fresco Limited
Registered office: Italy House, 16 Warwick Road, Beaconsfield, Buckinghamshire, HP9 2PE
Nature of business: Dormant.
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 10,000 10,000

10. INVENTORIES
31.12.23 31.12.22
£    £   
Inventories - goods for resale 4,169,141 2,823,062

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,890,714 2,386,313
VAT 120,922 164,151
Prepayments and accrued income 158,899 195,233
2,170,535 2,745,697

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 387,785 421,116
Amounts owed to group undertakings 4,994,169 4,525,266
Tax 22,743 31,069
Social security and other taxes 97,695 66,539
Accruals and deferred income 304,586 426,976
5,806,978 5,470,966

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 93,397 81,214
Between one and five years 565,110 472
658,507 81,686

14. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 10,774 20,280
Other provisions 150,000 150,000
160,774 170,280

Deferred
tax
£   
Balance at 1 January 2023 20,280
Movement in the year (9,506 )
Losses offset during year
Balance at 31 December 2023 10,774

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: £    £   
300,000 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 1,001,503
Profit for the year 10,745
At 31 December 2023 1,012,248

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).