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REGISTERED NUMBER: 02176594 (England and Wales)







Financial Statements for the Year Ended 31st December 2023

for

Ferplast (UK) Limited

Ferplast (UK) Limited (Registered number: 02176594)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ferplast (UK) Limited

Company Information
for the Year Ended 31st December 2023







DIRECTOR: N Vaccari





SECRETARY: K Davies





REGISTERED OFFICE: Regus Business Centre
Community House
Stourport Road
Kidderminster
Worcestershire
DY11 7QE





REGISTERED NUMBER: 02176594 (England and Wales)





AUDITORS: Richards Sandy Audit Services Limited
(Statutory Auditor)
Thorneloe House
25 Barbourne Road
Worcester
WR1 1RU

Ferplast (UK) Limited (Registered number: 02176594)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 579 1,023
Investments 5 1,503,417 755,030
1,503,996 756,053

CURRENT ASSETS
Stocks 2,963 3,972
Debtors: amounts falling due within one year 6 1,601,980 1,860,836
Cash at bank 489,864 1,539,386
2,094,807 3,404,194
CREDITORS
Amounts falling due within one year 7 639,543 1,180,667
NET CURRENT ASSETS 1,455,264 2,223,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,959,260

2,979,580

CAPITAL AND RESERVES
Called up share capital 500,494 500,494
Other reserves 639,831 639,831
Retained earnings 1,818,935 1,839,255
2,959,260 2,979,580

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th September 2024 and were signed by:





N Vaccari - Director


Ferplast (UK) Limited (Registered number: 02176594)

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

1. STATUTORY INFORMATION

Ferplast (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

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

TURNOVER
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Fixtures and fittings-25% straight line
Computer equipment-25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where 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.

Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction.

Ferplast (UK) Limited (Registered number: 02176594)

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

2. ACCOUNTING POLICIES - continued

LISTED INVESTMENTS
Investments for which there is a quoted market value are valued at the bid-price ruling at the balance sheet date. Investment gains and losses arising during the year are included in the statement of income and retained earnings.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

OPERATING LEASES
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 483 1,777 2,260
DEPRECIATION
At 1st January 2023 483 754 1,237
Charge for year - 444 444
At 31st December 2023 483 1,198 1,681
NET BOOK VALUE
At 31st December 2023 - 579 579
At 31st December 2022 - 1,023 1,023

Ferplast (UK) Limited (Registered number: 02176594)

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

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Loans to group undertakings 494,074 755,030
Other investments not loans 1,009,343 -
1,503,417 755,030

Additional information is as follows:
Other
investments
£   
COST OR VALUATION
Additions 1,047,884
Disposals (61,462 )
Revaluations 22,921
At 31st December 2023 1,009,343
NET BOOK VALUE
At 31st December 2023 1,009,343


Loans to
group
undertakings
£   
At 1st January 2023 755,030
Repayment in year (300,001 )
Other movement 39,045
At 31st December 2023 494,074

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,467,175 1,732,096
Other debtors 123,075 121,200
Prepayments 11,730 7,540
1,601,980 1,860,836

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 85,144 3,988
Amounts owed to group undertakings 189,183 790,436
Social security and other taxes 9,173 8,252
VAT 325,906 244,749
Other creditors 1,418 1,097
Accrued expenses 28,719 132,145
639,543 1,180,667

Ferplast (UK) Limited (Registered number: 02176594)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 31,779 21,839
Between one and five years 34,005 16,469
65,784 38,308

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

The Report of the Auditors was unqualified.

Robert lestyn Richards FCA CTA FCCA (Senior Statutory Auditor)
for and on behalf of Richards Sandy Audit Services Limited

10. ULTIMATE HOLDING COMPANY

The ultimate holding company of Ferplast (UK) Limited is FIVAC S.r.l., a company registered in Italy. Consolidated accounts can be obtained from Via I Maggio, 5, 36070 Castelgomberto (VI), P.IVA 03584460244.