Company registration number 01561013 (England and Wales)
FIBO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FIBO UK LIMITED
COMPANY INFORMATION
Directors
G S Beattie
A Carlson
E Koffeld
P Teixidor Bustins
Secretary
C Harvey
Company number
01561013
Registered office
Unit 1 Chiltern Court
Asheridge Road
Chesham
England
HP5 2PX
Auditor
Azets Audit Services
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
FIBO UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
FIBO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Operations and locations

Fibo UK Limited (the "Company") markets, sells and distributes wall panel solutions. The main customers are builders' merchants, house builders and distributors.

 

The year in brief

As part of its growth strategy, investment in the sales and marketing organisation has continued. The results from these efforts are considered to be satisfactory, with a sales growth rate of 28%. Based on feedback from customers, there is significant potential for accelerated growth in the years to come.

 

To support growth, innovation and product development have been key factors. During 2023, new product designs were launched, with very positive feedback from customers. In addition to new designs, several other initiatives are ongoing with the aim of strengthening the Company’s product offering through improved technical performance and reduced installation complexity.

 

Throughout the year, the Company has worked to strengthen its processes within different business areas. To meet the customers’ needs and requirements in the best possible way, the Company’s value proposition towards professionals and consumers has been further developed. Furthermore, the Company continues to invest in digital channels with relevant content, to create an appealing customer experience online.

Principal risks and uncertainties

Financial risk

The Group is exposed to financial risk in different areas and initiatives to reduce the financial risk are considered on a continuous basis.

 

Market risk

The Company purchases and sells goods in GBP and thus does not carry currency risk.

 

Credit risk

A strong credit control process ensures close to no bad debt issues.

 

The Group has not made any set-off or other derivative agreements to reduce the credit risk.

 

Liquidity risk

The Company’s liquidity is considered satisfactory and free available cash secures sufficient liquidity to meet operational needs and financing of investments.

 

The Group has not made any set-off or other derivative agreements to reduce the liquidity risk.

FIBO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and performance

Working environment and employees

The working environment is considered to be good, and improvement efforts are made on an ongoing basis. The results from these efforts are confirmed by good results in the employee NPS score.

 

The Board wishes to thank the employees for their positive contribution during 2023.

 

Code of Conduct

The Group has implemented a Code of Conduct, including Ethical guidelines, Environmental and Corporate Social Responsibility and Reporting procedures.

 

Equal opportunities

The Group aims to be a workplace with equal opportunities, and encourages women to apply for open positions in the Group.

 

Discrimination

The Discrimination Act’s objective is to promote gender equality, ensure equal opportunities and rights, and to prevent discrimination due to ethnicity, national origin, descent, skin colour, language, religion, and faith. The Company is working actively to encourage the act’s purpose within our business.

 

Environmental

The Group's operations comply with local and national regulations.

 

Outlook

Revenue growth is expected to continue, despite a slight decline in the building of new residential homes and high interest rates.

 

The relative market share when including tiles, wallpaper and paint is low. Given the advantages of the Company’s products compared to its competitors and substitutes, including the environmental footprint, the potential for continued growth from increased market penetration is positive.

 

The Board emphasises the general uncertainty related to future market development and all statements related to the future are based on the best current knowledge.

Key performance indicators

The Company's revenue has continued to grow from £13,814,778 in 2022 to £17,710,068 in 2023, which equates to a 28% increase. The Company continues to win market share as a result of increased investment in the Sales and Marketing teams.

 

 

2023

2022

2021

Revenue

£17,710,068

£13,814,778

£9,617,157

 

On behalf of the board

P Teixidor Bustins
Director
4 July 2024
FIBO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company is that of manufacturing and distributing wall panels.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G S Beattie
A Carlson
E Koffeld
P Teixidor Bustins
Directors' insurance

The company has a Directors' and Officers' Liability Insurance in place. The insurance covers the members of the board of directors. The insurance policy is issued by a reputable specialised insurer with appropriate rating, and protects the company’s directors, officers and any employees that can incur personal liability for claims made against them in respect of actual or alleged acts in their capacity as directors and officers.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

FIBO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.

On behalf of the board
P Teixidor Bustins
Director
4 July 2024
FIBO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIBO UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Fibo 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 changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FIBO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIBO UK LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FIBO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIBO UK LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  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 override of internal control.

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 an auditor's 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.

Michael Wesley FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
8 July 2024
Chartered Accountants
Statutory Auditor
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
FIBO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
17,710,068
13,814,778
Cost of sales
(14,447,013)
(10,814,605)
Gross profit
3,263,055
3,000,173
Administrative expenses
(2,661,647)
(2,430,264)
Operating profit
4
601,408
569,909
Finance costs
7
(28,350)
(31,316)
Profit before taxation
573,058
538,593
Income tax expense
8
(126,720)
(93,624)
Profit and total comprehensive income for the year
21
446,338
444,969

The income statement has been prepared on the basis that all operations are continuing operations.

FIBO UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
Non-current assets
Intangible assets
10
174
20,411
Property, plant and equipment
11
375,037
394,415
375,211
414,826
Current assets
Inventories
12
1,918,990
1,603,118
Trade and other receivables
13
3,499,738
3,103,260
Cash and cash equivalents
1,553,210
1,334,949
6,971,938
6,041,327
Current liabilities
Trade and other payables
15
6,077,618
3,639,150
Current tax liabilities
78,535
72,787
Lease liabilities
18
80,693
77,719
6,236,846
3,789,656
Net current assets
735,092
2,251,671
Non-current liabilities
Lease liabilities
18
253,245
255,777
Net assets
857,058
2,410,720
Equity
Called up share capital
20
10,000
10,000
Retained earnings
21
847,058
2,400,720
Total equity
857,058
2,410,720
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
P Teixidor Bustins
Director
Company registration number 01561013
FIBO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2022
10,000
1,955,751
1,965,751
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
444,969
444,969
Balance at 31 December 2022
10,000
2,400,720
2,410,720
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
446,338
446,338
Transactions with owners in their capacity as owners:
Dividends
9
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
10,000
847,058
857,058
FIBO UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,463,884
887,263
Interest paid
(28,350)
(31,316)
Income taxes paid
(120,972)
(101,354)
Net cash inflow from operating activities
2,314,562
754,593
Investing activities
Purchase of property, plant and equipment
(10,982)
(82,132)
Proceeds from disposal of property, plant and equipment
4,723
-
0
Net cash used in investing activities
(6,259)
(82,132)
Financing activities
Payment of lease liabilities
(90,042)
(37,918)
Dividends paid
(2,000,000)
-
0
Net cash used in financing activities
(2,090,042)
(37,918)
Net increase in cash and cash equivalents
218,261
634,543
Cash and cash equivalents at beginning of year
1,334,949
700,406
Cash and cash equivalents at end of year
1,553,210
1,334,949
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Fibo UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Chiltern Court, Asheridge Road, Chesham, England, HP5 2PX. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is earned from the sale of waterproof wall panels (sale of goods) and is recognised at the point in time when the relevant performance obligation is satisfied, which is when the goods have been dispatched and legal title has passed. There are no contracts whose performance obligations are satisfied over time.

 

Revenue is measured at the transaction price, being the fair value of the consideration receivable. The transaction price is reduced for estimated customer rebates.

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Software                    25% straight line

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold land and buildings
6.66% straight line
Fixtures and fittings
25% straight line
Plant and equipment
25% straight line
Hardware and computer equipment
25% straight line
Motor vehicles
33% straight line
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

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 the asset, and is recognised in the income statement.

In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. If inventory is impaired, the loss is recognised immediately within the income statement.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Adoption of new and revised standards and changes in accounting policies

There are no new accounting standards or amendments to existing accounting standards effective from 1 January 2023 that have an impact on the company.

 

At the date of authorisation of these financial statements, several new, but not yet effective Standards and amendments to existing Standards and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards have been adopted early by the company and have not been disclosed as they are not expected to have a material impact on the company's financial statements.

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sale of goods
17,710,068
13,814,778
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,320
13,000
Depreciation of property, plant and equipment
116,121
69,229
Amortisation of intangible assets (included within administrative expenses)
20,237
23,349
Write downs of inventories recognised as an expense
53,550
92,551
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
1
1
Sales
12
9
Office
9
7
Marketing
4
2
Total
26
19
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,281,814
1,075,888
Social security costs
153,308
129,264
Pension costs
67,960
50,004
1,503,082
1,255,156
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
217,092
235,799
Company pension contributions to defined contribution schemes
11,808
11,042
228,900
246,841

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
217,092
235,799
Company pension contributions to defined contribution schemes
11,808
11,042
7
Finance costs
2023
2022
£
£
Interest on lease liabilities
28,350
31,316
8
Income tax expense
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
126,720
93,472
Adjustments in respect of prior periods
-
0
152
Total UK current tax
126,720
93,624
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Income tax expense
(Continued)
- 18 -

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 23.52% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
573,058
538,593
Expected tax charge based on a corporation tax rate of 23.52% (2022: 19.00%)
134,786
102,333
Effect of expenses not deductible in determining taxable profit
960
1,027
Change in unrecognised deferred tax assets
12,105
(6,582)
Permanent capital allowances in excess of depreciation
-
0
(3,306)
Under/(over) provided in prior years
-
0
152
Over/(under) provided in current year
(21,131)
-
0
Taxation charge for the year
126,720
93,624
9
Dividends
2023
2022
2023
2022
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Final dividend paid
200.00
-
2,000,000
-
0
10
Intangible assets
Software
£
Cost
At 1 January 2022
92,036
At 31 December 2022
92,036
At 31 December 2023
92,036
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible assets
Software
£
(Continued)
- 19 -
Amortisation and impairment
At 1 January 2022
48,276
Charge for the year
23,349
At 31 December 2022
71,625
Charge for the year
20,237
At 31 December 2023
91,862
Carrying amount
At 31 December 2023
174
At 31 December 2022
20,411
At 31 December 2021
43,760
11
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Hardware and computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
-
0
7,709
14,563
24,783
66,665
113,720
Additions
212,434
-
0
78,053
4,079
113,649
408,215
At 31 December 2022
212,434
7,709
92,616
28,862
180,314
521,935
Additions
29,700
-
0
10,982
-
0
60,784
101,466
Disposals
-
0
(7,709)
(1,006)
(442)
(34,468)
(43,625)
At 31 December 2023
242,134
-
0
102,592
28,420
206,630
579,776
Accumulated depreciation and impairment
At 1 January 2022
-
0
7,709
13,986
15,262
21,334
58,291
Charge for the year
14,162
-
0
11,456
4,497
39,114
69,229
At 31 December 2022
14,162
7,709
25,442
19,759
60,448
127,520
Charge for the year
26,194
-
0
20,697
5,594
63,636
116,121
Eliminated on disposal
-
0
(7,709)
(1,006)
(442)
(29,745)
(38,902)
At 31 December 2023
40,356
-
0
45,133
24,911
94,339
204,739
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Hardware and computer equipment
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 20 -
Carrying amount
At 31 December 2023
201,778
-
57,459
3,509
112,291
375,037
At 31 December 2022
198,272
-
67,174
9,103
119,866
394,415

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2023
2022
£
£
Net values at the year end
Property
201,778
198,272
Motor vehicles
112,291
119,866
314,069
318,138
Total additions in the year
90,484
326,083
Depreciation charge for the year
Property
26,194
14,162
Motor vehicles
63,636
39,114
89,830
53,276
12
Inventories
2023
2022
£
£
Finished goods
1,918,990
1,603,118

The cost of inventories recognised as an expense in the year amounted to £8,443,485 (2022 - £7,271,601). This is included within cost of sales.

13
Trade and other receivables
2023
2022
£
£
Trade receivables
3,412,670
3,033,425
Prepayments
87,068
69,835
3,499,738
3,103,260
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Trade and other receivables
(Continued)
- 21 -

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

 

No significant receivable balances are impaired at the reporting end date.

14
Credit risk

The company finances its operations through a mixture of equity and group borrowings. The exposure to credit risk is mitigated by selling to a diverse range of customers and where necessary, obtaining either letter of credit or payments in advance.

 

The company does not have any significant exposure to any individual customer or counter-party, nor does it have any major concentration of credit risk related to any financial instruments.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

The company does not hold any collateral or other credit enhancements to cover this credit risk.

15
Trade and other payables
2023
2022
£
£
Trade payables
178,042
199,598
Amounts owed to fellow group undertakings
4,354,833
1,905,221
Accruals
939,909
987,217
Social security and other taxation
602,933
545,143
Other payables
1,901
1,971
6,077,618
3,639,150
16
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
17
Liquidity risk
Liquidity risk management

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company's approach to managing liquidity is to ensure that sufficient resources and flexibility is maintained to allow the company to meet it's obligations without incurring unacceptable losses or risking damage to the company's reputation.

 

The company manages liquidity risk by maintaining adequate banking and borrowings facilities and continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

18
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
101,796
105,195
In two to five years
204,557
216,398
In over five years
119,600
155,480
Total undiscounted liabilities
425,953
477,073
Future finance charges and other adjustments
(92,015)
(143,577)
Lease liabilities in the financial statements
333,938
333,496

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
80,693
77,719
Non-current liabilities
253,245
255,777
333,938
333,496
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
28,350
31,316

The company has leases for its office and motor vehicles. With the exception of short-term leases, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The company classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see note 11). The lease liabilities are secured by the related underlying assets.

Other leasing information is included in note 23.
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,960
50,004

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
10,000
10,000
10,000
10,000

Ordinary shares have the following rights, preferences and restrictions:

 

The ordinary shares have equal voting rights, equal rights to dividends and equal rights on distribution. They are not liable to be redeemed.

21
Retained earnings
2023
2022
£
£
At the beginning of the year
2,400,720
1,955,751
Profit for the year
446,338
444,969
Dividends
(2,000,000)
-
0
At the end of the year
847,058
2,400,720

Retained earning are cumulative profits generated by the company less distributions to shareholders via dividends. These are either reinvested in the business or kept as a reserve for specific objective.

22
Capital risk management

The capital of the company is represented by the net assets attributable to the members. The company's objective when managing the capital is to safeguard the ability to continue as a going concern in order to provide returns for members and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the company. The directors monitor capital on the basis of the value of net assets attributable to the members.

The company is not subject to any externally imposed capital requirements.

FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
23
Other leasing information
Lessee

The company has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12 months or less). Payments made under such leases are expensed on a straight-line basis.

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2023
2022
£
£
Expense relating to short-term leases
37,624
46,911
Information relating to lease liabilities is included in note 18.
24
Related party transactions
Remuneration of key management personnel

The remuneration of the directors, who are the only key management personnel, is set out in Note 6 Directors' remuneration.

Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Other related parties
-
0
-
0
8,476,983
8,439,333
Management charges paid
2023
2022
£
£
Parent company
282,654
432,398
2023
2022
Amounts due to related parties
£
£
Parent company
82,393
432,398
Other related parties
4,272,440
1,472,823
4,354,833
1,905,221
FIBO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
25
Controlling party

Fibo UK Limited is a wholly-owned subsidiary of Fibo Group AS, a company incorporated in Norway and its registered office is Karenslyst allé 53, 0279, Oslo, Norway.

The results of the company are included in the consolidated financial statements of Fibo Holding AS, a company incorporated in Norway and its registered office is Industriveien 2, NO-4580, Lyngdal, Norway.

 

The ultimate parent company is FSN Capital Fund IV, a fund under management of FSN Capital Partners AS. The directors consider that there is no one ultimate controlling party.

26
Cash generated from operations
2023
2022
£
£
Profit for the year before income tax
573,058
538,593
Adjustments for:
Finance costs
28,350
31,316
Amortisation and impairment of intangible assets
20,237
23,349
Depreciation and impairment of property, plant and equipment
116,121
69,229
Movements in working capital:
Increase in inventories
(315,872)
(136,424)
Increase in trade and other receivables
(396,478)
(1,008,767)
Increase in trade and other payables
2,438,468
1,369,967
Cash generated from operations
2,463,884
887,263
27
Analysis of changes in net funds
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,334,949
218,261
-
1,553,210
Obligations under finance leases
(333,496)
90,042
(90,484)
(333,938)
1,001,453
308,303
(90,484)
1,219,272
1 January 2022
Cash flows
New finance leases
31 December 2022
Prior year:
£
£
£
£
Cash at bank and in hand
700,406
634,543
-
1,334,949
Obligations under finance leases
(45,331)
37,918
(326,083)
(333,496)
655,075
672,461
(326,083)
1,001,453
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100G S BeattieA CarlsonE KoffeldP Teixidor BustinsC Harveyfalse015610132023-01-012023-12-3101561013bus:Director12023-01-012023-12-3101561013bus:Director22023-01-012023-12-3101561013bus:Director32023-01-012023-12-3101561013bus:Director42023-01-012023-12-3101561013bus:CompanySecretary12023-01-012023-12-3101561013bus:RegisteredOffice2023-01-012023-12-31015610132023-12-3101561013core:ContinuingOperations2023-01-012023-12-31015610132022-01-012022-12-3101561013core:ContinuingOperations2022-01-012022-12-3101561013core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101561013core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101561013core:IntangibleAssetsOtherThanGoodwill2023-12-3101561013core:IntangibleAssetsOtherThanGoodwill2022-12-31015610132022-12-3101561013core:CurrentFinancialInstruments2023-12-3101561013core:CurrentFinancialInstruments2022-12-31015610132022-12-31015610132021-12-3101561013core:Non-currentFinancialInstruments2023-12-3101561013core:Non-currentFinancialInstruments2022-12-3101561013core:ShareCapital2023-12-3101561013core:ShareCapital2022-12-3101561013core:RetainedEarningsAccumulatedLosses2023-12-3101561013core:RetainedEarningsAccumulatedLosses2022-12-3101561013core:OtherMiscellaneousReserve2021-12-3101561013core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101561013core:Held-to-maturityFinancialAssets2023-01-012023-12-3101561013core:UKTax2023-01-012023-12-3101561013core:UKTax2022-01-012022-12-310156101312023-01-012023-12-310156101312022-01-012022-12-310156101322023-01-012023-12-310156101322022-01-012022-12-3101561013core:ComputerSoftware2021-12-3101561013core:ComputerSoftware2022-12-3101561013core:ComputerSoftware2023-12-3101561013core:ComputerSoftware2022-12-3101561013core:ComputerSoftware2022-01-012022-12-3101561013core:ComputerSoftware2023-01-012023-12-3101561013core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3101561013core:PlantMachinery2021-12-3101561013core:FurnitureFittings2021-12-3101561013core:ComputerEquipment2021-12-3101561013core:MotorVehicles2021-12-3101561013core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3101561013core:PlantMachinery2022-12-3101561013core:FurnitureFittings2022-12-3101561013core:ComputerEquipment2022-12-3101561013core:MotorVehicles2022-12-3101561013core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3101561013core:PlantMachinery2023-12-3101561013core:FurnitureFittings2023-12-3101561013core:ComputerEquipment2023-12-3101561013core:MotorVehicles2023-12-3101561013core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3101561013core:PlantMachinery2022-01-012022-12-3101561013core:FurnitureFittings2022-01-012022-12-3101561013core:ComputerEquipment2022-01-012022-12-3101561013core:MotorVehicles2022-01-012022-12-3101561013core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3101561013core:PlantMachinery2023-01-012023-12-3101561013core:FurnitureFittings2023-01-012023-12-3101561013core:ComputerEquipment2023-01-012023-12-3101561013core:MotorVehicles2023-01-012023-12-3101561013core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-12-3101561013core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-12-3101561013core:ParentEntities2023-12-3101561013core:OtherRelatedParties2023-12-3101561013bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101561013bus:Audited2023-01-012023-12-3101561013bus:FullIFRS2023-01-012023-12-3101561013bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP