REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2023 |
for |
Ferplast (UK) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors: amounts falling due within one year | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
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 |
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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Other investments not loans |
Additional information is as follows: |
Other |
investments |
£ |
COST OR VALUATION |
Additions |
Disposals | ( |
) |
Revaluations |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
Loans to |
group |
undertakings |
£ |
At 1st January 2023 |
Repayment in year | ( |
) |
Other movement |
At 31st December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 325,906 | 244,749 |
Other creditors |
Accrued expenses |
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 |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |