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REGISTERED NUMBER: 02118430 (England and Wales)












IRPEN (UK) LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,764 32,144

CURRENT ASSETS
Stocks 920,816 901,803
Debtors 5 354,745 396,896
Cash at bank and in hand 126,151 146,537
1,401,712 1,445,236
CREDITORS
Amounts falling due within one year 6 1,847,408 1,722,853
NET CURRENT LIABILITIES (445,696 ) (277,617 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(423,932

)

(245,473

)

CAPITAL AND RESERVES
Called up share capital 9 344,749 344,749
Retained earnings (768,681 ) (590,222 )
SHAREHOLDERS' FUNDS (423,932 ) (245,473 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by:





Mr D C L Carlos Augusto - Director


IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Irpen (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02118430

Registered office: Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

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.

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 £.

Irpen (UK) Limited is a wholly owned subsidiary of Irpen SA, a company which is registered in Spain. The ultimate parent undertaking is Proirpen SL, a company which is registered in Spain.

Going concern
At the year end the company has negative shareholders' funds of £423,932 (2022: £245,473). The activities of the company are being supported by the parent company Irpen SA, which has confirmed its intention to continue this support for a period of at least twelve months from the date of approval of these financial statements.

At the time of finalising the annual accounts, the economic environment is suffering from inflation and uncertainties of the global markets. The current geopolitical situation has an impact on the supply chain and sales. The extent and duration of the actual geopolitical situation cannot be foreseen. The Irpen group has adequate resources to cover liquidity needs in the coming months and will support Irpen (UK) Limited. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over 118 months
Plant and machinery - at varying rates on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 50% on reducing balance

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


IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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 stock or fixed 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 28,540 234,064 262,604
Additions - 7,154 7,154
At 31 December 2023 28,540 241,218 269,758
DEPRECIATION
At 1 January 2023 14,753 215,707 230,460
Charge for year 2,902 14,632 17,534
At 31 December 2023 17,655 230,339 247,994
NET BOOK VALUE
At 31 December 2023 10,885 10,879 21,764
At 31 December 2022 13,787 18,357 32,144

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 272,889 345,425
Other debtors 81,856 51,471
354,745 396,896

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 7) - 8,222
Trade creditors 207,722 57,705
Amounts owed to group undertakings 1,475,532 1,506,906
Taxation and social security 101,324 118,902
Other creditors 62,830 31,118
1,847,408 1,722,853

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 8,222

IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 185,292 125,172
Between one and five years 388,642 328,184
573,934 453,356

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 8,222

This amount is secured by charges on the assets concerned.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
344,749 Ordinary £1 344,749 344,749

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

The Report of the Auditors was unqualified.

Martin Jones (Senior Statutory Auditor)
for and on behalf of Wallace Crooke

11. PENSION COMMITMENTS

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. The pension cost charge represents contributions payable by the company to the fund amounted to £7,386 (2022 - £6,899).

12. ULTIMATE CONTROLLING PARTY

Irpen (UK) Limited is a wholly owned subsidiary of Irpen SA, a company which is registered in Spain. The ultimate parent undertaking is Proirpen SL, a company which is registered in Spain.