Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruefalsetruetruetrue2023-01-01truetruetruefalse45true 10884887 2023-01-01 2023-12-31 10884887 2022-01-01 2022-12-31 10884887 2023-12-31 10884887 2022-12-31 10884887 2022-01-01 10884887 c:Director1 2023-01-01 2023-12-31 10884887 c:Director2 2023-01-01 2023-12-31 10884887 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10884887 d:Buildings d:LongLeaseholdAssets 2023-12-31 10884887 d:Buildings d:LongLeaseholdAssets 2022-12-31 10884887 d:MotorVehicles 2023-01-01 2023-12-31 10884887 d:MotorVehicles 2023-12-31 10884887 d:MotorVehicles 2022-12-31 10884887 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10884887 d:OfficeEquipment 2023-01-01 2023-12-31 10884887 d:OfficeEquipment 2023-12-31 10884887 d:OfficeEquipment 2022-12-31 10884887 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10884887 d:ComputerEquipment 2023-01-01 2023-12-31 10884887 d:ComputerEquipment 2023-12-31 10884887 d:ComputerEquipment 2022-12-31 10884887 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10884887 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10884887 d:OtherPropertyPlantEquipment 2023-12-31 10884887 d:OtherPropertyPlantEquipment 2022-12-31 10884887 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10884887 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10884887 d:CurrentFinancialInstruments 2023-12-31 10884887 d:CurrentFinancialInstruments 2022-12-31 10884887 d:Non-currentFinancialInstruments 2023-12-31 10884887 d:Non-currentFinancialInstruments 2022-12-31 10884887 d:Non-currentFinancialInstruments 3 2023-12-31 10884887 d:Non-currentFinancialInstruments 3 2022-12-31 10884887 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10884887 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10884887 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10884887 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10884887 d:ShareCapital 2023-12-31 10884887 d:ShareCapital 2022-12-31 10884887 d:RetainedEarningsAccumulatedLosses 2023-12-31 10884887 d:RetainedEarningsAccumulatedLosses 2022-12-31 10884887 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10884887 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10884887 c:FRS101 2023-01-01 2023-12-31 10884887 c:Audited 2023-01-01 2023-12-31 10884887 c:FullAccounts 2023-01-01 2023-12-31 10884887 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10884887 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10884887 d:CurrentFinancialInstruments 7 2023-12-31 10884887 d:CurrentFinancialInstruments 7 2022-12-31 10884887 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10884887










MAGNI TELESCOPIC HANDLERS UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 

CONTENTS



Page
Balance sheet
 
2
Notes to the financial statements
 
3 - 14


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
243,952
58,503

Current assets
  

Stocks
 6 
2,436,230
1,321,234

Debtors due after more than 1 year
  
21,525
21,525

Debtors due within 1 year
 7 
3,860,581
2,943,037

Bank and cash balances
  
924,219
469,191

  
7,242,555
4,754,987

Creditors: amounts falling due within one year
 8 
(6,875,796)
(4,572,704)

Net current assets
  
 
 
366,759
 
 
182,283

Total assets less current liabilities
  
610,711
240,786

  

Creditors: amounts falling due after more than one year
 9 
(142,647)
-

  
468,064
240,786

Provisions for liabilities
  

Deferred taxation
 10 
(13,543)
(13,543)

  
 
 
(13,543)
 
 
(13,543)

  

Net assets
  
454,521
227,243


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
444,521
217,243

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
REGISTERED NUMBER: 10884887
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


  
454,521
227,243


Page 1

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
REGISTERED NUMBER: 10884887
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




R Magni
E Magni
Director
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office address is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The principal trading address is Unit 10, Holton Heath Industrial Estate, Holton Road, Poole, Dorset BH16 6LG. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member



Page 3

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis as the company's parent undertaking has confirmed they will not seek repayment of amounts due until such time the company has sufficient net assets. Furthermore, the parent company confirmed that it will provide funds if necessary for the company to meet its forecast liabilities as they fall due. 

 
2.4

Impact of new international reporting standards, amendments and interpretations

There have been no material changes as a result of new IFRS or IAS standards, amendments or interpretations.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
Over the term of the lease
Motor vehicles
-
5 years
Office equipment
-
5 years
Computer equipment
-
3 years
Right of use assets
-
Over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 7

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in Creditors on the Balance sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in Tangible Fixed Assets in the Balance sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.10.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

Page 8

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.16

Financial Instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
 
Page 9

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


A
t amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no material judgements in applying accounting policies or key sources of estimation uncertainty.  


4.


Employees

The average monthly number of employees, including the directors, during the period was 4 (2022: 5)




Page 10

 


 
MAGNI TELESCOPIC HANDLERS UK LIMITED


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


5.


Tangible fixed assets






Leasehold property
Motor vehicles
Office equipment
Computer equipment
Right of Use Assets
Total

£
£
£
£
£
£



Cost


At 1 January 2023
24,505
62,706
19,704
8,026
142,441
257,382


Additions
-
44,843
9,908
-
175,745
230,496



At 31 December 2023

24,505
107,549
29,612
8,026
318,186
487,878



Depreciation


At 1 January 2023
20,821
31,393
14,737
5,476
126,452
198,879


Charge for the year on owned assets
3,684
10,769
4,665
1,153
24,776
45,047



At 31 December 2023

24,505
42,162
19,402
6,629
151,228
243,926



Net book value



At 31 December 2023
-
65,387
10,210
1,397
166,958
243,952



At 31 December 2022
3,684
31,313
4,967
2,550
15,989
58,503

Page 11

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Spare parts and consumables
119,115
88,126

Finished goods and goods for resale
2,317,115
1,233,108

2,436,230
1,321,234



Page 12

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
21,525
21,525

21,525
21,525

Due within one year

Trade debtors
3,701,600
2,535,616

Other debtors
16,628
16,628

Prepayments and accrued income
142,353
390,793

3,882,106
2,964,562



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,688,509
3,301,346

Amounts owed to group undertakings
816,624
619,623

Corporation tax
60,572
34,672

Other taxation and social security
240,219
306,498

Lease liabilities
33,098
15,989

Other creditors
22,345
19,081

Accruals and deferred income
14,429
275,495

6,875,796
4,572,704



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
142,647
-


Page 13

 
MAGNI TELESCOPIC HANDLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(13,543)
(13,543)



At end of year
(13,543)
(13,543)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
13,543
13,543


11.


Related party transactions

The total net amount owed at the balance sheet date to the immediate parent company is £6,297,453 (2022 - £3,469,958). This amount is interest free and repayable on demand. 


12.


Controlling party

The immediate and ultimate parent company is Magni Telescopic Handlers SRL, a company incorporated in Italy. The group financial statements, in which these financial statements have been consolidated are available from Via Magellano 22 Castelfranco Emilia, Modena, 41013, Italy.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 2 October 2024 by James Hallet (ACA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 14