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REGISTERED NUMBER: 11398246 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SIMPLAST UK LIMITED

SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIMPLAST UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: V Lorenzin
G Lorenzin





REGISTERED OFFICE: Wards Court
203 Ecclesall Road
Sheffield
United Kingdom
S11 8HW





REGISTERED NUMBER: 11398246 (England and Wales)





INDEPENDENT AUDITORS: Paul Howley & Co Ltd
Chartered Certified Accountants
Statutory Auditor
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB

SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 89,229 24,778

CURRENT ASSETS
Stocks 409,594 496,433
Debtors 6 1,623,660 2,317,863
Cash at bank 831,288 226,774
2,864,542 3,041,070
CREDITORS
Amounts falling due within one year 7 2,405,964 2,502,234
NET CURRENT ASSETS 458,578 538,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

547,807

563,614

CREDITORS
Amounts falling due after more than one
year

8

-

(319,777

)

PROVISIONS FOR LIABILITIES (22,307 ) -
NET ASSETS 525,500 243,837

CAPITAL AND RESERVES
Called up share capital 11 460,000 460,000
Retained earnings 65,500 (216,163 )
SHAREHOLDERS' FUNDS 525,500 243,837

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





G Lorenzin - Director


SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Simplast UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention.

Going concern
The directors have received confirmation from the parent company that it will continue to support the company.

With this support in place, and after assessing the parent's ability to provide support if required, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the period of 12 months from the date of approval of these financial statements

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

Sales of goods are recognised on dispatch to the customer.

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 term of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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


SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 46,740 96,407 11,817 6,899 161,863
Additions - 85,887 - - 85,887
At 31 March 2024 46,740 182,294 11,817 6,899 247,750
DEPRECIATION
At 1 April 2023 42,867 80,784 7,592 5,842 137,085
Charge for year 3,873 14,459 2,537 567 21,436
At 31 March 2024 46,740 95,243 10,129 6,409 158,521
NET BOOK VALUE
At 31 March 2024 - 87,051 1,688 490 89,229
At 31 March 2023 3,873 15,623 4,225 1,057 24,778

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,497,717 1,761,879
Amounts owed by group undertakings 43,038 477,006
Other debtors 82,905 78,978
1,623,660 2,317,863

Amounts owed by group undertakings are unsecured, have no fixed date of repayment, carry no interest and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 1,219,624 1,320,537
Trade creditors 889,046 949,619
Amounts owed to group undertakings 72,880 -
Taxation and social security 82,924 183,779
Other creditors 141,490 48,299
2,405,964 2,502,234

Amounts owed to group undertakings are unsecured, have no fixed date of repayment, carry no interest and are repayable on demand.

SIMPLAST UK LIMITED (REGISTERED NUMBER: 11398246)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings - 319,777

Amounts owed to group undertakings are unsecured and carry no interest.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year - 24,331

10. SECURED DEBTS

The debt of £1,219,624 (31.03.23 £1,320,537) described above as bank loans and overdrafts represents the balance owing in respect of trade debtors that have been factored. The debt of £1,219,624 (31.03.23 £1,320,537) has been advanced to the company by International Factors Italia S.p.A, a subsidiary company of BNP Paribas S.A. and is guaranteed by the holding company, Nuova Simplast S.N.C. Di Lorenzin Vincenzo E Ci, a company incorporated in Italy.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
460,000 Ordinary £1 460,000 460,000

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

The Report of the Auditors was unqualified.

Paul Berry (Senior Statutory Auditor)
for and on behalf of Paul Howley & Co Ltd

13. RELATED PARTY DISCLOSURES

The parent company has loaned plant and machinery to the company free of charge.

14. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Nuova Simplast S.N.C. Di Lorenzin Vincenzo E Ci, a company incorporated in Italy.