Registration number: 02522111

Aetna (UK) Limited

Contents

Aetna (UK) Limited

Company Information

Aetna (UK) Limited

Strategic Report for the Year Ended 31 December 2024

The director presents the strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the production and sale of end of line packaging products.

Principal risks and uncertainties

The principal risks and uncertainties facing Aetna (UK) Limited are exchange rate risk, credit risk, liquidity risk, market risk, Russia and Ukraine conflict risk and Brexit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Exchange rate risk: The company has some exposure to exchange rate fluctuations due to purchasing of goods in foreign currencies, however the majority of the companies purchases are from the parent company which invoices the company in pounds sterling.

Credit risk: The company's principal financial assets are bank and cash balances and trade and other receivables. The company's credit risk is attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Appropriate trade terms and negotiated with suppliers and customers and management reviews these terms and their relationship with suppliers and customers and manages any exposure on normal trade terms.

Liquidity risk: The directors consider the company's banking facilities are adequate going forward.

Market risk: The company operates in a highly competitive market which is a continuing risk to the company and could result in losing revenue to its key competitors. The company manages this risk by providing value added services to its customers, responding promptly to customer requests and by maintaining strong relationships with its customers.

Russia and Ukraine conflict risk: The Russia Ukraine conflict has brought tragic loss of life and destruction across Ukraine. The crisis is also causing political and economic disruptions across the world, with businesses navigating conflict related risks to their people, assets, operations, and supply chains in the region and globally. The company is not reliant on supply chains within this region, so the global impact on operations is minimal.

Brexit risk: The company trades with entities based in the European Union and the exit therefrom poses a risk for the company due to the uncertainty surrounding trade agreements. This is mitigated by the loyal supplier base with which the company has traded with for a number of years. The company management is monitoring the situation and will respond to any changes that arise from Brexit.

Fair review of the business

The director recognises the below Key Performance Indicators represent the current economic climate and they are confident they have the policies and procedures in place to ensure that the results in the forthcoming year are maintained should the economic climate remain similar.

Aetna (UK) Limited

Strategic Report for the Year Ended 31 December 2024

The results for the year and financial position of the company are as shown in the annexed financial statements.

Approved and authorised by the director on 2 April 2025
 

Aetna (UK) Limited

Director's Report for the Year Ended 31 December 2024

The report and the financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £700,000. The director does not recommend payment of a final dividend.

Director of the company

The director who held office during the year was as follows:

Stefano Pascucci

Future developments

The director expects growth in the present level of turnover and profit for the foreseeable future.

Reappointment of auditors

The auditors RBCA Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Disclosure of information to the auditors

Aetna (UK) Limited

Director's Report for the Year Ended 31 December 2024

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless 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, the director is required to:

The director isdirector is 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 to ensure that the financial statements comply with the Companies Act 2006. The director is 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.

Approved and authorised by the director on 2 April 2025
 

Aetna (UK) Limited

Independent Auditor's Report to the Members of Aetna (UK) Limited

Opinion

We have audited the financial statements of Aetna (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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.

In accordance with exemptions provided by the FRC's Ethical Standard, we have prepared and submitted the Company's returns to the tax authorities and assisted with the preparation of the accounts.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Aetna (UK) Limited

Independent Auditor's Report to the Members of Aetna (UK) Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

Aetna (UK) Limited

Independent Auditor's Report to the Members of Aetna (UK) Limited

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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.

Aetna (UK) Limited

Independent Auditor's Report to the Members of Aetna (UK) Limited

......................................
Brian Stewart (Senior Statutory Auditor)
For and on behalf of RBCA Limited, Statutory Auditor
 Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

2 April 2025

Aetna (UK) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Aetna (UK) Limited

(Registration number: 02522111)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 2 April 2025
 

Aetna (UK) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Aetna (UK) Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Packaging Heights
Highfield Parc Highfield Road
Oakley
Bedfordshire
MK43 7TA

The presentational currency is £ sterling and the level of rounding is to the nearest £.

These financial statements were authorised for issue by the director on 2 April 2025.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

Basis of preparation

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Tangible assets

Depreciation

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Cash and cash equivalents

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

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

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

Provisions

Retirement benefits

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

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.

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements and key sources of estimation uncertainty

Estimates and judgements made in the process of preparing the association financial statements are continually evaluated and are based on historical expenses and other factors, including expectations of future events that believed to be reasonable under the circumstances.

(a) Critical judgement in applying the entity's accounting policies

There are no critical judgements in applying the company's accounting policies.

(b) Critical accounting estimates and assumptions

The Director makes estimates and assumptions concerning the future in the process of preparing the company financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Bad debt provisions

Recoverability of trade debtors is part of the company's credit control process to regularly monitor the recoverability of trade debtors, and make adequate provisions for any doubtful amounts. Bad debt provisions are calculated both on a specific and general basis, using all information available to the company at the time.

(ii) Accruals

Estimates for accruals are made based on committed operational expenditure with reference to invoices or purchase orders.

(iii) Stock provisions

Stock provisions require management to exercise judgement and estimation in predicting future inventory values. By considering selling prices, costs of completion, inventory obsolescence, and market fluctuations, management aims to reflect the most accurate estimate of stock provision.

(iv) Warranty provisions

Warranty provisions reflect management's judgement regarding the future costs associated with fulfilling warranties on products or services sold. These provisions are measured at the best estimate of the amount required to settle the present obligation, taking into account relevant factors such as historical warranty claim experience, product performance data, and anticipated future costs.

There are no other critical accounting estimates and assumptions.

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The analysis of the company's Turnover for the year from continuing operations is as follows:

The analysis of the company's Turnover for the year by class of business is as follows:

The analysis of the company's Turnover for the year by market is as follows:

The analysis of the company's other gains and losses for the year is as follows:

Arrived at after charging/(crediting)

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The aggregate payroll costs (including director's remuneration) were as follows:

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

The director's remuneration for the year was as follows:

Remuneration disclosed above include the following amounts paid to the highest paid director:

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

	2024 £	2023 £
Current taxation
UK corporation tax on profits for the current period	278,407	280,197
Deferred taxation
Origination and reversal of timing differences	(4,020)	7,870
Tax expense in the income statement	274,387	288,067

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
 

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

	Freehold land and buildings £	Fixtures and fittings £	Plant and equipment £	Computers £
Cost or valuation
At 1 January 2024	340,000	194,760	63,106	10,162
Additions	-	14,107	1,976	-
Disposals	(340,000)	-	-	-
At 31 December 2024	-	208,867	65,082	10,162
Depreciation
At 1 January 2024	30,000	173,877	25,051	6,908
Charge for the year	2,267	10,381	9,767	2,234
Eliminated on disposal	(32,267)	-	-	-
At 31 December 2024	-	184,258	34,818	9,142
Carrying amount
At 31 December 2024	-	24,609	30,264	1,020
At 31 December 2023	310,000	20,883	38,054	3,254

	Leasehold improvements  £	Total £
Cost or valuation
At 1 January 2024	97,928	705,956
Additions	-	16,083
Disposals	-	(340,000)
At 31 December 2024	97,928	382,039
Depreciation
At 1 January 2024	97,928	333,764
Charge for the year	-	24,649
Eliminated on disposal	-	(32,267)
At 31 December 2024	97,928	326,146
Carrying amount
At 31 December 2024	-	55,893
At 31 December 2023	-	372,191

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Warranty provisions are estimated based on expected warranty costs on sales made by the company. The company generally operates a two year warranty period.

Dilapidations provisions are estimated based on external advice and the specific characteristics of the property they relate to.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
 

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.

Allotted, called up and fully paid shares

Aetna (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The Ordinary A and B shares constitute different classes of shares for the purposes of the Companies Act 2006. The Ordinary A shares and B shares rank pari passu in all respects except that the directors are empowered to declare dividends to any one or more of the share categories separately.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
 

The company has taken advantage of the exemption to subsidiary undertakings not to disclose transactions and balances with other group companies as the parent undertaking prepares consolidated accounts. The company is a wholly owned subsidiary of the parent undertaking.

The company's ultimate parent undertaking is Aetna Group Holding Spa. Consolidated accounts for the group of Aetna Group Holding Spa can be obtained from the following address:

Aetna Group Holding Spa,
S P Marechchia, 59,
47826 Villa Verucchio (RN)
Italy