Registered number: 03307179
Annual report and
financial statements
For the year ended 31 December 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
COMPANY INFORMATION
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CELLI ASSET MANAGEMENT (UK) LIMITED
CONTENTS
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CELLI ASSET MANAGEMENT (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are pleased to present their strategic report for the Company for the financial year ended 31 December 2023.
The policy of risk acceptance and risk management is addressed through an annual Board review process with approval and ongoing review. Compliance with regulation, legal and ethical standards is a high priority and the directors take an important oversight role in this regard.
The main risks to the business have been identified as a change in consumer behaviours, significant reliance on sales volume from a few key customers, changing customer service requirements from the current customer base and global competitors from low-cost environments. The business continues to manage these risks by diversifying not only products on offer but also the customer base whilst maintaining high quality standards to our existing customers, evolving our customer service solutions and efficiently managing our cost base and procurement process to ensure we remain competitive. We have continued to invest in the business through staff recruitment, IT and refining our quality control systems as part of the process of managing these risks.
The results of the Company for the year show a loss on ordinary activities before tax of £3.55m (2022 loss- £3.2m).
The shareholders' deficit totals £ 7.0m (2022 - £3.5m).
As sustainability becomes an increasing priority for customers and as environmental factors continue to influence the industry, both our Asset Management and Technical Services have experienced rising demand.
The asset management and service sectors remain highly competitive. In addition to the increase in demand, there has also been a notable shift in customer expectations, with many requesting more flexible services opening up new opportunities for the business. The manufacturing and hospitality industries continue to face challenges from rising material and utility costs, higher labour expenses, and a reduction in consumer spending. Furthermore, the influence of procurement groups representing major brands necessitates the development of new, high-quality services offered at competitive prices.
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CELLI ASSET MANAGEMENT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In 2023, the company's underlying performance showed notable improvement, driven by a stronger focus on indirect cost savings, the development of new revenue streams, and enhanced operational efficiency.
The Board of Directors, in collaboration with the Group, identified 2023 as a year dedicated to laying the foundation for robust growth in 2024. With the business now firmly established within the industry, the strategic focus for 2024 and beyond is to expand and diversify the customer base, providing greater flexibility. This includes offering a comprehensive range of services, from product development to installation, maintenance, and after-sales services, all managed by one unified Celli Group operating synergistically. A particular emphasis will be placed on the service and remanufacturing divisions, which are seen as key enablers in driving Celli product sales to new customers and markets that have not yet been reached.
This report was approved by the board on 10 April 2025 and signed on its behalf.
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CELLI ASSET MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
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CELLI ASSET MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Celli UK legal entities underperformed relative to expectations, primarily due to a decline in market demand, particularly within the alcoholic beverage technology sector, compounded by insufficient oversight from local management. To address these challenges, a new UK management team was appointed during the year, tasked with revitalising the leadership of this critical market for the group. These actions were part of Celli Group business review. In November 2023, Celli Group developed a comprehensive business plan aimed at addressing key issues identified throughout the year. This plan was designed to safeguard business continuity and maintain employment levels. All UK Celli legal entities were included in this strategic review, which set clear, sustainable targets for the short, medium, and long term. A close and continuous monitoring process was implemented, ensuring the sustainability of cash flows and treasury activities. The decline in revenue compared to 2022 is primarily due to the completion of a one-off project with a national key account. This revenue reduction was partially offset by a corresponding decrease in variable costs. The underlying performance for 2023 was further impacted by significant non-cash, one-off accounting adjustments, including stock write-offs, bad debt provisions, and other restructuring costs. Personnel costs for 2023 decreased as a result of a business process review that optimised the workforce size, thereby reducing costs and improving operational efficiency. The loss for the year, after tax, amounted to £3,460,434 (2022: loss of £3,234,110). As a result, no dividends will be declared for the year ended 31 December 2023 (2022: £Nil).
The directors who served during the year were:
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CELLI ASSET MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The financial statements of Celli Asset Management UK have been prepared using the going concern assumption.
The management of Celli Asset Management UK believes that the Company has the necessary financial resources, operational capabilities, and market positioning to continue its activities and meet its obligations. The Company has a robust plan in place to address any financial or operational challenges that may arise during the period. While management has no reason to believe that the Company will not continue as a going concern, certain factors could affect its ability to do so, including but not limited to changes in market conditions, adverse financial performance, or unforeseen circumstances that may impact operations. These risks are continuously monitored, and appropriate strategies are developed to mitigate their impact. As of the date of these financial statements, management believes the Company has sufficient financial resources and capital to continue its operations for at least the next 12 months. The Company can rely on the financial support from Celli Group, if required. Additionally, management is exploring various options to improve the Company's effectiveness and profitability. One of such option is to set up a partnership within the sole field service business with an experienced local player. Management believes that, while multinational group frameworks may be suitable for standardised businesses, private ownership would offer increased flexibility, faster response times, a stronger customer focus, the ability to provide tailored services, and enhanced adaptability to market changes. These advantages, in turn, would lead to greater market share and profitability. Management has also conducted a thorough review of the Company’s financial condition, operational capacity, and overall business outlook. Based on this review, the following points are provided to demonstrate that the Company is expected to continue as a going concern for at least the next 12 months:
1.Order Backlog and Contracts: The Company has secured long-term contracts (duration > 1 year) with major national accounts and relies on a healthy order backlog that guarantees a steady stream of revenue over the next 12 months. These contracts are expected to continue providing cash inflows and operational stability.
2.Financial Liabilities: The Company's outstanding debt and financial obligations primarily stem from invoice discounting agreements with banks, a practice the Company has successfully utilised in recent years. Additionally, there is Group debt managed within the Celli Group.
3.Operational Continuity: The Company has established strong operational processes, including supplier relationships, service planning, geographical presence and workforce stability, which will enable the business to continue functioning seamlessly in case of a sale. Management believes that these processes will remain intact and allow for continued success.
4.Market and Industry Outlook: The Company operates in a stable and growing industry, with favourable market conditions expected to persist over the next 12 months, especially for the service business.
5.No Threat of Bankruptcy or Liquidation: The Company has not experienced any liquidity issues or indications of bankruptcy. There are no legal proceedings or other threats that could undermine its ability to continue as a going concern.
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CELLI ASSET MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6.Streamlining of Operations Portfolio: Management has reviewed the Company’s diverse business portfolio and developed a strategy for each division:
∙Supply Chain: The Company will assess and terminate contracts with low profitability.
∙Special Projects: After completing the Coop Arena project, future initiatives will be carefully evaluated with specific focus on return on investments.
∙Remanufacturing: The remanufacturing of coolers, fonts, and casks will be transferred to Celli Group UK in Thirsk and integrated with the production teams for each product line, this will generate synergies and economy of scale.
∙Service: The Company recognises significant value in the service sector, but achieving this will require a shift in approach, including , as previously mentioned, collaboration with specialised partners.
7.Transition Plan: should the service partnership option be implemented, a comprehensive management transition plan will be developed to ensure that the Company will continue to operate smoothly. Key management personnel are committed to supporting the business and ensuring a seamless transition.
In conclusion, based on the above factors, management is confident that Celli Asset Management UK will remain a going concern for at least the next 12 months, and will continue to operate and meet all of its obligations even if the Company operates through a service partnership.
As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008", in the Strategic Report.
There have been no significant events affecting the Company since the year end.
Sargeant Partnership LLP resigned as auditor during the period and Azets Audit Services were appointed.
The auditor, Azets Audit Services, will be proposed for reappointment at the annual general meeting.
This report was approved by the board on
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CELLI ASSET MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CELLI ASSET MANAGEMENT (UK) LIMITED
Consequently as a result of the reported matters above, we were unable to determine whether the reported results for the year 31 December 2022 and the opening equity as at 1 January 2022 were materially correct. A change in the treatment of exceptional items in 2023 would impact the profit and loss account for the years ended 31 December 2020 to 2023.
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CELLI ASSET MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CELLI ASSET MANAGEMENT (UK) LIMITED (CONTINUED)
We draw attention to note 2.3 in the financial statements, which indicates that Company incurred a net loss of £3.5m during the year ended 31 December 2023 and, as of that date, the company’s current liabilities exceeded its total assets by £6m. As stated in note 2.3, these events or conditions, along with other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves with regards to the periods the exceptional items reported in 2023 relate to which would affect the results for the years ended 31 December 2020 and 2023. We have concluded that where the other information refers to creditors, opening balances or related costs of 2022, it may be materially misstated for the same reason.
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CELLI ASSET MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CELLI ASSET MANAGEMENT (UK) LIMITED (CONTINUED)
Except for the matter described in the basis for qualified opinion section of our report, in the light of the 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 or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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CELLI ASSET MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CELLI ASSET MANAGEMENT (UK) LIMITED (CONTINUED)
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
∙Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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CELLI ASSET MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CELLI ASSET MANAGEMENT (UK) LIMITED (CONTINUED)
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.
Senior Statutory Auditor
Chartered Accountants
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
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CELLI ASSET MANAGEMENT (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
REGISTERED NUMBER: 03307179
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The notes on pages 15 to 34 form part of these financial statements.
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CELLI ASSET MANAGEMENT (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Celli Asset Management Limited (the 'Company') is a private company, limited by shares and registered in England and Wales, registered number 03307179. The registered address is Thirsk Industrial Park, York Road, Thirsk, YO7 3BX.
The Company specialises in manufacturing, logistics, supply chain management, and service support, with a primary focus on the UK drinks industry. The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Celli S.p.a as at 31 December 2023 and these financial statements may be obtained from Casino Albini,605, 47842 San Giovanni in Marignano (RN), Italy.
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The management of Celli Asset Management UK believes that the Company has the necessary financial resources, operational capabilities, and market positioning to continue its activities and meet its obligations. The Company has a robust plan in place to address any financial or operational challenges that may arise during the period. While management has no reason to believe that the Company will not continue as a going concern, certain factors could affect its ability to do so, including but not limited to changes in market conditions, adverse financial performance, or unforeseen circumstances that may impact operations. These risks are continuously monitored, and appropriate strategies are developed to mitigate their impact. As of the date of these financial statements, management believes the Company has sufficient financial resources and capital to continue its operations for at least the next 12 months. The Company can rely on the financial support from Celli Group, if required. Additionally, management is exploring various options to improve the Company's effectiveness and profitability. One of such option is to set up a partnership within the sole field service business with an experienced local player. Management believes that, while multinational group frameworks may be suitable for standardised businesses, private ownership would offer increased flexibility, faster response times, a stronger customer focus, the ability to provide tailored services, and enhanced adaptability to market changes. These advantages, in turn, would lead to greater market share and profitability. Management has also conducted a thorough review of the Company’s financial condition, operational capacity, and overall business outlook. Based on this review, the following points are provided to demonstrate that the Company is expected to continue as a going concern for at least the next 12 months:
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The estimated useful lives range as follows:
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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Future instalments payable under such agreements are included in creditors net of the finance charge allocated to future periods. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation within creditors, and the finance element, which is charged to the profit or loss under the sum of digits method.
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The directors have considered and concluded there were no key sources of estimation uncertainty in applying the accounting policies.
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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CELLI ASSET MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate parent company, which is both the smallest and largest company into which the Company results are consolidated into, was Celli S.p.a, a company incorporated in Italy.
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