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REGISTERED NUMBER: 04108585 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FILIPPO BERIO UK LIMITED

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Financial Statements 15


FILIPPO BERIO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: W Zanre
Y Zhao
G M Laviola





SECRETARY: W Zanre





REGISTERED OFFICE: 2 Leman Street
London
United Kingdom
E1W 9US





REGISTERED NUMBER: 04108585 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

The purpose of this report is to inform members and help them to assess how the directors have performed their duty under s172 of the Companies Act 2006 to promote the success of the company.

FAIR REVIEW OF THE BUSINESS
Sales revenues increased by 19% year on year and volumes are down year on year by 9%.
This was as a result of the very high inflation in the cost of olive oil. For the second consecutive year there has been a poor olive crop in Spain which has caused a dramatic shortage of olive oil and resulted in very significant price inflation on raw material. These higher prices have been passed on to the trade who in turn have increased their supermarket shelf prices, which has caused a substantial decline in the consumption of olive oil in the UK.
However, inflation has outweighed the decline in volume and so gives rise to an increase in turnover. We have endeavored to maintain our market share during this very difficult trading period, with a tactical plan of marketing activity across the trade.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of our strategy are subject to several risks. The following section comprises a summary of the main risks which we believe could potentially impact upon our operating and financial performance.

Macroeconomic environment
There is significant inflation in the economy and particularly in the olive oil category due to a raw material shortage. This has obliged us to significantly increase prices which may result in a further decline is sales volumes. Our strategy is to continue to support the brand during this period of inflation with the objective of maintaining market share.

Commodity price risk
The company is exposed to fluctuations in raw material prices. These prices are constantly monitored to reduce the impact of such risk and if necessary, these increased costs are passed onto customers.

Competition/Customers
Our continued investment in advertising support for the brand is targeted to help us retain our key customers. The company continues to closely monitor competitors and changes in the UK grocery market.

Technology
Having devised and operated successful technological solutions required for our trading activities, we are constantly investigating improvements in these areas. During 2024 we have successfully implemented new software to improve the management of our business, and this will continue during 2025.

Legal
The company is subject to varying UK and EEC legal and compliance regulations. The company takes its responsibilities seriously and ensures that its policies, systems, and procedures are continually updated and comply with the legal requirements in all the sectors in which we operate.

Other performance indicators

2024 2023
Revenue 83,584,927 70,424,406
Cost of sales 76,275,103 63,153,752
Gross Profit as a percentage of revenue (%) 8.75 10.32
Number of employees 15 15
Employees (average) 15 15


FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

SECTION 172(1) STATEMENT
We continue to make significant investments in marketing to promote our brand and the continued success of the company.

The investment in marketing has strengthened our brand equity and raised awareness with consumers, which protects our stakeholder’s long-term interests.

We have invested in new software to improve the running of the business. This will provide more detailed and punctual information to our management and stakeholders.

In the medium and long term this investment will make the business more efficient and deliver the regular management information our stakeholders require.

We have invested in specific training to help develop our employee’s skills to assist them in being better able to execute their functions.

The Company adopts a policy of transparency with all suppliers, customers, and other business contacts. This results in excellent working relationships and a long-term association.

The Company takes very seriously its role impact on society and endeavors to support the local community. At all times we comply with all regulations relating to product safety and environmental impact. There is an ongoing program of work, evaluating how to reduce our environmental impact.

At all times, the Company and its representatives conduct business in a transparent and ethical manner to ensure we maintain the highest standards of business conduct.

The Company is an equal opportunities employer, does not tolerate any discrimination in the workplace and treats all its employees equally and fairly.

ON BEHALF OF THE BOARD:





W Zanre - Director


17 April 2025

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is the import and distribution of olive oil.

DIVIDENDS
The results for the year are set out on page 8.

Interim dividends paid during the year amounted to Nil (2023 - £2,200,000).
Final dividends were paid amounting to £1,700,000 (2023 - Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

W Zanre
Y Zhao

Other changes in directors holding office are as follows:

F Maccari - resigned 30 May 2024
M Francini - appointed 1 June 2024

G M Laviola was appointed as a director after 31 December 2024 but prior to the date of this report.

M Francini ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
Foreign currency risk
The company has no operations outside the UK but it buys most goods from Europe so prices are determinate on the Euro exchange rate. As a result the value of the company's assets and liabilities can be affected by movements between Sterling and the Euro.

Credit risk
The risk of financial loss due to third parties failing to honour their obligations arises principally where the company sells goods to customers. The company has implemented policies to minimise such losses, and they require that terms are only granted to customers who meet the internal requirements for having suitable payment history and adequate creditworthiness.

Future developments
The directors aim to maintain the management policies which have resulted in the company's growth in sales volumes in recent years.

DONATIONS AND EXPENDITURE
The company made donations amounting to £7,984.

ENGAGEMENT WITH EMPLOYEES
The company is aware of its obligations as an employer with regards to equal opportunities and health and safety. It is also aware that staff development benefits both the group and the employee and actively encourages training where necessary.


FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The company prioritises strong relationships with suppliers, customers, and other stakeholders, which are integral to its operations and strategic decision-making. The directors have focused on long-term supplier partnerships to ensure product quality, sustainability, and compliance with industry standards, while also addressing logistical and ethical sourcing challenges. Customer engagement has driven network expansion, product diversification, and packaging improvements in response to market demands. Beyond this, the company collaborates with regulatory bodies, logistics providers, and employees to uphold ethical practices, fair trade compliance, and environmental sustainability. These efforts have influenced key business decisions, including supplier diversification, investment in sustainable packaging, and expansion of distribution channels, ensuring operational resilience and long-term growth.

STREAMLINED ENERGY AND CARBON REPORTING
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
Belluzzo Audit Limited were appointed auditors during the year. Belluzzo Audit Limited, will be proposed for reappointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




W Zanre - Director


17 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILIPPO BERIO UK LIMITED


Opinion
We have audited the financial statements of Filippo Berio Uk Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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.

Conclusions relating to going concern
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.

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 financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILIPPO BERIO UK LIMITED


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILIPPO BERIO UK LIMITED


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK tax legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILIPPO BERIO UK LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

29 April 2025

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 4 83,584,927 70,424,406

Cost of sales (76,275,103 ) (63,153,752 )
GROSS PROFIT 7,309,824 7,270,654

Distribution costs (920,628 ) (1,002,429 )
Administrative expenses (2,482,856 ) (2,925,274 )
OPERATING PROFIT 7 3,906,340 3,342,951

Interest receivable and similar income 1,015 2,139
3,907,355 3,345,090

Interest payable and similar expenses 9 (553,415 ) (386,930 )
PROFIT BEFORE TAXATION 3,353,940 2,958,160

Tax on profit 10 (842,004 ) (692,688 )
PROFIT FOR THE FINANCIAL YEAR 2,511,936 2,265,472

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 12,242 19,034

CURRENT ASSETS
Stocks 13 10,696,536 6,318,807
Debtors 14 15,566,094 11,590,612
Cash at bank and in hand 2,694,888 3,552,615
28,957,518 21,462,034
CREDITORS
Amounts falling due within one year 15 (22,354,914 ) (15,674,512 )
NET CURRENT ASSETS 6,602,604 5,787,522
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,614,846

5,806,556

PROVISIONS FOR LIABILITIES 17 - (3,646 )
NET ASSETS 6,614,846 5,802,910

CAPITAL AND RESERVES
Called up share capital 18 30,000 30,000
Retained earnings 19 6,584,846 5,772,910
SHAREHOLDERS' FUNDS 6,614,846 5,802,910

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





W Zanre - Director


FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 30,000 5,707,438 5,737,438

Changes in equity
Dividends - (2,200,000 ) (2,200,000 )
Total comprehensive income - 2,265,472 2,265,472
Balance at 31 December 2023 30,000 5,772,910 5,802,910

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 2,511,936 2,511,936
Balance at 31 December 2024 30,000 6,584,846 6,614,846

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 22 2,239,299 6,320,931
Interest paid (553,415 ) (386,930 )
Income taxes paid (841,000 ) (753,190 )
Net cash from operating activities 844,884 5,180,811

Cash flows from investing activities
Purchase of tangible fixed assets (3,626 ) -
Interest received 1,015 2,139
Net cash from investing activities (2,611 ) 2,139

Cash flows from financing activities
Dividends paid (1,700,000 ) (2,200,000 )
Net cash from financing activities (1,700,000 ) (2,200,000 )

(Decrease)/increase in cash and cash equivalents (857,727 ) 2,982,950
Cash and cash equivalents at beginning of
year

23

3,552,615

569,665

Cash and cash equivalents at end of year 23 2,694,888 3,552,615

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Filippo Berio 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 company's principal place of business is Premiere House, Elstree Way, Borehamwood, Hertfordshire, WD6 1JH.

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" 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.

Turnover on the sale of goods is recognised when the risks and rewards of ownership are substantially transferred to the customer. Typically this is when the goods are dispatched.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings Leasehold 33.33% straight line
Plant and machinery 33.33% straight line
Fixtures, fittings & equipment 25% straight line
Motor vehicles 25% reducing balance

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.

Impairment of non-current 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.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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 statement of financial position 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 trade and other receivables 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade and other payables and loans from fellow group companies, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or
cancelled.

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.


FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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 non-current 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. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Promotional accruals
Accruals are accounted for using carefully considered sales. Inevitably, there is an element of judgement, however, the directors aim to achieve a fair balance to be presented in the financial statements.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation
Depreciation is an estimation of the value of the assets which are being utilised within the company. These are calculated using set percentages which the directors have agreed are appropriate.

Stock Provision
The directors consider the value of the stock provision to be appropriate. They are able to draw on many years of experience when arriving at the value.

Provision for Bad and Doubtful Debts
Trade debtors are reviewed and any bad debts are written off when it is apparent that the debtor is not recoverable. This directors consider this to be appropriate, given the nature of the trade debtors.

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 82,864,852 69,925,596
Commissions receivable 720,075 498,810
83,584,927 70,424,406

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 83,149,938 70,424,406
Europe 434,989 -
83,584,927 70,424,406

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,133,435 1,382,476
Social security costs 154,691 151,027
Other pension costs 35,037 37,400
1,323,163 1,570,903

The average number of employees during the year was as follows:
2024 2023

Administration 6 5
Sales and marketing 9 10
15 15

6. DIRECTORS' REMUNERATION
2024 2023
£    £   
Directors' remuneration 366,958 372,709

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 366,958 372,709

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 141,318 134,543
Depreciation - owned assets 10,418 18,102
Foreign exchange differences 9,821 84,196

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors and their associates for the audit of
the company's financial statements

20,000

65,000
Auditors' remuneration for non audit work 3,000 -

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable to group
undertakings 553,415 386,930
553,415 386,930

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Corporation tax 846,840 692,688

Deferred tax (4,836 ) -
Tax on profit 842,004 692,688

UK corporation tax has been charged at 25% (2023 - 23.52%).

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,353,940 2,958,160
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

838,485

695,759

Effects of:
Expenses not deductible for tax purposes 7,590 5,506
Depreciation in excess of capital allowances 765 2,494
Change in unrecognised deferred tax assets (4,836 ) (11,785 )
qualifying for tax allowances
Remeasurement in deferred tax for changes in tax rates - 714
Total tax charge 842,004 692,688

The applicable corporation tax rate has increased from 23.52% in the prior year to 25% in the current year. This change arises due to the increase in the UK main corporation tax rate to 25% from 1 April 2023.

In the prior year, the effective tax rate was lower because it reflected a blended rate, as the company’s financial year spanned periods before and after the rate change. The blended rate of 23.52% resulted from applying the previous 19% tax rate for part of the year and the new 25% rate for the remainder.

For the current year, the full 12-month period is subject to the 25% corporation tax rate, leading to the increase in the overall tax charge.

11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 1,700,000 -
Interim - 2,200,000
1,700,000 2,200,000

The final dividend paid by the company in the year amounted to £56.67 per share. (2023: Interim dividend £73.33 per share).

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 44,760 92,878 75,550 28,528 241,716
Additions - 3,626 - - 3,626
Disposals - (21,617 ) - - (21,617 )
At 31 December 2024 44,760 74,887 75,550 28,528 223,725
DEPRECIATION
At 1 January 2024 43,952 92,878 75,550 10,302 222,682
Charge for year 808 101 - 9,509 10,418
Eliminated on disposal - (21,617 ) - - (21,617 )
At 31 December 2024 44,760 71,362 75,550 19,811 211,483
NET BOOK VALUE
At 31 December 2024 - 3,525 - 8,717 12,242
At 31 December 2023 808 - - 18,226 19,034

13. STOCKS
2024 2023
£    £   
Finished goods and goods for
resale 10,696,536 6,318,807

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,218,361 11,254,008
Other debtors 9,785 159,229
VAT 122,343 9,858
Deferred tax asset 1,190 -
Prepayments and accrued income 214,415 167,517
15,566,094 11,590,612

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,936,627 2,273,860
Tax 349,481 456,708
Social security and other taxes 40,952 36,609
Other creditors - 184,039
Amounts owed to group undertak 13,745,784 8,743,881
Accruals and deferred income 5,282,070 3,979,415
22,354,914 15,674,512

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Therefore, the company presents this balance as current.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 181,257 104,986
Between one and five years 553,151 301,152
In more than five years - 66,000
734,408 472,138

17. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 3,646

Deferred
tax
£   
Balance at 1 January 2024 3,646
Credit to Statement of Comprehensive Income during year (4,836 )
Balance at 31 December 2024 (1,190 )

The deferred tax asset set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,000 Ordinary £1 30,000 30,000

19. RESERVES
Retained
earnings
£   

At 1 January 2024 5,772,910
Profit for the year 2,511,936
Dividends (1,700,000 )
At 31 December 2024 6,584,846

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


20. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 366,958 (2023 - £ 372,709 ) was paid.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

21. ULTIMATE CONTROLLING PARTY

The company is controlled by Salov Spa, a company incorporated in Italy.

The accounts for the parent company undertaking can be obtained from:

Salov Spa
Sede legale in Lucca
Direzione e Stabilimento
Via Montramito, 1600
55040 Massarosa
Italy

The ultimate parent undertaking is Bright Food (Group) Co. Limited, a company incorporated in the People's Republic of China.

The accounts of Bright Food (Group) Co. Limited are the largest group in which the results of the Company are consolidated. These accounts are not publically available.

The accounts of Salov Spa, are the smallest group in which the results of the Company are consolidated. These accounts are not publically available.

22. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit for the financial year 2,511,936 2,265,472
Depreciation charges 10,418 18,102
Finance costs 553,415 386,930
Finance income (1,015 ) (2,139 )
Taxation 842,004 692,688
3,916,758 3,361,053
(Increase)/decrease in stocks (4,377,729 ) 1,692,929
Increase in trade and other debtors (3,974,292 ) (460,173 )
Increase in trade and other creditors 6,674,562 1,727,122
Cash generated from operations 2,239,299 6,320,931

FILIPPO BERIO UK LIMITED (REGISTERED NUMBER: 04108585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


23. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,694,888 3,552,615
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,552,615 569,665


24. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 3,552,615 (857,727 ) 2,694,888
3,552,615 (857,727 ) 2,694,888
Total 3,552,615 (857,727 ) 2,694,888