Company registration number 05333134 (England and Wales)
PIOVAN UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PIOVAN UK LIMITED
CONTENTS
Page
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 19
PIOVAN UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company in the year under review was the distribution of industrial equipment.
Results and dividends
The results for the year are set out on .
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Piovan
Mr N J Fox
Mr A J Gibbens
(Resigned 10 June 2024)
Mr A Blizzard
Mr D M Donnelly
Qualifying third party indemnity provisions
The company has put in place qualifying third party indemnity provisions for all of the directors of Piovan UK Limited.
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 50 day's purchases, based on the average daily amount invoiced by suppliers during the year.
Financial risk management objectives and policies
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade Debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
PIOVAN UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future developments
The directors aim to maintain the same management policies which have resulted in the company's performance to date.
Auditor
In accordance with the company's articles, a resolution proposing that Ormerod Rutter Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr N Piovan
Director
30 April 2025
PIOVAN UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
4
335,269
281,329
Deferred tax asset
10
31,609
24,173
366,878
305,502
Current assets
Stocks
5
724,974
694,318
Debtors
6
3,316,331
2,415,103
Cash at bank and in hand
1,724,528
751,077
5,765,833
3,860,498
Creditors: amounts falling due within one year
7
(4,893,598)
(3,177,960)
Net current assets
872,235
682,538
Total assets less current liabilities
1,239,113
988,040
Creditors: amounts falling due after more than one year
7
(150,954)
(188,022)
Provisions for liabilities
Other provisions
11
(50,000)
(22,250)
Net assets
1,038,159
777,768
Capital and reserves
Called up share capital
15
25,000
25,000
Profit and loss reserves
16
1,013,159
752,768
Total equity
1,038,159
777,768
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr N Piovan
Director
Company registration number 05333134 (England and Wales)
PIOVAN UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
25,000
339,670
364,670
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
413,098
413,098
Balance at 31 December 2023
25,000
752,768
777,768
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
260,391
260,391
Balance at 31 December 2024
25,000
1,013,159
1,038,159
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
1
Accounting policies
Company information
Piovan UK Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 7B Silver Birches Business Park, Aston Fields, Bromsgrove, Worcestershire, B60 3EU. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Piovan S.p.A. The group accounts of Piovan S.p.A. are available to the public and can be obtained as set out in note 22.
The company is a wholly owned subsidiary of Piovan S.p.A., which publishes consolidated financial statements in which the company is included. These accounts present information about the company on an individual basis.
1.2
Going concern
After making enquiries into future trading forecasts and cash requirements the directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation that the company has adequate resources to meet its obligations and continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in preparing the directors report and accounts.true
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
In order to provide the qualitative disclosures required by IFRS 15, it should be noted that the company's revenue can be broken down into:
i. Revenue from the sale of automation systems for the storage, transport and processing of plastics ("Plastic Systems"), including:
contracts in which performance obligations are met "at a point in time": this category includes sales of systems, plants and equipment. This category includes contracts that generally provide for a single performance obligation represented by the supply of the plant/equipment and others in which there are three performance obligations represented by (i) the design of machinery and engineering solutions and the production of plant and systems; (ii) installation and (iii) start-up and parameterization. In these types of contractual relationships, the company recognises Revenue when the customer obtains control of the asset, normally identified, according to the contractual conditions, on shipment or delivery of the plant/product to the customer, while for the other two performance obligations the revenue is recorded when the service is provided.
contracts in which the performance obligations are met "over time": typically these are the sale of certain plants with a high degree of customisation required by customers and in which the contractual conditions provide that control of the asset is transferred to the customer either on testing or on installation. It is considered that the contractual performance obligation is unique and that it is fulfilled over time since the product system has no alternative use for the company, being very specific and customised, and since the company is entitled to receive a fee for what has been completed on the date in the event of cancellation of the order. Therefore, the company records the sales revenue of these plants in proportion to the progress on the performance obligation.
In order to determine progress, an input method is used, i.e. the cost-to-cost method, which provides for the proportion of contract costs incurred for work carried out up to the reporting date to the total estimated contract costs. Estimates are based on contract forecasting and reporting data and, where necessary, estimates of contract revenue and costs are revised. Any economic effects are recognised in the period in which the updates are made. Generally, the execution time required for these installations is not more than one year and payments on account are foreseen.
Contract work in progress is stated net of advances concerning the contract in course of execution. Given that the analysis is carried out contract by contract, the statement of financial position is as follows:
- when the costs incurred, increased by the related margins recorded, exceed the advances received from customers, the difference is recognised as contract asset within debtors,
- when the advances received from customers exceed the costs incurred, increased by the related margins recorded, the difference is recognised as a contract liability within creditors.
ii. Revenue from spare parts sales:
iii. Revenue for technical assistance services
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.4
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 include 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 on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Office equipment, furniture & fixtures
25% reducing balance, 50% straight line
Tools
25% reducing balance
Computer equipment
33% reducing balance
Right of use assets - buildings
straight-line over the lease term
Right of use assets - vehicles
straight-line over the lease term
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'Administrative Expenses' in the Profit and Loss Account.
1.5
Impairment of tangible and intangible assets
At each reporting 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.
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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average costing basis.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over their 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.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Work in progress relates to stock items that have been despatched to customers but have not yet been installed. The sale of these items is recognised upon installation. The customer does not obtain control or the significant risks and rewards of ownership of these items before they are installed.
1.7
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial assets
Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
Impairment of financial assets
Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.
Impairment provisions represent the differences between the net carrying amount of a financial asset and the present value of the expected future cash receipts from that asset.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.11
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.
1.12
Provisions
Provisions are made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charge to the provision carried in the Balance Sheet.
1.13
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 inventories or fixed 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.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.14
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
1.15
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term in accordance with IFRS 16.6.
1.16
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.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2
Critical accounting estimates and judgements
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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Key sources of estimation uncertainty
Tangible assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Stocks
At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.
Trade debtors
At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the Profit and Loss Account.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total employees
26
25
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Tangible fixed assets
Tools
Office equipment, furniture & fixtures
Computer equipment
Right of use assets - buildings
Right of use assets - vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
43,750
94,635
51,837
162,696
336,302
689,220
Additions
3,349
2,000
20,070
198,815
224,234
Disposals
(10,697)
(61,440)
(20,848)
(112,158)
(205,143)
At 31 December 2024
36,402
35,195
51,059
162,696
422,959
708,311
Accumulated depreciation and impairment
At 1 January 2024
32,650
82,598
28,388
119,046
145,209
407,891
Charge for the year
3,612
3,511
14,362
23,809
115,159
160,453
Eliminated on disposal
(9,271)
(58,633)
(16,883)
(110,515)
(195,302)
At 31 December 2024
26,991
27,476
25,867
142,855
149,853
373,042
Carrying amount
At 31 December 2024
9,411
7,719
25,192
19,841
273,106
335,269
At 31 December 2023
11,100
12,037
23,449
43,650
191,093
281,329
Tangible fixed assets includes right-of-use assets, as follows:
Right-of-use assets
2024
2023
£
£
Net values at the year end
Right of use assets - buildings
19,841
46,350
Right of use assets - vehicles
273,106
191,093
292,947
237,443
Total additions in the year
198,815
179,287
Depreciation charge for the year
Right of use assets - buildings
23,809
23,809
Right of use assets - vehicles
115,159
97,842
138,968
121,651
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 14 -
The company leases one property which has a remaining lease term of 1 year.
The company leases 17 vehicles which have remaining lease terms of 0-4 years.
Details of the lease liabilities are given in note 16.
Amounts recognised in the Profit and Loss Account
depreciation expense on right-of-use assets totalled £138,968
interest expense on lease liabilities totalled £7,080
5
Stocks
2024
2023
£
£
Raw materials
724,974
694,318
There is no material difference between the replacement cost of stocks and the amounts stated above.
The cost of inventories expensed in the year and included in cost of sales was £4,144,429 (2023: £4,429,714).
An impairment provision of £187,507 (2023: £145,408) is included in stock.
Stock impairment costs recognised in the year totalled £42,098 (2023: £19,014).
6
Debtors
2024
2023
£
£
Trade debtors
1,061,007
1,521,123
Provision for bad and doubtful debts
(40,156)
(38,671)
1,020,851
1,482,452
Corporation tax recoverable
-
8,432
Amounts owed by fellow group undertakings
1,744,617
826,184
Other debtors
473,582
22,559
Prepayments and accrued income
77,281
75,476
3,316,331
2,415,103
Deferred tax asset (note 10)
31,609
24,173
3,347,940
2,439,276
The year end provision was £40,156 (2023 £38,671).
Trade debtors, amounts owed by fellow group undertakings and other debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
7
Creditors
Due within one year
Due after one year
2024
2023
2024
2023
Notes
£
£
£
£
Creditors
8
1,394,786
1,069,813
54,379
Corporation tax
44,304
-
-
Other taxation and social security
506,544
334,336
-
-
Lease liabilities
9
129,373
94,205
150,954
133,643
Deferred income
12
2,818,591
1,679,606
4,893,598
3,177,960
150,954
188,022
8
Creditors
Due within one year
Due after one year
2024
2023
2024
2023
£
£
£
£
Trade creditors
970,595
605,504
Amounts owed to fellow group undertakings
93,699
15,561
-
-
Accruals and deferred income
197,901
364,282
Other creditors
132,591
84,466
-
54,379
1,394,786
1,069,813
-
54,379
Trade creditors, amounts owed to fellow group undertakings, and other creditors are classified as creditors and are therefore measured at amortised cost.
Other creditors due within one year includes £132,590 (2023: £84,466) in respect of amounts owed under group long-term incentive schemes.
Other creditors due after one year includes £nil (2023: £54,379) in respect of amounts owed under group long-term incentive schemes.
9
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
129,373
97,392
In two to five years
150,954
136,305
Total undiscounted liabilities
280,327
233,697
Future finance charges and other adjustments
-
(5,849)
Lease liabilities in the financial statements
280,327
227,848
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Lease liabilities
(Continued)
- 16 -
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
129,373
94,205
Non-current liabilities
150,954
133,643
280,327
227,848
The fair value of the company's lease obligations is approximately equal to their carrying amount.
Other leasing information is included in note 18.
10
Deferred taxation
Assets
2024
2023
£
£
Deferred tax balances
31,609
24,173
Deferred tax assets are expected to be recovered within one year.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated capital allowances
Share based payments
Short term timing differences
Total
£
£
£
£
Asset at 1 January 2023
(7,478)
25,478
5,383
23,383
Deferred tax movements in prior year
Credit/(charge) to profit or loss
(1,711)
(1,190)
3,691
790
Asset at 1 January 2024
(9,189)
24,288
9,074
24,173
Deferred tax movements in current year
Credit/(charge) to profit or loss
523
975
5,938
7,436
Asset at 31 December 2024
(8,666)
25,263
15,012
31,609
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
50,000
22,250
Movements on provisions:
Dilapidation provision
£
At 1 January 2024
22,250
Additional provisions in the year
27,750
At 31 December 2024
50,000
12
Deferred revenue
2024
2023
£
£
Arising from deposits and contract liabilities
2,818,591
1,679,606
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,382
126,680
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no outstanding or prepaid contributions at either the beginning or end of the financial year.
14
Share-based payments
The parent company Piovan S.p.A. operates a long-term incentive scheme under which it has granted rights to certain employees to receive cash payments based on the value of Piovan S.p.A.'s shares, and conditional on the achievement of certain performance targets. The rights to payments will vest from 2022-2024.
The costs of any such cash payments due to employees of Piovan UK Limited are borne by Piovan UK Limited.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of £1 each
25,000
25,000
25,000
25,000
Issued and fully paid
Ordinary of £1 each
25,000
25,000
25,000
25,000
The profits of the company are available for distribution in respect of each accounting period. In the event of a winding-up, surplus assets and retained profits of the company after payment of its liabilities are available for distribution among the members. All shares carry voting rights of one vote per share.
16
Profit and loss reserves
Profit and loss reserves represent accumulated realised profits less accumulated realised losses and dividends paid.
17
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Colm McGrory FCA
Date of audit report:
30 April 2025
18
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2024
2023
£
£
Expense relating to leases of low-value assets
3,987
4,784
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Other leasing information
(Continued)
- 19 -
Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:
2024
2023
Operating leases apart from land and buildings
£
£
Within one year
3,987
4,784
Between two and five years
-
3,987
3,987
8,771
Information relating to lease liabilities is included in note 9.
19
Capital commitments
2024
2023
£
£
At 31 December 2024 the company had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of tangible fixed assets
27,368
205,563
20
Related party transactions
During the year, purchases of £475 (2023 - £475) were made by Piovan UK Limited to The Polymer Machinery Manufacturing and Distributors Association Limited which is a related party of N J Fox. At 31 December 2024 £Nil (2023 - £Nil) was owed by Piovan UK Limited.
21
Directors' transactions
During the year amounts repaid by directors were £2,169 (2023 - nil). At the year end amounts owed by directors to the company were £21,150 (2023 - nil).
During the year, one director was entitled to receive payments under a long-term incentive scheme operated by the parent company, Piovan S.p.A. The amount owed to the director in respect of these arrangements at the year end was £132,591 (2023; £138,845) and is split between other creditors due within one year (£132,591) and other creditors due after one year (nil).
22
Controlling party
The company's parent undertaking is Piovan S.p.A., a company incorporated in Italy. The address of the parent company's registered office is Via delle Industrie 16 –30036 S. Maria di Sala (Venice) Italy.
The results of the company are included in the consolidated financial statements of Piovan S.p.A. which are available from the company's website at https://ir.piovangroup.com/en/financial-statements/
The ultimate controlling party and ultimate parent undertaking is Automation Systems S.p.A by virtue of its 64.82% interest in Piovan S.p.A.
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