Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-092025-05-122024-12-312025-05-092024-01-012826falseManufacturing and Installation of airconditioning unitsfalsefalsefalse 03112873 2024-01-01 2024-12-31 03112873 2023-01-01 2023-12-31 03112873 2024-12-31 03112873 2023-12-31 03112873 2023-01-01 03112873 5 2024-01-01 2024-12-31 03112873 5 2023-01-01 2023-12-31 03112873 d:CompanySecretary1 2024-01-01 2024-12-31 03112873 d:Director1 2024-01-01 2024-12-31 03112873 d:Director2 2024-01-01 2024-12-31 03112873 d:RegisteredOffice 2024-01-01 2024-12-31 03112873 d:Agent1 2024-01-01 2024-12-31 03112873 d:Agent2 2024-01-01 2024-12-31 03112873 e:Buildings 2024-01-01 2024-12-31 03112873 e:Buildings 2024-12-31 03112873 e:Buildings 2023-12-31 03112873 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:PlantMachinery 2024-01-01 2024-12-31 03112873 e:PlantMachinery 2024-12-31 03112873 e:PlantMachinery 2023-12-31 03112873 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:MotorVehicles 2024-01-01 2024-12-31 03112873 e:MotorVehicles 2024-12-31 03112873 e:MotorVehicles 2023-12-31 03112873 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:FurnitureFittings 2024-01-01 2024-12-31 03112873 e:FurnitureFittings 2024-12-31 03112873 e:FurnitureFittings 2023-12-31 03112873 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:OfficeEquipment 2024-01-01 2024-12-31 03112873 e:OfficeEquipment 2024-12-31 03112873 e:OfficeEquipment 2023-12-31 03112873 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03112873 e:CurrentFinancialInstruments 2024-12-31 03112873 e:CurrentFinancialInstruments 2023-12-31 03112873 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03112873 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03112873 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 03112873 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03112873 e:ReportableOperatingSegment2 2024-01-01 2024-12-31 03112873 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 03112873 e:UKTax 2024-01-01 2024-12-31 03112873 e:UKTax 2023-01-01 2023-12-31 03112873 e:ShareCapital 2024-12-31 03112873 e:ShareCapital 2023-12-31 03112873 e:ShareCapital 2023-01-01 03112873 e:SharePremium 2024-12-31 03112873 e:SharePremium 2023-12-31 03112873 e:SharePremium 2023-01-01 03112873 e:CapitalRedemptionReserve 2024-12-31 03112873 e:CapitalRedemptionReserve 2023-12-31 03112873 e:CapitalRedemptionReserve 2023-01-01 03112873 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03112873 e:RetainedEarningsAccumulatedLosses 2024-12-31 03112873 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03112873 e:RetainedEarningsAccumulatedLosses 2023-12-31 03112873 e:RetainedEarningsAccumulatedLosses 2023-01-01 03112873 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03112873 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03112873 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 03112873 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 03112873 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03112873 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03112873 d:OrdinaryShareClass1 2024-12-31 03112873 d:OrdinaryShareClass1 2023-12-31 03112873 d:FRS102 2024-01-01 2024-12-31 03112873 d:Audited 2024-01-01 2024-12-31 03112873 d:FullAccounts 2024-01-01 2024-12-31 03112873 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03112873 e:WithinOneYear 2024-12-31 03112873 e:WithinOneYear 2023-12-31 03112873 e:BetweenOneFiveYears 2024-12-31 03112873 e:BetweenOneFiveYears 2023-12-31 03112873 2 2024-01-01 2024-12-31 03112873 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03112873









AERMEC UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
AERMEC UK LIMITED
 
 
COMPANY INFORMATION


Directors
M Gioachin 
P Lawrence 




Company secretary
P Hughes



Registered number
03112873



Registered office
Charles Lake House
Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
Natwest Bank plc
5 The Mall

London Road

Swanley

Kent

BR8 7YZ





Scottish Widows Bank plc

67 Morrison Street

Edinburgh

EH3 8YH





 
AERMEC UK LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11 - 12
Notes to the financial statements
 
13 - 24

 
AERMEC UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
During every financial year, the Aermec UK directors undertake a rolling 3 year planning process where they, based on current planned initiatives and expansion plans driven by the overall Aermec group strategy and current market conditions, prepare a forecast of the company; expected turnover and earnings for the respective financial years. The plan is used to establish the medium term targets for each strategic initiative and performance measured. 
Our strategy plans have been in line with financial performance since 2016. Our 2025 plan does not differ materially from our 2024 plan and we are pleased to report that the 2024 year accorded with our expectations. 2025 will include some research and development costs for 2 new product lines which may be launched in quarter 4 of 2025. 
Aermec believe that teamwork coupled with professionalism in all aspects of HVAC equipment supply and aftersales service will continue to be the foundation for the future. This is a core value taken from our founder Giordano Riello and is the foundation of Aermec SPA since 1961. 

Principal risks and uncertainties
 
The key business risks and uncertainties are considered to relate to foreign exchange risk and continuing to manage the increased demand versus the available capacity. The board of directors are constantly assessing the potential business risks and planning for all eventualities.

Financial key performance indicators
 
The directors consider that turnover and gross margin are the key performance indicators of the business.

Other key performance indicators
 
In addition to monitoring and measuring its performance the board reviews the key performance indicators. The formal annual review is supplementary to the ongoing review of strategy and related performance measures. To assist the performance measures of performance against strategy, all strategy initiatives are driven and owned by the UK leadership team.


This report was approved by the board on 9 May 2025 and signed on its behalf.



P Lawrence
Director
Page 1

 
AERMEC UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,132,046 (2023 - £1,744,073).

During the year dividends were voted of £Nil (2023: £1,000,000)

Directors

The directors who served during the year were:

M Gioachin 
P Lawrence 

Future developments

The directors are not aware of any future developments to be disclosed in the financial statements.

Page 2

 
AERMEC UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 May 2025 and signed on its behalf.
 





M Gioachin
Director
Page 3

 
AERMEC UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AERMEC UK LIMITED
 

Opinion


We have audited the financial statements of Aermec UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
AERMEC UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AERMEC UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' responsibilities statement set out on page 2, 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 is 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.


Page 5

 
AERMEC UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AERMEC UK LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law 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 discussion with directors and other
   management, and from our commercial knowledge and experience of the construction and hire industry which
   the company operates in;
•  The specific laws and regulations which we considered may have a direct material effect on the financial
    statements or the operations of the company, are as follows;
      o Companies Act 2006
     o FRS102
      o Health and Safety legislation
     o Employment legislation
      o Tax legislation
      o Environmental Agency - Waste Regulations 2011
      o ISO standards 9001 & 14001; and
      o FGAS.
•  We assessed the extent of compliance with the laws and regulations identified above through making
    enquiries of management, reviewing board minutes and inspecting relevant correspondence; and
•  Laws and regulations were communicated within the audit team at the planning meeting, and during the audit
   as any further laws and regulation were identified. The audit team remained alert to instances of 
   non-compliance throughout the audit; 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 enquires of management as to where they consider there was susceptibility to fraud and 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;
•  Reviewing the financial statements and testing the disclosures against supporting documentation;
•  Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
•  Inspecting and testing journal entries to identify unusual or unexpected transactions;
•  Assessing whether judgement and assumptions made in determining significant accounting estimates,
   including stock provisions and the useful economic lives of tangible fixed assets, were
   indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the 
  company’s usual course of business.
 
Page 6

 
AERMEC UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AERMEC UK LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
•   Management bias in the estimates and judgements made;
•   Management override of controls; and
•   Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jamie Hall (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
 
Date: 
12 May 2025
Page 7

 
AERMEC UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
41,521,746
30,472,668

Cost of sales
  
(35,847,887)
(26,064,798)

Gross profit
  
5,673,859
4,407,870

Administrative expenses
  
(2,897,727)
(2,172,637)

Operating profit
  
2,776,132
2,235,233

Interest receivable and similar income
 8 
107,925
48,924

Interest payable and similar expenses
 9 
-
(516)

Profit before tax
  
2,884,057
2,283,641

Tax on profit
 10 
(752,011)
(539,568)

Profit for the financial year
  
2,132,046
1,744,073

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 24 form part of these financial statements.
Page 8

 
AERMEC UK LIMITED
REGISTERED NUMBER: 03112873

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,769,580
1,661,104

  
1,769,580
1,661,104

Current assets
  

Stocks
 13 
5,519,779
11,648,375

Debtors: amounts falling due within one year
 14 
3,864,878
11,165,252

Cash at bank and in hand
 15 
10,756,046
8,654,446

  
20,140,703
31,468,073

Creditors: amounts falling due within one year
 16 
(15,347,728)
(29,023,559)

Net current assets
  
 
 
4,792,975
 
 
2,444,514

Total assets less current liabilities
  
6,562,555
4,105,618

Provisions for liabilities
  

Deferred tax
 17 
(177,992)
(119,168)

Other provisions
 18 
(1,435,433)
(1,169,366)

  
 
 
(1,613,425)
 
 
(1,288,534)

Net assets
  
4,949,130
2,817,084


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Share premium account
  
143,624
143,624

Capital redemption reserve
  
125
125

Profit and loss account
  
4,804,381
2,672,335

  
4,949,130
2,817,084


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Gioachin
P Lawrence
Director
Director


Date: 9 May 2025

The notes on pages 13 to 24 form part of these financial statements.
Page 9

 
AERMEC UK LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
1,000
143,624
125
2,672,335
2,817,084



Profit for the year
-
-
-
2,132,046
2,132,046


At 31 December 2024
1,000
143,624
125
4,804,381
4,949,130



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
1,000
143,624
125
1,928,262
2,073,011



Profit for the year
-
-
-
1,744,073
1,744,073

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)


At 31 December 2023
1,000
143,624
125
2,672,335
2,817,084


The notes on pages 13 to 24 form part of these financial statements.
Page 10

 
AERMEC UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,132,046
1,744,073

Adjustments for:

Depreciation of tangible assets
126,096
31,688

Loss on disposal of tangible assets
18,708
-

Interest paid
-
516

Interest received
(107,925)
(48,924)

Taxation charge
752,011
539,568

Decrease/(increase) in stocks
6,128,596
(450,372)

Decrease/(increase) in debtors
2,836,378
(6,310,341)

(Decrease)/increase in creditors
(9,355,284)
10,108,982

Increase in provisions
266,067
547,850

Corporation tax (paid)
(549,738)
(784,033)

Net cash generated from operating activities

2,246,955
5,379,007


Cash flows from investing activities

Purchase of tangible fixed assets
(330,093)
(1,639,091)

Sale of tangible fixed assets
76,813
-

Interest received
107,925
48,924

Net cash from investing activities

(145,355)
(1,590,167)
Page 11

 
AERMEC UK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash flows from financing activities

Dividends paid
-
(1,000,000)

Interest paid
-
(516)

Net cash used in financing activities
-
(1,000,516)

Net increase in cash and cash equivalents
2,101,600
2,788,324

Cash and cash equivalents at beginning of year
8,654,446
5,866,122

Cash and cash equivalents at the end of year
10,756,046
8,654,446


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,756,046
8,654,446

10,756,046
8,654,446


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Aermec UK Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA. The principal activity of the company is that of the supply, installation, and maintenance of air conditioning equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

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 profit or loss 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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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, on the following bases:


Freehold property
-
2%
straight-line
Plant and machinery
-
10%
straight-line
Motor vehicles
-
25%
straight-line
Fixtures and fittings
-
25%
straight-line
Office equipment
-
25%
straight-line

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.

 
2.9

Stocks and Work in Progress

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 a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 15

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Key accounting estimates and assumptions
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. If the revision affects both current and future periods then the revision is recognised in the current and future periods. 
Critical judgements in applying the company's accounting policies:
Work in Progress
The company makes key assumptions in determining the valuation of work in progress based on current purchases made relating to ongoing jobs together with assessing the stage of completion of the work. 
Warranty Provision
A provision is made for claims under warranties that the company gives on some of its products. The company makes a key assumption in determining the valuation of warranty provisions which is based on 3% of turnover. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Installations
37,616,208
28,802,807

Service
3,905,538
1,669,861

41,521,746
30,472,668


Page 17

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
19,425
16,280

Fees payable to the company's auditors in respect of:

All other services
41,107
22,876


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,629,657
1,379,907

Social security costs
177,008
129,945

Cost of defined contribution scheme
55,667
49,210

1,862,332
1,559,062


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
28
26


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
165,425
180,363

Company contributions to defined contribution pension schemes
6,145
6,145

171,570
186,508


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 18

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Interest received on tax paid
9,262
-

Bank and other interest receivable
98,663
48,924

107,925
48,924


9.


Interest payable and similar expenses

2024
2023
£
£


Interest payable on overdue taxation
-
516

-
516


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
693,187
420,400


Deferred tax


Origination and reversal of timing differences
58,824
119,168


Tax on profit
752,011
539,568
Page 19

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,884,057
2,283,641


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
721,014
570,910

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,175
5,088

Capital allowances for year in excess of depreciation
(40,002)
(128,163)

Provision for deferred taxation
58,824
119,168

Reduced tax rate, part period
-
(27,435)

Total tax charge for the year
752,011
539,568


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid
-
1,000,000

-
1,000,000
Page 20

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
1,296,633
3,612
55,990
309,463
68,852
1,734,550


Additions
529
-
136,425
182,855
10,284
330,093


Disposals
-
-
(151,541)
-
-
(151,541)



At 31 December 2024

1,297,162
3,612
40,874
492,318
79,136
1,913,102



Depreciation


At 1 January 2024
4,677
3,612
42,925
6,903
15,329
73,446


Charge for the year on owned assets
42,302
-
20,886
45,054
17,854
126,096


Disposals
-
-
(56,020)
-
-
(56,020)



At 31 December 2024

46,979
3,612
7,791
51,957
33,183
143,522



Net book value



At 31 December 2024
1,250,183
-
33,083
440,361
45,953
1,769,580



At 31 December 2023
1,291,956
-
13,065
302,560
53,523
1,661,104


13.


Stocks

2024
2023
£
£

Raw materials and consumables
67,438
59,667

Work in progress
5,452,341
11,588,708

5,519,779
11,648,375


Page 21

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
3,003,999
9,705,214

Other debtors
734,481
1,303,020

Prepayments and accrued income
126,398
157,018

3,864,878
11,165,252



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
10,756,046
8,654,446

10,756,046
8,654,446



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,297,660
921,009

Corporation tax
60,894
-

Other taxation and social security
603,803
39,094

Other creditors
14,321
27,253

Accruals and deferred income
13,371,050
28,036,203

15,347,728
29,023,559



17.


Deferred taxation




2024
2023


£

£






At beginning of year
(119,168)
-


Charged to profit or loss
(58,824)
(119,168)



At end of year
(177,992)
(119,168)

Page 22

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(177,992)
(119,168)

(177,992)
(119,168)


18.


Provisions




Warranty provision

£





At 1 January 2024
1,169,366


Charged to profit or loss
266,067



At 31 December 2024
1,435,433


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



20.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund which amounted to £55,667 (2023: £49,210). An amount was outstanding at year end of £Nil (2023: £Nil).

Page 23

 
AERMEC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
43,748
18,946

Later than 1 year and not later than 5 years
87,670
14,885

131,418
33,831


22.


Related party transactions

During the year, the company carried out transactions with connected companies in the group headed by
Giordano Riello International Group S.p.A as follows:


2024
2023
£
£

Purchases
14,177,076
19,384,310
Sales
300,961
262,288
Trade debtor
15,561
2,550,340
Trade creditor
508,285
13,717
Dividend voted
-
900,000

At the year end one director owes the company £181,276 (2023: £28,745). This loan carries defined repayment terms and accrues interest at a rate of 2.25%.
The directors have an interest in dividends voted of £Nil (2023: £100,000) during the year.


23.


Controlling party

The ultimate parent company is Giordano Riello International Group S.p.A., a company registered in Italy. The ultimate parent produces consolidated financial statements incorporating the results of Aermec UK Limited. These consolidated financial statements can be obtained from Via Roma 904/7, Bevilacqua, Verona, Italy, 37040.
 
Page 24