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REGISTERED NUMBER: 09468957 (England and Wales)






















Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Frinsa UK Limited

Frinsa UK Limited (Registered number: 09468957)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Frinsa UK Limited

Company Information
for the year ended 31 December 2024







DIRECTOR: R J Carregal Varela





REGISTERED OFFICE: 170 Edmund Street
Birmingham
B3 2HB





REGISTERED NUMBER: 09468957 (England and Wales)





AUDITORS: Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Frinsa UK Limited (Registered number: 09468957)

Strategic Report
for the year ended 31 December 2024

The director presents the Strategic Report and Financial Statements for the year ended 31 December 2024.

REVIEW OF BUSINESS
For the year under review the director is satisfied with the performance of the company.

The financial key performance indicators are revenue, gross profit, operating loss/profit and are shown on the face of the Income Statement on page 6.

Other key performance indicators are customer and supplier satisfaction. The company aims for continuous improvement to the service provided to customers and the creation of long lasting mutually beneficial relationship with suppliers.

PRINCIPAL RISKS AND UNCERTAINTIES

Currency and price risk
The company sources its customers from overseas manufacturers with some transactions in currencies different to its functional currency. The director manages this risk with the use of forward currency contracts which are entered into when purchase contracts are placed. The company also manages its exposure to price risk by agreeing sales prices with its customers at the time the contracts are placed.

Stock risk
Stock is overseen on a daily basis, with regular reconciliations to the quantities held at 3rd party warehouses. The company also undertakes two full physical counts per year. The significant majority of the stock is customer specific with a sales agreement in place.

Credit risk
The majority of the sales are to major UK retailers and consequently the risk relating to trade debtors is very low. The company also maintains credit insurance on the customers credit accounts and regularly monitors their credit terms and positions.

Liquidity risk
The company has at disposal discounting facilities to assist with working capital requirements. The company´s cash flow is managed and reviewed on a daily basis to ensure adequate funds are available.

ON BEHALF OF THE BOARD:





R J Carregal Varela - Director


22 May 2025

Frinsa UK Limited (Registered number: 09468957)

Report of the Director
for the year ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of importing and distribution of canned food.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR
R J Carregal Varela held office during the whole of the period from 1 January 2024 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he 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.

AUDITORS
The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Carregal Varela - Director


22 May 2025

Report of the Independent Auditors to the Members of
Frinsa UK Limited

Opinion
We have audited the financial statements of Frinsa UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Frinsa UK Limited


Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:

- Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and
regulations;
- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness,
testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant
transactions outside the normal course of business;
- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws
and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Report of the Independent Auditors to the Members of
Frinsa UK Limited


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.




Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

22 May 2025

Frinsa UK Limited (Registered number: 09468957)

Income Statement
for the year ended 31 December 2024

31.12.24 31.12.23
Notes £ £

TURNOVER 3 16,105,247 7,098,333

Cost of sales (14,484,897 ) (5,927,845 )
GROSS PROFIT 1,620,350 1,170,488

Distribution costs (85,439 ) (117,408 )
Administrative expenses (829,275 ) (957,237 )
OPERATING PROFIT 5 705,636 95,843

Interest receivable and similar income 794 9,496
PROFIT BEFORE TAXATION 706,430 105,339

Tax on profit 6 (176,602 ) (32,726 )
PROFIT FOR THE FINANCIAL YEAR 529,828 72,613

Frinsa UK Limited (Registered number: 09468957)

Other Comprehensive Income
for the year ended 31 December 2024

31.12.24 31.12.23
Notes £ £

PROFIT FOR THE YEAR 529,828 72,613


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

529,828

72,613

Frinsa UK Limited (Registered number: 09468957)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £ £
CURRENT ASSETS
Stocks 7 6,102,209 2,545,328
Debtors 8 2,961,663 1,785,500
Cash at bank 343,721 620,002
9,407,593 4,950,830
CREDITORS
Amounts falling due within one year 9 (8,355,728 ) (4,428,793 )
NET CURRENT ASSETS 1,051,865 522,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,051,865

522,037

CAPITAL AND RESERVES
Called up share capital 11 300,001 300,001
Retained earnings 12 751,864 222,036
SHAREHOLDERS' FUNDS 1,051,865 522,037

The financial statements were approved by the director and authorised for issue on 22 May 2025 and were signed by:





R J Carregal Varela - Director


Frinsa UK Limited (Registered number: 09468957)

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 1 149,423 149,424

Changes in equity
Issue of share capital 300,000 - 300,000
Total comprehensive income - 72,613 72,613
Balance at 31 December 2023 300,001 222,036 522,037

Changes in equity
Total comprehensive income - 529,828 529,828
Balance at 31 December 2024 300,001 751,864 1,051,865

Frinsa UK Limited (Registered number: 09468957)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Frinsa UK Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

a. Stock provision
The requirement for a stock provision is sensitive to changes in the trading market, condition of the stock and estimates relating to future net realisable values. The requirement for a stock provision is re-assessed annually by directors and other key management. The provision is amended where necessary to reflect current estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes and is recognised when the rights and rewards of ownership have passed, which is generally on despatch.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. The cost of stock includes the cost of purchase, conversion, and any other costs incurred to bring stock to is present location and condition.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and cash held with banks.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Share capital
Ordinary shares are classed as equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 balance sheet date.


Frinsa UK Limited (Registered number: 09468957)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Foreign currency transactions are translated into the functional currency (being GBP) using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Pension costs and other post-retirement benefits
The company operates a defined benefit 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. 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:

31.12.24 31.12.23
£ £
Sale of goods 16,105,247 7,098,333
16,105,247 7,098,333

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£ £
Wages and salaries 283,019 255,736
Social security costs 8,797 26,566
Other pension costs 4,714 9,464
296,530 291,766

The average number of employees during the year was as follows:
31.12.24 31.12.23

Administration and support 1 2

31.12.24 31.12.23
£ £
Director's remuneration 168,824 -

Frinsa UK Limited (Registered number: 09468957)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£ £
Depreciation - owned assets - 8,916
Loss on disposal of fixed assets - 65,312
Auditors' remuneration 18,500 23,629
Auditors' remuneration for non audit work 1,500 1,500
Foreign exchange differences 15,440 (10,092 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£ £
Current tax:
UK corporation tax 176,532 34,033

Deferred tax 70 (1,307 )
Tax on profit 176,602 32,726

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

31.12.24 31.12.23
£ £
Profit before tax 706,430 105,339
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
23.500%)

176,608

24,755

Effects of:
Expenses not deductible for tax purposes (6 ) 210
Remeasurement of deferred tax for changes in tax rates - (77 )
Other tax adjustments, reliefs and transfers - 7,838
Total tax charge 176,602 32,726

7. STOCKS
31.12.24 31.12.23
£ £
Finished goods 6,102,209 2,545,328

Stock is stated after provisions of £nil (2023: £nil).

Frinsa UK Limited (Registered number: 09468957)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Trade debtors 2,883,389 1,535,344
Amounts owed by group undertakings 59,018 220,547
Other debtors 2,390 1,728
VAT 12,099 14,394
Deferred tax asset
Accelerated capital allowances 317 387
Prepayments 4,450 13,100
2,961,663 1,785,500

Amounts owed from group undertakings are unsecured, interest free and are repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Trade creditors 144,618 367,123
Amounts owed to group undertakings 6,884,976 3,259,879
Tax 108,684 34,033
Social security & other taxes - 11,166
Accruals & deferred income 1,217,450 756,592
8,355,728 4,428,793

Amounts owed to group undertakings are unsecured, have a market rate of interest applied and are repayable on demand.

10. DEFERRED TAX
£
Balance at 1 January 2024 (387 )
Charge to Income Statement during year 70
Balance at 31 December 2024 (317 )

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £ £
300,001 Ordinary £1 300,001 300,001

12. RESERVES
Retained
earnings
£

At 1 January 2024 222,036
Profit for the year 529,828
At 31 December 2024 751,864

Frinsa UK Limited (Registered number: 09468957)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

13. PENSION COMMITMENTS

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £4,714 (2023: £9,464 ).

14. ULTIMATE CONTROLLING PARTY

Frinsa UK Limited's ultimate controlling party is Frinsa Del Noroeste S A, a company registered in Spain which owns 100% of the issued share capital. Frinsa Del Noroeste S.A prepares group financial statements and is both the smallest and largest group for which group financial statements are drawn up and of which Frinsa UK Limited is a member. Copies of Frinsa Del Noroeste S.A group financial statements are available from the Company Secretary at Registro Mercantil de Santiago de Compostela, Plaza de la Constitucion, s.n. 15702 Santiago de Compostela La Coruna, Spain.