IRIS Accounts Production v25.1.3.33 03047921 director 1.1.24 31.12.24 31.12.24 true false true true false false true true true true true true true false false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030479212023-12-31030479212024-12-31030479212024-01-012024-12-31030479212022-12-31030479212023-01-012023-12-31030479212023-12-3103047921ns15:EnglandWales2024-01-012024-12-3103047921ns14:PoundSterling2024-01-012024-12-3103047921ns10:Director12024-01-012024-12-3103047921ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103047921ns10:FRS1012024-01-012024-12-3103047921ns10:Audited2024-01-012024-12-3103047921ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3103047921ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3103047921ns10:FullAccounts2024-01-012024-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2024-01-012024-12-3103047921ns10:OrdinaryShareClass12024-01-012024-12-3103047921ns10:RegisteredOffice2024-01-012024-12-3103047921ns10:Director22024-01-012024-12-3103047921ns10:Director32024-01-012024-12-310304792112024-01-012024-12-310304792112023-01-012023-12-310304792122024-01-012024-12-310304792122023-01-012023-12-310304792132024-01-012024-12-310304792132023-01-012023-12-3103047921ns5:CurrentFinancialInstruments2024-12-3103047921ns5:CurrentFinancialInstruments2023-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2024-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-12-3103047921ns5:ShareCapital2024-12-3103047921ns5:ShareCapital2023-12-3103047921ns5:RetainedEarningsAccumulatedLosses2024-12-3103047921ns5:RetainedEarningsAccumulatedLosses2023-12-3103047921ns5:ShareCapital2022-12-3103047921ns5:RetainedEarningsAccumulatedLosses2022-12-3103047921ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103047921ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310304792112024-01-012024-12-3103047921ns5:PlantMachinery2024-01-012024-12-3103047921ns5:MotorVehicles2024-01-012024-12-310304792112024-01-012024-12-3103047921ns5:OwnedAssets2024-01-012024-12-3103047921ns5:OwnedAssets2023-01-012023-12-3103047921ns5:PlantMachinery2023-12-3103047921ns5:MotorVehicles2023-12-3103047921ns5:PlantMachinery2024-12-3103047921ns5:MotorVehicles2024-12-3103047921ns5:PlantMachinery2023-12-3103047921ns5:MotorVehicles2023-12-3103047921ns5:DeferredTaxation2023-12-3103047921ns5:DeferredTaxation2024-12-3103047921ns10:OrdinaryShareClass12024-12-3103047921ns5:RetainedEarningsAccumulatedLosses2023-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-01-012023-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-12-3103047921ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-31
REGISTERED NUMBER: 03047921 (England and Wales)















GNUTTI CARLO UK LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)






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




Page

Company Information 1

Strategic Report 2 to 3

Report of the Director 4

Report of the Independent Auditors 5 to 7

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12 to 23


GNUTTI CARLO UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: M Lerici



REGISTERED OFFICE: Office 30
Fairfield Enterprise Centre, Lincoln Way
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0LS



REGISTERED NUMBER: 03047921 (England and Wales)



SENIOR STATUTORY AUDITOR: Tara Bellamy FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company's key financial and other performance indicators during the year were as follows:

2024 2023 Change
£    £    %

Turnover 292,661 302,489 -3
Operating Profit 7,406 2,053 260

Profit after tax 35,141 16,173 117

At the end of 2020, the business transitioned from a logistics service to a customer support service for companies within the Gnutti Carlo Group, with turnover being a management charge only to Group companies.

2024 has continued to be impacted by inflationary cost increases, particularly in insurance and pension administration, though not to the same extent as seen in 2023. Careful management of charges in other areas have ensured a small operating profit was maintained whilst keeping management fees to Group at the same level

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include price risk, credit risk and liquidity risk. The company has in place a risk management programme that seeks to limit adverse effects on the financial performance of the company.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the company's management.

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operation, the costs of managing exposure to commodity price risk exceed any potential benefits. The board will reconsider the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed investments.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The company retains sufficient cash to ensure it has available funds for operations and capital expenditure. The company also has access to longer term funding from its ultimate parent undertaking if required.


GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Interest rate cash flow risk

The company does not have interest bearing assets or liabilities.

Pension risk

The Company operated a Defined Benefit Pension Scheme. The scheme was closed to future benefit accrual on 31 October 2005, but the Company is responsible to ensure that this scheme is sufficiently funded to provide the future pensions for all its members. The company works closely with the Trustees of the scheme to reach agreement on aspects such as investment strategy which will have a future impact on the funding of the scheme.

The cost of defined benefits pension plans is determined by using actuarial calculations. Such valuations require the elaboration of hypotheses about discount rates, the expected yield from investments, future salary increases, the mortality rate and the future pensions increases. Due to the long lasting nature of these plans, such estimations are subject to a remarkable degree of uncertainty.

ON BEHALF OF THE BOARD:





M Lerici - Director


28 May 2025

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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 customer service and support for UK customers.

DIVIDENDS
The profit for the year after taxation amounted to £35,141 (2023: £16,173). No dividends paid during the year (2023: £Nil).

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

S R Sgarbi - resigned 31 October 2024
C De Conto - resigned 31 October 2024
M Lerici - appointed 31 October 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
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.

ON BEHALF OF THE BOARD:





M Lerici - Director


28 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GNUTTI CARLO UK LTD

Opinion
We have audited the financial statements of Gnutti Carlo UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 101 'Reduced Disclosure Framework' (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
GNUTTI CARLO UK LTD


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets and the valuation of the defined benefit pension, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Company and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
GNUTTI CARLO UK LTD


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.




Tara Bellamy FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

29 May 2025

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

REVENUE 4 292,661 302,489

Cost of sales 7,819 7,902
GROSS PROFIT 284,842 294,587

Administrative expenses 277,436 292,534
OPERATING PROFIT 7,406 2,053

Interest receivable and similar income 6 13,844 8,916
Other finance income 16 56,000 37,000
69,844 45,916
77,250 47,969

Interest payable and similar expenses 7 - 163
PROFIT BEFORE TAXATION 8 77,250 47,806

Tax on profit 9 42,109 31,633
PROFIT FOR THE FINANCIAL YEAR 35,141 16,173

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 35,141 16,173


OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss:
Actuarial (loss)/gain on pension scheme (251,000 ) 442,000
Movement on deferred tax - pension (10,810 ) (83,980 )
Interest income (56,000 ) (37,000 )
Income tax relating to items that will not be reclassified to profit
or loss

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(317,810

)

321,020
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (282,669 ) 337,193

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
CURRENT ASSETS
Debtors 11 124,658 177,247
Cash at bank and in hand 352,290 477,296
476,948 654,543
CREDITORS
Amounts falling due within one year 12 237,015 391,843
NET CURRENT ASSETS 239,933 262,700
TOTAL ASSETS LESS CURRENT LIABILITIES 239,933 262,700

PROVISIONS FOR LIABILITIES 13 (224,809 ) (215,907 )

PENSION ASSET 16 975,000 1,226,000
NET ASSETS 990,124 1,272,793

CAPITAL AND RESERVES
Called up share capital 14 619,150 619,150
Retained earnings 15 370,974 653,643
SHAREHOLDERS' FUNDS 990,124 1,272,793

The financial statements were approved by the director and authorised for issue on 28 May 2025 and were signed by:





M Lerici - Director


GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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 619,150 316,450 935,600

Changes in equity
Total comprehensive income - 337,193 337,193
Balance at 31 December 2023 619,150 653,643 1,272,793

Changes in equity
Total comprehensive income - (282,669 ) (282,669 )
Balance at 31 December 2024 619,150 370,974 990,124

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52 the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16
Leases;
the requirements of paragraph 58 of IFRS 16;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in
respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment; and
- paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two
or more members of a group;
Going concern

After making enquiries, the directors have a reasonable expectation that the company and its group will be able to generate positive cash flows from its business operations and have adequate resources to continue in operational existence for the foreseeable future. In addition, overall liquidity is supported by the group where required. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements required management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported in revenue and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

Revenue recognition
Revenue comprises income recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax, trade discounts and rebates. Revenue is recognised as services are provided and contractual obligations have been fulfilled.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 4% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.The brought forward carrying amount of property, plant and equipment has been used as deemed cost at date of transition to FRS 101.

The carrying values of tangible fixed assets are reviewed for impairment at each reporting date to assess whether events or changes in circumstances indicate the carrying values may not be recoverable and are written down immediately to their recoverable amount. Impairment losses are recognised in the profit and loss account. Useful lives and residual values are reviewed annually.

Taxation
Current taxes and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantially enacted by the statement of financial position date.

Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:

- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

- Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and liabilities are offset, only if legally enforcement right exists to set of current tax assets against current tax liabilities, the deferred income taxed relate to the same taxation authority and that authority permits the company to make a single net payment.

Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise income tax recognised in the income statement.

Foreign currencies
The company's financial statements are presented in sterling, which is also the company's functional currency.

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities are denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the statement of financial position date. All differences are taken to the income statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

2. ACCOUNTING POLICIES - continued

Employee benefit costs
The company contributes to the individual personal pension schemes of its employees. The costs of these contributions is recognised in the year in which payments are made.

The company operated a defined benefit pension scheme which is now closed to new members and future accruals covering the majority of its employees up to 31 October 2006. The assets of the scheme are held independently of the company.

The regular service cost of providing retirement benefits to employees during the year is charged to operating profit in the year. The full cost of providing amendments to benefits in respect of past service is also charged to operating profit in the year.

Income representing the expected return on assets of the fund during the year is included within other finance income. This is based on the market value of the assets of the fund at the start of the financial year. A cost representing the interest on the liabilities of the fund during the year is also included within other finance income. This arises from the liabilities of the fund being one year closer to payment.

Differences between actual and expected returns on assets during the year are recognised in the statement of total recognised gains and losses in the year, together with differences arising from changes in assumptions underlying the present value of scheme liabilities and experienced gains and losses arising on scheme liabilities.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade debtors are recognised and carried at the lower of their original invoiced value and recoverable amount. Provision for impairment is made through profit or loss where there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when he probability of recovery is assessed as being remote.

Cash at bank and in hand
Cash and short term deposits in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity of three months or less.

Interest bearing loans and borrowings
Obligations for loans and borrowings are recognised when the Company becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.

Leases
The Company has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17. The details of accounting policies under IAS 17 are disclosed separately if they are different from those under IFRS 16 and the impact of changes is disclosed below.

For any new contracts entered into on or after 1 January 2019, the Company considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration'. To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:

- the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company.

- the Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract.

The Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.

At lease commencement date, the Company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of th useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lase if that rate is readily available, or the Company's incremental borrowing rate.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate and amounts expected to be payable under a residual value guarantee.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.

When the lease liability is remeasured, the corresponding adjustment id reflected in the right-of-use asset, or profit and loss if the right-of-use asset it already reduced to nil.

The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients.Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.

On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in trade and other payables.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

4. REVENUE

Revenue from contracts with customers
There has been no revenue from contracts with customers.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 63,978 61,331
Social security costs 3,185 2,005
Other pension costs 3,790 3,790
70,953 67,126

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

Management and administration 1 1
Directors 2 3
3 4


6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 12,686 8,689
Corporation tax interest received 1,158 227
13,844 8,916

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Lease interest - 163

8. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
2024 2023
£    £   
Depreciation - owned assets - 959
Auditors' remuneration 6,740 6,545
Foreign exchange differences - 726

9. TAXATION

Analysis of tax expense
2024 2023
£    £   
Current tax:
Tax 44,017 28,632

Deferred tax (1,908 ) 3,001
Total tax expense in income statement 42,109 31,633

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

9. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before income tax 77,250 47,806
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

19,313

9,083

Effects of:
Expenses not deductible for tax purposes 28,175 17,047

Capital allowances in excess of depreciation (3,471 ) (3,001 )
allowances
Amount calculated at 25% - 5,503
Deferred tax charge (1,908 ) 3,001
Tax expense 42,109 31,633

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Actuarial (loss)/gain on pension scheme (251,000 ) - (251,000 )
Movement on deferred tax - pension (10,810 ) - (10,810 )
Interest income (56,000 ) - (56,000 )
(317,810 ) - (317,810 )

2023
Gross Tax Net
£    £    £   
Actuarial (loss)/gain on pension scheme 442,000 - 442,000
Movement on deferred tax - pension (83,980 ) - (83,980 )
Interest income (37,000 ) - (37,000 )
321,020 - 321,020

The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse. For further information on deferred tax balance see note 11.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

10. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 5,170 27,990 33,160
Disposals (5,170 ) - (5,170 )
At 31 December 2024 - 27,990 27,990
DEPRECIATION
At 1 January 2024 5,170 27,990 33,160
Eliminated on disposal (5,170 ) - (5,170 )
At 31 December 2024 - 27,990 27,990
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - - -

Included in the above line items are the following right of use assets:


Plant and
Machinery

Total
£    £   
COST
At 1 January 2024 5,170 5,170
Disposal (5,170 ) (5,170 )
At 31 December 2024 - -
DEPRECIATION
At 1 January 2024 5,170 5,170
Disposal (5,170 ) (5,170 )
At 31 December 2024 - -
NET BOOK VALUE
At 31 December 2024 - -
At 31 December 2023 - -


11. DEBTORS LESS THAN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 107,951 155,771
VAT 9,880 14,705
Prepayments and accrued income 6,827 6,771
124,658 177,247

All amounts shown under debtors fall due for payment within one year

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 25,103 32,184
Taxation 33,938 18,972
Other taxes and social security 2,741 1,362
Other creditors 107,689 285,982
Accruals and deferred income 67,544 53,343
237,015 391,843

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances (18,941 ) (17,033 )
Pension scheme 243,750 232,940
224,809 215,907

Deferred
tax
£   
Balance at 1 January 2024 215,907
Accelerated capital allowances (1,908 )
Pension scheme 10,810
Balance at 31 December 2024 224,809

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
619,150 Ordinary shares 1 619,150 619,150

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company’s ordinary shares are classified as equity instruments.

15. RESERVES
Retained
earnings
£   

At 1 January 2024 653,643
Profit for the year 35,141
Actuarial loss on pension (317,810 )
At 31 December 2024 370,974

The retained earnings account represents cumulative profits and losses net of dividends and other adjustments.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

16. EMPLOYEE BENEFIT OBLIGATIONS

The Company sponsors the Finneveden Powertrain Pension & Life Assurance Scheme, a funded defined benefit scheme in the UK. The Scheme is administered within a trust which is legally separate from the Company. Trustees are appointed by both the Company and the Scheme's membership and act in the interest of the Scheme and the relevant stakeholders, including the members and the Company. The Trustees are also responsible for the investment of the Scheme's assets.

The Scheme closed to new entrants on 31 October 2005. During their period of Scheme membership, members accrued an annual pension of 1/80th of final salary for each year of pensionable service, which increases in line with inflation both before and after retirement. The Scheme also provides a spouse's pension on the death of a member after retirement.

The Scheme poses a number of risks to the Company, for example longevity risk, interest rate risk and inflation risk. The Trustees are aware of these risks and use various techniques to control them. The Trustees have a number of internal control policies, including a risk register, which are in place to manage and monitor the various risks they face. Responsibility for making good any deficit within the Scheme lies with the Company.

The Scheme is subject to regular actuarial valuations, which are usually carried out every three years. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contracts with these accounting disclosures, which are determined using best estimate assumptions.

A formal actuarial valuation was carried out as at 26 January 2024. The preliminary results of that valuation have been used to value 31 December 2024 by a qualified actuary independent of the Company. The figures in the following disclosure were measured using the Projected Unit Method.

The effect of the judgements regarding equalisation of Guaranteed Minimum Pensions for ongoing benefits and past transfers has been allowed for in the disclosed liabilities. These have been accounted for as past service costs in the current year.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(56,000

)

(37,000

)
Past service cost - -
(56,000 ) (37,000 )

Actual return on plan assets 526,000 534,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 10,574,000 10,685,000
Interest cost 470,000 497,000
Benefits paid (453,000 ) (456,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions

(19,000

)

(377,000

)
Actuarial (gains)/losses from changes in financial
assumptions

(1,000,000

)

161,000
Obligation other remeasurement 53,000 64,000
9,625,000 10,574,000

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

16. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 11,800,000 11,469,000
Expected return 526,000 534,000
Benefits paid (453,000 ) (456,000 )
Return on plan assets (excluding interest income) (1,273,000 ) 253,000
10,600,000 11,800,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses from changes in
demographic assumptions

19,000

377,000
Actuarial (gains)/losses from changes in financial
assumptions

1,000,000

(161,000

)
Obligation other remeasurement (53,000 ) (64,000 )
Return on plan assets (excluding interest income) (1,273,000 ) 253,000
(307,000 ) 405,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 6,133,000 5,292,000
Bonds 4,141,000 6,082,000
Other 326,000 426,000
10,600,000 11,800,000

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

16. EMPLOYEE BENEFIT OBLIGATIONS - continued

The scheme assets are invested in unit-linked contracts of long term insurance, the value of which is represented by the units in the pooled fund. They are classified as level 2 instruments under IFRS13 Fair Value Measurement.

The scheme has no investments in the company's financial instruments.

The Company has made no contributions to the Scheme during the year ending 31 December 2024.

The following amounts at the year-end were measured in accordance with the requirements of IAS 19:

2024 2023
£    £   

Fair value of scheme assets 10,600,000 11,800,000
Present value of scheme liabilities (9,625,000 ) (10,574,000 )
Net pension asset 975,000 1,226,000

Sensitivity of the liability value to changes in the principal assumptions


Increase in
assumption
Decrease
inassumption
Discount Rate - change by 0.1% £   s £   s
Inflation - change by 0.1% (119 ) 121
Life Expectancy - change by 1 year 108 (107 )
345 (334 )

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.50% 4.55%
Rate of increase in pension payment 2.40% 2.35%
Retail price inflation assumption 3.15% 3.10%
Consumer price inflation assumption 2.25% 2.60%

17. CONTINGENT LIABILITIES

Last year Virgin Media opened a case which potentially affects defined benefit pension schemes that were contracted out between April 1997 and April 2016, which could have an impact on the company’s defined benefit pension scheme as it was contracted out during this period. At present, no amounts have been included within the accounts as the outcome of this case and the anticipated costs are not yet known, however, any amounts payable could potentially be material. Any costs incurred as a result of this case would be settled by the parent company.

18. RELATED PARTY DISCLOSURES

Under FRS 101 the company is exempt from the requirement to disclose details of transactions with its ultimate parent and group undertakings.

19. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is a wholly owned subsidiary of Gnutti Carlo Holding Sweden AB, incorporated in Sweden.

The parent undertaking of the smallest group for which group financial statements are drawn up and of which the company is a member is Gnutti Carlo Holding Sweden AB, which is incorporated in Sweden. Copies of the group financial statements are available from Lasarettgatan 3, Box 103, 5-331 21 Varnamo, and Sweden.

The parent undertaking and controlling party of the largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Gnutti Carlo SPA, a company incorporated in Italy. Copies of the group financial statements are available from Via Artigiani 2 25030, Maclodio (BS), Italy.

GNUTTI CARLO UK LTD (REGISTERED NUMBER: 03047921)

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

20. PROVISIONS

The company has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims and dilapidation costs. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.

Provisions for dilapidation costs are recognised on a lease-by-lease basis taking into account the potential that the properties in question may be sublet for some or all of the remaining lease term.