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314,944
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01540907
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2025-03-31
01540907
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2025-03-31
01540907
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01540907
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2024-04-01
2025-03-31
01540907
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2024-04-01
2025-03-31
01540907
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2025-03-31
01540907
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01540907
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2025-03-31
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2024-03-31
01540907
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01540907
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01540907
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01540907
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01540907
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2025-03-31
01540907
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2024-03-31
01540907
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core:LongLeaseholdAssets
2024-03-31
01540907
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2024-03-31
01540907
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01540907
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2025-03-31
COMPANY REGISTRATION NUMBER:
01540907
Year ended 31 March 2025
|
Independent auditor's report to the members |
3 |
|
|
|
Statement of income and retained earnings |
7 |
|
|
|
Statement of financial position |
8 |
|
|
|
Notes to the financial statements |
9 |
|
|
Year ended 31 March 2025
The directors present their report and the financial statements of the company for the year ended
31 March 2025
.
Principal activities
The principal activity of the company during the year was the sales and marketing of automation components. Please refer to www.carlogavazzi.co.uk for further information.
Directors
The directors who served the company during the year were as follows:
Directors' responsibilities statement
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
12 June 2025
and signed on behalf of the board by:
|
Registered office: |
|
4.4 Frimley Business Park |
|
Frimley |
|
Camberley |
|
Surrey |
|
GU16 7SG |
|
|
Independent Auditor's Report to the Members of
Carlo Gavazzi UK Limited |
|
Year ended 31 March 2025
Opinion
We have audited the financial statements of Carlo Gavazzi UK Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has 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 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor’s 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: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. 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 of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditor's 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.
|
Thomas William McManners BSc ACA ACMI |
|
(Senior Statutory Auditor) |
|
|
For and on behalf of |
|
TTCA Ltd |
|
Chartered Accountants & Statutory Auditor |
|
269 Farnborough Road |
|
Farnborough |
|
Hampshire |
|
GU14 7LY |
|
12 June 2025
|
Statement of Income and Retained Earnings |
|
Year ended 31 March 2025
|
2025 |
2024 |
|
Note |
£ |
£ |
|
Turnover |
3,840,079 |
4,105,392 |
|
|
|
|
Cost of sales |
1,708,396 |
2,045,151 |
|
------------ |
------------ |
|
Gross profit |
2,131,683 |
2,060,241 |
|
|
|
|
Administrative expenses |
1,589,874 |
1,638,248 |
|
------------ |
------------ |
|
Operating profit |
541,809 |
421,993 |
|
|
|
|
Other interest receivable and similar income |
6,742 |
8 |
|
Interest payable and similar expenses |
6,226 |
– |
|
|
------------ |
------------ |
|
Profit before taxation |
6 |
542,325 |
422,001 |
|
|
|
|
|
Tax on profit |
134,000 |
107,057 |
|
--------- |
--------- |
|
Profit for the financial year and total comprehensive income |
408,325 |
314,944 |
|
--------- |
--------- |
|
|
|
|
Dividends paid and payable |
(
300,000) |
(
150,000) |
|
|
|
|
Retained earnings at the start of the year |
672,345 |
507,401 |
|
--------- |
--------- |
|
Retained earnings at the end of the year |
780,670 |
672,345 |
|
--------- |
--------- |
|
|
|
All the activities of the company are from continuing operations.
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
7 |
88,923 |
8,095 |
|
|
|
|
Current assets
|
Debtors |
8 |
715,650 |
775,539 |
|
Cash at bank and in hand |
952,371 |
814,199 |
|
------------ |
------------ |
|
1,668,021 |
1,589,738 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
788,431 |
789,163 |
|
------------ |
------------ |
|
Net current assets |
879,590 |
800,575 |
|
--------- |
--------- |
|
Total assets less current liabilities |
968,513 |
808,670 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
51,518 |
– |
|
|
|
|
|
Provisions |
36,325 |
36,325 |
|
--------- |
--------- |
|
Net assets |
880,670 |
772,345 |
|
--------- |
--------- |
|
|
|
Capital and reserves
|
Called up share capital |
100,000 |
100,000 |
|
Profit and loss account |
780,670 |
672,345 |
|
--------- |
--------- |
|
Shareholders funds |
880,670 |
772,345 |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2025
, and are signed on behalf of the board by:
Company registration number:
01540907
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4.4 Frimley Business Park, Frimley, Camberley, Surrey, GU16 7SG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover represents amounts receivable for goods net of VAT and trade discounts. Turnover in respect of all sales is recognised in the financial statements on the date of invoicing which usually coincides with the dispatch of goods.
Income tax
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.
Foreign currencies
The Company's functional and presentational currency is GBP. Foreign currency transactions are translated into the functional currency 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. Nonmonetary 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.
Operating leases
Rentals paid under operating leases for office equipment are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible 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. 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. The company has early adoptedRight of use assets were recognised for the first time in the current year.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Long leasehold property |
- |
10 years straight line |
|
Fixtures and fittings |
- |
2 - 4 years straight line |
|
Motor vehicles |
- |
4 years straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
The company has early adopted section 20 of FRS 102 1A and recognises all substantial leases as finance leases. Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Assets held under finance leases as lessor are recognised in the statement of financial position as receivables at the value of the net investment in the lease. Any initial direct costs are included in the receivable. Lease income is recognised so as to reflect a constant periodic rate of return on the net investment in the lease.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, amounts owed to group undertakings, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method.
Defined contribution plans
The company makes contributions to a group personal pension arrangement for employees and directors, the assets of which are held separately from those of the company. Payments made are charged annually in these accounts as part of employment costs.
4.
Auditor's remuneration
|
2025 |
2024 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
14,000 |
26,658 |
|
-------- |
-------- |
|
|
|
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2024:
12
).
6.
Profit before taxation
Profit before taxation is stated after charging:
|
2025 |
2024 |
|
£ |
£ |
|
Depreciation of tangible assets |
41,252 |
9,873 |
|
-------- |
------- |
|
|
|
7.
Tangible assets
|
Long leasehold property |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 April 2024 |
113,830 |
52,341 |
– |
166,171 |
|
Additions |
– |
– |
61,012 |
61,012 |
|
Disposals |
(
113,830) |
– |
(
32,156) |
(
145,986) |
|
Transfers |
– |
7,767 |
112,074 |
119,841 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2025 |
– |
60,108 |
140,930 |
201,038 |
|
--------- |
-------- |
--------- |
--------- |
|
Depreciation |
|
|
|
|
|
At 1 April 2024 |
112,040 |
46,036 |
– |
158,076 |
|
Charge for the year |
372 |
7,448 |
33,432 |
41,252 |
|
Disposals |
(
112,412) |
– |
(
14,070) |
(
126,482) |
|
Transfers |
– |
972 |
38,297 |
39,269 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2025 |
– |
54,456 |
57,659 |
112,115 |
|
--------- |
-------- |
--------- |
--------- |
|
Carrying amount |
|
|
|
|
|
At 31 March 2025 |
– |
5,652 |
83,271 |
88,923 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2024 |
1,790 |
6,305 |
– |
8,095 |
|
--------- |
-------- |
--------- |
--------- |
|
|
|
|
|
8.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
691,734 |
711,449 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
16,000 |
|
Other debtors |
23,916 |
48,090 |
|
--------- |
--------- |
|
715,650 |
775,539 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
760 |
24,962 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
256,306 |
288,661 |
|
Corporation tax |
80,167 |
– |
|
Social security and other taxes |
218,739 |
216,044 |
|
Other creditors |
232,459 |
259,496 |
|
--------- |
--------- |
|
788,431 |
789,163 |
|
--------- |
--------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
|
Other creditors |
51,518 |
– |
|
-------- |
---- |
|
|
|
11.
Related party transactions
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
12.
Controlling party
The immediate parent company is Carlo Gavazzi Participation Danmark A/S, a company registered in Denmark. The directors regard Carlo Gavazzi Holding AG, a company registered in Switzerland, as the ultimate parent company and ultimate controlling party. Copies of the ultimate parent company's consolidated financial statements may be obtained from the The Secretary, Carlo Gavazzi Automation SpA, Via Milano 13, Lainate (MI), 1-20020, Italy.