| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Brombal UK Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Brombal UK Limited |
| Brombal UK Limited (Registered number: 12889551) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 | to | 3 |
| Report of the Directors | 4 | to | 5 |
| Report of the Independent Auditors | 6 | to | 8 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 | to | 20 |
| Brombal UK Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Brombal UK Limited (Registered number: 12889551) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The immediate parent and ultimate controlling undertaking is Serramenti Brombal S.R.L., a company incorporated in Italy. |
| Brombal is the most experienced manufacturer of luxury, thermally efficient, metal windows and doors. Years of dedication, research, and practice have resulted in the top performing product of its kind. |
| The loss for the year after taxation amounted to £82,440 (2023: loss of £17,982). |
| The company retains a positive combined bank balance of £3,306 (2023: £18,907) |
| The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company's principal financial instruments comprise cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operation as well as to manage working capital, liquidity and invest surplus funds. |
| The directors continue to assess the risks facing the company, Both the securing of new business and maintaining existing relationship are key to the company's success. |
| MARKET |
| The company keeps track of overall economic trends and design developments in the housing and construction sectors.The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability. |
| COMPETITIVE |
| The primary competitive risks to the company stem from changes in the construction industry and broader economic conditions. |
| LEGISLATIVE RISK |
| The directors regularly review the company's exposure to legislative risks, ensuring compliance with all applicable construction-related regulations and directives. |
| FINANCIAL INSTRUMENT RISK |
| The company has developed a risk and financial management framework specifically designed for the housing and construction industries. Its primary objectives are to protect the company from events that could disrupt the achievement of its performance goals. This framework aims to minimize undue exposure to counterparties, ensure efficient management of working capital, and closely monitor risk at the project and business unit levels. |
| Brombal UK Limited (Registered number: 12889551) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| KEY PERFORMANCE INDICATORS |
| The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets. These include the levels of turnover, gross and net profit margins and profitability ratios. |
| The Group's key and other performance indicators during the period were as follows: |
| Turnover: £147,427 (2023: £144,061) |
| Gross profit: 99.32% (2023 :92.20%) |
| Operating loss: £81,542 (2023: loss of £17,084) |
| Net loss: £82,440 (2023: £17,982) |
| Other key KPI's that demonstrate the level of performance in different parts of the business include: |
| Average salary levels |
| Performance against budget and prior year. |
| The directors are satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future. |
| ON BEHALF OF THE BOARD: |
| 16 June 2025 |
| Brombal UK Limited (Registered number: 12889551) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their 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 design and fit of custom made windows and doors. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| FUTURE DEVELOPMENTS |
| The directors anticipate that the business environment in the housing and construction industries will remain competitive. They believe that the group is in a strong financial position and that the identified risks are being effectively managed. By maintaining a careful focus on strategic marketing and development of construction projects, along with ongoing reviews of market conditions and competitor activities, the directors are confident in the group's ability to sustain and enhance its position, though with cautious expectations for growth. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| Treasury operations and financial instruments |
| The director has established a risk and financial management framework whose primary objective is to protect the Company from events that hinder the achievement of performance objective. |
| The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level. |
| The groups principal financial instruments during the year comprised of trade debtors and trade creditors. The main purpose of these financial instruments are to provide funding for group's operations. |
| Liquidity risk |
| The Company manages its cash requirements in order to maximise income and minimise direct expense, whilst ensuring the group has sufficient liquid resources to meet the operation needs of the business. |
| Interest rate risk |
| Currently the company's exposure to interest rate risk is minimal. |
| Credit Risk |
| All customers who wish to trade on credit terms are subject to credit verification procedure. Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary. |
| Brombal UK Limited (Registered number: 12889551) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are 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 each director 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, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Brombal UK Limited |
| Opinion |
| We have audited the financial statements of Brombal UK Limited (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, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 loss 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 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. |
| Emphasis of matter |
| We draw attention to Note 2 on page 17 of the financial statements, which outlines the directors' assessment of the company's ability to continue as a going concern. As stated in the note, the company incurred significant losses during the year and is dependent on continued financial support from its shareholders. These conditions, along with the other matters set forth in Note 2, indicate the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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. |
| Report of the Independent Auditors to the Members of |
| Brombal UK Limited |
| 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 Directors 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 Directors 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 Directors. |
| 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 directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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. |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| Report of the Independent Auditors to the Members of |
| Brombal UK Limited |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Brombal UK Limited (Registered number: 12889551) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING LOSS | ( |
) | ( |
) |
| Interest payable and similar expenses | 4 | ( |
) | ( |
) |
| LOSS BEFORE TAXATION | 5 | ( |
) | ( |
) |
| Tax on loss | 6 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Brombal UK Limited (Registered number: 12889551) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| LOSS FOR THE YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| Brombal UK Limited (Registered number: 12889551) |
| Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Brombal UK Limited (Registered number: 12889551) |
| 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 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 | ( |
) | ( |
) |
| Brombal UK Limited (Registered number: 12889551) |
| Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year - Intercompany |
| Net cash from financing activities |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
81,929 |
| Cash and cash equivalents at end of year | 2 | 3,306 | 18,907 |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Loss before taxation | ( |
) | ( |
) |
| Depreciation charges |
| Finance costs | 898 | 898 |
| (81,335 | ) | (16,901 | ) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 3,306 | 18,907 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 18,907 | 81,929 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 18,907 | (15,601 | ) | 3,306 |
| 18,907 | ( |
) | 3,306 |
| Total | 18,907 | (15,601 | ) | 3,306 |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Brombal UK Limited is a |
| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Rendering of services |
| When the outcome of a transaction can be estimated reliably, turnover from the design services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the time spent. |
| Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
| Construction contracts |
| When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreed contractual terms. |
| Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
| When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| - Computer equipment | - 25% on cost |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. |
| Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The company's activities generated a loss of £82,440 (2023: loss of £17,982) and has a net current liability of £58,892 (2023: £52,017). The company's operational existence is still dependent on the ability to raise further funding from its parent company and other group members. |
| After making due enquires, the directors have formed a judgement that there is a reasonable expectation that the company can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due. |
| For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the directors consider that, based upon the financial projections and dependent upon the success of their efforts to complete these activities, the company will be a going concern for the next twelve months. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Employees |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration |
| 4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Interest on Loan |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | LOSS BEFORE TAXATION |
| The loss is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Foreign exchange differences | ( |
) |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| 7. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| CIS Asset | 1,052 | 2,769 |
| VAT |
| Prepayments |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| CIS Liability | - | 1,230 |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Amounts owed to group undertakings |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2024 | ( |
) |
| Brombal UK Limited (Registered number: 12889551) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| Included within trade debtors is nill (2023: £26,678) being owed to the company by Brombal Oceania Ltd. Also included within trade debtors is nill (2023: £14,429) being owed to the company by Brombal Oceania Pty Ltd, £29,232 (2023:£18,311) owed by Brombal India, £17,348 (2023: £nill) owed by Brombal New Zealand Ltd, £18,404 (2023: nill) owed by Brombal Australia PTY Ltd, £28,663 (2023: £22,805) owed by Brombal USA and £877 (2023: nill) owed by Serramenti Brombal SRL. Brombal Oceania Ltd, Brombal Oceania Pty Ltd, Brombal India, Brombal Australia PTY Ltd, Brombal New Zealand Ltd and Brombal USA are members of the group headed by Serramenti Brombal SRL. |
| Included in Trade creditors is £156,879 (2023: £144,670) being owed by the company to its parent undertaking Serramenti Brombal S.R.L. The company is financed by its parent understaking Serramenti Brombal S.R.L with the amount of £90,000 as a shareholders loan. It has been provided without interest until the 31st December 2022. After this date, interest was applied, and Serramenti Brombal S.R.L charged £898 in interest for the current year. |
| During the current year, the company obtained an additional shareholder loan of £84,160 from Serramenti Brombal S.R.L. This new loan is interest-free until 31 December 2024, after which a fixed interest rate of 1% per annum will apply until 31 December 2027. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The immediate parent undertaking is Serramenti Brombal S.R.L., a company incorporated in Italy. The ultimate parent company is Brombal Holding S.R.L (formerly known as Paribro S.R.L), as incorporated in Italy. |
| Brombal Holding S.R.L is the ultimate parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of Brombal Holding S.R.L are available from 24 Via Valla Altivole Treviso Italy 31030. |