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Registration number: 02050782

Indeco (UK) Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Indeco (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Indeco (UK) Limited

Company Information

Directors

M A Vitulano

M J Derbyshire

M Gee

Company secretary

M Gee

Registered office

12 Oasis Business Park
Road One
Winsford
Cheshire
Great Britain
CW7 3RY

Auditors

McKellens Ltd
Chartered Accountants & Statutory Auditor
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Indeco (UK) Limited

(Registration number: 02050782)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

642,712

671,995

Investment property

5

315,000

315,000

Investments

6

2

2

 

957,714

986,997

Current assets

 

Stocks

7

1,328,622

1,042,321

Debtors

8

608,105

452,621

Cash at bank and in hand

 

67,648

125,034

 

2,004,375

1,619,976

Creditors: Amounts falling due within one year

9

(1,246,229)

(836,742)

Net current assets

 

758,146

783,234

Total assets less current liabilities

 

1,715,860

1,770,231

Creditors: Amounts falling due after more than one year

9

(37,346)

(69,753)

Provisions for liabilities

(16,288)

(19,733)

Net assets

 

1,662,226

1,680,745

Capital and reserves

 

Called up share capital

10

10,000

10,000

Revaluation reserve

438,290

446,038

Retained earnings

1,213,936

1,224,707

Shareholders' funds

 

1,662,226

1,680,745

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

M J Derbyshire
Director

M Gee
Director

 
     
 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Oasis Business Park
Road One
Winsford
Cheshire
Great Britain
CW7 3RY

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 June 2025 was Paul Roper, who signed for and on behalf of McKellens Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses except for the leasehold property which is shown at market value less accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings Leasehold

2% on a straight line basis

Plant and equipment

Between 15% and 33.33% straight line

Fixtures, fittings and equipment

Between 20% and 25% straight line

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined regularly by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

639,455

35,774

106,808

41,912

823,949

Additions

-

1,678

-

6,855

8,533

Disposals

-

(890)

(4,300)

-

(5,190)

At 31 December 2024

639,455

36,562

102,508

48,767

827,292

Depreciation

At 1 January 2024

48,174

33,083

32,668

38,029

151,954

Charge for the year

13,719

1,475

18,408

3,322

36,924

Eliminated on disposal

-

(890)

(3,408)

-

(4,298)

At 31 December 2024

61,893

33,668

47,668

41,351

184,580

Carrying amount

At 31 December 2024

577,562

2,894

54,840

7,416

642,712

At 31 December 2023

591,281

2,691

74,140

3,883

671,995

Included within the net book value of land and buildings above is £577,562 (2023 - £591,281) in respect of long leasehold land and buildings.
 

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Investment properties

2024
£

At 1 January

315,000

At 31 December

315,000

The investment property was valued by a qualfied surveyor on 20th January 2023

6

Investments

2024
£

2023
£

Other investments

2

2

The investment is of 2 shares in Oasis Business Park Ltd, the entity which owns the freehold to the properties on the business park and is responsible for maintaining the communal areas.

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,328,622

1,042,321

8

Debtors

2024
£

2023
£

Trade debtors

595,325

435,495

Prepayments

12,778

17,126

Other debtors

2

-

608,105

452,621

 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

39,711

39,866

Trade creditors

 

1,096,882

617,016

Taxation and social security

 

88,487

146,702

Accruals and deferred income

 

14,970

26,932

Other creditors

 

6,179

6,226

 

1,246,229

836,742


Trade creditors include amounts owing to the company's parent company of £988,998 (2023 - £608,570).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

37,346

69,753

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       
 

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Amortisation on revalued amount

(7,748)

7,749

1

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Amortisation on revalued amount

(7,749)

7,749

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,346

69,753

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,711

39,866

Bank borrowings

Bank loan1 has a nominal interest rate of 1.5% over bank base rate, and the final instalment is due on 1 March 2027. The carrying amount at year end is £25,578 (2023 - £37,285).

Bank loan 1 is secured by legal charge over Unit 11, Business Park,Winsford,Cheshire.

Bank loan 2 has a nominal interest rate of 3% over bank base rate, and the final instalment is due on 1 March 2027. The carrying amount at year end is £51,479 (2023 - £72,334).

Bank loan 2 is secured by legal charge over Unit 12, Business Park,Winsford,Cheshire.

13

Parent and ultimate parent undertaking

The company's immediate parent is Indeco Ind SpA, incorporated in Italy.