Company registration number 02963700 (England and Wales)
EVERSYS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
EVERSYS UK LIMITED
COMPANY INFORMATION
Directors
D C Gaffney
L Bonniface
(Appointed 20 January 2025)
Secretary
D C Gaffney
Company number
02963700
Registered office
Unit 1 Royce Road Industrial Estate
Royce Road
Crawley
West Sussex
RH10 9NX
Auditor
Anova
The Barn, Meadow Court
Faygate Lane
Faygate
Horsham
West Sussex
RH12 4SJ
EVERSYS UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
EVERSYS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Eversys UK Ltd is a forward-thinking and innovative company specialising in the sale, distribution and maintenance of Eversys commercial coffee machines. Since its establishment in 2017, the Company has been at the forefront of delivering cutting-edge technology to commercial premises and businesses. The expertise lies in providing best-in-class coffee machines that elevate the coffee experience of the end user and customer, combining precision, innovation and efficiency both operationally and financially. With a strong commitment to quality and customer service, Eversys UK has earned a reputation as a trusted leader in the UK coffee machine industry.
OPERATIONAL HIGHLIGHTS
Product Development and Market Offering: The Company continues to provide a broad and evolving portfolio of commercial coffee solutions tailored to meet a wide range of customer requirements. In April 2024, a new model, the Legacy, was successfully introduced, further expanding our product range and market presence. All models and maintenance offering are renowned for their reliability, innovation, and ability to deliver a consistently high-quality coffee experience, with minimal disruption to the end user.
Turnover Growth: The Company achieved a turnover increase of 22% compared to the prior year, 2023. This growth was driven by a strong performance across both key revenue streams:
Sale of Goods: Revenue from the sale of machines and associated equipment increased by 28% year-on-year.
Rendering of Services: Revenue generated from planned and reactive maintenance services increased by 13% year-on-year.
This balanced growth reflects the effectiveness of the Company’s strategy in both product sales and after-sales service delivery.
Customer Engagement: Eversys UK Ltd continues to benefit from a broad and loyal customer base, encompassing a mix of independent businesses and large corporate clients, across both the speciality and commercial sectors of the industry. The Company places great emphasis on understanding and fulfilling the specific needs of its customers, fostering long-term relationships built on trust and service excellence.
Workforce Strength and Infrastructure Expansion
As at 31 December 2024, Eversys UK Ltd is proud to have a dedicated team of 43 employees. This reflects the continued investment in human capital to support and sustain business growth. The directors recognise that this is an invaluable contribution to the workplace, with the workforce driving both operational success and innovation.
For the period, Administrative Expenses increased by 19% compared to 2023. This rise reflects the company’s strategic investment in workforce investment and expansion, particularly the growth of our engineering and sales departments, as well as upgrades to Head Office infrastructure. These investments are essential to ensuring long-term scalability, improving internal systems, and maintaining high standards of service delivery as the Company grows. The Company remains committed to managing costs effectively and ensuring operational efficiency and improvement.
The Directors remain committed to cost-effective management and continuous improvement in operational efficiency, with a clear focus on ensuring that the business is well-positioned for sustained success in the coming years.
EVERSYS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
FINANCIAL PERFORMANCE
The Company delivered a robust financial performance during the year:
Turnover increased by 22%, rising from £9,119,054 in 2023 to £11,125,338 in 2024. This growth was driven by both machine sales and associated service contracts.
Administrative expenses increased by 19%, from £1,494,939 in 2023 to £1,781,600 in 2024, largely attributable to the strategic expansion of sales and support functions.
The Company achieved a 38% increase in Net Profit compared to 2023, up from £2,732,486 to £3,779,390, reversing the decline seen in the previous year. This reflects the effectiveness of the Company's investment in people and infrastructure to support growth.
At the balance sheet date, the Company had cash reserves of £2,876,674, down 16% from the 2023 balance of £3,436,495.
The Company had retained earnings of £4,283,783 at 31 December 2024, down 5% from £4,504,393 at 31 December 2023.
Eversys UK Ltd continues to maintain a strong financial foundation, allowing for sustained reinvestment into key operational areas.
Operational Investment and Financials
To support its ambitious growth targets, most notably, the goal to double machine sales in the short-to medium term, the Company expanded its workforce significantly in 2024. Headcount increased from 38 employees in 2023 to 43 employees at the end of 2024 – with the increase largely being in strengthening the sales and delivery teams. Additional roles within administration, engineering, and support services have been critical in facilitating new contract wins and supporting customer relationships.
Further, the Company initiated a transition to bring back-office functions in-house, beginning in April 2024. Key areas such as payroll and human resources are now managed internally, providing improved control, responsiveness, and cost efficiencies compared to reliance on third-party providers. This aligns with the ambition set at the end of 2023.
Strategic Outlook
Eversys UK Limited is well positioned for future growth and remains optimistic about the outlook for 2025 and beyond. This supported by a strong, loyal and established customer base that actively engages and integrates the Eversys equipment and services into their daily operations. This continued market presence enhances brand visibility and recognition, further strengthening our position within the industry. The strength of this customer engagement contributes to growing brand recognition and continued market presence.
Market Expansion
Several large account wins are forecast to onboard from Q3 2025 onwards, which will necessitate further strategic investment in stock, infrastructure, and personnel to uphold service quality and meet demand. These investments will be reflected in the Company’s 2025 financial results and are expected to support sustained revenue and profit growth in subsequent years.
Principal risks and uncertainties
Eversys UK Ltd is mindful of the risks and the uncertainties which could impact the Company’s operations and performance in the coming year:
Inflationary Pressure - With the elevated rate of Consumer Price Index (CPI) inflation reported in Q2 2025, there is an associated risk of increased base operating costs, including materials, logistics, and staffing. Should inflation persist or escalate further, it may exert additional pressure on the Company’s cost structure, potentially affecting profit margins.
Operational Risk Related to Client Onboarding - As outlined in the Strategic Outlook, the Company anticipates significant onboarding of large clients from Q3 2025. While preparations are underway to scale resources and stock to meet expected demand, there is an inherent risk that any delays in onboarding could result in increased expenditure without the corresponding revenue being realised in the short term. This timing mismatch could adversely affect cash flow and short-term financial performance.
EVERSYS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Future Developments
Moving forward, Eversys UK Ltd is again well positioned to capitalise on growth opportunities and address the evolving challenges within the commercial coffee sector. Looking ahead, the Company has identified several strategic priorities that will guide its development in the coming years:
Product Development – Legacy Range: Following the successful launch of the Legacy machine at the London Coffee Festival in April 2024, efforts continue to expand its market penetration. A second iteration of the model, offering increased output for high-traffic sites, has since been introduced. While positioned as an entry-level product, its adaptability now allows it to serve a broader segment of the customer base.
Aftersales Service: The Company remains committed to maintaining high service standards, including first-time fix rates. Continued review and optimisation of tools and parts inventory will ensure that field engineers are equipped with the most frequently required resources, enabling timely and efficient service delivery.
Sustainability and Corporate Social Responsibility (CSR): Eversys UK Ltd is reinforcing its commitment to sustainability through eco-conscious practices across its UK operations and wider supply chain—guided by Eversys SA. Employee awareness will be promoted through online training modules, and the business will broaden its focus to include CSR initiatives. These include supporting charitable organisations through reduced-rate services and sponsorships where appropriate.
Employee Development: Employee growth remains central to the Company’s values. Ongoing investment in training and professional development ensures that team members remain motivated, skilled, and aligned with the Company’s long-term vision. Increased training at Eversys SA headquarters is planned to develop UK-based specialists for each machine model, enhancing field expertise and knowledge sharing.
Recruitment Strategy: With almost all recruitment having been completed internally, in response to the increasing need for specialist skillsets, the Company will partner with a dedicated external recruitment agency for office-based roles. This collaboration is expected to play a key role in securing top talent as internal teams expand further in 2025.
Conclusion
In conclusion, Eversys UK Ltd has delivered a strong performance in 2024, underpinned by sustained revenue growth, increased profitability, and strategic investment in people, infrastructure, and innovation. The Company continues to strengthen its market position through the successful launch of new products, expansion of its workforce, and enhancement of aftersales support. With a loyal and growing customer base, a clear strategic vision, and a proactive approach to addressing future risks and opportunities, the business is well placed for continued growth and success. The Directors remain confident in the Company’s resilience and future prospects, and extend their gratitude to all employees, customers, and partners for their ongoing commitment and support.
D C Gaffney
Director
1 July 2025
EVERSYS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the supply of coffee machines to the catering industry. The company continues to seek commercial opportunities.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £4,000,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D C Gaffney
M Cagnin
(Resigned 31 January 2024)
D Gaffney
(Resigned 1 January 2024)
M Strehl
(Resigned 31 January 2024)
L Bonniface
(Appointed 20 January 2025)
Auditor
In accordance with the company's articles, a resolution proposing that Anova be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 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; and
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
EVERSYS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
D C Gaffney
Director
1 July 2025
EVERSYS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EVERSYS UK LIMITED
- 6 -
Opinion
We have audited the financial statements of Eversys UK Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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 contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EVERSYS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EVERSYS UK LIMITED (CONTINUED)
- 7 -
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 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.
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 identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
EVERSYS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EVERSYS UK LIMITED (CONTINUED)
- 8 -
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non- compliance with laws and regulations.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reviewing internal reports and reviewing correspondence with HMRC, and;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Matthew Cleghorn FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Anova, Statutory Auditor
Chartered Accountants
The Barn, Meadow Court
Faygate Lane
Faygate
Horsham
West Sussex
RH12 4SJ
1 July 2025
EVERSYS UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
11,125,338
9,119,054
Cost of sales
(6,281,058)
(5,174,751)
Gross profit
4,844,280
3,944,303
Administrative expenses
(1,781,600)
(1,494,940)
Operating profit
4
3,062,680
2,449,363
Interest receivable and similar income
8
1,519,964
868,587
Interest payable and similar expenses
9
(18,510)
Profit before taxation
4,564,134
3,317,950
Tax on profit
10
(784,744)
(585,464)
Profit for the financial year
3,779,390
2,732,486
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EVERSYS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
3,779,390
2,732,486
Other comprehensive income
-
-
Total comprehensive income for the year
3,779,390
2,732,486
EVERSYS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
43,651
52,004
Investments
13
88
88
43,739
52,092
Current assets
Stocks
15
1,855,508
1,582,329
Debtors
16
1,663,236
1,363,827
Cash at bank and in hand
2,876,674
3,436,495
6,395,418
6,382,651
Creditors: amounts falling due within one year
17
(2,085,374)
(1,860,350)
Net current assets
4,310,044
4,522,301
Net assets
4,353,783
4,574,393
Capital and reserves
Called up share capital
20
70,000
70,000
Profit and loss reserves
4,283,783
4,504,393
Total equity
4,353,783
4,574,393
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 1 July 2025 and are signed on its behalf by:
D C Gaffney
Director
Company registration number 02963700 (England and Wales)
EVERSYS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
70,000
5,771,907
5,841,907
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,732,486
2,732,486
Dividends
11
-
(4,000,000)
(4,000,000)
Balance at 31 December 2023
70,000
4,504,393
4,574,393
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,779,390
3,779,390
Dividends
11
-
(4,000,000)
(4,000,000)
Balance at 31 December 2024
70,000
4,283,783
4,353,783
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Eversys UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Royce Road Industrial Estate, Royce Road, Crawley, West Sussex, RH10 9NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of De'Longhi S.P.A.. These consolidated financial statements are available from its registered office, Via Lodovico Seitz 47,31100 Treviso (TV), Italy.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
6,974,779
5,441,630
Rendering of services
4,150,559
3,677,424
11,125,338
9,119,054
2024
2023
£
£
Other revenue
Interest income
57,209
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
794
(82)
Depreciation of owned tangible fixed assets
31,605
24,904
Operating lease charges
102,785
94,159
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
10,750
For other services
All other non-audit services
7,705
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Accounts and sales
5
3
Operations
38
35
Total
43
38
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,811,103
1,716,484
Social security costs
186,472
161,486
Pension costs
153,896
64,080
2,151,471
1,942,050
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
137,667
330,497
Company pension contributions to defined contribution schemes
116,800
36,314
254,467
366,811
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
254,467
170,346
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
57,209
Income from fixed asset investments
Income from participating interests - subsidiaries
1,462,755
868,587
Total income
1,519,964
868,587
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
18,510
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
784,744
585,464
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,564,134
3,317,950
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,141,034
779,718
Tax effect of expenses that are not deductible in determining taxable profit
14,106
18,481
Tax effect of income not taxable in determining taxable profit
(365,689)
(204,118)
Adjustments in respect of prior years
(925)
Permanent capital allowances in excess of depreciation
(4,707)
(7,692)
Taxation charge for the year
784,744
585,464
11
Dividends
2024
2023
£
£
Final paid
4,000,000
4,000,000
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
20,718
50,465
30,729
101,912
Additions
22,835
417
23,252
At 31 December 2024
20,718
73,300
31,146
125,164
Depreciation and impairment
At 1 January 2024
12,264
16,822
20,822
49,908
Depreciation charged in the year
1,691
23,288
6,626
31,605
At 31 December 2024
13,955
40,110
27,448
81,513
Carrying amount
At 31 December 2024
6,763
33,190
3,698
43,651
At 31 December 2023
8,454
33,643
9,907
52,004
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
88
88
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eversys Ireland Limited
21 Belvedere Place, Dublin1, D01 WP22, Ireland
Ordinary
100.00
15
Stocks
2024
2023
£
£
Raw materials and consumables
1,855,508
1,582,329
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,370,201
1,199,100
Corporation tax recoverable
55,817
Prepayments and accrued income
237,218
164,727
1,663,236
1,363,827
Included within trade debtors are balances owed by group companies totalling £17,713 (2023: £14,401).
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
196,689
153,122
Amounts owed to group undertakings
555,284
Corporation tax
585,464
Other taxation and social security
546,049
476,325
Deferred income
18
646,515
530,723
Other creditors
8,481
Accruals and deferred income
132,356
114,716
2,085,374
1,860,350
18
Deferred income
2024
2023
£
£
Other deferred income
646,515
530,723
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
153,896
64,080
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70,000
70,000
70,000
70,000
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
249,418
211,764
Between two and five years
188,360
345,587
437,778
557,351
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Eversys SA - Parent company
During the year under review, the company traded with Eversys SA under normal commercial terms and purchased goods amounting to £4,215,241 (2023: £3,873,635). The company also made sales to Eversys SA of £1,180 (2023: £Nil) and recharged costs amounting to £56,526 (2023: £39,998).
As at the balance sheet date, the company owed £555,284 (2023: £97,424) in relation to purchases made, and were owed £9,417 (2023: £9,413) in relation to sales and recharges.
Eversys Ireland Limited - Wholly owned subsidiary
During the year under review, the company traded with Eversys Ireland under normal commercial terms and purchased goods amounting to £Nil (2023: £927). The company also made sales to Eversys Ireland of £14,239 (2023: £262) and recharged costs amounting to £55,335 (2023: £10,422).
As at the balance sheet date, the company were owed £8,296 (2023: £4,988).
Companies under common control of directors
During the year under review, the company traded with companies under common control of directors under normal commercial terms and purchased goods amounting to £nil (2023: £11,542). The company also made sales to companies under common control of directors of £383 (2023: £111,000).
As at the balance sheet date, the company owed £Nil (2023: £1,097).
Directors' family members
During the year under review, close family members of the directors received total remuneration of £100,421 (2023: £73,598).
23
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
24
Ultimate controlling party
The company's immediate parent company is Eversys SA, a company registered in Switzerland.
EVERSYS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Ultimate controlling party
(Continued)
- 24 -
The largest group in which the results are consolidated is that headed by De'Longhi S.P.A. who are considered the ultimate controlling party. The consolidated accounts of this company are available to the public and may be obtained from De'Longhi S.P.A. at https://www.delonghigroup.com/en/investor/results .
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