REGISTERED NUMBER: 02118430 (England and Wales)

IRPEN (UK) LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

13,941

21,764

CURRENT ASSETS

Stocks

1,073,627

920,816

Debtors

5

315,082

354,745

Cash at bank and in hand

282,844

126,151

1,671,553

1,401,712

CREDITORS

Amounts falling due within one year

6

2,247,513

1,847,408

NET CURRENT LIABILITIES

(575,960

)

(445,696

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(562,019

)

(423,932

)

CAPITAL AND RESERVES

Called up share capital

8

344,749

344,749

Retained earnings

(906,768

)

(768,681

)

SHAREHOLDERS' FUNDS

(562,019

)

(423,932

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:

Mr D C L Carlos Augusto - Director

1.	STATUTORY INFORMATION

Irpen (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02118430

Registered office:

Wallace House

20 Birmingham Road

Walsall

West Midlands

WS1 2LT

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.

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 £.

Irpen (UK) Limited is a wholly owned subsidiary of Irpen SAU, a company which is registered in Spain. The ultimate parent undertaking is Proirpen SL, a company which is registered in Spain.

Going concern

At the year end the company has negative shareholders' funds of £562,019 (2023: £423,932). The activities of the company are being supported by the parent company Irpen SAU, which has confirmed its intention to continue this support for a period of at least twelve months from the date of approval of these financial statements.

At the time of finalising the annual accounts, the economic environment is suffering from inflation and uncertainties of the global markets. The current geopolitical situation has an impact on the supply chain and sales. The extent and duration of the actual geopolitical situation cannot be foreseen. The Irpen group has adequate resources to cover liquidity needs in the coming months and will support Irpen (UK) Limited. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Short leasehold

-

Over 118 months

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

50% on reducing balance

Tangible fixed assets are stated in the balance sheet at cost less depreciation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

28,540

241,218

269,758

Additions

-

190

190

At 31 December 2024

28,540

241,408

269,948

DEPRECIATION

At 1 January 2024

17,655

230,339

247,994

Charge for year

2,902

5,111

8,013

At 31 December 2024

20,557

235,450

256,007

NET BOOK VALUE

At 31 December 2024

7,983

5,958

13,941

At 31 December 2023

10,885

10,879

21,764

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

244,144

272,889

Other debtors

70,938

81,856

315,082

354,745

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

183,162

207,722

Amounts owed to group undertakings

1,926,416

1,475,532

Taxation and social security

108,406

101,324

Other creditors

29,529

62,830

2,247,513

1,847,408

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

186,693

185,292

Between one and five years

223,514

388,642

410,207

573,934

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

344,749

Ordinary

£1

344,749

344,749

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Jones (Senior Statutory Auditor)

for and on behalf of Wallace Crooke

10.	PENSION COMMITMENTS

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. The pension cost charge represents contributions payable by the company to the fund amounted to £7,751 (2023 - £7,386).

11.	ULTIMATE CONTROLLING PARTY

Irpen (UK) Limited is a wholly owned subsidiary of Irpen SAU, a company which is registered in Spain. The ultimate parent undertaking is Proirpen SL, a company which is registered in Spain.