REGISTERED NUMBER: |
RAICAM CLUTCH LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: |
RAICAM CLUTCH LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RAICAM CLUTCH LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
8 Church Green East |
Redditch |
Worcestershire |
B98 8BP |
BANKERS: |
Moor House |
120 London Wall |
London |
EC27 5RT |
BANKERS: |
39 Threadneedle Street |
London |
EC2R 8AU |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Raicam Clutch Limited is a private company limited by shares, incorporated in England and Wales and domiciled in England. The registered office and company number is included on the company information page. |
The financial statements are prepared in GBP, which is considered to be the functional currency of the company, and are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is provided on the following basis: |
Software - 20%-33% straight line |
All intangible assets are considered to have a finite useful life. The amortisation period is considered to be a fair reflection of the useful economic life of the asset. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Office Equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less accumulated impairment. |
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 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 balance sheet date. |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
5. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor | Office |
leasehold | machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
On 22 September 2022 a negative pledge and a fixed floating charge (covering the cash account of the company) was created in favour of Lloyds Bank PLC. |
On 10 February 2023 a negative pledge and a fixed charge was satisfied for Unicredit Bank Ag, London Branch. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | 1 | 3 | 3 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
During the year the company had net purchases of £864.41 from Elisa S.r.l the ultimate parent company. The company owed to Elisa S.r.l £387.50 at the balance sheet date. |
During the year the company had net sales to Raicam Industrie S.r.l, the parent company of £468.00 and purchases of £34,496.13. The company owed to Raicam Industrie S.r.l £8,631.58 at the balance sheet date. |
During the year the company has net sales to Raicam Driveline S.r.l, an associated company, of £160,865 and purchases of £363,293.28. The company owed Raicam Driveline S.r.l £15,499.13 at the balance sheet date. |
RAICAM CLUTCH LIMITED (REGISTERED NUMBER: 06837643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Raicam Industrie S.r.l., a company incorporated in Italy. |
The company's ultimate parent undertaking and ultimate controlling party is Elisa S.r.l, a company incorporated in Italy. Copies of the consolidated financial statements are available from Via Teramo 5, Manoppello Scalo (PE), 65025 Italy. |