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Company registration number: 04034360







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


BISAZZA U.K. LIMITED






































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BISAZZA U.K. LIMITED
 


 
COMPANY INFORMATION


Directors
Giampiero Bisazza 
Paolo Peron (resigned 17 June 2022)




Registered number
04034360



Registered office
Lynton House
7-12,Tavistock Square

London

WC1H 9LT




Trading Address
Unit G
60 Sloane Avenue

London

SW3 3DD






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


BISAZZA U.K. LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5


 


BISAZZA U.K. LIMITED
REGISTERED NUMBER:04034360



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,374
7,015

  
4,374
7,015

Current assets
  

Debtors: amounts falling due within one year
 5 
39,143
97,061

Cash at bank and in hand
  
133,195
36,907

  
172,338
133,968

Creditors: amounts falling due within one year
 6 
(409,198)
(572,927)

Net current liabilities
  
 
 
(236,860)
 
 
(438,959)

Total assets less current liabilities
  
(232,486)
(431,944)

  

Net liabilities
  
(232,486)
(431,944)


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Profit and loss account
  
(1,232,486)
(1,431,944)

  
(232,486)
(431,944)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by by: 




................................................
Giampiero Bisazza
Director

Date: 29 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


BISAZZA U.K. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Bisazza U.K. Limited is a private company, limited by shares, incorporated in England and Wales, registration
number 04034360. The registered office and principal place of business are stated on the company information
page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a profit for the year and at the reporting date has net current liabilities and net
liabilities. The directors have taken measures in order to safeguard cashflow, customers and supply chain that
they believe should enable the Company to continue in operational existence.
The Company is currently dependent on the continued support of its parent company Bisazza SPA, whose
directors have confirmed that they will continue their support for the foreseeable future so that the Company is
able to meet its financial obligations as and when they arise.
The Directors therefore consider it appropriate for the financial statements to be prepared on a going concern
basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured. Revenue is generated by the sale and distribution of glass mosaic tiles
and measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes. Revenue is recognised on delivery.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 2

 


BISAZZA U.K. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
15%
straight line
Fixtures and fittings
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, and loans to/from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 3).

Page 3

 


BISAZZA U.K. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
41,635
6,114
7,210
54,959


Additions
-
-
1,320
1,320


Disposals
(5,412)
-
(1,798)
(7,210)



At 31 December 2022

36,223
6,114
6,732
49,069



Depreciation


At 1 January 2022
35,270
6,114
6,560
47,944


Charge for the year on owned assets
1,837
-
912
2,749


Disposals
(4,378)
-
(1,620)
(5,998)



At 31 December 2022

32,729
6,114
5,852
44,695



Net book value



At 31 December 2022
3,494
-
880
4,374



At 31 December 2021
6,365
-
650
7,015


5.


Debtors: Amounts falling due within one year

2022
2021
£
£


Trade debtors
6,274
23,759

Amounts owed by group undertakings
337
9,842

Other debtors
28,083
36,750

Prepayments and accrued income
4,449
26,710

39,143
97,061


Page 4

 


BISAZZA U.K. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
14,132
12,872

Amounts owed to group undertakings
94,910
388,849

Other taxation and social security
18,442
26,330

Other creditors
266,714
130,211

Accruals and deferred income
15,000
14,665

409,198
572,927



7.


Pension commitments

The Company operates a defined contributions pension scheme. 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 and amounted to £2,453 (2021 - £3,311) . Contributions totalling £493 (2021 -
£681) were payable to the fund at the reporting date and are included in creditors.


8.


Controlling party

The smallest group in which the company is a member, and for which group accounts are made up, is Finanziaria
Gruppo Bisazza S.R.L., a company which is incorporated in Italy. Its registered office address is Viale Milano 56,
Vicenza, Italy.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 September 2023 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5