Surf AccountsProduction v1.0.0 v1.0.0 2022-01-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company during the year under review has continued to be that of wholesale of chemical products. 5 October 2023 2 6 06854017 2022-12-31 06854017 2021-12-31 06854017 2020-12-31 06854017 2022-01-01 2022-12-31 06854017 2021-01-01 2021-12-31 06854017 uk-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06854017 uk-curr:PoundSterling 2022-01-01 2022-12-31 06854017 uk-bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06854017 uk-bus:AbridgedAccounts 2022-01-01 2022-12-31 06854017 uk-core:ShareCapital 2022-12-31 06854017 uk-core:ShareCapital 2021-12-31 06854017 uk-core:OtherReservesSubtotal 2022-12-31 06854017 uk-core:OtherReservesSubtotal 2021-12-31 06854017 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 06854017 uk-core:RetainedEarningsAccumulatedLosses 2021-12-31 06854017 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 06854017 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-12-31 06854017 uk-bus:FRS102 2022-01-01 2022-12-31 06854017 uk-core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 06854017 uk-bus:Audited 2022-01-01 2022-12-31 06854017 uk-core:ParentEntities 2022-01-01 2022-12-31 06854017 2022-01-01 2022-12-31 06854017 uk-bus:Director1 2022-01-01 2022-12-31 06854017 uk-bus:Director2 2022-01-01 2022-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 06854017
 
 
Fila Surface Care Products Limited
 
Abridged Financial Statements
 
for the financial year ended 31 December 2022
Fila Surface Care Products Limited
Company Registration Number: 06854017
ABRIDGED BALANCE SHEET
as at 31 December 2022

2022 2021
Notes £ £
 
Fixed Assets
Tangible assets 8 1,501 999
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Current Assets
Stocks 211,699 306,856
Debtors 364,714 489,456
Cash and cash equivalents 114,158 410,757
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690,571 1,207,069
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Creditors: amounts falling due within one year (650,219) (1,099,225)
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Net Current Assets 40,352 107,844
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Total Assets less Current Liabilities 41,853 108,843
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Capital and Reserves
Called up share capital 9,405 9,405
Other reserves 283,155 283,155
Retained earnings (250,707) (183,717)
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Equity attributable to owners of the company 41,853 108,843
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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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 5 October 2023 and signed on its behalf by
           
           
________________________________     ________________________________
Francesco Pettenon     Katarina Safai
Director     Director
           



Fila Surface Care Products Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2022

   
1. General Information
 
Fila Surface Care Products Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 06854017. The registered office of the company is Third Floor East, 12 Bridewell Place, London, EC4V 6AP, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Sale of Goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied;

*   the Company has transferred significant risks and rewards of ownership to the buyer;
*   the Company retains neither managerial involvement to the degree usually associated with ownership nor        
    effective control over the goods sold;
*   the amount of revenue can be measured reliably;
*   it is probable that the Company will receive the consideration due under the transaction; and
*   the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Income from commissions are earned once certain turnover targets are reached in the year.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The directors have considered the companies financial position and its ability to continue as a going concern. The company incurred an operating loss of £75,689 (2021: Profit £71,298) during the year. However, at the year end the company had net current assets of £41,853.

Management accounts up to June 2023 for the company have been reviewed which shows the company generated a profit for the first 6 months of 2023.

The company has received confirmation from its parent that it will not recall amounts owed for a period of at least 12 months from the date of signing of the financial statements of the company or where such a repayment would jeopardise the ability of the company to meet their liabilities to other creditors as they fall due.

Having made due enquiries and considering the factors described above, the directors have a reasonable expectation that the company has and will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was qualified.
 
The financial statements were audited by Clinton Higgins.
The Auditor's Report was signed by Niall Clinton (Senior Statutory Auditor) for and on behalf of Clinton Higgins on 5th October 2023.
 
   
5. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
   
6. Critical Accounting Judgements and Estimates
 
The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:
 
Recognition of deferred tax asset
The recognition of deferred income tax assets is based upon whether it is probable that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences and tax losses carried forward can be utilised. Where the temporary differences are related to losses, the availability of the losses to offset against projected taxable profits is also considered. The company has recognised a deferred income tax asset of £55,907 at 31 December 2022 (2021: £40,424). Recognition involves judgement regarding future financial performance of the company and as a result there is no absolute assurance the assets recognised will be realised.
       
7. Employees
 
The average monthly number of employees, including directors, during the financial year was as follows:
 
  2022 2021
  Number Number
 
Administration 2 6
  ═════════ ═════════
       
8. Tangible assets
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 January 2022 5,384 5,384
Additions 980 980
  ───────── ─────────
At 31 December 2022 6,364 6,364
  ───────── ─────────
Depreciation
At 1 January 2022 4,385 4,385
Charge for the financial year 478 478
  ───────── ─────────
At 31 December 2022 4,863 4,863
  ───────── ─────────
Net book value
At 31 December 2022 1,501 1,501
  ═════════ ═════════
At 31 December 2021 999 999
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2022.
   
10. Parent company
 
The company regards Fila Industria Chimica SPA, a company incorporated in Italy, with address at Via Garibaldi, 58-35018 San Martino di Lupri, Italy as its parent company and ultimate parent undertaking.
 
   
11. Controlling interest
 
The company is ultimately controlled by Mr Francesco Pettenon and Mrs Alessandra Pettenon who each own 31.5% of the share capital in the parent company.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.