REGISTERED NUMBER: |
Maletti UK Limited |
Director's Report and |
Financial Statements |
for the Year Ended 30 June 2022 |
REGISTERED NUMBER: |
Maletti UK Limited |
Director's Report and |
Financial Statements |
for the Year Ended 30 June 2022 |
Maletti UK Limited (Registered number: 07677656) |
Contents of the Financial Statements |
for the year ended 30 June 2022 |
Page |
Company Information | 1 |
Director's Report | 2 |
Independent Auditors' Report | 3 |
Income Statement | 6 |
Balance Sheet | 7 |
Notes to the Financial Statements | 8 |
Maletti UK Limited |
Company Information |
for the year ended 30 June 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Maletti UK Limited (Registered number: 07677656) |
Director's Report |
for the year ended 30 June 2022 |
The director presents his report with the financial statements of the company for the year ended 30 June 2022. |
Principal activity |
The principal activity of the company in the year under review was that of the distribution of hairdressing furniture. |
Director |
Statement of director's responsibilities |
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 as to disclosure of information to auditors |
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. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Maletti UK Limited |
Qualified Opinion |
We have audited the financial statements of Maletti UK Limited (the 'company') for the year ended 30 June 2022 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of 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, except for the possible effects of the matter described in the basis for qualified audit opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 June 2022 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. |
Basis for qualified opinion |
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 Auditors' 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 qualified opinion. |
We were unable to observe the counting of the physical inventory at the end of the current year. We were therefore, unable to satisfy ourselves by alternative means concerning inventory quantities of £12,856 held as at 30 June 2022 by using audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 30 June 2022. Our opinion is therefore modified in this respect. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Director's Report, but does not include the financial statements and our Auditors' Report thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £12,856 held at 30 June 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Director's Report has been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Maletti UK Limited |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our audit report, 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 Director's Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of director's remuneration specified by law are not made; or |
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Director's Report. |
Arising solely from the limitation on the scope of our work relating to inventory, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' 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 Auditors' 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. |
Our procedures in relation to fraud, included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation. |
Independent Auditors' Report to the Members of |
Maletti UK Limited |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Use of our report |
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in an Auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Maletti UK Limited (Registered number: 07677656) |
Income Statement |
for the year ended 30 June 2022 |
Period |
1/1/20 |
Year ended | to |
30/6/22 | 30/6/21 |
£ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross loss | ( |
) | ( |
) |
Administrative expenses | ( |
) |
Operating profit/(loss) and |
Profit/(loss) before taxation | ( |
) |
Tax on profit/(loss) |
Profit/(loss) for the financial year | ( |
) |
Maletti UK Limited (Registered number: 07677656) |
Balance Sheet |
30 June 2022 |
2022 | 2021 |
Notes | £ | £ |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
Maletti UK Limited (Registered number: 07677656) |
Notes to the Financial Statements |
for the year ended 30 June 2022 |
1. | Statutory information |
Maletti UK Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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 pound. |
Going concern |
Since the year end, the company has started to generate sales from a new commercial contract signed with a third party. The director is of the opinion that the company has the resources to pay all liabilities as they fall due for a period of twelve months from the date of signing of these accounts and therefore considers the going concern basis for the preparation of these accounts to be appropriate. |
Reporting Period |
The current year figures relate to the period ended 30 June 2022 however the comparative amounts relate to the period from 1 January 2020 to 30 June 2021. The reason for this is the change in the accounting year end, thus the amounts are not directly comparable. |
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. |
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: |
Long Leasehold | 20% straight line |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Cash and cash equivalents |
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. |
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. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Foreign currencies |
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. |
Maletti UK Limited (Registered number: 07677656) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
3. | Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the director is 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 items in the financial statements where these judgements and estimates have been made include: |
The director has reviewed the year end stock value and based on his knowledge of the business considers that the value of stock held at the year end is accurate and that no further adjustment is required. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Recoverability of trade debtors |
The director has also reviewed the year end balances in respect of trade debtors and provided for £93,231 as a provision. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Long |
leasehold |
£ |
Cost |
At 1 July 2021 |
Disposals | ( |
) |
At 30 June 2022 |
Depreciation |
At 1 July 2021 |
Eliminated on disposal | ( |
) |
At 30 June 2022 |
Net book value |
At 30 June 2022 |
At 30 June 2021 |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
VAT recoverable debtor | 236 | - |
Maletti UK Limited (Registered number: 07677656) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax | ( |
) |
VAT | - | 687 |
Other creditors |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A | £1 | 90 | 90 |
Ordinary B | £1 | 10 | 10 |
100 | 100 |
Ordinary A and Ordinary B shares carry equal rights in all respects. |
9. | Related party disclosures |
Included in cost of sales is £nil (2021 - £4,628) invoiced by Maletti SPA. Included in administrative expenses is £2,100 (2021 - £nil) invoiced by Maletti SPA. The net balance owed to Maletti at the year end was £8,846 (2021 - £52,948). |
Parent company |
The ultimate parent company is Fin Maletti SPA, a company incorporated in Italy. |