Registration number:
Talented Italians in the UK Limited
(A company limited by guarantee)
for the Year Ended 28 February 2023
Talented Italians in the UK Limited
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Talented Italians in the UK Limited
Company Information
Directors |
Rocco Franco Brunello Rosa Leonardo Simonelli |
Company secretary |
Rocco Franco |
Registered office |
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Talented Italians in the UK Limited
Directors' Report for the Year Ended 28 February 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is The principal activites of the Association are:
a) to promote and conduct research studies and a public and informed debate on integration of immigrants both in Italy and the UK and their added value to the economy;
b) to provide a safe meeting space to encourage and facilitate the exchange of experiences and learning from others between UK and Italian individuals and organisations operating in the Finance and Services, Industry and Commerce, Research and Innovation and Media and Communication sectors;
c) to provide mentoring programs for Italian university students and early career stage professionals willing and able to explore an international career;
d) to foster personal and professional relations among its Members strengthening the network of Italian communities in the UK;
e) to support Italian communities in the UK by promoting cultural, academic, social and professional events and activities;
f) to arrange and participate in meetings seminars and events, lectures, seminars conferences and other activities in Italy, the United Kingdom or elsewhere relating to the objects of the Company; and
g) to co-operate with the Italian associations in the UK for the advancement of the objects of the Association.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Talented Italians in the UK Limited
Profit and Loss Account for the Year Ended 28 February 2023
Note |
2023 |
2022 |
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Turnover |
|
- |
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Cost of sales |
( |
- |
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Gross surplus |
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- |
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Administrative expenses |
( |
( |
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Operating surplus/(deficit) |
15,566 |
(617) |
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Surplus/(deficit) before tax |
|
( |
|
Tax on profit/(loss) |
( |
- |
|
Surplus/(deficit) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Talented Italians in the UK Limited
Statement of Comprehensive Income for the Year Ended 28 February 2023
2023 |
2022 |
|
Surplus/(deficit) for the year |
|
( |
Total comprehensive income for the year |
|
( |
Talented Italians in the UK Limited
(Registration number: 13190612)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets/(liabilities) |
|
( |
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Reserves |
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Called up share capital |
370 |
370 |
|
Retained earnings |
12,109 |
(617) |
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Surplus/(deficit) |
12,479 |
(247) |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Talented Italians in the UK Limited
Statement of Changes in Equity for the Year Ended 28 February 2023
Members' Capital |
Retained earnings |
Total |
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At 1 March 2022 |
|
( |
( |
Surplus for the year |
- |
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At 28 February 2023 |
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|
|
Members' Capital |
Retained earnings |
Total |
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Deficit for the year |
- |
( |
( |
Members' subscriptions |
|
- |
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At 28 February 2022 |
|
( |
( |
Talented Italians in the UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The company is a public benefit entity as defined by Section 34 of FRS 102”.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Talented Italians in the UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
Current |
2023 |
2022 |
Prepayments |
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Talented Italians in the UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
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- |
Other creditors |
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