Talented Italians in the UK Limited 13190612 false 2022-03-01 2023-02-28 2023-02-28 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. Digita Accounts Production Advanced 6.30.9574.0 true true 13190612 2022-03-01 2023-02-28 13190612 2023-02-28 13190612 core:RetainedEarningsAccumulatedLosses 2023-02-28 13190612 core:ShareCapital 2023-02-28 13190612 core:CurrentFinancialInstruments 2023-02-28 13190612 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13190612 bus:SmallEntities 2022-03-01 2023-02-28 13190612 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13190612 bus:FullAccounts 2022-03-01 2023-02-28 13190612 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 13190612 bus:RegisteredOffice 2022-03-01 2023-02-28 13190612 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 13190612 bus:Director2 2022-03-01 2023-02-28 13190612 bus:Director3 2022-03-01 2023-02-28 13190612 bus:CompanyLimitedByGuarantee 2022-03-01 2023-02-28 13190612 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 13190612 core:ShareCapital 2022-03-01 2023-02-28 13190612 countries:England 2022-03-01 2023-02-28 13190612 2022-02-28 13190612 core:RetainedEarningsAccumulatedLosses 2022-02-28 13190612 core:ShareCapital 2022-02-28 13190612 2021-02-09 2022-02-28 13190612 2022-02-28 13190612 core:RetainedEarningsAccumulatedLosses 2022-02-28 13190612 core:ShareCapital 2022-02-28 13190612 core:CurrentFinancialInstruments 2022-02-28 13190612 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 13190612 core:RetainedEarningsAccumulatedLosses 2021-02-09 2022-02-28 13190612 core:ShareCapital 2021-02-09 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 13190612

Talented Italians in the UK Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Talented Italians in the UK Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

 

Talented Italians in the UK Limited

Company Information

Directors

Rocco Franco

Brunello Rosa

Leonardo Simonelli

Company secretary

Rocco Franco

Registered office

22-24 Ely Place
London
EC1N 6TE

 

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:

Rocco Franco - Company secretary and director

Brunello Rosa

Leonardo Simonelli

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 Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Rocco Franco
Company secretary and director

 

Talented Italians in the UK Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

27,000

-

Cost of sales

 

(10,807)

-

Gross surplus

 

16,193

-

Administrative expenses

 

(627)

(617)

Operating surplus/(deficit)

 

15,566

(617)

Surplus/(deficit) before tax

15,566

(617)

Tax on profit/(loss)

 

(2,840)

-

Surplus/(deficit) for the financial year

 

12,726

(617)

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

12,726

(617)

Total comprehensive income for the year

12,726

(617)

 

Talented Italians in the UK Limited

(Registration number: 13190612)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

139

139

Cash at bank and in hand

 

15,324

370

 

15,463

509

Creditors: Amounts falling due within one year

5

(2,984)

(756)

Net assets/(liabilities)

 

12,479

(247)

Reserves

 

Called up share capital

370

370

Retained earnings

12,109

(617)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Rocco Franco
Company secretary and director

 

Talented Italians in the UK Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Members' Capital
£

Retained earnings
£

Total
£

At 1 March 2022

370

(617)

(247)

Surplus for the year

-

12,726

12,726

At 28 February 2023

370

12,109

12,479

Members' Capital
£

Retained earnings
£

Total
£

Deficit for the year

-

(617)

(617)

Members' subscriptions

370

-

370

At 28 February 2022

370

(617)

(247)

 

Talented Italians in the UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

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:
22-24 Ely Place
London
EC1N 6TE
England

These financial statements were authorised for issue by the Board on 28 November 2023.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Debtors

Current

2023
£

2022
£

Prepayments

139

139

 

Talented Italians in the UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

144

Taxation and social security

2,840

-

Other creditors

144

612

2,984

756