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Registration number: 02723946

Lati UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Lati UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lati UK Limited

Company Information

Director

Mr Vittorio Gerola

Company secretary

Mr Vittorio Gerola

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL

Accountants

Bright Partnership LLP
Chartered Accountants & Business Advisors
26 Edward Court
C/o Bright Partnership Altringham Business Park
Altrincham
WA14 5GL

 

Lati UK Limited

(Registration number: 02723946)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,851

4,921

Current assets

 

Stocks

434,296

680,233

Debtors

5

272,781

523,426

Cash at bank and in hand

 

585,136

301,196

 

1,292,213

1,504,855

Creditors: Amounts falling due within one year

6

(489,734)

(454,588)

Net current assets

 

802,479

1,050,267

Total assets less current liabilities

 

806,330

1,055,188

Provisions for liabilities

(732)

(935)

Net assets

 

805,598

1,054,253

Capital and reserves

 

Called up share capital

7

150,000

150,000

Retained earnings

655,598

904,253

Shareholders' funds

 

805,598

1,054,253

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 April 2024
 

.........................................
Mr Vittorio Gerola
Company secretary and director

 

Lati UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL

The principal place of business is:
1 Turner Crescent
Loomer Road Industrial Estate
Chesterton
ST5 7JZ

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.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Lati UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

Preparation of the financial statements requires managements to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

A. Useful economic lives of tangible assets

B. Stock provisioning

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

The company product is of a highly technical nature and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and associated provisioning is required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of goods for resale.

C. Impairment of debtors

The company makes an estimate of the recoverability value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile and historical experience.

D. Transfer Pricing

The company makes an adjustment to account for the market value of goods transacted between group companies. This is based on an assessment of the earnings before interest and taxation percentage of the pan-EU group.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Lati UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

12% on cost

Office Equipment

20% on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Lati UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

48,020

48,020

Additions

587

587

At 31 December 2023

48,607

48,607

Depreciation

At 1 January 2023

43,099

43,099

Charge for the year

1,657

1,657

At 31 December 2023

44,756

44,756

Carrying amount

At 31 December 2023

3,851

3,851

At 31 December 2022

4,921

4,921

 

Lati UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

249,255

499,900

Other debtors

23,526

23,526

 

272,781

523,426

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

6,004

14,873

Amounts owed to group undertakings and undertakings in which the company has a participating interest

386,052

299,833

Taxation and social security

 

83,959

130,987

Accruals and deferred income

 

13,383

8,458

Other creditors

 

336

437

 

489,734

454,588

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

150,000

150,000

150,000

150,000

       

8

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is SVI Sviluppo industriale SpA, incorporated in Italy.

The address of SVI Sviluppo industriale SpA is:
Corso Venezia 61
Milan
MI 20121