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Registration number: 12015288

GIORGETTI UK LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

GIORGETTI UK LIMITED

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

 

GIORGETTI UK LIMITED

Company Information

Directors

Stefano Cazzaniga

Giovanni Del Vecchio

Federico Maria Bianca

Registered office

54-58 Fulham Road
London
SW3 6HH

Accountants

ACCOUNTING 2 TREND LTD
3 The Shrubberies
George Lane
London
E18 1BD

 

GIORGETTI UK LIMITED

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Stefano Cazzaniga

Giovanni Del Vecchio

Federico Maria Bianca

Principal activity

The principal activity of the company is that of retail of furniture, lighting and similar products in specialised store.

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 26 February 2024 and signed on its behalf by:
 

.........................................
Stefano Cazzaniga
Director

.........................................
Giovanni Del Vecchio
Director

.........................................
Federico Maria Bianca
Director

 

GIORGETTI UK LIMITED

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

2,118,488

1,707,076

Cost of sales

 

(1,461,573)

(1,237,417)

Gross profit

 

656,915

469,659

Administrative expenses

 

(648,662)

(512,149)

Other operating income

 

12,754

18,027

Operating profit/(loss)

 

21,007

(24,463)

Profit/(loss) before tax

21,007

(24,463)

Profit/(loss) for the financial year

 

21,007

(24,463)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

GIORGETTI UK LIMITED

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit/(loss) for the year

21,007

(24,463)

Total comprehensive income for the year

21,007

(24,463)

 

GIORGETTI UK LIMITED

(Registration number: 12015288)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

295,815

317,749

Current assets

 

stocks

5

653,963

462,654

Debtors

6

129,139

569,720

Cash at bank and in hand

 

649,524

5,776

 

1,432,626

1,038,150

Creditors: Amounts falling due within one year

7

(2,127,314)

(1,758,959)

Net current liabilities

 

(694,688)

(720,809)

Total assets less current liabilities

 

(398,873)

(403,060)

Provisions for liabilities

35,318

18,498

Net liabilities

 

(363,555)

(384,562)

capital and reserves

 

Called up share capital

8

100,000

100,000

Profit and loss account

(463,555)

(484,562)

Total equity

 

(363,555)

(384,562)

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.

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 26 February 2024 and signed on its behalf by:
 

.........................................
Stefano Cazzaniga
Director

 

GIORGETTI UK LIMITED

(Registration number: 12015288)
Balance Sheet as at 31 December 2023

.........................................
Giovanni Del Vecchio
Director

.........................................
Federico Maria Bianca
Director

 

GIORGETTI UK LIMITED

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100,000

(484,562)

(384,562)

Profit for the year

-

21,007

21,007

At 31 December 2023

100,000

(463,555)

(363,555)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100,000

(460,099)

(360,099)

Loss for the year

-

(24,463)

(24,463)

At 31 December 2022

100,000

(484,562)

(384,562)

 

GIORGETTI 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 England.

The address of its registered office is:
54-58 Fulham Road
London
SW3 6HH
England

These financial statements were authorised for issue by the Board on 26 February 2024.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

GIORGETTI UK LIMITED

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

Asset class

Depreciation method and rate

Furniture and fittings

straight line over 15 years period

Short lease building

straight line over 15 years period

Office equipment

33% reducing balance

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

GIORGETTI UK LIMITED

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

33,655

346,310

379,965

At 31 December 2023

33,655

346,310

379,965

Depreciation

At 1 January 2023

6,271

55,945

62,216

Charge for the year

1,772

20,162

21,934

At 31 December 2023

8,043

76,107

84,150

Carrying amount

At 31 December 2023

25,612

270,203

295,815

At 31 December 2022

27,384

290,365

317,749

Included within the net book value of land and buildings above is £25,612 (2022 - £27,384) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

653,963

462,654

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,055

419,587

Prepayments

63,334

71,142

Other debtors

60,750

78,991

 

129,139

569,720

 

GIORGETTI UK LIMITED

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

533,685

79,725

Taxation and social security

16,786

22,464

Accruals and deferred income

-

768

Other creditors

1,576,843

1,656,002

2,127,314

1,758,959

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

         

9

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

552,422

552,422

Interest transactions

25,275

25,275

At end of period

577,697

577,697

2022

Other related parties
£

Total
£

At start of period

550,815

550,815

Repaid

(12,204)

(12,204)

Interest transactions

13,811

13,811

At end of period

552,422

552,422

Terms of loans from related parties

Shareholders' loan, interest bearing.