Caseware UK (AP4) 2023.0.135 2023.0.135 2022-07-01falseTrading activities11falsetrue 13023917 2022-07-01 2023-06-30 13023917 2023-06-30 13023917 2022-06-30 13023917 2022-07-01 2023-06-30 13023917 2021-07-01 2022-06-30 13023917 2023-06-30 13023917 2022-06-30 13023917 2021-07-01 13023917 c:Director1 2022-07-01 2023-06-30 13023917 d:CurrentFinancialInstruments 2023-06-30 13023917 d:CurrentFinancialInstruments 2022-06-30 13023917 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 13023917 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 13023917 d:ShareCapital 2022-07-01 2023-06-30 13023917 d:ShareCapital 2023-06-30 13023917 d:ShareCapital 2021-07-01 2022-06-30 13023917 d:ShareCapital 2022-06-30 13023917 d:ShareCapital 2021-07-01 13023917 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 13023917 d:RetainedEarningsAccumulatedLosses 2023-06-30 13023917 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 13023917 d:RetainedEarningsAccumulatedLosses 2022-06-30 13023917 d:RetainedEarningsAccumulatedLosses 2021-07-01 13023917 c:FRS102 2022-07-01 2023-06-30 13023917 c:Audited 2022-07-01 2023-06-30 13023917 c:FullAccounts 2022-07-01 2023-06-30 13023917 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13023917 c:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 13023917









Farchioni UK Ltd









Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2023

 
Farchioni UK Ltd
Registered number: 13023917

Statement of financial position
As at 30 June 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 5 
238,826
96,336

Debtors: amounts falling due within one year
 6 
289,555
167,123

Cash at bank and in hand
 7 
50,440
175,996

  
578,821
439,455

Creditors: amounts falling due within one year
 8 
(485,257)
(379,067)

Net current assets
  
 
 
93,564
 
 
60,388

Total assets less current liabilities
  
93,564
60,388

  

Net assets
  
93,564
60,388


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
93,464
60,288

  
93,564
60,388


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Cecilia Farchioni
Director

Date: 2 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
Farchioni UK Ltd
 

Statement of changes in equity
For the Year Ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2021
100
22,249
22,349


Comprehensive income for the year

Profit for the year

-
38,039
38,039


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
38,039
38,039


Total transactions with owners
-
-
-



At 1 July 2022
100
60,288
60,388


Comprehensive income for the year

Profit for the year

-
33,176
33,176


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
33,176
33,176


Total transactions with owners
-
-
-


At 30 June 2023
100
93,464
93,564


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

1.


General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Flat 3, 10 Sloan Gardens, London, SW1W 8DL, England.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 4

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 5

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Stocks

2023
2022
£
£

Goods for resale
238,826
96,336

238,826
96,336


Page 6

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

6.


Debtors

2023
2022
£
£


Trade debtors
268,136
165,038

Amounts owed by group undertakings
100
-

Other debtors
21,319
2,085

289,555
167,123



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50,440
175,996

50,440
175,996



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
446,601
342,679

Amounts owed to group undertakings
-
9,900

Corporation tax
4,693
14,142

Other taxation and social security
1,469
863

Other creditors
14,810
1,200

Accruals and deferred income
17,684
10,283

485,257
379,067


2023
2022
£
£

Other taxation and social security

PAYE/NI control
1,469
863

1,469
863


Page 7

 
Farchioni UK Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £811 (2022: £624). Pension contributions £170 (2022: £Nil) were payable to the fund at the reporting date.


10.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 for "Related Party Disclosures" not to disclose transactions with parent and wholly owned subsidiaries in the group which are eliminated on consolidation.


11.


Controlling party

The immediate parent company is Farchioni Olii S.P.A. registered in Italy and the ultimate parent company is Farchioni S.P.A, a company registered in Italy with its registered office address at Giano Dell'umbria (PG) Via Bruno Buozzi 20 Cap 06030 Hamlet, Bastardo, Italy. The ultimate parent company prepares consolidated accounts and copy of group account is available from its registered office address. 
The ultimate controlling parties are Mr Roberto Farchioni and Mr Pompeo Farchioni. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 2 April 2024 by Mr Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 8