Acorah Software Products - Accounts Production 14.6.300 false true true 31 December 2022 3 May 2022 false 1 January 2023 31 December 2023 31 December 2023 14081895 Mr Filippo VARETTA true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14081895 2022-12-31 14081895 2023-12-31 14081895 2023-01-01 2023-12-31 14081895 frs-core:CurrentFinancialInstruments 2023-12-31 14081895 frs-core:ShareCapital 2023-12-31 14081895 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 14081895 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14081895 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 14081895 frs-bus:SmallEntities 2023-01-01 2023-12-31 14081895 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 14081895 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14081895 1 2023-01-01 2023-12-31 14081895 frs-bus:Director1 2023-01-01 2023-12-31 14081895 frs-bus:Director1 2022-12-31 14081895 frs-bus:Director1 2023-12-31 14081895 frs-core:CurrentFinancialInstruments 1 2023-12-31 14081895 frs-countries:EnglandWales 2023-01-01 2023-12-31 14081895 2022-05-02 14081895 2022-12-31 14081895 2022-05-03 2022-12-31 14081895 frs-core:CurrentFinancialInstruments 2022-12-31 14081895 frs-core:ShareCapital 2022-12-31 14081895 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 14081895 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 14081895
LIL MILAN LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Tax and Advise Ltd
19 The Circle
Queen Elizabeth Street
London
SE1 2JE
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 14081895
31 December 2023 31 December 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 12,461 17,690
Debtors 5 863 13,258
Cash at bank and in hand 1,687 9,401
15,011 40,349
Creditors: Amounts Falling Due Within One Year 6 (71,051 ) (65,773 )
NET CURRENT ASSETS (LIABILITIES) (56,040 ) (25,424 )
TOTAL ASSETS LESS CURRENT LIABILITIES (56,040 ) (25,424 )
NET LIABILITIES (56,040 ) (25,424 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (56,140 ) (25,524 )
SHAREHOLDERS' FUNDS (56,040) (25,424)
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Filippo VARETTA
Director
31/07/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
LIL MILAN LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14081895 . The registered office is 10, Dunelm Street, London, E1 0QQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Stocks
31 December 2023 31 December 2022
£ £
Finished goods 12,461 17,690
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Page 3
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors - 12,868
Prepayments and accrued income 86 390
VAT 777 -
863 13,258
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 9,761 33,398
VAT - 4,413
SH Loan account - FIRGUN HOUS 60,546 27,449
Director's loan account 744 513
71,051 65,773
7. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Filippo VARETTA 513 231 - - 744
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
FIRGUN HOUSE S.R.L. is 100% holding company of Lil Milan Ltd. 
During the year company has purchased goods from the parent company amounting to £ 5,358.37 and outstanding balance of creditors as on 31.12.2023 is £ 9,240.15 (2022: £ 33,472.61). 
During the year, company has also taken loan from the parent company amounting to £ 21,000 (2022: £ 39,545.84) and the closing balance as on 31.12.2023 is £ 60,545.84 (2022: 27,449.12).
10. Ultimate Controlling Party
The company's ultimate controlling party is Ms Veronica Varetta by virtue of his ownership of  more than 50% but less than 75% of the issued share capital in the company.
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