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Registration number: 09674762

Salvatori UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Salvatori UK Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Salvatori UK Limited

Company Information

Directors

K Swara

S Belinghieri

L S Bertazza

Company secretary

Laggan Secretaries Limited

Registered office

5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

Salvatori UK Limited

(Registration number: 09674762)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

101,148

138,659

Current assets

 

Stocks

5

42,892

55,210

Debtors

6

222,794

96,843

Cash at bank and in hand

 

373,950

1,231,018

 

639,636

1,383,071

Creditors: Amounts falling due within one year

7

(307,469)

(950,640)

Net current assets

 

332,167

432,431

Total assets less current liabilities

 

433,315

571,090

Creditors: Amounts falling due after more than one year

7

(78,341)

(78,341)

Net assets

 

354,974

492,749

Capital and reserves

 

Called up share capital

2

2

Retained earnings

354,972

492,747

Shareholders' funds

 

354,974

492,749

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.

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 Board on 19 July 2024 and signed on its behalf by:
 

.........................................
S Belinghieri
Director

 

Salvatori UK Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

2

492,747

492,749

Loss for the year

-

(137,775)

(137,775)

At 31 December 2023

2

354,972

354,974

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2

410,348

410,350

Profit for the year

-

82,399

82,399

At 31 December 2022

2

492,747

492,749

 

Salvatori 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 & Wales.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

These financial statements were authorised for issue by the Board on 19 July 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 is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

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.

 

Salvatori UK Limited

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

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:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Leasehold improvements

over the lease term

Furniture & Fittings

20% straight line

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.

 

Salvatori UK Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Salvatori UK Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

395,140

100,805

2,568

498,513

Additions

-

3,731

-

3,731

Disposals

-

(95,665)

-

(95,665)

At 31 December 2023

395,140

8,871

2,568

406,579

Depreciation

At 1 January 2023

259,633

99,021

1,200

359,854

Charge for the year

39,515

1,032

695

41,242

Eliminated on disposal

-

(95,665)

-

(95,665)

At 31 December 2023

299,148

4,388

1,895

305,431

Carrying amount

At 31 December 2023

95,992

4,483

673

101,148

At 31 December 2022

135,507

1,784

1,368

138,659

Included within the net book value of land and buildings above is £95,992(2022 - £135,507) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

42,892

55,210

6

Debtors

Current

2023
£

2022
£

Trade debtors

12,513

48,562

Prepayments

53,075

47,489

Other debtors

157,206

792

 

222,794

96,843

 

Salvatori UK Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

294

47

Trade creditors

 

97,838

714,914

Taxation and social security

 

29,259

133,639

Accruals and deferred income

 

42,461

37,249

Other creditors

 

137,617

64,791

 

307,469

950,640

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

78,341

78,341

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

78,341

78,341

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

294

47