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Registration number: 08818661

Italy Direct Ltd
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Italy Direct Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Italy Direct Ltd

(Registration number: 08818661)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

181,623

-

Current assets

 

Debtors

5

49,174

98,570

Cash at bank and in hand

 

819,190

1,086,226

 

868,364

1,184,796

Creditors: Amounts falling due within one year

6

(169,358)

(265,092)

Net current assets

 

699,006

919,704

Net assets

 

880,629

919,704

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

880,628

919,703

Shareholders' funds

 

880,629

919,704

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 5 September 2024
 

.........................................
Mr S Cimmino
Director

 

Italy Direct Ltd

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 and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying an exchange rate
as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date with any gains or losses being take to profit or loss.

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.

 

Italy Direct Ltd

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

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 and loans to related parties.

3

Staff numbers

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

4

Investment properties

2023
£

Additions

181,623

At 31 December 2023

181,623

There has been no valuation of investment property by an independent valuer.

 

Italy Direct Ltd

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

5

Debtors

2023
£

2022
£

Trade debtors

38,839

38,804

Other debtors

2,921

-

Accrued income

7,414

59,766

49,174

98,570

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

22,325

15,190

Taxation and social security

553

44,874

Accruals and deferred income

58,585

43,103

Other creditors

87,895

161,925

169,358

265,092

7

Related party transactions

At the year end date, the company owed its director S Cimmino £87,858 (2022: £161,880). In the year the company was charged commission of £33,160 (2022: £31,820) by the domestic partner of the director; there is unpaid commision to date of £39,160 (2022: £25,290) owed to the partner.