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Registered number: 05145080










DELITALIA LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DELITALIA LIMITED
 
 
COMPANY INFORMATION


Directors
M Mainiero 
D Scuola 




Registered number
05145080



Registered office
Unit 8 Strafford Industrial Park
Gilroyd Lane Dodworth

Barnsley

South Yorkshire

S75 3EJ




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
The Royal Bank of Scotland plc





HSBC UK Bank plc





 
DELITALIA LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 23


 
DELITALIA LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
In the year 31 December 2023, the company made a loss after tax of £332,258 which compares to a profit of £241,159 for the comparative period. The turnover has decreased by 9.2% compared with the prior year,  however, the gross profit margin percentage has only fallen by 1.0%. Significant increases to rent and energy costs have contributed towards an increase of 11.0% in administration expenses. Therefore, the combination of a fall in turnover and increased expenditure has meant Delitalia has seen its first loss since the COVID-19 years. While it has been a disappointing year, the directors remain hopeful for 2024, with turnover picking up going in to the summer months. Delitalia have also seen a significant decrease in energy costs so far in 2024, an expense which had almost doubled during 2023.

Principal risks and uncertainties
 
The management of the business and the nature of the company’s strategy are subject to a number of risks. The directors have set out below the principal risks facing the business. Where commercially possible, the directors have put in place processes to monitor and mitigate such risks. 

Financial key performance indicators
 
To achieve the overall company strategy, the directors monitor the business by measuring actual performance in comparison to prior periods and expectations, and by reference to certain specific financial and non financial key performance indicators. Sales growth, gross profit margin and staff cost levels are very important indicators in this respect.

Other key performance indicators

High proportion of fixed overheads and variable revenues

A large proportion of the company’s overheads are fixed. There is the risk that any significant changes in revenue may lead to the inability to cover such costs. Management closely monitors fixed overheads on a monthly basis and cost saving exercises are implemented when there in an anticipated decline in revenues.

Competition

The market in which the company operates in highly competitive. As a result there is a constant downwards pressure on margins and the additional risk of being unable to meet customers’ expectations. Policies of constant price monitoring and ongoing market research are in place to mitigate such risks.

Fluctuations in currency exchange

Approximately 90% of the company’s stock purchases relate to purchases made from Italy and other countries in the European Union. Therefore, as a company there is exposure to foreign currency fluctuations.

The directors aim to ensure that price increases caused by adverse currency movements are passed onto customers as soon as practicable.

Page 1

 
DELITALIA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Liquidity risk

The company seeks to mange financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short-term flexibility is achieved with main partners not holding too much pressure on prompt payments therefore monthly movements can be monitored.

Credit risk

The company’s principal financial assets are cash deposits and trade debtors. The principal credit risk arises from its trade debtors.
In order to mange credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt aging and collection history. Credit terms have been shorted too in certain circumstances.


This report was approved by the board on 11 September 2024 and signed on its behalf.






M Mainiero
Director


Page 2

 
DELITALIA 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.

Results and dividends

The loss for the year, after taxation, amounted to £332,258 (2022 - profit £241,459).

Directors
The directors who served during the year were:
M Mainiero
D Scuola

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies
Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
DELITALIA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 September 2024 and signed on its behalf.
 





M Mainiero
Director

Page 4

 
DELITALIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELITALIA LIMITED
 

Opinion


We have audited the financial statements of Delitalia Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
DELITALIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELITALIA LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DELITALIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELITALIA LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the business, we identified the laws and regulations applicable to the Company; and 
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing and correspondence with HMRC, relevant regulators and the Company’s legal advisors.

 
Page 7

 
DELITALIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELITALIA LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Howard Freeman (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

11 September 2024
Page 8

 
DELITALIA LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,734,414
11,832,004

Cost of sales
  
(8,021,776)
(8,722,466)

Gross profit
  
2,712,638
3,109,538

Administrative expenses
  
(3,017,648)
(2,719,360)

Operating (loss)/profit
 5 
(305,010)
390,178

Interest receivable and similar income
 9 
-
296

Interest payable and similar expenses
 10 
(103,113)
(82,871)

(Loss)/profit before tax
  
(408,123)
307,603

Tax on (loss)/profit
 11 
75,865
(66,144)

(Loss)/profit after tax
  
(332,258)
241,459

  

  

Retained earnings at the beginning of the year
  
1,340,394
1,098,935

(Loss)/profit for the year
  
(332,258)
241,459

Retained earnings at the end of the year
  
1,008,136
1,340,394
The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
DELITALIA LIMITED
REGISTERED NUMBER: 05145080

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
444,021
480,357

Current assets
  

Stocks
  
1,293,320
1,825,217

Debtors: amounts falling due within one year
 13 
1,270,514
1,272,422

Cash at bank and in hand
  
1,112,808
1,825,682

  
3,676,642
4,923,321

Creditors: amounts falling due within one year
 14 
(2,521,216)
(3,120,998)

Net current assets
  
 
 
1,155,426
 
 
1,802,323

Total assets less current liabilities
  
1,599,447
2,282,680

Creditors: amounts falling due after more than one year
 15 
(485,714)
(830,775)

Provisions for liabilities
  

Deferred tax
 17 
(34,097)
(40,011)

Net assets
  
1,079,636
1,411,894


Capital and reserves
  

Called up share capital 
  
71,500
71,500

Profit and loss account
  
1,008,136
1,340,394

  
1,079,636
1,411,894


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.




M Mainiero
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
DELITALIA LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(332,258)
241,459

Adjustments for:

Depreciation of tangible assets
53,512
61,639

Interest paid
103,113
82,871

Interest received
-
(296)

Taxation (credit)/charge
(75,865)
66,144

Decrease/(increase) in stocks
531,897
(24,382)

Decrease/(increase) in debtors
1,908
(69,437)

(Decrease)/increase in creditors
(402,455)
33,757

Corporation tax (paid)/received
(102,887)
76,903

Net cash (used in) / generated from operating activities

(223,035)
468,658


Cash flows from investing activities

Purchase of tangible fixed assets
(17,176)
(3,733)

Interest received
-
296

HP interest paid
(5,910)
(3,755)

Net cash used in investing activities

(23,086)
(7,192)

Cash flows from financing activities

Repayment of loans
(342,858)
(345,238)

Repayment of/new finance leases
(26,692)
(42,147)

Interest paid
(97,203)
(79,116)

Net cash used in financing activities
(466,753)
(466,501)

Net (decrease) in cash and cash equivalents
(712,874)
(5,035)

Cash and cash equivalents at beginning of year
1,825,682
1,830,717

Cash and cash equivalents at the end of year
1,112,808
1,825,682


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,112,808
1,825,682


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Delitalia Limited is a private company limited by shares, incorporated in England and Wales (registered number: 05145080). Its registered office is Unit 8 Stafford Industrial Park, Gilroyd Lane, Dodworth, Barnsley, South Yorkshire, S75 3EJ. The principal activity of the company throughout the year continued to be that of the wholesale of food and drink throughout the United Kingdom.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

 Foreign currency translation

The company's functional and presentation currency is pounds sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions and foreign currency balances at each period end are translated into the presentation currency using the closing rate.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Page 12

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.8

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 13

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Long-term leasehold property
-
1%
straight line
Short-term leasehold property
-
10%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

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 balance sheet 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.

Page 14

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

 Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors after making such provision was £1,132,948 (2022: £1,189,108).
(ii) Stock valuation
The company assesses the condition and the valuation of stock throughout the year. It is the view of the company that no stock provisions are required at the year end.

Page 15

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

2023
2022
£
£

United Kingdom
10,734,414
11,832,004



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
53,512
61,639

Exchange differences
(545,150)
(689,525)

Other operating lease rentals
574,175
383,396


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,700
17,000
Page 16

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,809,543
1,783,139

Social security costs
185,747
183,416

Cost of defined contribution scheme
34,273
32,164

2,029,563
1,998,719


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Selling and distribution
13
14



Operations
36
38



Management and administration
5
6

54
58


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
269,380
269,580

Company contributions to defined contribution pension schemes
1,321
1,761

270,701
271,341


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £269,380 (2022 - £269,580).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,761).

Page 17

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
-
296


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
94,938
79,116

Finance leases and hire purchase contracts
5,910
3,755

Other interest payable
2,265
-

103,113
82,871


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
70,365

Adjustments in respect of previous periods
(69,951)
(6,046)


(69,951)
64,319

Deferred tax


Origination and reversal of timing differences
(5,914)
1,825

Tax on (loss)/profit
 
(75,865)
 
66,144
Page 18

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the calculated rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit before tax
(408,123)
307,603


(Loss)/profit multiplied by calculated rate of corporation tax in the UK of 23.52% (2022 - 19%)
(95,993)
58,445

Effects of:


Expenses not deductible for tax purposes
1,778
1,700

Fixed asset differences
2,057
1,575

Losses carried back
86,594
-

Adjustments to tax charge in respect of prior periods
(69,951)
(6,046)

Remeasurement of deferred tax for changes in tax rates
(350)
9,603

Movement in deferred tax not recognised
-
867

Total tax charge for the year
(75,865)
66,144


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Long-term leasehold property
Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 January 2023
281,124
139,316
26,943
544,705
104,623
1,096,711


Additions
-
-
-
15,700
1,476
17,176



At 31 December 2023

281,124
139,316
26,943
560,405
106,099
1,113,887



Depreciation


At 1 January 2023
26,470
71,035
13,840
433,529
71,480
616,354


Charge for the year on owned assets
2,811
13,643
1,974
14,155
2,174
34,757


Charge for the year on financed assets
-
-
-
15,936
2,819
18,755



At 31 December 2023

29,281
84,678
15,814
463,620
76,473
669,866



Net book value



At 31 December 2023
251,843
54,638
11,129
96,785
29,626
444,021



At 31 December 2022
254,654
68,281
13,103
111,176
33,143
480,357

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
47,796
63,732

Furniture, fittings and equipment
15,974
18,793

63,770
82,525

Page 20

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

2023
2022
£
£


Trade debtors
1,132,948
1,189,108

Other debtors
95,136
25,557

Prepayments and accrued income
42,430
57,757

1,270,514
1,272,422



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
342,857
342,857

Trade creditors
2,060,445
2,471,192

Corporation tax
-
172,838

Other taxation and social security
54,539
51,875

Obligations under finance lease and hire purchase contracts
2,204
26,693

Other creditors
7,561
8,923

Accruals and deferred income
53,610
46,620

2,521,216
3,120,998



15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
485,714
828,571

Net obligations under finance leases and hire purchase contracts
-
2,204

485,714
830,775


Secured loans
Included within creditors are secured liabilities in respect of obligations under hire purchase contracts of £2,204 (2022: £28,897).
Bank loans included within creditors of £828,571 (2022: £1,171,429) are secured by debenture comprising fixed and floating charges over the Company's assets and undertakings. 
Page 21

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
2,204
26,693

Between 1-5 years
-
2,204

2,204
28,897


17.


Deferred taxation




2023
2022


£

£






At beginning of year
(40,011)
(38,186)


Charged to profit or loss
5,914
(1,825)



At end of year
(34,097)
(40,011)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(34,796)
(40,759)

Short term timing differences
699
748

(34,097)
(40,011)

Page 22

 
DELITALIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



71,500 (2022 - 71,500) Ordinary shares of £1.00 each
71,500
71,500



19.


Reserves

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.


20.


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 £34,273 (2022: £32,178). Contributions totalling £7,559 (2022: £7,863) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
446,690
281,649

Later than 1 year and not later than 5 years
884,472
533,086

Later than 5 years
715,950
-

2,047,112
814,735


22.


Other commitments and guarantees

The Company has a guarantee in place in favour of HMRC dated 2 February 2015 in respect of VAT deferment duty up to an amount of £160,000.


23.


Related party transactions

During the year, the Company sold goods to companies under common control amounting to £189,465 (2022: £192,153). At the reporting date, £226,356 (2022: £129,544) remained outstanding and is included within debtors. 

Page 23

 
DELITALIA LIMITED
 
 
Page 24