1 June 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP102112092023-06-012024-05-31102112092024-05-31102112092023-05-3110211209core:WithinOneYear2024-05-3110211209core:WithinOneYear2023-05-3110211209core:AfterOneYear2024-05-3110211209core:AfterOneYear2023-05-3110211209core:ShareCapital2024-05-3110211209core:ShareCapital2023-05-3110211209core:RetainedEarningsAccumulatedLosses2024-05-3110211209core:RetainedEarningsAccumulatedLosses2023-05-3110211209bus:Director12023-06-012024-05-3110211209bus:RegisteredOffice2023-06-012024-05-3110211209core:PlantMachinery2023-06-012024-05-3110211209core:MotorVehicles2023-06-012024-05-3110211209core:OfficeEquipment2023-06-012024-05-31102112092022-06-012023-05-3110211209core:PlantMachinery2023-06-0110211209core:PlantMachinery2024-05-3110211209core:PlantMachinery2023-05-311021120912023-06-012024-05-3110211209countries:EnglandWales2023-06-012024-05-3110211209bus:AuditExempt-NoAccountantsReport2023-06-012024-05-3110211209bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110211209bus:SmallEntities2023-06-012024-05-3110211209bus:FullAccounts2023-06-012024-05-31
Company registration number:
10211209
Marini Italia Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Marini Italia Ltd
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
50,523
 
56,663
 
Current assets    
Debtors 6
48,314
 
25,379
 
Cash at bank and in hand
12,290
 
2,553
 
60,604
 
27,932
 
Creditors: amounts falling due within one year 7
(37,210
)
2,304
 
Net current assets
23,394
 
30,236
 
Total assets less current liabilities 73,917   86,899  
Creditors: amounts falling due after more than one year 8
(39,544
)
(60,514
)
Net assets
34,373
 
26,385
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
33,373
 
25,385
 
Shareholders funds
34,373
 
26,385
 
For the year ending
31 May 2024
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
G Marini
Director
Company registration number:
10211209
Marini Italia Ltd
Notes to the Financial Statements
Year ended
31 May 2024

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
85 Foster House Maxwell Road
,
Borehamwood
,
WD6 1FS
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax. Turnover includes revenue earned from the rendering of construction services.
Rendering of construction services
Turnover from the rendering of construction services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% straight line
Motor vehicles
25% straight line
Office equipment
33.3% straight line

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

Basic financial instruments are recognised at amortised cost , except for investments in non convertible preference and non puttable ordinary shares which are measured at fair value with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and there after at fair value with changes recognised in the profit and loss.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Foreign currency translation

The transactions denominated in foreign currency are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
5.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2023
79,072
 
Additions
8,248
 
Other movements
(5,100
)
At
31 May 2024
82,220
 
Depreciation  
At
1 June 2023
22,409
 
Charge
9,288
 
At
31 May 2024
31,697
 
Carrying amount  
At
31 May 2024
50,523
 
At 31 May 2023
56,663
 

6 Debtors

20242023
££
Trade debtors
33,214
 
8,450
 
Other debtors
15,100
 
16,929
 
48,314
 
25,379
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
24,435
 
(16,032
)
Taxation and social security
11,819
 
12,856
 
Other creditors
956
 
872
 
37,210
 
(2,304
)

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
28,333
 
38,333
 
Other creditors
11,211
 
22,181
 
39,544
 
60,514