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COMPANY REGISTRATION NUMBER: 09329014
Itachem UK Limited
Filleted Unaudited Financial Statements
31 December 2023
Itachem UK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
351,170
351,170
Current assets
Debtors
6
13,412
28,624
Cash at bank and in hand
19,497
26,334
--------
--------
32,909
54,958
Creditors: amounts falling due within one year
7
346,191
369,961
---------
---------
Net current liabilities
313,282
315,003
---------
---------
Total assets less current liabilities
37,888
36,167
Creditors: amounts falling due after more than one year
8
9,903
16,903
--------
--------
Net assets
27,985
19,264
--------
--------
Capital and reserves
Called up share capital
9
20,000
20,000
Profit and loss account
7,985
( 736)
--------
--------
Shareholders funds
27,985
19,264
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Itachem UK Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
G Vergano
Director
Company registration number: 09329014
Itachem UK Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Parker Avenue, Felixstowe, IP11 4HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot 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 taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
351,170
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
351,170
---------
At 31 December 2022
351,170
---------
6. Debtors
2023
2022
£
£
Trade debtors
12,623
Directors loan account
28,098
Other debtors
789
526
--------
--------
13,412
28,624
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,000
7,000
Trade creditors
10,537
198
Accruals and deferred income
1,470
7,560
Corporation tax
5,020
4,266
Director loan accounts
7,044
35,817
Other creditors
315,120
315,120
---------
---------
346,191
369,961
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,903
16,903
-------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
12,800
12,800
12,800
12,800
Ordinary Class B shares of £ 1 each
7,200
7,200
7,200
7,200
--------
--------
--------
--------
20,000
20,000
20,000
20,000
--------
--------
--------
--------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023
2022
£
£
Cromochimica Industriale Srl
24,765
----
--------
The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with wholly owned subsidiaries within the group. At the year-end the company owed one director £7,044 (2022: £35,817), which is shown under creditors due within one year.