Company registration number 06215826 (England and Wales)
ITALSED UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ITALSED UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
ITALSED UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
545
703
Current assets
Stocks
24,120
4,000
Debtors
4
58,662
75,985
Cash at bank and in hand
15,238
8,869
98,020
88,854
Creditors: amounts falling due within one year
5
(207,957)
(199,588)
Net current liabilities
(109,937)
(110,734)
Net liabilities
(109,392)
(110,031)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(109,492)
(110,131)
Total equity
(109,392)
(110,031)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr MS Mills
Director
Company registration number 06215826 (England and Wales)
ITALSED UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Italsed UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 King Street, Kings Lynn, Norfolk, England, PE30 1ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 20% reducing balance
Computers
- 25% reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
ITALSED UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
3,123
Depreciation and impairment
At 1 January 2023
2,420
Depreciation charged in the year
158
At 31 December 2023
2,578
Carrying amount
At 31 December 2023
545
At 31 December 2022
703
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,147
75,206
Corporation tax recoverable
-
0
779
Other debtors
515
-
0
58,662
75,985
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
206,497
195,397
Taxation and social security
241
3,131
Other creditors
1,219
1,060
207,957
199,588
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