2023-01-012023-12-312023-12-31false06455487ITALIAN FIRST INVESTMENT 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ITALIAN FIRST INVESTMENT LIMITED

Registered Number
06455487
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ITALIAN FIRST INVESTMENT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BAGIANTI, Stefano
SEVILLE, James Lee

Registered Address

Linen Hall, Room 252-254 162-168 Regent Street
London
W1B 5TB

Registered Number

06455487 (England and Wales)
ITALIAN FIRST INVESTMENT LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments487218,237
87218,237
Current assets
Debtors8,2778,277
Current asset investments91,513-
Cash at bank and on hand8,17931,118
107,96939,395
Creditors amounts falling due within one year5(18,117)(13,310)
Net current assets (liabilities)89,85226,085
Total assets less current liabilities90,72444,322
Provisions for liabilities(1,207)-
Net assets89,51744,322
Capital and reserves
Called up share capital8,0018,001
Revaluation reserve4,815-
Profit and loss account76,70136,321
Shareholders' funds789,51744,322
The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2024, and are signed on its behalf by:
BAGIANTI, Stefano
Director
Registered Company No. 06455487
ITALIAN FIRST INVESTMENT LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2318,23718,237
Disposals(17,365)(17,365)
At 31 December 23872872
Net book value
At 31 December 23872872
At 31 December 2218,23718,237

Notes

1Investments in group undertakings and participating interests
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-600
Taxation and social security15,1329,725
Accrued liabilities and deferred income2,9852,985
Total18,11713,310
6.Creditors: amounts due after one year
7.Fair value reserve

£
Transferred in period4,815
At 31 December 234,815