Registered number
03686044
Armando Testa International Limited
Filleted Accounts for the year ended
31 December 2023
Armando Testa International Limited
Registered number: 03686044
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1 1
Investments 5 638,848 638,848
638,849 638,849
Current assets
Debtors 6 258,674 2,433,759
Cash at bank and in hand 3,438,561 3,843,038
3,697,235 6,276,797
Creditors: amounts falling due within one year 7 (251,276) (511,460)
Net current assets 3,445,959 5,765,337
Net assets 4,084,808 6,404,186
Capital and reserves
Called up share capital 3,355,890 3,355,890
Share premium 4,278,206 4,278,206
Profit and loss account (3,549,288) (1,229,910)
Shareholders' funds 4,084,808 6,404,186
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M O Delort
Director
Approved by the board on 25 September 2024
Armando Testa International Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: George Christou
Firm: CK Partnership Limited
Date of audit report: 25 September 2024
A Directors' report has been prepared in connection with the audit of the full annual accounts and directors' report, and the directors' report has not been filed.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 886
At 31 December 2023 886
Depreciation
At 1 January 2023 885
At 31 December 2023 885
Net book value
At 31 December 2023 1
At 31 December 2022 1
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 638,848
At 31 December 2023 638,848
6 Debtors 2023 2022
£ £
Trade debtors 148,339 225,967
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 2,178,272
Corporation tax recoverable 42,334 -
Other debtors 68,001 29,520
258,674 2,433,759
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 80,789 291,755
Amounts owed to group undertakings and undertakings in which the company has a participating interest 36,066 66,520
Taxation and social security costs 2,484 88,168
Other creditors 131,937 65,017
251,276 511,460
8 Related party transactions
Included in Turnover, are fees to Armando Testa GmbH, a Group company based In Germany totalling £72,163 ( 2022: £129,417). These transactions were made on normal commercial terms and on an arms length basis.
9 Ultimate parent undertaking and controlling party
The directors consider the ultimate parent undertaking to be Armando Testa Spa, a company incorporated in Italy, and the ultimate controlling party to be Marco Testa. Group accounts are prepared for Armando Testa Spa and are available from Armando Testa Spa's registered office:, via Luisa Del Carretto, 58 - 10131, Torino, Italy.
10 Other information
Armando Testa International Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 St Nicholas Drive Shepperton
Surrey
TW17 9LD
Armando Testa International Limited 03686044 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts July 2024 M O Delort No description of principal activity 03686044 2022-01-01 2022-12-31 03686044 core:WithinOneYear 2022-12-31 03686044 core:ShareCapital 2022-12-31 03686044 core:SharePremium 2022-12-31 03686044 core:RetainedEarningsAccumulatedLosses 2022-12-31 03686044 2023-01-01 2023-12-31 03686044 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03686044 bus:Audited 2023-01-01 2023-12-31 03686044 bus:Director40 2023-01-01 2023-12-31 03686044 1 2023-01-01 2023-12-31 03686044 2 2023-01-01 2023-12-31 03686044 countries:England 2023-01-01 2023-12-31 03686044 bus:FRS102 2023-01-01 2023-12-31 03686044 bus:FilletedAccounts 2023-01-01 2023-12-31 03686044 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03686044 2023-12-31 03686044 core:WithinOneYear 2023-12-31 03686044 core:ShareCapital 2023-12-31 03686044 core:SharePremium 2023-12-31 03686044 core:RetainedEarningsAccumulatedLosses 2023-12-31 03686044 core:PlantMachinery 2023-12-31 03686044 2022-12-31 03686044 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure