REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
SAL ITALY LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
SAL ITALY LIMITED |
SAL ITALY LIMITED (REGISTERED NUMBER: 03923953) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 4 |
SAL ITALY LIMITED (REGISTERED NUMBER: 03923953) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 30.6.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SAL ITALY LIMITED (REGISTERED NUMBER: 03923953) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
SAL Italy Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
There were no judgements made in the process of applying the entity's accounting policies. |
GOING CONCERN |
During the year the company became a wholly owned subsidiary of Sigma Companies International Corporation, a company registered in the USA. Sigma Companies International Corporation have provided support to the UK group to enable them to meet their liabilities as they fall due. Following the end of the 31 December 2023 period, the company received the outstanding VAT debtor and settled inter-company creditor balances with the funds. |
As a result of the above, the directors and shareholders believe the company is a going concern and therefore, the accounts have been prepared on a going concern basis. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
SAL ITALY LIMITED (REGISTERED NUMBER: 03923953) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
£ | £ |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
We draw attention to note 10 of the financial statements, relating to going concern, which indicates that the company has net current liabilities of $57,390. As stated in note 10, there are events and conditions, along with other matters set out in note 10 that indicate that a material uncertainty exists that may potentially cast doubt on the company's ability to continue as a going concern. We are aware that management is currently engaged in a number of actions to resolve these terms and conditions, our opinion is not modified in this respect. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
SAL ITALY LIMITED (REGISTERED NUMBER: 03923953) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
9. | ULTIMATE PARENT UNDERTAKING |
The ultimate parent undertaking is Sigma Companies International Corporation, a company registered in the USA. The registered office of the ultimate parent undertaking is 700 Goldman Drive, Cream Ridge, NJ 08514. A copy of the consolidated financial statements can be obtained from the registered office. |
10. | GOING CONCERN |
During the year the company became a wholly owned subsidiary of Sigma Companies International Corporation, a company registered in the USA. Sigma Companies International Corporation have provided support to the UK group to enable them to meet their liabilities as they fall due. Following the end of the 31 December 2023 period, the company received the outstanding VAT debtor and settled inter-company creditor balances with the funds. |
As a result of the above, the directors and shareholders believe the company is a going concern and therefore, the accounts have been prepared on a going concern basis. |