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Logo On Report
Registered Number: 14650787
England and Wales

 

 

 


Unaudited Financial Statements

for the period ended 30 June 2024

for

IL TUTTO UK LTD

Director Bruce Boyd
Registered Number 14650787
Registered Office 3 Brickfields Business Park
Old Stowmarket Road
Woolpit, Bury St Edmunds
Suffolk
IP30 9QS
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company during the financial period was of retail sale via mail order houses or internet.
Director
The director who served the company throughout the period was as follows:
Bruce Boyd
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
-    select suitable accounting policies and then apply them consistently
-    make judgements and accounting estimates that are reasonable and prudent
-    state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
-    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Bruce Boyd
Director

Date approved: 03 October 2024
2
Chartered Accountants' Report to the board of directors on the preparation of the unaudited statutory accounts of Il Tutto UK Ltd for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Il Tutto UK Ltd for the year ended 30 June 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Il Tutto UK Ltd , as a body, in accordance with the terms of our engagement letter dated 18 April 2024. Our work has been undertaken solely to prepare for your approval the accounts of Il Tutto UK Ltd and state those matters that we have agreed to state to the Board of Directors of Il Tutto UK Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Il Tutto UK Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Il Tutto UK Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Il Tutto UK Ltd . You consider that Il Tutto UK Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Il Tutto UK Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts



....................................................
Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
03 October 2024
3
 
 
Notes
 
2024
£
Turnover 508,032 
Cost of sales (253,382)
Gross profit 254,650 
Selling and distribution costs (299,116)
Administrative expenses (2,947)
Operating loss (47,413)
Profit/(Loss) on ordinary activities before taxation (47,413)
Tax on profit on ordinary activities
Profit/(Loss) for the financial period (47,413)
 
4
 
 
Notes
 
2024
£
Current assets    
Stocks 3 177,430 
Debtors 4 15,072 
Cash at bank and in hand 14,368 
206,870 
Creditors: amount falling due within one year 5 (254,083)
Net current assets (47,213)
 
Total assets less current liabilities (47,213)
Net assets (47,213)
 

Capital and reserves
   
Called up share capital 6 200 
Profit and loss account (47,413)
Shareholders' funds (47,213)
 


For the period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 03 October 2024 and were signed by:


-------------------------------
Bruce Boyd
Director
5
  Equity share capital   Revaluation reserve   Capital redemption reserve   Retained Earnings   Total
£ £ £ £ £
At 09 February 2023 200  200 
Profit for the period (47,413) (47,413)
Total comprehensive income for the period (47,413) (47,413)
Total investments by and distributions to owners
At 30 June 2024 200  (47,413) (47,213)
6
General Information
Il Tutto UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 14650787, registration address 3 Brickfields Business Park, Old Stowmarket Road, Woolpit, Bury St Edmunds, Suffolk, IP30 9QS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the period was 1.
3.

Stocks

2024
£
Stocks 177,430 
177,430 

4.

Debtors: amounts falling due within one year

2024
£
Trade Debtors 15,072 
15,072 

5.

Creditors: amount falling due within one year

2024
£
Trade Creditors 82,096 
Amounts Owed to Group Undertakings 162,446 
Other Creditors 1,840 
VAT 7,701 
254,083 

6.

Share Capital

Authorised
100 Ordinary shares of £2.00 each
Allotted, called up and fully paid
2024
£
100 Ordinary shares of £2.00 each 200 
200 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
2024
£
Il Tutto Pty Ltd23,106 (162,446)

The company owes money to Il Tutto Pty Ltd in relation to goods purchased
7