2023-02-012024-01-312024-01-31false06774756ITAL-CUTLERY SERVICES 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ITAL-CUTLERY SERVICES LTD

Registered Number
06774756
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

ITAL-CUTLERY SERVICES LTD
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

FERRARI, Dino
FERRARI, Hana
GIACOPAZZI, Paul Peter Ralph

Company Secretary

FERRARI, Hana

Registered Address

Rear Of 47 Manor Avenue
Brockley
SE4 1TD

Registered Number

06774756 (England and Wales)
ITAL-CUTLERY SERVICES LTD
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets380,35249,219
80,35249,219
Current assets
Stocks4241,412322,674
Debtors5126,961118,049
Cash at bank and on hand188,06692,765
556,439533,488
Creditors amounts falling due within one year6(128,022)(144,949)
Net current assets (liabilities)428,417388,539
Total assets less current liabilities508,769437,758
Creditors amounts falling due after one year7(13,883)(24,017)
Provisions for liabilities8(19,027)(9,352)
Net assets475,859404,389
Capital and reserves
Called up share capital100100
Profit and loss account475,759404,289
Shareholders' funds475,859404,389
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:
FERRARI, Dino
Director
GIACOPAZZI, Paul Peter Ralph
Director

Registered Company No. 06774756
ITAL-CUTLERY SERVICES LTD
Notes to the Financial Statements
for the year ended 31 January 2024

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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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 on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year2019
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 February 2348,368129,4416,636184,445
Additions19,02051,55151671,087
Disposals-(69,667)-(69,667)
At 31 January 2467,388111,3257,152185,865
Depreciation and impairment
At 01 February 2341,05588,8645,307135,226
Charge for year6,58319,73946226,784
On disposals-(56,497)-(56,497)
At 31 January 2447,63852,1065,769105,513
Net book value
At 31 January 2419,75059,2191,38380,352
At 31 January 237,31340,5771,32949,219
4.Stocks

2024

2023

££
Finished goods241,412322,674
Total241,412322,674
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables113,371105,047
Other debtors-500
Prepayments and accrued income13,59012,502
Total126,961118,049
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts10,15413,849
Taxation and social security97,76288,446
Other creditors14,72115,007
Accrued liabilities and deferred income5,38527,647
Total128,022144,949
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,88324,017
Total13,88324,017
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)19,0279,352
Total19,0279,352