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Registration number: 12269668

Olivia Simonazzi Europe Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Olivia Simonazzi Europe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Olivia Simonazzi Europe Limited

(Registration number: 12269668)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

36,177

41,346

Tangible assets

5

298

398

 

36,475

41,744

Current assets

 

Debtors

6

365,771

339,239

Cash at bank and in hand

 

7,530

8,334

 

373,301

347,573

Creditors: Amounts falling due within one year

7

(194,980)

(196,262)

Net current assets

 

178,321

151,311

Total assets less current liabilities

 

214,796

193,055

Creditors: Amounts falling due after more than one year

7

(150,000)

(150,000)

Provisions for liabilities

(57)

(76)

Net assets

 

64,739

42,979

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

63,739

41,979

Shareholders' funds

 

64,739

42,979

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Olivia Simonazzi Europe Limited

(Registration number: 12269668)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 October 2024
 

.........................................
Miss O Simonazzi
Director

 

Olivia Simonazzi Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Olivia Simonazzi Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25 % reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Olivia Simonazzi Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Olivia Simonazzi Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

51,682

51,682

At 31 December 2023

51,682

51,682

Amortisation

At 1 January 2023

10,336

10,336

Amortisation charge

5,169

5,169

At 31 December 2023

15,505

15,505

Carrying amount

At 31 December 2023

36,177

36,177

At 31 December 2022

41,346

41,346

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

707

707

At 31 December 2023

707

707

Depreciation

At 1 January 2023

309

309

Charge for the year

100

100

At 31 December 2023

409

409

Carrying amount

At 31 December 2023

298

298

At 31 December 2022

398

398

 

Olivia Simonazzi Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

360,766

338,167

Prepayments

736

-

Other debtors

4,269

1,072

 

365,771

339,239

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

51,791

67,578

Taxation and social security

7,589

1,518

Other creditors

135,600

127,166

194,980

196,262

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

150,000

150,000

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

150,000

150,000

9

Related party transactions

Other transactions with the director

As at 31 December 2023 the company owed the director £132,067 (2022: £124,691).