Registered number: 11144592
POTENZA TECHNOLOGY HOLDINGS LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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POTENZA TECHNOLOGY HOLDINGS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POTENZA TECHNOLOGY HOLDINGS LTD
FOR THE YEAR ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Potenza Technology Holdings Ltd for the year ended 31 December 2023 which comprise the Statement of financial position, the Statement of changes in equity and the related notes from the Company's 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Potenza Technology Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Potenza Technology Holdings Ltd and state those matters that we have agreed to state to the Board of directors of Potenza Technology Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Potenza Technology Holdings Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Potenza Technology Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Potenza Technology Holdings Ltd. You consider that Potenza Technology Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Potenza Technology Holdings 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 financial statements.
Gibson Appleby Chartered Accountants
1-3 Ship Street
Shoreham-by-Sea
West Sussex
BN43 5DH
4 November 2024
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POTENZA TECHNOLOGY HOLDINGS LTD
REGISTERED NUMBER: 11144592
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.
The notes on pages 4 to 5 form part of these financial statements.
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POTENZA TECHNOLOGY HOLDINGS LTD
REGISTERED NUMBER: 11144592
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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The notes on pages 4 to 5 form part of these financial statements.
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POTENZA TECHNOLOGY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is stated on the information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are prepared in sterling and rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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Investments in subsidiary companies
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POTENZA TECHNOLOGY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The following was a subsidiary undertaking of the Company:
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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20,000 (2022 - 20,000) Ordinary A shares of £0.01 each
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2,487 (2022 - 2,487) Ordinary B shares of £0.01 each
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Related party transactions
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The company has taken advantage of the exemption in FRS 102 s33.1A from disclosing transactions with related parties that are part of the group, as it is a wholly owned subsidiary.
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The intermediate parent company at the end of the year was FPT Industrial S.P.A., a company incorporated in Italy and the ultimate parent company being Iveco Group N.V., a company incorporated in the Netherlands.
The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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