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Registered number: 11144592









POTENZA TECHNOLOGY HOLDINGS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
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
Page 1

 
POTENZA TECHNOLOGY HOLDINGS LTD
REGISTERED NUMBER: 11144592

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Investments
 4 
1,000,000
1,000,000

  
1,000,000
1,000,000

  

Creditors: amounts falling due within one year
 5 
(423,572)
(423,572)

Net current liabilities
  
 
 
(423,572)
 
 
(423,572)

Total assets less current liabilities
  
576,428
576,428

  

Net assets
  
576,428
576,428


Capital and reserves
  

Called up share capital 
 6 
225
225

Share premium account
  
1,000,000
1,000,000

Profit and loss account
  
(423,797)
(423,797)

  
576,428
576,428


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.




P Biffali
Director

The notes on pages 4 to 5 form part of these financial statements.
Page 2

 
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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
225
1,000,000
(423,797)
576,428



At 1 January 2023
225
1,000,000
(423,797)
576,428


At 31 December 2023
225
1,000,000
(423,797)
576,428


The notes on pages 4 to 5 form part of these financial statements.

Page 3

 
POTENZA TECHNOLOGY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

Creditors

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.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000,000



At 31 December 2023
1,000,000




Page 4

 
POTENZA TECHNOLOGY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Potenza Technology Ltd
Ordinary
100%


5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
400,975
400,975

Corporation tax
22,597
22,597

423,572
423,572



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary A shares of £0.01 each
200
200
2,487 (2022 - 2,487) Ordinary B shares of £0.01 each
25
25

225

225



7.


Related party transactions

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.


8.


Controlling party

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.

Page 5