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Registered number: 14763876














MA SOLAR ITALY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MA SOLAR ITALY LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 5


 
MA SOLAR ITALY LIMITED
REGISTERED NUMBER:14763876

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
5,225,327

Debtors: amounts falling due within one year
 4 
10

Cash at bank and in hand
  
257,860

  
5,483,197

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(5,548,387)

  

Net (liabilities)/assets
  
(65,190)


Capital and reserves
  

Called up share capital 
  
10

Profit and loss account
  
(65,200)

  
(65,190)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 31 January 2025.




S P Hancock
Director

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

Page 1

 
MA SOLAR ITALY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The Company is a private Limited Company incorporated in the United Kingdom under the Companies Act and is registered in England and Wales, registration number 14763876. The address of the Company’s registered office is 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principal activity of the Company is the manufacturing of electronic components.
These financial statements are presented in Pound sterling, which is the currency of the primary economic environment in which the Company operates.
The Company was incorporated and started trading on 28 March 2023.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss for the year and at the balance sheet date has net current liabilities and net liabilities. The Directors have obtained assurance from the shareholders that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
MA SOLAR ITALY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.7

Basic Financial Instruments


Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents, and related party loans.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors.
Interest bearing borrowings classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees




The average monthly number of employees, including directors, during the period was 2.

Page 3

 
MA SOLAR ITALY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Debtors

2023
£

Due after more than one year

Other debtors
4,685,150

Prepayments and accrued income
540,177

5,225,327


2023
£

Due within one year

Called up share capital not paid
10



5.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
109,235

Other creditors
5,431,352

Accruals and deferred income
7,800

5,548,387



6.


Share capital

2023
£
Allotted, called up and fully paid


1,000 Ordinary shares of £0.01 each
10


Upon incorporation 1,000 Ordinary shares of £0.01 were issued for £10.


7.


Related party transactions

The Company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 ‘Related Party Disclosures’ paragraph 33.1A not to disclose transactions with other companies in the group who were wholly owned during the period.
Key management personnel:
The directors are the key management personnel and received no remuneration during the period.

Page 4

 
MA SOLAR ITALY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Controlling party

At the date of signing, the immediate parent undertaking is MA Corporate Holdings Limited, a company registered in England and Wales.
At the date of signing, the ultimate parent undertaking and controlling party is MA Corporate Holdings Limited, registered in England and Wales. Copies of its financial statements are available at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.


9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 31 January 2025 by  (Senior Statutory Auditor) on behalf of Sopher+Co LLP.

 
Page 5