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Registration number: 13302699

Metersit UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Metersit UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Metersit UK Limited

Company Information

Directors

Vincenzo Cirillo

Federico De Stefani

Francesco Hensemberger

Registered office

5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

Auditors

DTL Auditors Limited
Chartered Certified Accountant5th Floor, North Side
7-10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

Metersit UK Limited

(Registration number: 13302699)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

443

693

Current assets

 

Debtors

6

16,690

27,890

Cash at bank and in hand

 

13,680

21,695

 

30,370

49,585

Creditors: Amounts falling due within one year

7

(624,972)

(402,702)

Net current liabilities

 

(594,602)

(353,117)

Net liabilities

 

(594,159)

(352,424)

Capital and reserves

 

Called up share capital

9

150,000

150,000

Retained earnings

(744,159)

(502,424)

Shareholders' deficit

 

(594,159)

(352,424)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................
Vincenzo Cirillo
Director

 

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the Board on 7 March 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis. During the financial period to 31 December 2024, the company made a loss of £ 241,735. As at 31 December 2024, the company had net liabilities of £ 594,159. The Directors and the parent company are confident that the company has a financially sound future and has the full ongoing financial support of its parent company. The company is due to commence receiving income in 2025. These financial statements have therefore been prepared on a going concern basis.

 

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to Note 2 (going concern) which reviews the financial results for the period and also the financial position as at 31 December 2024 . Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 11 March 2025 was John Tiltman FCCA, who signed for and on behalf of DTL Auditors Limited.

.........................................

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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

20% 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.

 

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Interest payable and similar expenses

Loan Interest

Interest expense on the loan from the utlimate parent SIT SPA was for 2024: £32,773 (2023: £20,497).

 

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

1,249

1,249

At 31 December 2024

1,249

1,249

Depreciation

At 1 January 2024

556

556

Charge for the year

250

250

At 31 December 2024

806

806

Carrying amount

At 31 December 2024

443

443

At 31 December 2023

693

693

6

Debtors

Current

2024
£

2023
£

Trade debtors

5,406

4,048

Prepayments

3,463

6,747

Other debtors

7,821

17,095

 

16,690

27,890

 

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,302

3,199

Amounts owed to group undertakings and undertakings in which the company has a participating interest

571,108

365,215

Taxation and social security

 

3,542

3,897

Accruals and deferred income

 

13,867

9,014

Other creditors

 

34,153

21,377

 

624,972

402,702

Amounts owed to group undertakings include the loan from the ultimate parent SIT SPA of £530,000:2024(£350,000:2023) bearing an interest of £32,773:2024(20,497:2023) and has no specific payment terms.

8

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £2,641 (2023 - £2,641l).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1,500 each

100

150,000

100

150,000

       

10

Parent and ultimate parent undertaking

The company's immediate parent is Metersit srl, incorporated in Italy.

 The ultimate parent is Sit spa, incorporated in Italy.

 The most senior parent entity producing publicly available financial statements is Metersit srl.