2023-09-012024-08-312024-08-31false09735137ITALSPIRITS LIMITED2025-03-1956210falseiso4217:GBPxbrli:pure097351372023-09-01097351372024-08-31097351372023-09-012024-08-31097351372022-09-01097351372023-08-31097351372022-09-012023-08-3109735137bus:SmallEntities2023-09-012024-08-3109735137bus:AuditExempt-NoAccountantsReport2023-09-012024-08-3109735137bus:FullAccounts2023-09-012024-08-3109735137bus:PrivateLimitedCompanyLtd2023-09-012024-08-3109735137core:WithinOneYear2024-08-3109735137core:AfterOneYear2024-08-3109735137core:WithinOneYear2023-08-3109735137core:AfterOneYear2023-08-3109735137core:ShareCapital2024-08-3109735137core:SharePremium2024-08-3109735137core:RevaluationReserve2024-08-3109735137core:OtherReservesSubtotal2024-08-3109735137core:RetainedEarningsAccumulatedLosses2024-08-3109735137core:ShareCapital2023-08-3109735137core:SharePremium2023-08-3109735137core:RevaluationReserve2023-08-3109735137core:OtherReservesSubtotal2023-08-3109735137core:RetainedEarningsAccumulatedLosses2023-08-3109735137core:LandBuildings2024-08-3109735137core:PlantMachinery2024-08-3109735137core:Vehicles2024-08-3109735137core:FurnitureFittings2024-08-3109735137core:OfficeEquipment2024-08-3109735137core:NetGoodwill2024-08-3109735137core:IntangibleAssetsOtherThanGoodwill2024-08-3109735137core:ListedExchangeTraded2024-08-3109735137core:UnlistedNon-exchangeTraded2024-08-3109735137core:LandBuildings2023-08-3109735137core:PlantMachinery2023-08-3109735137core:Vehicles2023-08-3109735137core:FurnitureFittings2023-08-3109735137core:OfficeEquipment2023-08-3109735137core:NetGoodwill2023-08-3109735137core:IntangibleAssetsOtherThanGoodwill2023-08-3109735137core:ListedExchangeTraded2023-08-3109735137core:UnlistedNon-exchangeTraded2023-08-3109735137core:LandBuildings2023-09-012024-08-3109735137core:PlantMachinery2023-09-012024-08-3109735137core:Vehicles2023-09-012024-08-3109735137core:FurnitureFittings2023-09-012024-08-3109735137core:OfficeEquipment2023-09-012024-08-3109735137core:NetGoodwill2023-09-012024-08-3109735137core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3109735137core:ListedExchangeTraded2023-09-012024-08-3109735137core:UnlistedNon-exchangeTraded2023-09-012024-08-3109735137core:MoreThanFiveYears2023-09-012024-08-3109735137core:Non-currentFinancialInstruments2024-08-3109735137core:Non-currentFinancialInstruments2023-08-3109735137dpl:CostSales2023-09-012024-08-3109735137dpl:DistributionCosts2023-09-012024-08-3109735137core:LandBuildings2023-09-012024-08-3109735137core:PlantMachinery2023-09-012024-08-3109735137core:Vehicles2023-09-012024-08-3109735137core:FurnitureFittings2023-09-012024-08-3109735137core:OfficeEquipment2023-09-012024-08-3109735137dpl:AdministrativeExpenses2023-09-012024-08-3109735137core:NetGoodwill2023-09-012024-08-3109735137core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3109735137dpl:GroupUndertakings2023-09-012024-08-3109735137dpl:ParticipatingInterests2023-09-012024-08-3109735137dpl:GroupUndertakingscore:ListedExchangeTraded2023-09-012024-08-3109735137core:ListedExchangeTraded2023-09-012024-08-3109735137dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-09-012024-08-3109735137core:UnlistedNon-exchangeTraded2023-09-012024-08-3109735137dpl:CostSales2022-09-012023-08-3109735137dpl:DistributionCosts2022-09-012023-08-3109735137core:LandBuildings2022-09-012023-08-3109735137core:PlantMachinery2022-09-012023-08-3109735137core:Vehicles2022-09-012023-08-3109735137core:FurnitureFittings2022-09-012023-08-3109735137core:OfficeEquipment2022-09-012023-08-3109735137dpl:AdministrativeExpenses2022-09-012023-08-3109735137core:NetGoodwill2022-09-012023-08-3109735137core:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3109735137dpl:GroupUndertakings2022-09-012023-08-3109735137dpl:ParticipatingInterests2022-09-012023-08-3109735137dpl:GroupUndertakingscore:ListedExchangeTraded2022-09-012023-08-3109735137core:ListedExchangeTraded2022-09-012023-08-3109735137dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-09-012023-08-3109735137core:UnlistedNon-exchangeTraded2022-09-012023-08-3109735137core:NetGoodwill2024-08-3109735137core:IntangibleAssetsOtherThanGoodwill2024-08-3109735137core:LandBuildings2024-08-3109735137core:PlantMachinery2024-08-3109735137core:Vehicles2024-08-3109735137core:FurnitureFittings2024-08-3109735137core:OfficeEquipment2024-08-3109735137core:AfterOneYear2024-08-3109735137core:WithinOneYear2024-08-3109735137core:ListedExchangeTraded2024-08-3109735137core:UnlistedNon-exchangeTraded2024-08-3109735137core:ShareCapital2024-08-3109735137core:SharePremium2024-08-3109735137core:RevaluationReserve2024-08-3109735137core:OtherReservesSubtotal2024-08-3109735137core:RetainedEarningsAccumulatedLosses2024-08-3109735137core:NetGoodwill2023-08-3109735137core:IntangibleAssetsOtherThanGoodwill2023-08-3109735137core:LandBuildings2023-08-3109735137core:PlantMachinery2023-08-3109735137core:Vehicles2023-08-3109735137core:FurnitureFittings2023-08-3109735137core:OfficeEquipment2023-08-3109735137core:AfterOneYear2023-08-3109735137core:WithinOneYear2023-08-3109735137core:ListedExchangeTraded2023-08-3109735137core:UnlistedNon-exchangeTraded2023-08-3109735137core:ShareCapital2023-08-3109735137core:SharePremium2023-08-3109735137core:RevaluationReserve2023-08-3109735137core:OtherReservesSubtotal2023-08-3109735137core:RetainedEarningsAccumulatedLosses2023-08-3109735137core:NetGoodwill2022-09-0109735137core:IntangibleAssetsOtherThanGoodwill2022-09-0109735137core:LandBuildings2022-09-0109735137core:PlantMachinery2022-09-0109735137core:Vehicles2022-09-0109735137core:FurnitureFittings2022-09-0109735137core:OfficeEquipment2022-09-0109735137core:AfterOneYear2022-09-0109735137core:WithinOneYear2022-09-0109735137core:ListedExchangeTraded2022-09-0109735137core:UnlistedNon-exchangeTraded2022-09-0109735137core:ShareCapital2022-09-0109735137core:SharePremium2022-09-0109735137core:RevaluationReserve2022-09-0109735137core:OtherReservesSubtotal2022-09-0109735137core:RetainedEarningsAccumulatedLosses2022-09-0109735137core:AfterOneYear2023-09-012024-08-3109735137core:WithinOneYear2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:CostValuation2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-09-012024-08-3109735137core:Non-currentFinancialInstrumentscore:CostValuation2024-08-3109735137core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-08-3109735137core:Non-currentFinancialInstrumentscore:CostValuation2023-08-3109735137core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-08-3109735137core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-08-3109735137bus:Director12023-09-012024-08-31

ITALSPIRITS LIMITED

Registered Number
09735137
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

ITALSPIRITS LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

GALLO, Giuseppe

Registered Address

Studio 306, Great Western Studios
65 Alfred Road
London
W2 5EU

Registered Number

09735137 (England and Wales)
ITALSPIRITS LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets350,14862,515
Investments413,78713,787
63,93576,302
Current assets
Debtors5,674,083202,003
Cash at bank and on hand219,146113,552
293,229315,555
Creditors amounts falling due within one year7(157,043)(254,316)
Net current assets (liabilities)136,18661,239
Total assets less current liabilities200,121137,541
Creditors amounts falling due after one year8-(44,490)
Provisions for liabilities9(11,300)-
Net assets188,82193,051
Capital and reserves
Called up share capital100100
Profit and loss account188,72192,951
Shareholders' funds188,82193,051
The financial statements were approved and authorised for issue by the Director on 19 March 2025, and are signed on its behalf by:
GALLO, Giuseppe
Director
Registered Company No. 09735137
ITALSPIRITS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The accounts have been prepared under the going concern basis, which is dependent upon the continued support of the directors and associated companies.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Vehicles3
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year56
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 235,09077,7053,58186,376
Additions--810810
Disposals--(2,312)(2,312)
At 31 August 245,09077,7052,07984,874
Depreciation and impairment
At 01 September 235,00116,1052,75523,861
Charge for year8912,61447413,177
On disposals--(2,312)(2,312)
At 31 August 245,09028,71991734,726
Net book value
At 31 August 24-48,9861,16250,148
At 31 August 238961,60082662,515
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 September 2313,78713,787
At 31 August 2413,78713,787
Net book value
At 31 August 2413,78713,787
At 31 August 2313,78713,787

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-96,907
Other debtors17,96516,270
Prepayments and accrued income4,23284,012
Total22,197197,189
6.Debtors: amounts due after one year

2024

2023

££
Other debtors51,8864,814
Total51,8864,814
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables16,69894,985
Taxation and social security39,80726,509
Finance lease and HP contracts44,4906,134
Other creditors7,9805,253
Accrued liabilities and deferred income48,068121,435
Total157,043254,316
8.Creditors: amounts due after one year

2024

2023

££
Other creditors-44,490
Total-44,490
£44,490 relates to hire purchase liabilities, and is secured by a charge on the asset.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)11,300-
Total11,300-
10.Operating lease commitments
At 31 August 2024 the company had future minimum lease payments under non-cancellable operating leases of £25,674 (31 August 2023 - £6,419).
11.Directors advances, credits and guarantees
On 1 September 2023, this Director owed the company £16,270. During the period dividends of £16,500 were declared and the Director was advanced £130. Interest of £245 has been charged on the balance. As at 31 August 2024, this Director owed the company £145. The loan is unsecured and repayable on demand.
12.Related party transactions
Included within other debtors, due over one year, is a balance of £47,042 (2023 - £Nil) with Casa Savoia Limited, a company under the common control of director G Gallo. Included within other creditors, due under one year, is a balance of £282 (2023 - £142) with Italicus Limited, a company under the common control of director G Gallo.