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COMPANY REGISTRATION NUMBER: 10998022
Cifonelli UK Limited
Filleted Unaudited Financial Statements
30 December 2023
Cifonelli UK Limited
Statement of Financial Position
30 December 2023
30 Dec 23
31 Dec 22
Note
£
£
£
Fixed assets
Tangible assets
5
524,569
581,460
Current assets
Debtors
6
169,765
85,597
Cash at bank and in hand
25,191
38,148
---------
---------
194,956
123,745
Creditors: Amounts falling due within one year
7
562,650
185,126
---------
---------
Net current liabilities
367,694
61,381
---------
---------
Total assets less current liabilities
156,875
520,079
---------
---------
Net assets
156,875
520,079
---------
---------
Capital and reserves
Called up share capital
2,538,921
2,538,921
Profit and loss account
( 2,382,046)
( 2,018,842)
------------
------------
Shareholders funds
156,875
520,079
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cifonelli UK Limited
Statement of Financial Position (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
Alexandre Pain
Director
Company registration number: 10998022
Cifonelli UK Limited
Notes to the Financial Statements
Period from 1 January 2023 to 30 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 16 Clifford Street, London, W1S 3RG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Straight line 5 - 15 years
Equipment
-
Straight line 5 years
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
773,408
773,408
Additions
1,913
1,913
---------
-------
---------
At 30 December 2023
773,408
1,913
775,321
---------
-------
---------
Depreciation
At 1 January 2023
191,948
191,948
Charge for the period
58,421
383
58,804
---------
-------
---------
At 30 December 2023
250,369
383
250,752
---------
-------
---------
Carrying amount
At 30 December 2023
523,039
1,530
524,569
---------
-------
---------
At 31 December 2022
581,460
581,460
---------
-------
---------
6. Debtors
30 Dec 23
31 Dec 22
£
£
Trade debtors
14,025
18,160
Other debtors
155,740
67,437
---------
--------
169,765
85,597
---------
--------
7. Creditors: Amounts falling due within one year
30 Dec 23
31 Dec 22
£
£
Trade Creditors
117,369
92,943
Amounts owed to group undertakings and undertakings in which the company has a participating interest
370,540
35,754
Social security and other taxes
64,741
46,429
Other creditors
10,000
10,000
---------
---------
562,650
185,126
---------
---------
Amounts owed to group undertakings at the year end related to balance due to a group company under common ownership, which is unsecured, interest free and repayable on demand.