BrightAccountsProduction v1.0.0 v1.0.0 2024-01-01 The company was not dormant during the period The company was trading for the entire period The company’s principal activity is to provide commercial and promotional services to affiliated companies. Additionally, the company will act as a business agent to promote and facilitate sales on behalf of a designated affiliated company in future financial periods. 15 July 2025 2 1 15038558 2024-12-31 15038558 2023-12-31 15038558 2022-12-31 15038558 2024-01-01 2024-12-31 15038558 2023-01-01 2023-12-31 15038558 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 15038558 uk-curr:PoundSterling 2024-01-01 2024-12-31 15038558 uk-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 15038558 uk-bus:FullAccounts 2024-01-01 2024-12-31 15038558 uk-core:ShareCapital 2024-12-31 15038558 uk-core:ShareCapital 2023-12-31 15038558 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 15038558 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 15038558 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 15038558 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 15038558 uk-bus:FRS102 2024-01-01 2024-12-31 15038558 uk-bus:Audited 2024-01-01 2024-12-31 15038558 uk-core:CurrentFinancialInstruments 2024-12-31 15038558 uk-core:CurrentFinancialInstruments 2023-12-31 15038558 uk-core:CurrentFinancialInstruments 2024-12-31 15038558 uk-core:CurrentFinancialInstruments 2023-12-31 15038558 uk-core:WithinOneYear 2024-12-31 15038558 uk-core:WithinOneYear 2023-12-31 15038558 uk-core:AfterOneYear 2024-12-31 15038558 uk-core:AfterOneYear 2023-12-31 15038558 uk-core:ParentEntities 2024-01-01 2024-12-31 15038558 uk-countries:Italy 2024-01-01 2024-12-31 15038558 uk-bus:Director1 2024-01-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 15038558
 
 
Canaletto UK Ltd
 
Financial Statements
 
for the financial year ended 31 December 2024
Canaletto UK Ltd
Company Registration Number: 15038558
BALANCE SHEET
as at 31 December 2024

2024 2023
Notes £ £
 
Current Assets
Debtors 8 128,678 1,149
Cash and cash equivalents 36,277 9,040
───────── ─────────
164,955 10,189
───────── ─────────
Creditors: amounts falling due within one year 9 (44,766) (10,936)
───────── ─────────
Net Current Assets/(Liabilities) 120,189 (747)
───────── ─────────
Total Assets less Current Liabilities 120,189 (747)
 
Creditors:
amounts falling due after more than one year 10 (123,980) -
───────── ─────────
Net Liabilities (3,791) (747)
═════════ ═════════
 
Capital and Reserves
Called up share capital 10,000 10,000
Retained earnings (13,791) (10,747)
───────── ─────────
Equity attributable to owners of the company (3,791) (747)
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
Approved by the Director and authorised for issue on 15 July 2025
           
           
Sean Kennard          
Director          
           



Canaletto UK Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024

   
1. General Information
 
Canaletto UK Ltd is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 15038558. The registered office of the company is 12 Bridewell Place, Third Floor East, London, EC4V 6AP, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company provides a range of short term benefits to employees. These short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Government grants and government assistance
Government grants and government assistance represent the transfer of resources to the company from government in return for past and future compliance with certain conditions relating to the company’s operating activities. Income-related government grants are recognised in profit or loss on a systematic basis over the periods in which the company recognises as expenses the related costs for which the grants are intended to compensate. The company accounts for these government grants in other income in profit and
loss.

Capital-related government grants received by the company related to assets are treated as deferred income and amortised to profit or loss annually over the useful economic life of the asset to which it relates.

Government assistance is action by government which is designed to provide an economic benefit specific to the company when it qualifies under certain criteria. The company received employment allowance for their yearly national insurance liability as government assistance and has been disclosed in these financial statements.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The comparative figures relate to the 5 month period ended 31 December 2023.
   
4. Going concern
 
The director has considered the company‘s ability to continue as a going concern. The company incurred a loss of £3,044 (2023: £10,747) during the year ended 31 December 2024 and the company‘s liabilities exceeded its assets by £3,791 at that date.

The company is dependent on support from other group entities to enable it meet its liabilities as they fall due. The company has received confirmation from its parent that sufficient resources will be made available to meet its liabilities as they fall due and that they will support the company for a period of at least 12 months from the date of signing of the financial statements in the event that this support becomes necessary.

Having made due enquiries and considering the uncertainties described above, the director has a reasonable expectations that the company has and will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.

Should the going concern basis on which the financial statements have been prepared prove to be inappropriate, adjustments are likely to have to be made to the net assets shown in these financial statements to reduce assets to their more immediately recoverable amounts and to reclassify creditors due after more than one year to current liabilities, and to provide for further liabilities that may arise.
   
5. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Clinton Higgins.
The Auditor's Report was signed by Niall Clinton (Senior Statutory Auditor) for and on behalf of Clinton Higgins on 15th July 2025.
 
   
6. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to His Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
7. Employees
 
The average monthly number of employees, including director, during the financial year was as follows:
 
  2024 2023
  Number Number
 
Administration 2 1
  ═════════ ═════════
       
8. Debtors 2024 2023
  £ £
 
Amounts owed by group undertakings 56,078 -
Amounts owed by connected parties (Note 13) 63,433 -
Other debtors 5,700 -
Taxation  (Note 11) 294 1,149
Prepayments and accrued income 3,173 -
  ───────── ─────────
  128,678 1,149
  ═════════ ═════════
 
Trading amounts owed by group and connected parties are recoverable in accordance with standard commercial terms.

Other debtors are unsecured, interest free and have no fixed repayment date.

Taxation is recoverable in accordance with statutory provisions.
       
9. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 27,059 5,936
Amounts owed to group undertakings 2,559 -
Other creditors 5,048 -
Accruals 10,100 5,000
  ───────── ─────────
  44,766 10,936
  ═════════ ═════════
 
Trade creditors, other creditors and accruals are payable in accordance with standard commercial credit terms.

Trading amounts owed to group companies are unsecured, interest free and have no fixed repayment schedule.
       
10. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Amounts owed to group undertakings 123,980 -
  ═════════ ═════════
 
 
Finance amounts owed to group companies are repayable in accordance with terms of the agreements.
       
11. Taxation 2024 2023
  £ £
 
Debtors:
VAT 294 1,149
  ═════════ ═════════
 
Taxation is repayable in accordance with the statutory provisions.
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2024.
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Mirage Granito Ceramico SpA 34,689 34,689 - 34,689
Ceramiche Refin SpA 28,744 28,744 - 28,744
  ───────── ───────── ───────── ═════════
  63,433 63,433 -  
  ═════════ ═════════ ═════════  
 
Connected parties are connected by virtue of common shareholders. The company had net sales of £63,433 (2023: £nil) and purchases of £nil (2023: £nil) with connected parties during the year.
 
In the opinion of the director these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
   
14. Parent company
 
The company regards Gruppo Concorde SpA as its parent company.
 
The parent of the largest group in which the results are consolidated is Gruppo Concorde SpA.

Gruppo Concorde SpA is registered in Italy with a registered address of 141, Via del Canaletto, 41042 Fiorano Modenese MO, Italy and consolidated financial statements can be found at this address.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
16. Government grants and government assistance 2024 2023
  £ £
 
HMRC Employment allowance 5,000 -
  ═════════ ═════════
 
HMRC’s employment allowance allowed eligible companies to reduce their yearly national insurance liability by up to £5,000 from April 2022 onwards. For smaller businesses with eligible employees, this allowance effectively eliminates the first £5,000 of Class 1 National Insurance Contributions (NICs). The company was in compliance with all the conditions of the respective schemes during the year ended 31 December 2024. The grant income received has been included in other operating income in profit and loss.