Gentili_United_Kingdom_Limited_31_Dec_2024_companies_house_set_of

		2024	2023
Fixed assets
Intangible assets	5	3,395		3,318
Tangible assets	6	339,936		49,171
		343,331		52,489
Current assets
Stocks		956,875		674,600
Debtors	7	1,623,260		1,111,433
Cash at bank and in hand		73,390		154,753
		2,653,525		1,940,786
Creditors: amounts falling due within one year	8	(2,549,885	)	(1,841,593	)
Net current assets		103,640		99,193
Total assets less current liabilities		446,971		151,682
Capital and reserves
Called up share capital		430,200		430,200
Share premium		27,500		27,500
Profit and loss account		(10,729	)	(306,018	)
Shareholders funds		446,971		151,682

Gentili United Kingdom Limited

Notes to the Financial Statements

Year ended

31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Gentili United Kingdom Limited Fairway

Off Delta Way

Bridgtown

Cannock

WS11 0DJ

, England.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on the going concern basis as the directors expect the company to continue to be profitable in the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill	straight line over 4 years
Other intangible assets	straight line over 7 years/ straight line over 3 years

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	20% straight line / 15% straight line
Plant and machinery	straight line over 3 years / 20% straight line / 15% straight line
Fixtures, fittings and equipment	straight line over 3 years / 20% straight line
Motor vehicles	20% straight line / straight line over 3 years
Office equipment	straight line over 3 years

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

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.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was

(2023:

44.00

5 Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 January 2024	128,720	28,307	157,027
Additions	-	2,540	2,540
At 31 December 2024	128,720	30,847	159,567
Amortisation
At 1 January 2024	128,720	24,989	153,709
Charge	-	2,463	2,463
At 31 December 2024	128,720	27,452	156,172
Carrying amount
At 31 December 2024	-	3,395	3,395
At 31 December 2023	-	3,318	3,318

6 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 January 2024	251,023
Additions	334,626
Disposals	(94	)
At 31 December 2024	585,555
Depreciation
At 1 January 2024	201,852
Charge	43,788
Disposals	(21	)
At 31 December 2024	245,619
Carrying amount
At 31 December 2024	339,936
At 31 December 2023	49,171

7 Debtors

	2024	2023
	£	£
Trade debtors	1,236,476	841,693
Other debtors	386,784	269,740
	1,623,260	1,111,433

8 Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	1,246,280	909,591
Taxation and social security	115,137	174,767
Other creditors	1,188,468	757,235
	2,549,885	1,841,593

Other creditors includes £848,333 owed to Close Brothers Limited in respect of factored debts (2023: £622,411) who hold a charge over all monies due or become due from the company, under the terms of the agreement.

9 Operating leases

	2024	2023
The company as lessee
	£	£
Not later than 1 year	247,087	230,742.00
Later than 1 year and not later than 5 years	930,215	370,935.00
	1,177,302	601,677

Included within the operating leases above are lease commitments for rental of properties in the sum of £1,082,857 (2023: £582,000).

10 Related party transactions

Mr Ernesto Gentili is a related party by virtue of his directorship of the company.

Mr Joseph William Paul Chambers is a related party by virtue of his directorship of the company.

Mr Ian Paul Robottom is a related party by virtue of his directorship of and shareholding in the company.

Mrs Lyn Denise Chambers is a related party by virtue of her shareholding in the company.

Gentili Technology Equipment SRL is a related party by virtue of its shareholding in the company.

Gentili Technology Equipment SRL invoiced the company for goods provided in the sum of £316,300 (2023: £209,678) and the company owed Gentili Technology Equipment SRL at the year end £119,791 (2023: £152,243) which is included in trade creditors.

The company invoiced Gentili Technology Equipment SRL for goods and services in the sum of £3,580 (2023: £1,500) and Gentili Technology Equipment SRL owed the company at the year end £3,580 (2023: £nil) which is included in trade debtors.

The company has provided Mr Joseph William Paul Chambers with an interest-bearing loan and the balance owed to the company at the year end was £38,000 (2023: £38,000).

11 Controlling party

The company is under the control of Gentili Technology Equipment SRL by virtue of its majority shareholding therein.

		2024		2023
	Note	£		£
Fixed assets
Intangible assets	5	3,395		3,318
Tangible assets	6	339,936		49,171
		343,331		52,489
Current assets
Stocks		956,875		674,600
Debtors	7	1,623,260		1,111,433
Cash at bank and in hand		73,390		154,753
		2,653,525		1,940,786
Creditors: amounts falling due within one year	8	(2,549,885	)	(1,841,593	)
Net current assets		103,640		99,193
Total assets less current liabilities		446,971		151,682
Capital and reserves
Called up share capital		430,200		430,200
Share premium		27,500		27,500
Profit and loss account		(10,729	)	(306,018	)
Shareholders funds		446,971		151,682