Registration number: 08913694

NAVL Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

NAVL Limited

Company Information

Directors

Alberto Bertali Luca Bertali Nunzia Bertali Valeria Bertali

Registered office

36 Lauriston Road London E9 7EU

Accountants

Carbon Accountancy Limited Chartered Accountants80-83 Long Lane London EC1A 9ET

NAVL Limited

(Registration number: 08913694)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	158,845	184,878
Current assets
Cash at bank and in hand		7,274	7,289
Creditors: Amounts falling due within one year	6	(1,067,013)	(1,018,544)
Net current liabilities		(1,059,739)	(1,011,255)
Total assets less current liabilities		(900,894)	(826,377)
Creditors: Amounts falling due after more than one year	6	(36,157)	(48,137)
Provisions for liabilities		(616)	(4,007)
Net liabilities		(937,667)	(878,521)
Capital and reserves
Called up share capital	7	8	8
Retained earnings		(937,675)	(878,529)
Shareholders' deficit		(937,667)	(878,521)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 23 October 2025 and signed on its behalf by:
 

......................................... Luca Bertali Director

NAVL Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
36 Lauriston Road
London
E9 7EU
England

These financial statements were authorised for issue by the Board on 23 October 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.
The compnay has full financial assistance from it's Parent company to enable to continue operating and meeting
it's liabilites as they fall due.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

NAVL Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Land and building	3.33% Straight line basis
Fixture and fittings	10% Straight line basis
Office equipment	10% Straight line basis

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

NAVL Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2024	245,606	328,525	10,539	584,670
At 31 March 2025	245,606	328,525	10,539	584,670
Depreciation
At 1 April 2024	81,817	311,733	6,242	399,792
Charge for the year	8,187	16,792	1,054	26,033
At 31 March 2025	90,004	328,525	7,296	425,825
Carrying amount
At 31 March 2025	155,602	-	3,243	158,845
At 31 March 2024	163,789	16,792	4,297	184,878

Included within the net book value of land and buildings above is £155,602 (2024 - £163,789) in respect of freehold land and buildings.
 

5

Debtors

Current	2025 £	2024 £
	-	-

NAVL Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		15,485	16,195
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	986,212	971,967
Taxation and social security		8,525	5,202
Accruals and deferred income		1,563	1,563
Other creditors		55,228	23,617
		1,067,013	1,018,544

Creditors: amounts falling due after more than one year

2025 £

2024 £

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	36,157	48,137

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	8	8	8	8

8	Related party transactions

The amount due to to the director at the year end was £55,288 (2024 - £23,617).

Summary of transactions with parent

Summary of transactions with all entities with joint control or significant interest

Ref1ne Ltd - Joint control by Parent

Loans to related parties

NAVL Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2025	Entities with joint control or significant influence £	Total £
At start of period	866	866
Repaid	5	5
At end of period	871	871

2024

Loans from related parties

2025	Parent £	Total £
At start of period	972,833	972,833
Advanced	14,240	14,240
At end of period	987,073	987,073

2024

9	Parent and ultimate parent undertaking

The company's immediate parent is N B. Itco Limited, incorporated in United kingdom.