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Registered number: 11623016 MULTITEL U.K. LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MULTITEL U.K. LIMITED CONTENTS
| Page
Balance sheet | 1
Notes to the financial statements | 2 - 7
MULTITEL U.K. LIMITED REGISTERED NUMBER: 11623016 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 145,304 |  | 56,483
Current assets |  |  |  |  |
Stocks | 5 | 614,070 |  | 649,815 |
Debtors | 6 | 913,416 |  | 437,162 |
Cash at bank and in hand |  | 971,249 |  | 1,673,026 |
|  | 2,498,735 |  | 2,760,003 |
Creditors: amounts falling due within one year | 7 | (1,512,270) |  | (1,840,451) |
Net current assets |  |  | 986,465 |  | 919,552
Total assets less current liabilities |  |  | 1,131,769 |  | 976,035
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (14,877) |  | (14,877) |
|  |  | (14,877) |  | (14,877)
Net assets |  |  | 1,116,892 |  | 961,158
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 1,116,792 |  | 961,058
|  |  | 1,116,892 |  | 961,158
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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2025.
A Pagliero
Director
The notes on pages 2 to 7 form part of these financial statements. Page 1
MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
This is a private company limited by share capital, incorporated in England and Wales. The registered office address is 14th Floor 33 Cavendish Square, London, W1G 0PW. The principal trading address is Unit 10, Scott Road Industrial Estate, Sundon Park Road, Luton, LU3 3HP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the company's forecasts and projecions the directors have a reasonable expectation that the company has adequate resources to continue to operate for the forseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 2
MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'administrative expenses'.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 3
MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | over the term of the lease
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Fixtures and fittings | - | 5 years
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is basd on the cost of pruchase on a first in, first our basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Employees
| The average monthly number of employees, including directors, during the year was 7 (2023 - 7).
4. | Tangible fixed assets
|  | Short-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 6,920 | 114,538 | 12,303 | 133,761
| Additions | 8,568 | 40,066 | 81,726 | 130,360
| Disposals | - | - | (3,318) | (3,318)
| At 31 December 2024 | 15,488 | 154,604 | 90,711 | 260,803
| Depreciation |  |  |  |
| At 1 January 2024 | 6,855 | 66,110 | 4,313 | 77,278
| Charge for the year on owned assets | 494 | 28,128 | 10,649 | 39,271
| Disposals | - | - | (1,050) | (1,050)
| At 31 December 2024 | 7,349 | 94,238 | 13,912 | 115,499
| Net book value |  |  |  |
| At 31 December 2024 | 8,139 | 60,366 | 76,799 | 145,304
| At 31 December 2023 | 65 | 48,428 | 7,990 | 56,483
Page 5
MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Spare Parts | 113,732 | 59,682
| Machines | 500,338 | 590,133
|  | 614,070 | 649,815
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 31,080 | 20,100
| Due within one year |  |
| Trade debtors | 403,306 | 358,792
| Other debtors | 44,013 | 10,263
| Prepayments and accrued income | 435,017 | 48,007
|  | 913,416 | 437,162
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 23,972 | 11,648
| Amounts owed to group undertakings | 1,171,567 | 1,317,590
| Corporation tax | - | 25,985
| Other taxation and social security | 165,550 | 337,245
| Other creditors | 25,896 | 48,607
| Accruals and deferred income | 125,285 | 99,376
|  | 1,512,270 | 1,840,451
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MULTITEL U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 14,877
| At end of year | 14,877
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 14,877 | 14,877
9. | Controlling party
The immediate and ultimate parent company is Multitel Pagliero S.P.A., a company incorporated in Italy. The group financial statements, in which these financial statements have been consolidated are available from Strada Statale 114, 12030 Manta (CN), Italy.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 28 October 2025 by James Hallett (ACA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.
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