REGISTERED NUMBER: 08315953 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MIRETTI UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A B Miretti

Miss S Miretti

REGISTERED OFFICE:

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

BUSINESS ADDRESS:

5B Maybrook Road

Maybrook Business Park

Minworth

Sutton Coldfield

B76 1AL

REGISTERED NUMBER:

08315953 (England and Wales)

INDEPENDENT AUDITORS:

FKCA Limited

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

5

2,542

2,022

CURRENT ASSETS

Stocks

6

72,483

79,725

Debtors

7

167,653

84,419

Cash at bank

32,231

20,993

272,367

185,137

CREDITORS

Amounts falling due within one year

8

164,403

170,643

NET CURRENT ASSETS

107,964

14,494

TOTAL ASSETS LESS CURRENT LIABILITIES

110,506

16,516

PROVISIONS FOR LIABILITIES

636

-

NET ASSETS

109,870

16,516

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

99,870

6,516

SHAREHOLDERS' FUNDS

109,870

16,516

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

Miss S Miretti - Director

1.	STATUTORY INFORMATION

Miretti UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Transition to FRS102 Section 1A

In the prior year, the company applied FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime. The transition to FRS 102 Section 1A is a change in financial reporting framework and has been applied retrospectively from the opening date of the comparative year in accordance with the requirements of FRS 102. The transition has resulted in one change to accounting polices, that being deferred tax. However, the deferred tax laibility is not considered to have a significant financial impact. Accordingly, no reconciliations of equity or profit and loss have been presented. The company meets the criteria for a small entity as defined by the Companies Act 2006 and has elected to adopt the disclosure exemptions available under FRS 102 Section 1A.

Going concern

The directors have considered the financial health of the company, alongside group support available, and are confident that the company, at the date of signing, will continue as a going concern for the foreseeable future.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates.

Turnover

Turnover represents the total value, excluding value-added tax, of services provided.

Revenue is recognised when the amount can be reliably measured, it is probable that economic benefits will flow to the company, and when the specific criteria relating to each type of income have been met.

Revenue is measured at the fair value of the consideration received or receivable.

Audit and training

Revenue is recognised as services are performed, using the stage-of-completion method, provided that the outcome of the engagement can be estimated reliably. If the outcome cannot be measured reliably, revenue is recognised to the extent of recoverable costs incurred.

Services

Revenue is recognised when the amount can be reliably measured, it is probable that economic benefits will flow to the company.

Commissions from Parent Company

Commission income is recognised when the company becomes entitled to receive payment, typically when the underlying service or performance condition has been fulfilled.

Rental of Equipment

Income from the rental of equipment is recognised on a straight-line basis over the period of the rental agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are recognised at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Amounts recoverable on contract

Amounts recoverable on contract represents income earned but not yet billed and is stated at the amount recoverable from customers.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors

Trade and other debtors are initially recognised at the transaction price and subsequently measured using the amortised cost method which uses the effective interest method. At each balance sheet date, the directors assess trade and other debtors for evidence of indicators of impairment and where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a specific bad debt provision is recognised.

Creditors

Trade and other creditors are initially recognised in the financial statements at transaction price. Trade and other creditors are then subsequently measured at amortised cost using the effective interest method, unless the effects of discounting would be considered immaterial. If the effects of discounting are judged to be immaterial, trade and other creditors are stated at cost. Trade creditors are not interest-bearing.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

1,363

3,158

4,521

Additions

-

1,278

1,278

At 31 December 2024

1,363

4,436

5,799

DEPRECIATION

At 1 January 2024

705

1,794

2,499

Charge for year

98

660

758

At 31 December 2024

803

2,454

3,257

NET BOOK VALUE

At 31 December 2024

560

1,982

2,542

At 31 December 2023

658

1,364

2,022

6.

STOCKS

2024

2023

£

£

Stocks

16,694

15,000

Amounts recoverable on contracts

55,789

64,725

72,483

79,725

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

152,498

73,712

Other debtors

-

4,057

Prepayments

15,155

6,650

167,653

84,419

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

102,260

111,897

Corporation tax

14,785

-

Taxation and social security

21,615

19,429

Other creditors

1,894

30,394

Accrued expenses

23,849

8,923

164,403

170,643

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

21,610

21,199

Between one and five years

19,420

37,345

41,030

58,544

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2024 and thus did not observe the counting of physical inventories at the end of the year or the year prior. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024 or 31 December 2023, which are included in the balance sheet at £16,694 and £15,000 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts are necessary.

In addition, we were unable to obtain adequate supporting documentation to substantiate the valuation of certain inventory items included in the total stock as at the reporting date. Consequently we were unable to determine whether any adjustment to these amounts are necessary.

We were unable to obtain adequate supporting documentation to substantiate accuracy of sales cut off around the start of the year ended 31 December 2024. Consequently we were unable to determine whether any adjustment to these amounts are necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Tara Aldwin ACA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

Balances owed to/from group companies are as follows:

2024

2023

£

£

Amounts owed from group companies - included in trade debtors

51,637

10,452

Amounts owed to group companies - included in trade creditors

(70,722

)

(109,708

)

Amounts owed to group companies - included in other creditors

(1,894

)

(30,394

)

13.	POST BALANCE SHEET EVENTS

On 22 August 2025, the company entered into a new lease agreement for premises. The lease term is 5 years with annual cost of £49,375 for the first year and £98,750 per annum thereafter.

Post year end two new vehicle leases have been signed. The lease terms are 4 years with an annual combined cost of £12,582.

14.	ULTIMATE CONTROLLING PARTY

The parent undertaking of the largest and smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Miretti Srl, a company incorporated in Italy. Registered address, Sede Commerciale, amministrativa e magazzini: 20812 LIMBIATE (MB) Italia - Via Marconi 29/31

As of the reporting date, the directors consider that there is no ultimate controlling party.