Registration number: 13302699

Metersit UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Metersit UK Limited

Company Information

Directors

Vincenzo Cirillo Federico De Stefani

Registered office

5th Floor North Side 7/10 Chandos Street Cavendish Square London W1G 9DQ

Auditors

DTL Auditors Limited Chartered Certified Accountant5th Floor, North Side 7-10 Chandos Street Cavendish Square London W1G 9DQ

Metersit UK Limited

(Registration number: 13302699)
Balance Sheet as at 31 December 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	5	194	443
Current assets
Stocks	6	17,358	-
Debtors	7	461,249	16,690
Cash at bank and in hand		117,506	13,680
		596,113	30,370
Creditors: Amounts falling due within one year	8	(647,273)	(94,972)
Net current liabilities		(51,160)	(64,602)
Total assets less current liabilities		(50,966)	(64,159)
Creditors: Amounts falling due after more than one year	8	(750,000)	(530,000)
Net liabilities		(800,966)	(594,159)
Capital and reserves
Called up share capital	10	150,000	150,000
Retained earnings		(950,966)	(744,159)
Shareholders' deficit		(800,966)	(594,159)

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 29 April 2026 and signed on its behalf by:
 

......................................... Vincenzo Cirillo Director

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

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

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the Board on 29 April 2026.

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. During the financial period to 31 December 2025, the company made a loss of £ 206,807. As at 31 December 2025, the company had net liabilities of £800,966. The Directors and the parent company are confident that the company has a financially sound future and has the full ongoing financial support of its parent company. The company commenced generating income in 2025, and the directors have accordingly prepared these financial statements on the going concern basis.

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to Note 2 (going concern) which reviews the financial results for the period and also the financial position as at 31 December 2025. Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 29 April 2026 was John Tiltman FCCA, who signed for and on behalf of DTL Auditors Limited.

.........................................

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Prior period reclassification

A reclassification has been made to the 2024 comparative figures to present the intercompany loan within non current liabilities, reflecting its contractual maturity of 31 December 2026.
This adjustment affects presentation only and has no impact on profit, cash flows or the shareholder deficit.

 

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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
Office equipment	20% straight line

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 4

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

4	Interest payable and similar expenses

Loan Interest

Interest expense on the loan from the utlimate parent SIT SPA was for £ 45,715 (2024: £32,773).

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2025	1,249	1,249
At 31 December 2025	1,249	1,249
Depreciation
At 1 January 2025	806	806
Charge for the year	249	249
At 31 December 2025	1,055	1,055
Carrying amount
At 31 December 2025	194	194
At 31 December 2024	443	443

6

Stocks

	2025 £	2024 £
Other inventories	17,358	-

7

Debtors

Current	Note	2025 £	2024 £
Trade debtors		418,341	5,406
Amounts owed by related parties	11	35,879	-
Prepayments		2,311	3,463
Other debtors		4,718	7,821
		461,249	16,690

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	(As restated) 2024 £
Due within one year
Trade creditors		9,108	2,302
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	504,519	41,108
Taxation and social security		72,818	3,542
Accruals and deferred income		14,200	13,867
Other creditors		46,628	34,153
		647,273	94,972

Amounts owed to group undertakings total £504,519 (2024: £41,108) and comprise balances due to the Company’s immediate parent, Metersit Srl £437,973 (2024:£7,756) and its ultimate parent, SIT S.p.A £66,546 (2024:£33,352).

Other creditors include £45,715 relating to accrued interest on the intercompany loan from SIT S.p.A. that had not yet been invoiced at year‑end. The 2024 loan interest of £32, 773 has been invoiced during 2025.

Creditors: amounts falling due after more than one year

	2025 £	(As restated) 2024 £
Due after one year
Other financial liabilities (Intercompany loan)	750,000	530,000

The balance includes an intercompany loan from SIT S.p.A. with a contractual maturity date of 31 December 2026. The loan is therefore presented within non‑current liabilities.

Metersit UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9	Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £2,642 (2024: £2,641)

Contributions totalling £770 (2024: £770) were payable to the scheme at the end of the year and are included in other creditors.

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1,500 each	100	150,000	100	150,000

11	Related party transactions

Metersit S.R.L
During the year the Company purchased goods and services from Metersit S.r.l. totalling £408,120 and issued sales invoice totalling £10,157 and charged sales commission for £28,647.
At 31 December 2025, the Company owed to Metersit S.r.l. £437,973 and Metersit S.r.l. owed the Company £35,879.

SIT S.p.A
During the year the Company recognised accrued interest of £45,715 relating to the intercompany loan of £750,000 at balance sheet date, invoiced in 2026 but attributable to the 2025 financial year.
At 31 December 2025, amounts owed to SIT S.p.A. were £66,546.

12	Parent and ultimate parent undertaking

The company's immediate parent is Metersit srl, incorporated in Italy.

 The ultimate parent is Sit spa, incorporated in Italy.

 The most senior parent entity producing publicly available financial statements is Metersit srl.