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Registered number: 12097646
UDINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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UDINE LIMITED
REGISTERED NUMBER: 12097646
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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UDINE LIMITED
REGISTERED NUMBER: 12097646
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 by:
Trelawny S.R.L (Davide Borghi, a director of Trelawny S.R.L)
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The notes on pages 3 to 6 form part of these financial statements.
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UDINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Udine Limited is a private company, limited by shares, registered in England and Wales, registration number 12097646.
The registered office is 10 Queen Street Place, London, EC4R 1AG.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Foreign currency translation
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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.
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, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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UDINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
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 reporting date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
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UDINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Current asset investments
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Cash and cash equivalents
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UDINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The loan is secured by a debenture comprising security over all shares and investments in Udine Limited and the related rights attaching thereto, together with a floating charge over the whole of the company's assets and undertaking. .
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The comparative financial statements have been restated to recognise the sale of shares in 2023. The disposal of the shares had not been fully recognised in the 2023 financial statements. The effect of the adjustment is as follows:
a) a decrease in the retained profit and loss and net assets at 1 August 2023 by £2,853,816 to £2,557,674.
b) a decrease in the retained profit and loss and net assets at 1 August 2024 by £2,943,764 to £4,805,231
c) a decrease in Turnover for the year ended 31 July 2023 of £3,026,534 to £1,142,622.
d) a decrease in fairvalue movements for the year ended 31 July 2023 and 2024 of £173,018 and £89,948 respectively.
e) a decrease in the fixed asset balance as at 31 July 2024 of £2,943,762 to £10,858,329.
The company made committments to the following funds in 2024:
Capital Dynamics: Capital Dynamics Clean Energy Europe - €1,000,000; the sum of €137,654 has been called as at 31 July 2025.
SCIAV - RAIF: $3,000,000; the total sum called as at 31 July 2025 was $912,559
HarbourVest: $2,000,000; the total sum called as at 31 July 2025 was $23,551
Additional commitments were made in 2025 to the following funds:
Hamilton Lane: $2,000,000; the total sum called as at 31 July 2025 was $1,058,564.
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Related party transactions
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Included in creditors is a loan of £1,868,812 (2024: £4,500,824) from the company director.
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