Company Registration No. 10193160 (England and Wales)
Italicus Ltd
Unaudited accounts
for the year ended 31 May 2019
Italicus Ltd
Unaudited accounts
Contents
Italicus Ltd
Company Information
for the year ended 31 May 2019
Directors
Ronald Anderson
Giuseppe Gallo
Valeria Piovesana
Company Number
10193160 (England and Wales)
Registered Office
Studio 34
65 Alfred Road
London
W2 5EU
England
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Italicus Ltd
Statement of financial position
as at 31 May 2019
Inventories
176,420
37,456
Cash at bank and in hand
333,251
827,478
Creditors: amounts falling due within one year
(347,695)
(330,337)
Net current assets
366,582
594,403
Net assets
369,986
594,403
Called up share capital
108
108
Share premium
999,892
999,992
Profit and loss account
(630,014)
(405,697)
Shareholders' funds
369,986
594,403
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 18 September 2019.
Giuseppe Gallo
Director
Company Registration No. 10193160
Italicus Ltd
Notes to the Accounts
for the year ended 31 May 2019
Italicus Ltd is a private company, limited by shares, registered in England and Wales, registration number 10193160. The registered office is Studio 34, 65 Alfred Road, London, W2 5EU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 Years
Other tangible fixed assets
3 Years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Italicus Ltd
Notes to the Accounts
for the year ended 31 May 2019
Expenditure on research and development is written off in the year in which it is incurred.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
Additions
3,696
1,208
4,904
At 31 May 2019
3,696
1,208
4,904
Charge for the year
1,232
268
1,500
At 31 May 2019
1,232
268
1,500
At 31 May 2019
2,464
940
3,404
Finished goods
27,156
37,456
Trade debtors
184,801
20,598
Amounts due from group undertakings etc.
149
12,933
Accrued income and prepayments
500
10,251
Other debtors
19,156
16,024
7
Creditors: amounts falling due within one year
2019
2018
Trade creditors
71,987
176,967
Taxes and social security
8,931
23,969
Loans from directors
22,650
98,250
Deferred income
105,303
2,522
Allotted, called up and fully paid:
10,000 Ordinary shares of £0.0108 each
108.11
108.11
Italicus Ltd
Notes to the Accounts
for the year ended 31 May 2019
At the year end, Pension Commitments of £2,155 (2018: £746) were outstanding.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' Loan Account
(98,250)
75,600
-
(22,650)
(98,250)
75,600
-
(22,650)
11
Transactions with related parties
Included in Amounts owed to group undertakings and other participating interests is £149 due from Italspirits Limited (2018: £12,933).
12
Average number of employees
During the year the average number of employees was 4 (2018: 4).