Delfina Delettrez Limited - Period Ending 2018-12-31

Registration number: 08974593

Delfina Delettrez Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Delfina Delettrez Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Delfina Delettrez Limited

(Registration number: 08974593)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	93,029
Investments	5	96,630	592,620
		96,630	685,649
Current assets
Debtors	6	169,826	222,732
Cash at bank and in hand		5,626	27,250
		175,452	249,982
Creditors: Amounts falling due within one year	7	(1,140,109)	(963,145)
Net current liabilities		(964,657)	(713,163)
Net liabilities		(868,027)	(27,514)
Capital and reserves
Called up share capital		888,933	888,933
Profit and loss account		(1,756,960)	(916,447)
Total equity		(868,027)	(27,514)

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 December 2019
 

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

Enrico Corazza
Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

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

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

These financial statements were authorised for issue by the director on 11 December 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has ceased trading in 2019 and the financial statements have been prepared on a basis other than that of going concern basis. This basis include writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

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 rates prevailing on the initial transaction dates.

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

Page 2

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and machinery	20% straight line
Furniture, fittings, tools and equipment	20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 the director) during the year, was 1 (2017 - 2).

Page 3

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4	Tangible assets

	Fixtures and fittings £	Other tangible assets  £	Total £
Cost or valuation
At 1 January 2018	196,665	1,765	198,430
At 31 December 2018	196,665	1,765	198,430
Depreciation
At 1 January 2018	104,438	963	105,401
Charge for the year	38,890	353	39,243
Impairment	53,337	449	53,786
At 31 December 2018	196,665	1,765	198,430
Carrying amount
At 31 December 2018	-	-	-
At 31 December 2017	92,227	802	93,029

Page 4

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5	Investments

	2018 £	2017 £
Investments in subsidiaries	96,630	592,620

Subsidiaries	£
Cost or valuation
At 1 January 2018	592,620
Provision
Provision	495,990
Carrying amount
At 31 December 2018	96,630
At 31 December 2017	592,620

As at the 31 December 2018 the net equity of Delettrez S.R.L. were €107,163 (£96,630) . The fall in value resulted in an impairment of £495,990, the subsidiary does not anticipate an increase in its net equity in the forseeable future.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Delettrez S.r.l	Via del Governo Vecchio 67, Roma 00186, Italy.	Ordinary Shares	100%	100%
	Italy

The principal activity of Delettrez S.r.l is Design and retail of high end jewellery

6

Debtors

Page 5

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

	2018 £	2017 £
Trade debtors	47	3,562
Amounts owed by group undertakings and undertakings in which the company has a participating interest	62,228	62,585
Other debtors	107,551	156,585
Total current trade and other debtors	169,826	222,732

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	610	210,487
Taxation and social security	109	13,752
Other creditors	1,139,390	738,906
	1,140,109	963,145

Other creditors include a loan of £1,128,023 from the shareholders. The loan is interest free and has no set repayment dates.

8	Related party transactions

During the year Delfina Delettrez Limited was invoiced by its subsidiary Delettrez S.r.l. for a total of £57,293 (2017:£137,015) , the amount outstanding at the year end was £68,520 (2017: £177,143). At the year end the company was owed £130,748 (2017:£62,585) by Delettrez S.r.l. The net amount due by the subsidiary at 31 December 2018 was £62,228.

Page 6