Giorgio Locatelli Consultancy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03224244 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Giorgio Locatelli Consultancy Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Locatelli

Mrs P C Locatelli

SECRETARY:

Mrs P C Locatelli

REGISTERED OFFICE:

8 Seymour Street

London

W1A 4ZX

REGISTERED NUMBER:

03224244 (England and Wales)

FIXED ASSETS

Tangible assets

4

27,391

434

CURRENT ASSETS

Stocks

164,897

22,464

Debtors

5

158,874

456,395

Cash at bank

577,418

346,972

901,189

825,831

CREDITORS

Amounts falling due within one year

6

296,629

217,679

NET CURRENT ASSETS

604,560

608,152

TOTAL ASSETS LESS CURRENT LIABILITIES

631,951

608,586

CREDITORS

Amounts falling due after more than one year

7

(24,092

)

-

PROVISIONS FOR LIABILITIES

(145

)

(145

)

NET ASSETS

607,714

608,441

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

607,710

608,437

607,714

608,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2022 and were signed on its behalf by:

Mr G Locatelli - Director

1.	STATUTORY INFORMATION

Giorgio Locatelli Consultancy 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.

2.	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.

Going Concern, Brexit, the Covid-19 Pandemic, War in Ukraine and Cost of Living and the Economy

The directors have reviewed the working capital requirements of the company for a period of not less than 12 months from the balance sheet date, with particular emphasis on the effects of Brexit, the Covid-19 Pandemic, the war in Ukraine, the Cost of living and the overall economy. All of these factors will have had a significant impact on the operations of the company, with the enforced venue closures for customers, staff shortages, increased cost of living impacting on the ability of customers to afford to eat out, and the increase in costs of goods and utilities, the combined effect of these factors will have a material impact on the profitability of the company. The directors have confirmed that the company will utilise all available covid support and manage the cost of the repayments and resultant tax charges and the directors will continue to support the business during these unprecedented times.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

18,451

Additions

30,945

At 31 December 2021

49,396

DEPRECIATION

At 1 January 2021

18,017

Charge for year

3,988

At 31 December 2021

22,005

NET BOOK VALUE

At 31 December 2021

27,391

At 31 December 2020

434

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

as restated

£

£

Trade debtors

18,535

142,421

Amounts owed by group undertakings

1,068

-

Amounts owed by participating interests

-

3,915

Other debtors

139,271

310,059

158,874

456,395

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

as restated

£

£

Hire purchase contracts

6,159

-

Trade creditors

1,946

8,424

Amounts owed to group undertakings

27,438

31,290

Amounts owed to participating interests

182,840

-

Taxation and social security

72,421

136,689

Other creditors

5,825

41,276

296,629

217,679

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

as restated

£

£

Hire purchase contracts

24,092

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

as restated

£

£

Mr G Locatelli

Balance outstanding at start of year

227,661

77,648

Amounts advanced

-

150,013

Amounts repaid

(196,149

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,512

227,661

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS102 1a from disclosing transactions with members of the same group.

Summary of transactions with entities with joint control or significant interest:

Company related through common control: Findcharm Limited

During the year, Findcharm Limited incurred net expenses on behalf of Giorgio Locatelli Consultancy Limited of £225,731 (2020: £27,803).

Giorgio Locatelli Consultancy Limited repaid to Findcharm Limited during the year £38,976 (2020: £15,167).

Findcharm Limited loaned Giorgio Locatelli Consultancy Limited during the year £nil (2020: £nil).

At the balance sheet date £182,840 was due to (2020: £3,915 due from) Findcharm Limited.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Locadeli Limited.

The ultimate controlling party is Mr G Locatelli.