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 2020

for

Giorgio Locatelli Consultancy Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G Locatelli

Mrs P C Locatelli

SECRETARY:

Mrs P C Locatelli

REGISTERED OFFICE:

C/O Oasys Ampney House

Falcon Close

Quedgeley

Gloucestershire

GL2 4LS

REGISTERED NUMBER:

03224244 (England and Wales)

ACCOUNTANTS:

O'Donohue Pedley Parker Brown Ltd

Chartered Certified Accountants

436 Ansty Road

Wyken

Coventry

West Midlands

CV2 3FF

FIXED ASSETS

Tangible assets

4

434

937

CURRENT ASSETS

Stocks

22,464

21,528

Debtors

5

456,395

303,294

Cash at bank

346,972

381,594

825,831

706,416

CREDITORS

Amounts falling due within one year

6

217,679

219,908

NET CURRENT ASSETS

608,152

486,508

TOTAL ASSETS LESS CURRENT LIABILITIES

608,586

487,445

PROVISIONS FOR LIABILITIES

145

145

NET ASSETS

608,441

487,300

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

608,437

487,296

608,441

487,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 29 September 2021 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 and Covid-19 Pandemic

The directors have reviewed the working capital requirements of the company for a period of not less than 12 months, paying particular attention to the effects of both Brexit and the Covid-19 pandemic. Brexit is not anticipated to have a material effect on the operations of the company, however the Covid-19 pandemic has had an impact in the year under review and is anticipated to continue to have an impact on the operations of the company for most of the next financial year. The directors however are of the opinion that the company will be able to meet its day to day working capital requirements through the continued support of the group.

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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

18,451

DEPRECIATION

At 1 January 2020

17,514

Charge for year

503

At 31 December 2020

18,017

NET BOOK VALUE

At 31 December 2020

434

At 31 December 2019

937

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

142,421

146,311

Amounts owed by participating interests

3,915

-

Other debtors

310,059

156,983

456,395

303,294

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

8,424

9,548

Amounts owed to group undertakings

31,290

36,111

Taxation and social security

136,689

97,697

Other creditors

41,276

76,552

217,679

219,908

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

Mr G Locatelli

Balance outstanding at start of year

77,648

35,558

Amounts advanced

150,013

42,090

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

227,661

77,648

8.	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 £27,803 (2019: £16,512).

Giorgio Locatelli Consultancy Limited repaid to Findcharm Limited during the year £15,167 (2019: £119,777).

Findcharm Limited loaned Giorgio Locatelli Consultancy Limited during the year £nil (2019: £36,210).

At the balance sheet date £3,915 was due from (2019: £8,722 due to) Findcharm Limited.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Locadeli Limited.

The ultimate controlling party is Mr G Locatelli.