Delfina Delettrez Limited - Period Ending 2016-12-31

Registration number: 08974593

Delfina Delettrez Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Delfina Delettrez Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Delfina Delettrez Limited

(Registration number: 08974593)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	132,898	168,840
Investments		592,620	592,620
		725,518	761,460
Current assets
Stocks	6	-	5,832
Debtors	7	229,690	225,087
Cash at bank and in hand		31,862	54,562
		261,552	285,481
Creditors: Amounts falling due within one year	8	(751,361)	(505,440)
Net current liabilities		(489,809)	(219,959)
Net assets		235,709	541,501
Capital and reserves
Called up share capital		888,933	888,933
Profit and loss account		(653,224)	(347,432)
Total equity		235,709	541,501

For the financial year ending 31 December 2016 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.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Delfina Delettrez Limited

(Registration number: 08974593)
Balance Sheet as at 31 December 2016

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 15 September 2017
 

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

Enrico Corazza

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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

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.

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.

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

Page 3

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 4

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2015 - 2).

Page 5

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	193,990	1,765	195,755
Additions	2,675	-	2,675
At 31 December 2016	196,665	1,765	198,430
Depreciation
At 1 January 2016	26,658	257	26,915
Charge for the year	38,264	353	38,617
At 31 December 2016	64,922	610	65,532
Carrying amount
At 31 December 2016	131,743	1,155	132,898
At 31 December 2015	-	168,840	168,840

5	Investments

	2016 £	2015 £
Investments in subsidiaries	592,620	592,620

Subsidiaries	£
Cost or valuation
At 1 January 2016	592,620
Provision
Carrying amount
At 31 December 2016	592,620
At 31 December 2015	592,620

6

Stocks

	2016 £	2015 £
Finished goods and goods for resale	-	5,832

Page 6

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Debtors

	2016 £	2015 £
Trade debtors	8,030	9,688
Amounts owed by group undertakings and undertakings in which the company has a participating interest	62,585	62,585
Other debtors	159,075	152,814
Total current trade and other debtors	229,690	225,087

8

Creditors

	2016 £	2015 £
Due within one year
Trade creditors	295,040	185,444
Taxation and social security	13,616	18,957
Other creditors	442,705	301,039
	751,361	505,440

9	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £680,000 (2015 - £850,000).

10	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date of the transition to FRS 102 was 1 January 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Page 7