Delfina Delettrez Limited - Period Ending 2017-12-31

Registration number: 08974593

Delfina Delettrez Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

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 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	93,029	132,898
Investments	5	592,620	592,620
		685,649	725,518
Current assets
Debtors	6	222,732	229,690
Cash at bank and in hand		27,250	31,862
		249,982	261,552
Creditors: Amounts falling due within one year	7	(963,145)	(751,361)
Net current liabilities		(713,163)	(489,809)
Net (liabilities)/assets		(27,514)	235,709
Capital and reserves
Called up share capital		888,933	888,933
Profit and loss account		(916,447)	(653,224)
Total equity		(27,514)	235,709

For the financial year ending 31 December 2017 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 25 September 2018
 

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

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 2017

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.

Going concern

The company is dependent in absence of other funding, on the continued financial support of the shareholders. On the assumption that this will be made by the shareholders, these financial statements have been prepared on a going concern basis.

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 2017

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.

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.

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 3

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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 (2016 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2017	196,665	1,765	198,430
At 31 December 2017	196,665	1,765	198,430
Depreciation
At 1 January 2017	64,922	610	65,532
Charge for the year	39,516	353	39,869
At 31 December 2017	104,438	963	105,401
Carrying amount
At 31 December 2017	92,227	802	93,029
At 31 December 2016	131,743	1,155	132,898

Page 4

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5	Investments

	2017 £	2016 £
Investments in subsidiaries	592,620	592,620

Subsidiaries	£
Cost or valuation
At 1 January 2017	592,620
Provision
Carrying amount
At 31 December 2017	592,620
At 31 December 2016	592,620

6

Debtors

	2017 £	2016 £
Trade debtors	3,562	8,030
Amounts owed by group undertakings and undertakings in which the company has a participating interest	62,585	62,585
Other debtors	156,585	159,075
Total current trade and other debtors	222,732	229,690

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	210,487	295,040
Taxation and social security	13,752	13,616
Other creditors	738,906	442,705
	963,145	751,361

Page 5

Delfina Delettrez Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £510,000 (2016 - £680,000).

9	Related party transactions

Summary of transactions with other related parties

A the year end, the balance due to the shareholder was £724,191 (2016:£428,547). The loan was interest free.
 

Page 6