REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Fabiana Filippi Retail (U.K) Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Fabiana Filippi Retail (U.K) Limited |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Fabiana Filippi Retail (U.K) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
47 Islington Park Street |
London |
N1 1QB |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Balance Sheet - continued |
31 December 2022 |
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 |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Fabiana Filippi Retail (U.K) Limited is a |
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" taking advantage of the disclosure exemptions in Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
Tangible fixed assets |
Depreciation is provided in order to write off each asset over its estimated useful life. |
Short leasehold - over the length of the lease - 10 years |
Fixtures and fittings - over the length of the lease - 10 years |
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 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 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 |
The directors believe that it is not prudent to account for deferred tax assets nor necessary to account for deferred tax liabilities within these financial statements because despite the fact that the company made a profit for the year to 31 December 2022, this profit arised as a result of a partial loan waiver, without which the company would have incurred a loss. |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Going concern |
The Company is reliant on its shareholder and ultimate parent company, Fabiana Filippi SPA, for the supply of goods and the provision of finance. The Company is therefore dependent on the performance of the Fabiana Filippi Group. The directors have reviewed the financial information of the Group and have concluded that the Group has sufficient funding available to sustain the Company. Furthermore, the directors have received assurances that Fabiana Filippi SPA will extend the loans payable by the Company as may be required. For this reason, the directors have determined that it is appropriate to prepare these financial statements on the basis that the Company will continue as a going concern for at least 12 months from the date of approval of these financial statements. However, the directors note that the continuation of the business will require renewal or waiver of the loans and therefore note that until this has been formalised there is a consequential material uncertainty related to going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | DEBTORS |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings £1,005,211 (2021: 1,068,357) includes a loan £392,945 (2021: 1,068,357) from the Company's shareholder, Fabiana Filippi SPA.The terms of the loan are that the lender will advance up to £2,800,000 to the company at an interest rate of 1% above Euribor 3 and that interest is payable on 10 January each year. The terms of the loan provide that the outstanding amount is to be repaid by the Company to Fabiana Filippi SPA in full by 31 December 2023. During the year the Company's shareholder waived £307,055 of the loan. |
In the 2021 published accounts, creditors amounts falling due within one year included an amount owed to group undertakings of £368,357 (2020: £338,349). In these accounts £700,000 previously classified as falling due after more than one year has been reclassified as falling due within one year to correctly reflect the written terms of the loan. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed to group undertakings |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Amounts owed to group undertakings £430,000 (2021: 350,000) is made up of two loans from the Company's shareholder, Fabiana Filippi SPA: |
1. £350,000 (2021: £350,000). The terms of the loan are that the lender will advance up to £350,000 to the company at an interest rate of 1% above Euribor 3 and that interest is payable on 10 January each year. The terms of the loan state that it is to be repaid by the company to Fabiana Filippi SPA in full by 31 December 2024. |
2. £80,000 (2021: £0). The terms of the loan are that the lender will advance up to £80,000 to the company at an interest rate of 1% above Euribor 3 and that interest is payable by the 20th day of the month following the end of each quarter. The terms of the loan provide that it is to be repaid by the company to Fabiana Filippi SPA in full by 9 April 2024. |
In the 2021 published accounts, creditors amounts falling due after more than one year included amounts owed to group undertakings £1,050,000 (2020: £750,000). In these accounts £700,000 of the £1,050,000 has been reclassified as falling due within one year to correctly reflect the written terms of the loan. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary shares | 1 | 1,000,000 | 1,000,000 |
Fabiana Filippi Retail (U.K) Limited (Registered number: 09119941) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
Because we were appointed auditors of the Company during 2021, we were not able to observe the counting of the physical inventories at the beginning of that period or satisfy ourselves concerning those inventory quantities by alternative means. Since opening inventories affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 2021. Our audit opinion on the financial statements for the period ended 31 December 2021 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The total financial commitments related to the lease agreement is £2,036,466 (2021: £2,283,966) |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The ultimate parent undertaking and controlling party is Fabiana Filippi SPA, a company incorporated in Italy whose registered office is Via Bruno Buozzi, 90 Zona Industriale, Giano dell'Umbria, 06030, Italy, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Fabiana Filippi SPA consolidated financial statements are publicly available. |