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REGISTERED NUMBER: 11421938 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

NATUZZI STORES (UK) LTD.

NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NATUZZI STORES (UK) LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Mr Michael Solomon





REGISTERED OFFICE: Unit 2a Ladymead Retail Park
Europa Park Road
Guildford
GU1 1AJ





REGISTERED NUMBER: 11421938 (England and Wales)





ACCOUNTANTS: SRG Newmans Limited
Five Ways
57-59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,624,356 1,149,557
1,624,356 1,149,557

CURRENT ASSETS
Stocks 1,464,866 684,076
Debtors 5 32,089 18,903
Cash at bank 1,743,486 1,999,553
3,240,441 2,702,532
CREDITORS
Amounts falling due within one year 6 4,711,961 3,802,232
NET CURRENT LIABILITIES (1,471,520 ) (1,099,700 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,836

49,857


CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 152,736 49,757
SHAREHOLDERS' FUNDS 152,836 49,857
152,836 49,857

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 director acknowledges his 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.

NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)

BALANCE SHEET - continued
31 DECEMBER 2021


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 director and authorised for issue on 5 September 2022 and were signed by:





Mr Michael Solomon - Director


NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Natuzzi Stores (Uk) Ltd. 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.

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.
Leasehold property - 10% on cost
Computer equipment - 33% on cost

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.

NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

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 54 (2020 - NIL ) .

4. TANGIBLE FIXED ASSETS
Leasehold Computer
property equipment Totals
£    £    £   
COST
At 1 January 2021 1,201,788 12,952 1,214,740
Additions 606,511 19,537 626,048
At 31 December 2021 1,808,299 32,489 1,840,788
DEPRECIATION
At 1 January 2021 65,055 128 65,183
Charge for year 143,131 8,118 151,249
At 31 December 2021 208,186 8,246 216,432
NET BOOK VALUE
At 31 December 2021 1,600,113 24,243 1,624,356
At 31 December 2020 1,136,733 12,824 1,149,557

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 32,089 18,903

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 973,430 1,086,304
Taxation and social security 177,576 92,754
Other creditors 3,560,955 2,623,174
4,711,961 3,802,232

NATUZZI STORES (UK) LTD. (REGISTERED NUMBER: 11421938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Within Other creditors, £200,014 is due to the Director.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 1,100,184 578,660
Between one and five years 6,495,245 2,893,300
In more than five years 3,170,975 1,230,536
10,766,404 4,702,496