0 6 November 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2021-01-13 Sage Accounts Production Advanced 2023 - FRS102_2023 20,010,000 20,010,000 4,265,850 4,265,850 15,744,150 xbrli:pure xbrli:shares iso4217:GBP 13131456 2021-01-13 2021-12-31 13131456 2021-12-31 13131456 2021-01-12 13131456 bus:OrdinaryShareClass1 2021-01-13 2021-12-31 13131456 bus:OrdinaryShareClass2 2021-01-13 2021-12-31 13131456 bus:Director6 2021-01-13 2021-12-31 13131456 core:WithinOneYear 2021-12-31 13131456 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 13131456 core:PatentsTrademarksLicencesConcessionsSimilar 2021-01-13 2021-12-31 13131456 core:ShareCapital 2021-12-31 13131456 core:RetainedEarningsAccumulatedLosses 2021-12-31 13131456 bus:SmallEntities 2021-01-13 2021-12-31 13131456 bus:Audited 2021-01-13 2021-12-31 13131456 bus:SmallCompaniesRegimeForAccounts 2021-01-13 2021-12-31 13131456 bus:PrivateLimitedCompanyLtd 2021-01-13 2021-12-31 13131456 bus:FullAccounts 2021-01-13 2021-12-31 13131456 bus:OrdinaryShareClass1 2021-12-31 13131456 bus:OrdinaryShareClass2 2021-12-31 13131456 bus:AllOrdinaryShares 2021-12-31 13131456 core:CapitalContributionReserve 2021-12-31
COMPANY REGISTRATION NUMBER: 13131456
SERGIO TACCHINI EUROPE LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2021
SERGIO TACCHINI EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
31 Dec 21
Note
£
£
Fixed assets
Intangible assets
4
15,744,150
Current assets
Debtors
5
4,650,319
Cash at bank and in hand
151,641
-----------
4,801,960
Creditors: amounts falling due within one year
6
( 1,040,252)
-----------
Net current assets
3,761,708
------------
Total assets less current liabilities
19,505,858
------------
Net assets
19,505,858
------------
Capital and reserves
Called up share capital
7
100
Capital contribution
20,009,900
Profit and loss account
( 504,142)
------------
Shareholders funds
19,505,858
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
C J Ko
Director
Company registration number: 13131456
SERGIO TACCHINI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 13 JANUARY 2021 TO 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks, HP18 0RA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the charging of royalties, stated net of Value Added Tax. Turnover is recognised in the accounting period to which it relates.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
3 - 10 years straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4. Intangible assets
Patents, trademarks and licences
£
Cost
Additions
20,010,000
------------
At 31 December 2021
20,010,000
------------
Amortisation
Charge for the period
4,265,850
------------
At 31 December 2021
4,265,850
------------
Carrying amount
At 31 December 2021
15,744,150
------------
5. Debtors
31 Dec 21
£
Trade debtors
766,128
Amounts due from other related entities
3,568,840
Other debtors
315,351
-----------
4,650,319
-----------
6. Creditors: amounts falling due within one year
31 Dec 21
£
Trade creditors
42,948
Accruals and deferred income
990,637
Social security and other taxes
6,667
-----------
1,040,252
-----------
7. Called up share capital
Issued, called up and fully paid
31 Dec 21
No.
£
Ordinary A shares of £ 0.01 each
5,000
50
Ordinary B shares of £ 0.01 each
5,000
50
-------
----
10,000
100
-------
----
8. Summary audit opinion
The auditor's report dated 6 November 2023 was qualified on the following basis:
Included in debtors is an amount of £1,786,983 due from a related entity. This balance is still outstanding as at the date of signing our audit report. We were unable to obtain sufficient appropriate audit evidence on whether this balance is recoverable because we have not received all the information and explanations that we require to satisfy ourselves that this amount is recoverable. Consequently, we were unable to determine whether any adjustments to this amount was necessary. Arising solely from the limitation of scope of our work relating to debtors, referred to above: - we have not obtained all the information and explanations we considered necessary for the purpose of our audit.
The senior statutory auditor was W J E Kerr , for and on behalf of EK & Co 2003 Ltd .
9. Controlling party
The company is jointly owned by Sergio Tacchini Operations, Inc, a company incorporated in the United States of America and Movin Sarl, a company incorporated in France. At 31 December 2021, the company's controlling party was Sergio Tacchini Operations, Inc and ultimate controlling party was Sergio Tacchini Holdings LLC, a company incorporated in the United States of America. Subsequent to the period end, the ultimate controlling party became F&F Co. Ltd, a company incorporated in the Republic of Korea.