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Company No: 06059366 (England and Wales)

FEDERICI BRANDS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

FEDERICI BRANDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

FEDERICI BRANDS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
FEDERICI BRANDS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTOR Gail Marie Federici
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
England
United Kingdom
COMPANY NUMBER 06059366 (England and Wales)
FEDERICI BRANDS LIMITED

BALANCE SHEET

As at 31 December 2022
FEDERICI BRANDS LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 14,964 17,365
Investments 4 90 90
15,054 17,455
Current assets
Stocks 2,439,035 1,494,364
Debtors 5 3,128,047 1,783,987
Cash at bank and in hand 5,198,112 2,036,591
10,765,194 5,314,942
Creditors: amounts falling due within one year 6 ( 7,882,518) ( 3,918,779)
Net current assets 2,882,676 1,396,163
Total assets less current liabilities 2,897,730 1,413,618
Net assets 2,897,730 1,413,618
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 2,896,730 1,412,618
Total shareholders' funds 2,897,730 1,413,618

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Federici Brands Limited (registered number: 06059366) were approved and authorised for issue by the Director on 13 November 2023. They were signed on its behalf by:

Gail Marie Federici
Director
FEDERICI BRANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
FEDERICI BRANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Federici Brands Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are dispatched to the customer and are stated after charging a provision for returns, estimated based on historic performance. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expenditure recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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;

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments in equity shares which are not publicly traded are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 inventory 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 and loss.

Trade and other debtors

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

Trade and other debtors are initially recognised at transaction price and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. 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 debtor.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 and other creditors are initially recognised at transaction price and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity. Equity instruments are measured at 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.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 19 16

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2022 39,161 39,161
Additions 12,522 12,522
At 31 December 2022 51,683 51,683
Accumulated depreciation
At 01 January 2022 21,796 21,796
Charge for the financial year 14,923 14,923
At 31 December 2022 36,719 36,719
Net book value
At 31 December 2022 14,964 14,964
At 31 December 2021 17,365 17,365

4. Fixed asset investments

Investments in subsidiaries

2022
£
Cost
At 01 January 2022 90
At 31 December 2022 90
Carrying value at 31 December 2022 90
Carrying value at 31 December 2021 90

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.12.2022
Ownership
31.12.2021
FBRP Limited (Ireland) 9/10 Fenain Street, Dublin, Ireland Dormant Ordinary 100.00% 100.00%

5. Debtors

2022 2021
£ £
Trade debtors 3,022,562 1,716,895
Other debtors 105,485 67,092
3,128,047 1,783,987

6. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 450,069 8,481
Taxation and social security 516,736 521,370
Other creditors 6,915,713 3,388,928
7,882,518 3,918,779

7. Related party transactions

At the year end the company owed amounts to owners holding a participating interest totaling £146,246 (2021- £190,585), including amounts owed to the director totaling £146,246 (2021 - £81,165). During the year, £44,339 (2021 - £9,474) of the loan from the Director had been repaid. These amounts are unsecured, interest free and repayable on demand.