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Registration number: 03268936

Dainese (UK) Limited

Financial Statements

for the Year Ended 31 December 2023

 

Dainese (UK) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Dainese (UK) Limited

(Registration number: 03268936)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

88

603

Tangible Assets

5

112,199

133,675

 

112,287

134,278

Current assets

 

Stocks

6

459,422

361,056

Debtors

7

792,028

752,279

Cash at bank and in hand

 

241,030

278,865

 

1,492,480

1,392,200

Creditors: Amounts falling due within one year

8

(693,480)

(688,164)

Net current assets

 

799,000

704,036

Total assets less current liabilities

 

911,287

838,314

Creditors: Amounts falling due after more than one year

8

(80,000)

(160,000)

Provisions for liabilities

(27,608)

(23,576)

Net assets

 

803,679

654,738

Capital and Reserves

 

Called up share capital

202,000

202,000

Retained Earnings

601,679

452,738

Shareholders' funds

 

803,679

654,738

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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 April 2024
 

.........................................
Mr Gianni Lievore
Director

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:
Lowry House
17 Marble Street
Manchester
M2 3AW
UK

The principal place of business is:
56 Commercial Street
London
E1 6LT

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 3 April 2024 was Matthew Geoffrey Price FCCA, who signed for and on behalf of Alextra Audit Limited.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Commercial vehicles

25% reducing balance

Computer equipment

33.33% straight line

Office equipment

33.33% straight line

Store furniture and fittings

10% straight line and

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software Development

Straight Line - 33.33%

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method 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.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade payables and 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 or less. If not, 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.


 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 6 (2022 - 6).

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

2,087

2,087

At 31 December 2023

2,087

2,087

Amortisation

At 1 January 2023

1,483

1,483

Amortisation charge

516

516

At 31 December 2023

1,999

1,999

Carrying amount

At 31 December 2023

88

88

At 31 December 2022

603

603

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

269,021

269,021

Additions

3,371

3,371

At 31 December 2023

272,392

272,392

Depreciation

At 1 January 2023

135,345

135,345

Charge for the year

24,848

24,848

At 31 December 2023

160,193

160,193

Carrying amount

At 31 December 2023

112,199

112,199

At 31 December 2022

133,675

133,675

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

459,422

361,056

7

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

50,889

37,756

Amounts owed by related parties

10

605,182

441,762

Prepayments

 

-

5,100

Other debtors

 

135,957

267,661

   

792,028

752,279

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade Creditors

 

36,990

70,888

Taxation and social security

 

130,199

17,200

Other creditors

 

18,738

32,570

Owed to parent undertaking

 

507,553

567,506

 

693,480

688,164

Due after one year

 

Other non-current financial liabilities

 

80,000

160,000

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

80,000

160,000

 

Dainese (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

170,000

170,000

Later than one year and not later than five years

601,800

680,000

Later than five years

-

85,000

771,800

935,000

10

Related party transactions

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.

11

Parent and ultimate parent undertaking

The parent company is Dainese S.P.A. a company incorporated in Italy, registered office Via Louvigny 35, Colceresa 36064 (VI).

Dainese S.P.A is owned by Shield II S.P.A and the ultimate parent company is Shield S.P.A.

The financial statements of Dainese (UK) LImited are consolidated into the financial statements of Shield S.P.A. Consolidated financial statements are available on request from Dainese S.P.A. at the above address.

The controlling party is considered to be the directors and shareholders of Shield S.P.A.