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Registration number: 06030564

RENE' CAOVILLA LIMITED

Filleted Financial Statements

for the Year Ended 31 December 2022

 

RENE' CAOVILLA LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

RENE' CAOVILLA LIMITED

Company Information

Director

René Caovilla

Registered office

5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

Auditors

DTL Auditors Limited
Registered auditors
5th Floor, North Side
7-10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

RENE' CAOVILLA LIMITED

(Registration number: 06030564)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

171,852

262,966

Debtors

6

149,850

149,850

 

321,702

412,816

Current assets

 

Stocks

5

684,350

739,268

Debtors

6

372,092

382,099

Cash at bank and in hand

 

285,782

178,506

 

1,342,224

1,299,873

Creditors: Amounts falling due within one year

7

(994,449)

(940,422)

Net current assets

 

347,775

359,451

Net assets

 

669,477

772,267

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

669,476

772,266

Shareholders' funds

 

669,477

772,267

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 5 January 2024
 

.........................................
René Caovilla
Director

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the director on 5 January 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was qualified. We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022 or their valuation, which are included in the balance sheet at 684'350, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
. The name of the Senior Statutory Auditor who signed the audit report on 5 January 2024 was John Tiltman ACA, who signed for and on behalf of DTL Auditors Limited.

.........................................

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.

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.

Depreciation

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:

Asset class

Depreciation method and rate

Short-term leasehold property

straight line over the life of the lease

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2022

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 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.

Trade creditors

Trade creditors 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 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2022

421,278

287,358

708,636

At 31 December 2022

421,278

287,358

708,636

Depreciation

At 1 January 2022

236,909

208,761

445,670

Charge for the year

46,092

45,022

91,114

At 31 December 2022

283,001

253,783

536,784

Carrying amount

At 31 December 2022

138,277

33,575

171,852

At 31 December 2021

184,369

78,597

262,966

Included within the net book value of land and buildings above is £138,277 (2021 - £184,369) in respect of short leasehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

684,350

739,268

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

15,073

-

Amounts owed by related parties

310,948

313,279

Prepayments

 

45,372

43,120

Other debtors

 

699

25,700

   

372,092

382,099

Non-current

2022
£

2021
£

Other debtors

149,850

149,850

 

149,850

149,850

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

23,780

42,148

Amounts owed to group undertakings and undertakings in which the company has a participating interest

870,681

816,002

Taxation and social security

 

52,719

33,386

Accruals and deferred income

 

40,828

44,072

Other creditors

 

6,441

4,814

 

994,449

940,422

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

166,500

166,500

Later than one year and not later than five years

333,000

499,500

499,500

666,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £166,500 (2021 - £166,500).

10

Parent and ultimate parent undertaking

The company's immediate parent is René Caovilla spa, incorporated in italy.

 The most senior parent entity producing publicly available financial statements is René Caovilla spa. These financial statements are available upon request from Via Nazionale 24, 30032 Fiesso D'artico, Venezia, Italy.