Company registration number 00460710 (England and Wales)
FERRAGAMO U.K. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FERRAGAMO U.K. LIMITED
COMPANY INFORMATION
Directors
Piero Piccirelli
Vincenzo Equestre
Berta Bereka
Angelica Visconti
Company number
00460710
Registered office
6th Floor
Manfield House
1 Southampton Street
London
WC2R 0LR
Auditor
Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
Business address
24 Old Bond Street
London
W1S 4AL
FERRAGAMO U.K. LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
FERRAGAMO U.K. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

Ferragamo U.K. Limited ("the Company") is wholly owned subsidiary of Salvatore Ferragamo S.p.A (the “Group”). The Company is reliant on Group support in the form of both financial support and decision making. The Group is active in the creation, production, and sale of luxury goods for men and women: footwear, leather goods, apparel, silk goods, jewels, accessories, and fragrances. The company retails Group products in the UK through retail stores and concessions (stores). The product range also includes eyewear and watches manufactured under license by third parties. The product range stands out for its uniqueness, which is the result of the combination of creative and innovative style with the quality and craftsmanship that are the hallmark of luxury goods made in Italy.

 

The company invest on capital expenditure mainly due to the actions taken by management for the implementation of the strategic plan to relaunch the brand and set up new window display elements, which led to strengthening the brand identity and evolving the retail image continuously.

 

The outbreak of the conflict between Russia and Ukraine had impacts on both European and World markets. The direct and indirect consequences on economic activity mainly concerned main macroeconomic indicators such as interest rates, exchange rates and inflation. The company believes it has taken the requisite measures to reduce, as far as possible, the likelihood of cybersecurity, financial and legal risks occurring and their impact. The Company is implementing a comprehensive contingency plan to mitigate the risk. The soundness of the Group’s financial structure gives the Company’s directors the confidence that the company will be able to mitigate the adverse effects that have arisen.

 

The success of the Company is intrinsically linked to the success of the Group's brand, which is based on high quality traditional craftsmanship, exclusive design, and a style aimed at preserving the brand's strong identity. Even during the challenging period, there has been demand for the brand's products. In addition, through the EBIT Adjustment (Advanced Price Agreement) the Group as the sole shareholder of the Company has ensured the profitability of Ferragamo U.K. Limited. Therefore, the Company will receive, if needed, such financial support as is necessary to enable Ferragamo UK Limited to continue to trade for the foreseeable future.

FERRAGAMO U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The key commercial risks related to the continued strength of other brands’ positioning in the marketplace. The condition and strength of the retail market also represents a key risk, with interest rates and other economic and fiscal drivers influencing consumer spending. There is also a risk and uncertainty arising from the brand's repositioning of the group's target consumer market for which the impact on the company's results is too premature and uncertain to adequately determine at this stage in the process.

 

The conflict in Ukraine has had limited direct impacts on the majority of brands in the luxury sector, despite having important consequences worldwide. It has had economic effects, reflected through increases in the costs of some raw materials (first and foremost energy), and over the longer term it could affect global economic growth, which would impact the luxury market. The main risk mostly relates to the increase in inflation and increases in interest rates implemented by the main central banks, primarily the ECB, BOE and the FED. This context could negatively affect the demand for luxury goods or leads to a reduction in tourist flows thereby causing negative effect on the company’s growth prospects.

 

Despite the current uncertain situation, the directors continue to act on their plans to limit the adverse effects on the company’s financial performance.

 

Due to the importance of the regional London economy as a luxury shopping destination, and as the location of the majority of the Company's stores within the UK, the market risk cannot be fully controlled through geographical diversification. The continued strength of the Company's Bicester store is partially offset by the high rental costs at its London stores, due to their premium location. However, the Group strategy in place gives the directors confidence that they are managing market risk capably.

 

The Company manages its cash and borrowing requirements to ensure that it has sufficient funds in order to maintain its day-to-day business and operating commitments. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of a loan from the parent company.

 

The liquidity risk is managed centrally by the parent company, ensuring sufficient funds are available to the Company to meet amounts due and financial requirements. Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts when they fall due.

 

The Company has transactions with its immediate parent company based in Italy and with other foreign Group companies. The majority of these transactions are with its immediate parent company and the parent company incurs the exchange risk through issuing invoices in pound sterling. Therefore, the Company is not significantly exposed to translation and transaction foreign exchange risk. The Company regularly reviews its exposure and considers the exposure to be minimal and immaterial to the business.

 

The UK has exited the European Union for which the main changes to our business are the suppression of the VAT free scheme and the declaration of goods at customs. The Company has faced challenges surrounding the UK's withdrawal from the EU with risks including, but not limited to, increased inventory from extended supply chain lead times and additional custom duties from exiting the EU single market. The Company has changed the flow of goods and put import procedures in place in order to mitigate the risk to the supply chain posed by Brexit.

Development and performance

The luxury fashion market in the UK was characterised by slower growth rates in 2023, which is related to the unstable economic situation, unfavourable exchange rate movements, and increased competition within the sector. The directors feel that measures taken to date coupled with the financial position of the company and group and experience of both the UK and group management teams leave the company well placed to navigate through this period of uncertainty with the intention to focus on growth in the next years. The directors anticipate that through efficient management of the Company's resources and the strength of the Ferragamo brand that, barring a further deterioration in market conditions that cannot be predicted at the moment, the Company will maintain its revenue stream and profitability in the coming years.

FERRAGAMO U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, turnover growth, gross profit, and profit before taxation.

 

During the year under review, the company’s sales revenue has decreased slightly, by 5.52%, reflecting the conditions in the luxury market sector and macroeconomic pressures discussed in the fair review.

 

The gross profit margin within the business has remained steady. The slight reduction is attributed to a change in the mix and location of sales. The gross profit margin is anticipated to be strong in the future.

 

The overall profit before tax has remained consistent through the existing arrangement with the parent company and is expected to continue going forward.

 

Financial highlights are as follows:

 

 

2023

2022

2021

2020

 

£

£

£

£

Revenue

16,566,147

17,534,883

13,253,924

10,203,918

Revenue growth

-5.52%

32.30%

29.89%

-57.15%

Gross profit

8,224,465

8,916,835

5,360,496

4,076,937

Profit/(loss) before tax

59,278

280,505

227,551

132,258

 

Future developments

The Company's future prospects are dependent upon the general nature of the economy as it affects the fashion industry and the luxury goods market. The global marketplace remains competitive however, the directors believe that the brand places itself well in its key markets to remain competitive.

 

Global geopolitical factors and events may create uncertainty, however, the support of the parent company provides the directors with the confidence that the company is in a strong position to overcome any further potential challenges it may face.

 

The new strategy of the Ferragamo Group focuses on increasing revenues in the medium to long term, to be achieved through a growing engagement of new and young consumers. The achievement of this objective will be pursued through a series of actions aimed at responding to the continuous evolution of the luxury market context.

 

The directors feel that measures taken to date coupled with the financial position of the company and experience of both the UK and the Group management teams leaves the company well placed to navigate through this period of uncertainty.

On behalf of the board

Vincenzo Equestre
Director
27 February 2024
FERRAGAMO U.K. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the Company continued to be that of retailing footwear and clothing. The directors have noted the Company's performance during the year and continue to look for ways to expand turnover.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Piero Piccirelli
Vincenzo Equestre
Berta Bereka
Angelica Visconti
Results and dividends

The results for the year are set out on page 8. No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Changes in presentation of the financial statements

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

On behalf of the board
Vincenzo Equestre
Director
27 February 2024
FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED
- 5 -
Opinion

We have audited the financial statements of Ferragamo U.K. Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED
- 6 -
Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED
- 7 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sudheer Gupta BA FCA
Senior Statutory Auditor
For and on behalf of Alliotts LLP
27 March 2024
Chartered Accountants
Statutory Auditor
Manfield House
1 Southampton Street
London
WC2R 0LR
FERRAGAMO U.K. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
16,566,148
17,534,883
Cost of sales
(8,341,683)
(8,618,048)
Gross profit
8,224,465
8,916,835
Administrative expenses
(15,152,145)
(14,682,223)
Other operating income
7,277,228
6,135,363
Operating profit
4
349,548
369,975
Investment income
7
32,935
4,957
Finance costs
8
(323,205)
(94,427)
Profit before taxation
59,278
280,505
Tax on profit
9
(159,636)
(232,886)
(Loss)/profit for the financial year
(100,358)
47,619

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 24 form part of these financial statements.

FERRAGAMO U.K. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
10
34,167
44,167
Property, plant and equipment
11
2,930,452
2,953,432
2,964,619
2,997,599
Current assets
Inventories
12
7,415,343
6,769,915
Trade and other receivables
13
9,708,740
8,378,923
Cash and cash equivalents
1,969,510
1,381,023
19,093,593
16,529,861
Current liabilities
14
(12,131,614)
(9,524,181)
Net current assets
6,961,979
7,005,680
Total assets less current liabilities
9,926,598
10,003,279
Non-current liabilities
15
(297,843)
(345,800)
Provisions for liabilities
Deferred tax liability
17
231,151
159,517
(231,151)
(159,517)
Net assets
9,397,604
9,497,962
Equity
Called up share capital
20
7,672,735
7,672,735
Other reserves
4,366
4,366
Retained earnings
1,720,503
1,820,861
Total equity
9,397,604
9,497,962

The notes on pages 11 to 24 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
Vincenzo Equestre
Director
Company registration number 00460710 (England and Wales)
FERRAGAMO U.K. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 January 2022
7,672,735
4,366
1,773,242
9,450,343
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
47,619
47,619
Balance at 31 December 2022
7,672,735
4,366
1,820,861
9,497,962
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(100,358)
(100,358)
Balance at 31 December 2023
7,672,735
4,366
1,720,503
9,397,604

The notes on pages 11 to 24 form part of these financial statements.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Ferragamo U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR. The Company's principal place of business is 24 Old Bond Street, London, W1S 4AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the Company are consolidated in the financial statements of Salvatore Ferragamo S.p.A. Details of where these consolidated financial statements are available can be found in note 24.

1.2
Going concern

The truefinancial statements have been prepared on a going concern basis which the Directors consider to be appropriate having made the assessment set out below. In making this assessment the Directors have considered the ongoing uncertainty arising from the high inflationary pressure prevalent in the UK economy which has impacted the level of sales and profitability of the business. Despite this, the company remains profitable. It manages its day to day and medium-term funding requirements through cash and trade balances with parent who supplies all inventories.

The Company has benefitted from, and continues to receive an annual intercompany EBIT adjustment from its parent company. The parent company has a transfer pricing agreement with the Italian tax authorities over the setting of prices for products sold to its foreign subsidiaries, which include Ferragamo U.K. Limited. Under this agreement adjustments to the earnings before interest and tax (EBIT) ensure profitability in both the base case and downside scenario. There is no contractual arrangement between the Company and its parent company which guarantees this charge, however the Directors have no reason to believe that the charge will not be honoured as it is based on the agreement with Italian tax authorities. A letter of support has been obtained from the parent company confirming they will continue to offer financial support to the Company for at least 12 months from the approval of the financial statements.

 

As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Company and value added taxes.

 

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity and (d) when the specific criteria relating to each of the Company's revenue streams have been met, as described below.

 

(i) Sale of goods

 

The Company operates retail shops for the sale of a range of own branded products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit, or payment card.

 

(ii) Rent receivable

 

The Company sub-leases part of a property. Income is recognised at the time the Company becomes entitled to receive the income. Where the income relates to a period of time it is allocated to accounting periods on a pro-rata basis.

(iii) Commission receivable

 

The Company uses the services of an agent for non-EU customers to reclaim VAT on purchases. Commission is received from the agent as a percentage of the VAT reclaimed. Commission receivable is recognised in the period when the original sale was made.

 

(iv) Sale of services

 

The Company provides retail operations and visual merchandise services to other group companies. Revenue is recognised in the accounting period in which the services are rendered.

 

(v) EBIT adjustment from parent company

 

The parent company, Salvatore Ferragamo S.p.A., has a transfer pricing agreement with the Italian tax authorities over the setting of prices for products sold to its foreign subsidiaries, which include Ferragamo U.K. Limited. Under this agreement it will make adjustments to the earnings before interest and tax (EBIT) of its subsidiary, Ferragamo U.K. Limited, to ensure profitability and this is recorded in the financial statements under other operating income as an EBIT adjustment from parent company.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line/33% straight line
Key money
Over the term of the lease
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line/33% straight line

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.

1.6
Impairment of non-current assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the purchase price of direct materials.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

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 and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 and 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The Company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
Judgements and key sources of estimation uncertainty

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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

The Company has entered into commercial property leases as a lessee to obtain the use of property, plant, and equipment. The classification of such leases as a operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Inventory

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

Tangible fixed assets

Tangible fixed assets are recorded at cost less accumulated depreciation. Judgement is required to determine whether there are indicators of impairment of the Company’s tangible assets. Factors taken into consideration in reaching such a decision include expected future financial performance of the asset and economic viability.

3
Revenue

An analysis of the Company's revenue is as follows:

2023
2022
Revenue analysed by class of business
£
£
Sale of goods
16,566,148
17,534,883
2023
2022
Revenue analysed by geographical market
£
£
United Kingdom
16,566,148
17,534,883
2023
2022
Other revenue
£
£
Interest income
32,935
4,957
EBIT adjustment from parent company
7,169,355
6,003,001
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
28,828
25,801
Depreciation of owned property, plant and equipment
585,579
565,903
Loss on disposal of property, plant and equipment
35,228
-
Amortisation of intangible assets
10,000
10,000
Operating lease charges
7,436,949
7,202,714
5
Employees

The average monthly number of persons (including directors) employed by the Company during the year was:

2023
2022
Number
Number
Sales
46
47
Management
8
11
Total
54
58

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,052,094
2,125,679
Social security costs
209,249
227,131
Pension costs
43,163
46,072
2,304,506
2,398,882
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
81,035
77,923
Company pension contributions to defined contribution schemes
2,740
2,610
83,775
80,533
7
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
32,935
4,957
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
8
Finance costs
2023
2022
£
£
Interest payable to group undertakings
279,384
55,642
Interest on finance leases and hire purchase contracts
16,155
19,666
Exchange differences on financing transactions
23,566
18,761
Other interest
4,100
358
323,205
94,427
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
88,002
164,681
Deferred tax
Origination and reversal of timing differences
71,634
68,205
Total tax charge
159,636
232,886

The corporation tax rate increased to 25% effective 1 April 2023. Deferred taxes at the balance sheet date have been measured using this enacted tax rate and this is reflected in these financial statements.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
59,278
280,505
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
13,942
53,296
Tax effect of expenses that are not deductible in determining taxable profit
24,684
35,027
Permanent capital allowances in excess of depreciation
-
0
45,641
Depreciation on assets not qualifying for tax allowances
116,771
82,553
Deferred tax rate adjustment
4,239
16,369
Taxation charge for the year
159,636
232,886
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Intangible fixed assets
Software
Key money
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
32,132
150,000
182,132
Amortisation and impairment
At 1 January 2023
32,132
105,833
137,965
Amortisation charged for the year
-
0
10,000
10,000
At 31 December 2023
32,132
115,833
147,965
Carrying amount
At 31 December 2023
-
0
34,167
34,167
At 31 December 2022
-
0
44,167
44,167
11
Property, plant and equipment
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
7,123,410
22,654
857,239
2,875,097
10,878,400
Additions
380,845
15,811
-
0
201,167
597,823
Disposals
(227,006)
-
0
-
0
(28,410)
(255,416)
Transfers
22,654
(22,654)
-
0
-
0
-
0
At 31 December 2023
7,299,903
15,811
857,239
3,047,854
11,220,807
Depreciation and impairment
At 1 January 2023
4,351,320
-
0
857,239
2,716,409
7,924,968
Depreciation charged in the year
456,281
-
0
-
0
129,298
585,579
Eliminated in respect of disposals
(195,750)
-
0
-
0
(24,442)
(220,192)
At 31 December 2023
4,611,851
-
0
857,239
2,821,265
8,290,355
Carrying amount
At 31 December 2023
2,688,052
15,811
-
0
226,589
2,930,452
At 31 December 2022
2,772,090
22,654
-
0
158,688
2,953,432
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Inventories
2023
2022
£
£
Finished goods and goods for resale
7,415,343
6,769,915

A total of £8,341,683 (2022: £8,618,048) of inventories have been recognised as an expense in cost of sales.

No provision has been recognised against inventories as management have the right to return unsold inventories under the Group purchase agreement.

13
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
371,464
488,965
Corporation tax recoverable
76,679
-
0
Amounts owed by group undertakings
7,722,502
6,121,147
Other receivables
1,432
10,800
Prepayments and accrued income
1,519,201
1,740,964
9,691,278
8,361,876
2023
2022
Amounts falling due after more than one year:
£
£
Other receivables
17,462
17,047
Total debtors
9,708,740
8,378,923
14
Current liabilities
2023
2022
Notes
£
£
Other borrowings
16
8,901,277
6,427,753
Trade payables
702,750
821,682
Amounts owed to group undertakings
1,496,133
1,014,701
Corporation tax
-
0
164,681
Other taxation and social security
401,423
454,357
Deferred income
18
45,957
45,957
Accruals
584,074
595,050
12,131,614
9,524,181
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
15
Non-current liabilities
2023
2022
Notes
£
£
Deferred income
18
297,843
345,800
16
Borrowings
2023
2022
£
£
Loans from group undertakings
8,901,277
6,427,753
Payable within one year
8,901,277
6,427,753

Loans from group undertakings represent a loan from the parent company. The prior year loan incurred interest at a rate of 3.53%. A new loan was taken out during the year, incurring interest at a rate of 6.17% and is repayable on 25 March 2024.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Decelerated capital allowances
231,151
159,517
2023
Movements in the year:
£
Liability at 1 January 2023
159,517
Charge to profit or loss
71,634
Liability at 31 December 2023
231,151

The deferred tax liability set out above is expected to reverse in period greater than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Deferred income
2023
2022
£
£
Arising from Lease incentives
343,800
391,757

Deferred income is included in the financial statements as follows:

Current liabilities
45,957
45,957
Non-current liabilities
297,843
345,800
343,800
391,757
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,163
46,072

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

 

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,672,735
7,672,735
7,672,735
7,672,735

The Company has one class of ordinary shares which carry no right to fixed income and have one vote per share at meetings of the Company.

21
Related party transactions
Transactions with related parties

During the year the Company entered into the following transactions with related parties:

Purchase of goods
2023
2022
£
£
Other related parties
3,041
3,041
3,041
3,041

The Company has taken advantage of the exemption available in Paragraph 33.1A of FRS102 whereby it has not disclosed transactions with other companies that are wholly owned within the Group.

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2023
2022
£
£
Entities with control, joint control or significant influence over the Company
988,056
7,397,071
Other related parties
55,568
45,383
1,043,624
7,442,454
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Related party transactions
(Continued)
- 24 -

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
2023
2022
£
£
Entities with control, joint control or significant influence over the company
7,209,086
6,035,517
Other related parties
59,679
85,630
7,268,765
6,121,147

No guarantees have been given or received.

22
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the Company for properties in which the stores and office are located. Additional rent is payable in relation to two of the Company's leases based on turnover achieved at the relevant store.

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
6,917,565
7,691,157
Between two and five years
25,312,611
30,309,929
In over five years
10,995,075
24,784,591
43,225,251
62,785,677
Reduction in rent payments recognised in profit or loss arising from the COVID-19 pandemic
-
285,531
23
Ultimate controlling party

The immediate parent company of Ferragamo UK Limited is Salvatore Ferragamo S.p.A, a company registered in Italy. The ultimate parent company is Ferragamo Finanziaria S.p.A.

The ultimate controlling party is Ferragamo Finanziaria S.p.A, a company registered in Italy.

The smallest and largest group into which the entity is consolidated is Salvatore Ferragamo S.p.A,, a company registered in Italy. Salvatore Ferragamo S.p.A. prepares group financial statements and these are available online in the financial reports information section of the Investor Relations site.

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