Registered number:
For the year ended
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Company Information
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Contents
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Strategic Report
For the year ended 30 June 2023
The directors present their Strategic Report for the year ended 30 June 2023.
Business review
The principal activity of the Company continues to be that of retailing furniture, carpets, soft furnishings, gifts and accessories and café bar through our main store and online. The Directors report that demand in 2023 weakened year on year; turnover decreased by 4% (£0.7m), with online sales dipping again this year. The loss after tax for the year was £0.1m (2022: profit after tax of £0.3m) and the actuarial gain (after deferred tax) totalled £0.1m (2022: £0.8m). These movements resulted in the Company ending the year with net assets totalling £1.5m (2022: £1.4m). The Defined Benefit Pension scheme has seen another actuarial gain which continues to improve the position of the Company. A further contribution has been made to the scheme since year end as per a profit share agreement with the Pension Trustee. As we head into 2024 and beyond, we look forward to solidifying our brand and growth prospects, with the support of globally recognised business consultant Kate Hardcastle MBE. The strategic plan for the business will focus on capitalising on the business’ core strengths, which include 5* rated service and expertise, exciting product offerings and a unique store and hospitality experience, all underpinned by strong brand trust and heritage. Leveraging these to evolve our offer, reinforce the brand and enhance the customer experience, both on and offline, will enable growth with both existing and new customer segments. We are also intently focused on improving our margin by removing inefficiencies and to this end, our new ERP system will be implemented in 2024.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Strategic Report (continued)
For the year ended 30 June 2023
The Company has considered the principal risks and uncertainties to which it is exposed and risk management remains a high priority for the Company. The day to day involvement of the Directors ensures that business risks are quickly identified and mitigated and policies and procedures put into place.
Economic and market conditions have been challenging and are expected to remain so. There continues to be uncertainty surrounding the global economy, and consumer confidence and discretionary spending continued to be impacted in the year due to the cost of living, which has risen due to the war in Ukraine, high energy prices and inflation. Energy prices and the rate of inflation have both now started fallng, but the cost of living remains high for many. To mitigate any risks, the Group constantly reviews and monitors its trading activities and puts in place plans to ensure that it can react to changes in the external environment and maintain profitability. Excessive inflation has benefited the Group's defined benefit liability in recent periods. There is a risk that falling rates of inflation may result in a higher net defined benefit pension liability being reported in future years. Escalation of costs is a risk factor the Group manages by maintaining a policy of full ownership of its main trading locations and exercising budgetary controls on its cost base. The Company operates in a highly competitive furniture market. New entrants typically adopt aggressive marketing strategies to acquire new customers. Group management believe that Arighi Bianchi & Co.'s strong brand, exclusive high quality products, multichannel approach and disciplined focus on delivering exceptional customer service will continue to mitigate the impact of new market entrants. We have reduced our transactions in foreign currencies within the Company to reduce our exposure to potentially adverse movements in exchange rates. The Company monitors forthcoming and current legislation changes to assess the impact on operational and other requirements. Supply chain process - this involves the manufacture of high quality product and delivery by suppliers to our showroom and warehouses in the requisite timeframe, the delivery of the product to our customers in a professional manner and at pre arranged dates, and the provision of an excellent after sales service. We have developed very good working relationships with our core suppliers over many years and in-house distribution capability is designed to enable us to manage this risk effectively. The Company would like to thank all of its staff for their hard work and dedication over the past couple of very challenging years. Environmental matters Waste management We aim to recycle nearly all of our cardboard and paper waste through a company wide initiative that includes the collection of office waste, the shredding of cardboard to be used as packaging and the use of boxes which are 100% recycled for all orders placed over the Internet. We also recycle the majority of polythene waste and recently started recycling polystyrene. Transport Furniture is imported by sea instead of air to reduce its carbon footprint. Where possible, containers arrive at the most convenient local ports to keep the distance they have to travel by road to a minimum. Deliveries are carefully planned to reduce road miles and drivers are fully trained in fuel efficient driving.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Strategic Report (continued)
For the year ended 30 June 2023
Energy efficiency
We have introduced low wattage lamps in our showroom, cutting the consumption of new bulbs significantly. This initiative will be expanded to include offices and warehouses in the future. We have implemented a policy of monitoring timers and thermostats with a view to maximizing energy efficiency and reducing heat loss. Staff education Ongoing education of all members of staff ensures that our extensive environmental policies are implemented at every level of our organisation. All employees are well aware of the role they can play in helping us achieve our environmental goals and are encouraged to find new ways of making our business even greener. Whenever possible, we make sure our furniture comes from suppliers who are aware of the impact their business has on the environment. Customer satisfaction Arighi Bianchi prides itself on customer service. We look to build real relationships with our customers and understand that the service we provide is important. We regularly monitor customer satisfaction in terms of sales using customer feedback forms. Non-financial key performance indicators The key non financial indicators monitored by the business include those which measure customer satisfaction, supplier performance, sales performance, staff matters and environmental matters across the business. The directors review these KPI's on a regular basis with the objective of improving overall customer service and financial performance.
The Directors consider the key financial performance indicators to be as follows:
This report was approved by the board and signed on its behalf.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Directors' Report
For the year ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The loss for the year, after taxation, amounted to £79,762 (2022 - profit £324,195).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The Company will continue to develop its strategy as explained in the Strategic Report.
The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and foreign exchange risk. The Company has a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of cash and related finance costs. The Company has implemented policies that require appropriate credit checks before a sale is made or full payment before goods are delivered to customers. We have reduced our transactions in foreign currencies to reduce our exposure to potentially adverse movements in exchange rates.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Directors' Report (continued)
For the year ended 30 June 2023
Employees are encouraged to discuss with management any matters of concern and factors affecting the Company. Employees are kept informed of company progress and developments through team briefings, intranet and emails.
Suggestions from employees are encouraged and welcomed, and there is a direct email to the MD which encourages communication. Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practical in the same or alternative position. Post balance sheet events There have been no significant events affecting the Company since the year end.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net assets totalling £1,473,874 (2022 restated: £1,418,886) at 30 June 2023, taking into account the Defined benefit pension scheme liability of £1,988,000 (2022: £2,549,000). The Company and its parent, Arighi Bianchi Holdings Limited, aims to meet its working capital requirements through its cash balances and bank funding. The Directors have prepared detailed, conservative forecasts which cover the period through to June 2025, which indicate that the Company will be able to meet its liabilities as they fall due assuming that current bank facilities remain in place. The current facilities are available for the foreseeable future, subject to regular reviews. In the event of current facilities not being available in the future, the Board has considered and identified further measures that could be put in place. The Company has property assets (excluding the Arighi Bianchi store) which are higher in value than the book value currently accounted for in these financial statements, and which could be utilised to realise cash. Alternative options also exist. The Directors therefore believe it is appropriate to prepare the accounts to 30 June 2023 on a going concern basis.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Directors' Report (continued)
For the year ended 30 June 2023
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Independent Auditors' Report to the Members of Arighi Bianchi & Co. Limited
We have audited the financial statements of Arighi Bianchi & Co. Limited (the 'Company') for the year ended 30 June 2023, which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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.
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Independent Auditors' Report to the Members of Arighi Bianchi & Co. Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Independent Auditors' Report to the Members of Arighi Bianchi & Co. Limited (continued)
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 auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, tax legislation, or which had a fundamental effect on the operations of the Company. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the rationale of any significant transactions that are unusual or outside the normal course of business.
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Independent Auditors' Report to the Members of Arighi Bianchi & Co. Limited (continued)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' 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 auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Cheshire
SK1 1TD
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Profit and Loss Account
For the year ended 30 June 2023
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Statement of Comprehensive Income
For the year ended 30 June 2023
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Registered number: 00066706
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 36 form part of these financial statements.
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Arighi Bianchi & Co. Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is The Silk Road, Macclesfield, Cheshire, SK10 1LH. The company's registered number is 00066706.
The nature of the company's operations and its principal activity is the sale of furniture.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Arighi Bianchi Holdings Limited as at 30 June 2023 and these financial statements may be obtained from Companies House.
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net assets totalling £1,473,874 (2022 restated: £1,418,886) at 30 June 2023, taking into account the Defined benefit pension scheme liability of £1,988,000 (2022: £2,549,000). The Company and its parent, Arighi Bianchi Holdings Limited, aims to meet its working capital requirements through its cash balances and bank funding. The Directors have prepared detailed, conservative forecasts which cover the period through to June 2025, which indicate that the Company will be able to meet its liabilities as they fall due assuming that current bank facilities remain in place. The current facilities are available for the foreseeable future, subject to regular reviews. In the event of current facilities not being available in the future, the Board has considered and identified further measures that could be put in place. The Company has property assets (excluding the Arighi Bianchi store) which are higher in value than the book value currently accounted for in these financial statements, and which could be utilised to realise cash. Alternative options also exist. The Directors therefore believe it is appropriate to prepare the accounts to 30 June 2023 on a going concern basis.
Functional and presentation currency
Transactions and balances
Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually upon despatch of goods.
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
Defined benefit pension plan
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. Key sources of estimation uncertainty Defined benefit pension scheme The present value of the defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 27, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 6 April 2021 has been used by the actuary in valuing the pension liability at 30 June 2023. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. The directors have chosen to apply a discount rate of 5.4% (2022: 4%) when valuing the pension scheme liability.
The whole of the turnover is attributable to the Company's principal activity.
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
13.Taxation (continued)
There were no factors that may affect future tax charges.
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 26
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 27
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 28
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 29
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 30
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 31
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Other reserves
Includes the revaluation reserve. Profit and loss account Includes all current and prior period profit and losses. These relate to distributable reserves.
In the prior year financial statements, dividends totalling £201,555 were accounted for within the Profit and loss account within reserves. In the prior year, the Company had negative reserves and the dividend shoud not have been accounted for. In these financial statements, the prior year figures have been restated such that the dividend is not recognised, with the balance effectively being reclassified to the intercompany balance with Arighi Bianchi Holdings Limited. Arighi Bianchi Holdings Limited accounted for dividends paid to shareholders totalling £201,555 in the year ended 30 June 2022, and this amount was paid by the Company on behalf of its parent. As a result of this prior year adjustment, the net assets of the Company presented in these financial statements at 30 June 2022 are £201,555 higher than previously stated.
Page 32
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £76,124 (2022 - £81,114). Contributions totalling £13,205 (2022 - £11,038) were payable to the fund at the balance sheet date.
The Company operates a defined benefit pension scheme.
Arighi Bianchi & Co Limited operates a final salary pension plan in the UK, the Arighi Bianchi & Co Limited Pension Scheme. A full actuarial valuation was carried out as at 6 April 2021, which has been updated to 30 June 2023 by a qualified independent actuary.
Page 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
27.Pension commitments (continued)
Page 34
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
27.Pension commitments (continued)
Page 35
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arighi Bianchi & Co. Limited
Notes to the Financial Statements
For the year ended 30 June 2023
The ultimate parent undertaking was Arighi Bianchi Holdings Limited due to their 100% interest in the equity share capital of the Company. Consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The directors consider that there is no one ultimate controlling party by virtue of there being no majority shareholder within the ultimate parent entity.
Page 36
|