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Registered number: 10963638










ITALIAN DESIGN BRANDS UK LTD










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ITALIAN DESIGN BRANDS UK LTD
REGISTERED NUMBER: 10963638

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
96,331
123,135

Current assets
  

Stocks
  
147,411
154,637

Debtors: amounts falling due within one year
 5 
58,802
76,723

Cash at bank and in hand
  
68,195
98,126

  
274,408
329,486

Creditors: amounts falling due within one year
 6 
(399,861)
(726,669)

Net current liabilities
  
 
 
(125,453)
 
 
(397,183)

Total assets less current liabilities
  
(29,122)
(274,048)

  

Net liabilities
  
(29,122)
(274,048)


Capital and reserves
  

Called up share capital 
 7 
446,500
100,000

Profit and loss account
  
(475,622)
(374,048)

  
(29,122)
(274,048)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr G Gobbi
Director

Date: 26 March 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Italian Design Brands UK Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act. 
The registered number and address of the registered office are given in the company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its parent company.
Based on these assessments and the continued financial support from the parent company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The financial statements do not include any adjustments that would result if such support is not continuing.

Page 2

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 3

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line basis or reducing balance basis..

Depreciation is provided on the following basis:

Long-term leasehold property
-
5 years straight line
Short-term leasehold property improvements
-
10 years straight line
Office equipment
-
3 years reducing balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Short-term leasehold property improvements
Office equipment
Total

£
£
£



Cost 


At 1 January 2023
241,497
13,500
254,997



At 31 December 2023

241,497
13,500
254,997



Depreciation


At 1 January 2023
120,705
11,157
131,862


Charge for the year on owned assets
26,023
781
26,804



At 31 December 2023

146,728
11,938
158,666



Net book value



At 31 December 2023
94,769
1,562
96,331



At 31 December 2022
120,792
2,343
123,135

Page 5

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
11,369

Other debtors
20,000
23,787

Prepayments and accrued income
38,802
41,567

58,802
76,723



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,233
12,050

Amounts owed to group undertakings
304,210
592,223

Other taxation and social security
12,565
6,324

Other creditors
-
2,247

Accruals and deferred income
67,853
113,825

399,861
726,669


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



446,500 (2022 - 100,000) Ordinary shares of £1.00 each
446,500
100,000


On the 23 November 2023 346,500 ordinary shares were issued for £346,500. 

Page 6

 
ITALIAN DESIGN BRANDS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
130,000
130,000

Later than 1 year and not later than 5 years
390,000
520,000

520,000
650,000


9.


Controlling party

The company is a 100% subsidiary of Italian Design Brands S.P.A. which is a company registered in Italy. Consolidated accounts are prepared by Italian Design Brands S.P.A. and are available on request. The registered address of Italian Design Brands S.P.A. is 29 Corso Venezia, Milan 20121, Italy.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 March 2024 by Ian Jacobs BA FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 7