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REGISTERED NUMBER: 01267978 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

FRETTE LIMITED

FRETTE LIMITED (REGISTERED NUMBER: 01267978)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FRETTE LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F Arnaboldi
P Fabiocchi



REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG



REGISTERED NUMBER: 01267978 (England and Wales)



SENIOR STATUTORY AUDITOR: Tony Castagnetti



AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

FRETTE LIMITED (REGISTERED NUMBER: 01267978)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 485,428 570,654
Investments 5 952,556 952,556
1,437,984 1,523,210

CURRENT ASSETS
Stocks 6 464,156 547,854
Debtors: amounts falling due within one year 7 397,074 258,100
Debtors: amounts falling due after more than
one year

7

754,211

481,039
Cash at bank and in hand 292,248 346,661
1,907,689 1,633,654
CREDITORS
Amounts falling due within one year 8 1,599,917 2,284,849
NET CURRENT ASSETS/(LIABILITIES) 307,772 (651,195 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,745,756

872,015

CREDITORS
Amounts falling due after more than one
year

9

14,500

21,750
NET ASSETS 1,731,256 850,265

CAPITAL AND RESERVES
Called up share capital 2,009,617 2,009,617
Retained earnings (278,361 ) (1,159,352 )
SHAREHOLDERS' FUNDS 1,731,256 850,265

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





P Fabiocchi - Director


FRETTE LIMITED (REGISTERED NUMBER: 01267978)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Frette Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises of the consideration received for the sale of specialised clothing, excluding discounts, deposits, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The estimated useful lives range as follows:

a. Leasehold improvements: 10 years (over the life of the lease)

b. Fixtures & fittings: 10% on cost

c. Computer equipment: 33.33% on cost

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on the going concern basis. The director believes that there are no material uncertainties that might affect the entity's ability to continue as a going concern based on the assumption that the business will continue to operate into the foreseeable future and for minimum of 12 months from the date that the financial statements are authorised for issue.

FRETTE LIMITED (REGISTERED NUMBER: 01267978)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instrument
Financial assets
The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.
Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities
The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,cancelled, or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,481,457
Additions 67,004
Disposals (5,599 )
At 31 December 2023 1,542,862
DEPRECIATION
At 1 January 2023 910,803
Charge for year 149,944
Charge written back (3,313 )
At 31 December 2023 1,057,434
NET BOOK VALUE
At 31 December 2023 485,428
At 31 December 2022 570,654

FRETTE LIMITED (REGISTERED NUMBER: 01267978)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 952,556
NET BOOK VALUE
At 31 December 2023 952,556
At 31 December 2022 952,556

6. STOCKS
2023 2022
£    £   
Finished goods 464,156 547,854

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 10,914 21,814
Deferred Tax Asset 127,602 74,528
Prepayments and accrued income 258,558 161,758
397,074 258,100

Amounts falling due after more than one year:
Lease Deposit 174,000 174,000
Deferred Tax Asset 580,211 307,039
754,211 481,039

Aggregate amounts 1,151,285 739,139

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,124 25,786
Amounts owed to group undertakings 1,328,211 1,967,606
Social security and other taxes 10,800 10,963
VAT 88,650 94,377
Other creditors 56,425 73,458
Accruals and deferred income 105,707 112,659
1,599,917 2,284,849

FRETTE LIMITED (REGISTERED NUMBER: 01267978)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 14,500 21,750

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 290,000 290,000
Between one and five years 160,493 450,943
450,493 740,943

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

12. CONTROLLING PARTY

As at 31.12.2023, the company's immediate parent undertaking was Frette S.r.l., a company incorporated in Italy. The company is included in the consolidated accounts of Edmund Frette S.a.r.l., a company incorporated in Luxembourg and registered at the following address:

1A, Rue Jean Piret L-2350 Luxembourg.

Consolidated accounts are available to the public and may be obtained from the address noted above.