2022-01-012022-12-312022-12-31false09664102FIORUCCI WHOLESALE 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FIORUCCI WHOLESALE LIMITED

Registered Number
09664102
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

FIORUCCI WHOLESALE LIMITED
Company Information
for the year from 1 January 2022 to 31 December 2022

Directors

CAIRETA, José Riera
KHAN, Farhan
VILLAVERDE, Sagrario Maceira

Registered Address

Unit 1 Euro Park A5 Watling Street
Clifton Upon Dunsmore
Rugby
CV23 0AQ

Registered Number

09664102 (England and Wales)
FIORUCCI WHOLESALE LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Current assets
Debtors3863,215835,912
Cash at bank and on hand5,778250,690
868,9931,086,602
Creditors amounts falling due within one year4(4,765,813)(2,852,543)
Net current assets (liabilities)(3,896,820)(1,765,941)
Total assets less current liabilities(3,896,820)(1,765,941)
Net assets(3,896,820)(1,765,941)
Capital and reserves
Called up share capital1010
Profit and loss account(3,896,830)(1,765,951)
Shareholders' funds(3,896,820)(1,765,941)
The financial statements were approved and authorised for issue by the Board of Directors on 20 August 2024, and are signed on its behalf by:
KHAN, Farhan
Director
Registered Company No. 09664102
FIORUCCI WHOLESALE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2022

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below
Basis of preparation
The financial statements ore prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements
Turnover policy
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably
Foreign currency translation
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 for the period.
Current 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 profit and loss account 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. 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 profit and loss account. 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
Impairment of non-financial assets policy
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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 its other financial instruments. Financial instruments are recognised in the company's balance sheet 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, which include debtors and bank balances are initially measured at transaction price including transactions costs are are subsequently carried at amortised cost using effective interest method. Financial assets classified as receivable within one year are not amortised.
2.Average number of employees

20222021
Average number of employees during the year00
3.Debtors: amounts due within one year

2022

2021

££
Trade debtors / trade receivables762,285747,919
Other debtors83,394-
Prepayments and accrued income17,53687,993
Total863,215835,912
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
4.Creditors: amounts due within one year

2022

2021

££
Trade creditors / trade payables220,010103,567
Amounts owed to related parties4,531,8992,713,323
Other creditors1,292-
Accrued liabilities and deferred income12,61235,653
Total4,765,8132,852,543
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.