2022-01-012022-12-312022-12-31false09287584FIORUCCI HOLDINGS 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FIORUCCI HOLDINGS LIMITED

Registered Number
09287584
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

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

Directors

CAIRETA RIERA, José
KHAN, Farhan
VILLAVERDE, Sagrario Maceira

Registered Address

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

Registered Number

09287584 (England and Wales)
FIORUCCI HOLDINGS LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Intangible assets4363,9042,903,207
Tangible assets5686,6201,004,244
Investments6-258
1,050,5243,907,709
Current assets
Stocks1,325,913925,853
Debtors713,457,4073,382,152
Cash at bank and on hand226,062268,442
15,009,3824,576,447
Creditors amounts falling due within one year8(12,773,696)(7,849,198)
Net current assets (liabilities)2,235,686(3,272,751)
Total assets less current liabilities3,286,210634,958
Creditors amounts falling due after one year9-(18,179,198)
Net assets3,286,210(17,544,240)
Capital and reserves
Called up share capital232,865232,865
Share premium38,835,57413,058,134
Profit and loss account(35,782,229)(30,835,239)
Shareholders' funds3,286,210(17,544,240)
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. 09287584
FIORUCCI HOLDINGS 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
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
These financial statements are presented in Sterling which is the currency of the primary economic environment in which the Company operates.
Going concern
These financial statements are prepared on the going concern basis, as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company recognised a loss for the reporting period ended 31 December 2022 of £4,000,209 (2021:£4,141,528) and had net assets at that date of £3,286,210 and net liabilities (2021: £17,544,240). During the year, the company undertook a capital reconstruction whereby the preference shares were redesignated as ordinary shares, to capitalise the balance sheet. Management and shareholders undertook a strategic review of the business during the year. This exercise reinforced their belief that the brand, with its rich history and iconic status, has the potential to be producing larger revenues and becoming profitable in the medium to long term. To achieve this management and shareholders believe that a complete repositioning of the brand is required, with a more elevated design aesthetic, increased product quality and innovation, higher price positioning and category expansion. Underpinning this strategy was the brand moving “back home” to its Italian roots. Therefore during 2023 the brand relocated back to Milan, with all Design, Product, Creative and Marketing functions being based there. A business plan was developed which highlighted an immediate cash deficit as a result of these investments in future growth with the immediate parent company committing monies to ensure the company remains a Going Concern for at least 12 months from the date of the audit report. Therefore, management are able to affirm their belief that the company will remain a Going Concern.
Turnover policy
Turnover is recognised at the fair value of the consideration receivable for goods sold 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.
Operating leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged lo 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. 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: Patents, licences Intellectual property 20 years straight line Product Development 5 years straight line Software 10 years straight line
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings7
Fixtures and fittings7
Office Equipment5
Impairment of non-financial assets policy
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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
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 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 Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequent!) 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.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20222021
Average number of employees during the year4030
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets
At the reporting date the company's brand was carried at £Nil (2021: £2,226,298) and its remaining amortisation period was 12 years and 6 months. During the year an impairment review was conducted and additional impairment of £2,364,404 was provided during the year.

Total

£
Cost or valuation
At 01 January 225,072,149
Additions260,503
Revaluations(20,637)
At 31 December 225,312,015
Amortisation and impairment
At 01 January 222,168,942
Charge for year2,779,169
At 31 December 224,948,112
Net book value
At 31 December 22363,904
At 31 December 212,903,207
5.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 222,672,307
Additions41,207
Disposals(45,229)
At 31 December 222,668,285
Depreciation and impairment
At 01 January 221,668,063
Charge for year313,603
Other adjustments(1)
At 31 December 221,981,665
Net book value
At 31 December 22686,620
At 31 December 211,004,244
6.Fixed asset investments
The investment in Fiorucci Design Studio has been fully written off in the year to reflect that the business went into liquidation on 4th August 2022. Fiorucci US LLC was dissolved in May 22.

Total

£
Cost or valuation
At 01 January 22258
Disposals(258)
Net book value
At 31 December 22-
At 31 December 21258
7.Debtors: amounts due within one year

2022

2021

££
Trade debtors / trade receivables98,12650,686
Amounts owed by group undertakings12,642,3162,713,324
Other debtors562,614618,142
Deferred tax asset, debtors154,351-
Total13,457,4073,382,152
8.Creditors: amounts due within one year

2022

2021

££
Trade creditors / trade payables781,504892,346
Bank borrowings and overdrafts202,870-
Amounts owed to related parties8,688,471619,649
Convertible loans2,302,857-
Taxation and social security129,10891,421
Other creditors668,8866,245,782
Total12,773,6967,849,198
9.Creditors: amounts due after one year

2022

2021

££
Other creditors-18,179,198
Total-18,179,198
10.Operating lease commitments
At the reporting year end date the comapny had total commitments under future minimum operating leases over the remaining life of those leases of £1,768,212 (2021 – £1,825,750)
11.Share capital
In June 2022 the company converted 579,167 A preference shares of 1p each, 9,182,433 B preference shares of 1p each, 1,014,547 C preference shares of 1p each, and 11,504,595 D preference shares of 1p each into 22,280,742 ordinary shares of 1p each. The total amount converted amounted to £25,777,440. Total Issued Share Capital 2022: £232,865 (2021: £232,865).
12.Events after reporting date
Following a strategic review of the business, both the shareholders and management decided to close the stand alone Fiorucci store. The store ceased trading on the 1st June 2024. In May 2023 Fiorucci Italia SARL was incorporated, as a 100% owned Italian subsidiary of Fiorucci Holdings Limited. This entity is responsible for all Italian operations including Italian salaries and other expenses in undertaking its operations. These are fully funded by Fiorucci Holdings Ltd.
13.Related party transactions
Transactions with related parties During the reporting period preference dividends were paid amounting to £946,781 (2021: £1,796,885) were paid and the outstanding amounts at the reporting date were £Nil (2021: £5,914,291). Payments to Directors for Brand Consultancy services in the reporting period amounted to £60,000 (2021: £30,000) During the year the shareholders Scap Investments provided a shareholder loan of £2,302,857(2021: £Nil).