Company registration number 06209873 (England and Wales)
VICTORINOX UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VICTORINOX UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
VICTORINOX UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,281,790
1,652,580
Current assets
Stocks
226,596
196,753
Debtors
4
1,893,971
1,414,137
Cash at bank and in hand
421,896
180,032
2,542,463
1,790,922
Creditors: amounts falling due within one year
5
(21,867,817)
(21,033,984)
Net current liabilities
(19,325,354)
(19,243,062)
Total assets less current liabilities
(18,043,564)
(17,590,482)
Creditors: amounts falling due after more than one year
6
(19,735)
Net liabilities
(18,043,564)
(17,610,217)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(18,043,565)
(17,610,218)
Total equity
(18,043,564)
(17,610,217)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 May 2024 and are signed on its behalf by:
Mr R Matsuoka
Director
Company registration number 06209873 (England and Wales)
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Victorinox UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Great Marlborough Street, London, W1F 7JS. The place of business is 338 Oxford Street, London, W1C 1JT.
1.1
Accounting convention
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is a flagship retail premises along with providing wholesale products, it has received confirmation from Victorinox AG, the ultimate parent company, of its intention to continue to offer financial support for a period of at least 12 months from the date of the audit report. Although the company has support from Victorinox AG it is the forecasted intention for the company to standalone.true
As a result, despite the net liabilities at the balance sheet date, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the life of the lease
Fixtures and fittings
20% and 100% straight line
Motor vehicles
25% straight line
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct of materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, these are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 to 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.
1.13
Foreign exchange
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
26
26
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,435,673
705,324
38,668
2,179,665
Additions
52,388
8,454
60,842
Disposals
(8,511)
(8,511)
At 31 December 2023
1,488,061
705,267
38,668
2,231,996
Depreciation and impairment
At 1 January 2023
287,135
225,146
14,804
527,085
Depreciation charged in the year
293,163
123,853
12,684
429,700
Eliminated in respect of disposals
(6,579)
(6,579)
At 31 December 2023
580,298
342,420
27,488
950,206
Carrying amount
At 31 December 2023
907,763
362,847
11,180
1,281,790
At 31 December 2022
1,148,538
480,178
23,864
1,652,580
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,242,272
779,137
Amounts owed by group undertakings
33,164
100,546
Other debtors
618,535
534,454
1,893,971
1,414,137
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
89,986
132,702
Amounts owed to group undertakings
20,957,386
20,172,988
Taxation and social security
191,897
33,304
Other creditors
628,548
694,990
21,867,817
21,033,984
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included in amounts due to group undertakings is a loan of £19,819,825 (2022: £19,519,825), The parent undertaking has confirmed it has no intention to recover the loan within 12 months of the date the balance sheet was signed.
A fixed and floating charge is secured against the assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
19,735
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
19,735
9,356
In two to five years
19,735
19,735
29,091
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Locker BSc(Hons) FCA
Statutory Auditor:
MHA
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,926,558
2,143,314
VICTORINOX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Related party transactions
At the balance sheet date, the company owed £19,819,825 (2022: £19,519,825) in respect of a loan to a company within the group. Interest has been charged on the loan at 0% (2022: 0%).
11
Parent company
Victorinox AG, a company registered in Switzerland, owns 100% of the ordinary share capital.