RENE' CAOVILLA LIMITED 06030564 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a footwear retailer. Digita Accounts Production Advanced 6.30.9574.0 true true true 06030564 2023-01-01 2023-12-31 06030564 2023-12-31 06030564 bus:OrdinaryShareClass1 2023-12-31 06030564 core:RetainedEarningsAccumulatedLosses 2023-12-31 06030564 core:ShareCapital 2023-12-31 06030564 core:CurrentFinancialInstruments 2023-12-31 06030564 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06030564 core:Non-currentFinancialInstruments 2023-12-31 06030564 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06030564 core:BetweenTwoFiveYears 2023-12-31 06030564 core:WithinOneYear 2023-12-31 06030564 core:FurnitureFittings 2023-12-31 06030564 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 06030564 bus:SmallEntities 2023-01-01 2023-12-31 06030564 bus:Audited 2023-01-01 2023-12-31 06030564 bus:FilletedAccounts 2023-01-01 2023-12-31 06030564 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06030564 bus:RegisteredOffice 2023-01-01 2023-12-31 06030564 bus:Director1 2023-01-01 2023-12-31 06030564 bus:Director2 2023-01-01 2023-12-31 06030564 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06030564 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06030564 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06030564 core:ShareCapital 2023-01-01 2023-12-31 06030564 core:FurnitureFittings 2023-01-01 2023-12-31 06030564 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 06030564 core:LeaseholdImprovements 2023-01-01 2023-12-31 06030564 1 2023-01-01 2023-12-31 06030564 countries:England 2023-01-01 2023-12-31 06030564 2022-12-31 06030564 core:RetainedEarningsAccumulatedLosses 2022-12-31 06030564 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-12-31 06030564 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-12-31 06030564 core:ShareCapital 2022-12-31 06030564 core:ShareCapital core:PreviouslyStatedAmount 2022-12-31 06030564 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-12-31 06030564 core:FurnitureFittings 2022-12-31 06030564 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06030564 core:PreviouslyStatedAmount 2022-12-31 06030564 core:PriorPeriodIncreaseDecrease 2022-12-31 06030564 2022-01-01 2022-12-31 06030564 2022-12-31 06030564 bus:OrdinaryShareClass1 2022-12-31 06030564 core:CurrentFinancialInstruments 2022-12-31 06030564 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06030564 core:Non-currentFinancialInstruments 2022-12-31 06030564 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06030564 core:BetweenTwoFiveYears 2022-12-31 06030564 core:WithinOneYear 2022-12-31 06030564 core:FurnitureFittings 2022-12-31 06030564 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06030564 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06030564 core:ShareCapital 2022-01-01 2022-12-31 06030564 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2021-12-31 06030564 core:ShareCapital core:PreviouslyStatedAmount 2021-12-31 06030564 core:PreviouslyStatedAmount 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06030564

RENE' CAOVILLA LIMITED

Filleted Financial Statements

for the Year Ended 31 December 2023

 

RENE' CAOVILLA LIMITED

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

RENE' CAOVILLA LIMITED

Company Information

Directors

René Caovilla

Antonio Ferraioli

Registered office

5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

Auditors

DTL Auditors Limited
Registered auditors
5th Floor, North Side
7-10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

RENE' CAOVILLA LIMITED

(Registration number: 06030564)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

93,198

171,852

Debtors

6

149,850

149,850

 

243,048

321,702

Current assets

 

Stocks

5

994,819

684,350

Debtors

6

97,610

372,091

Cash at bank and in hand

 

495,330

285,782

 

1,587,759

1,342,223

Creditors: Amounts falling due within one year

7

(1,772,879)

(1,130,105)

Net current (liabilities)/assets

 

(185,120)

212,118

Net assets

 

57,928

533,820

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

57,927

533,819

Shareholders' funds

 

57,928

533,820

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
René Caovilla
Director

 

RENE' CAOVILLA LIMITED

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

669,476

669,477

Prior period adjustment

-

(135,657)

(135,657)

At 1 January 2023 (As restated)

1

533,819

533,820

Loss for the year

-

(475,892)

(475,892)

At 31 December 2023

1

57,927

57,928

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

772,266

772,267

Loss for the year

-

(238,447)

(238,447)

At 31 December 2022

1

533,819

533,820

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

During the financial period to 31 December 2023, the company made a loss of £ 475,892 As at 31 December 2023, the company had net assets of £ 57,928. The Directors and the parent company are confident that the company has a financially sound future and has the full ongoing financial support of its parent company. The company is implementing plans to improve the turnover and profits of the company. These financial statements have therefore been prepared on a going concern basis.

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. Emphasis of matter 1
We draw your attention to Note 2 (going concern) which reviews the financial results for the period and also the financial position as at 31 December 2023 . Our opinion is not modified in respect of this matter.

Emphasis of matter 2
We draw your attention to Note 2 (prior period errors) which describes adjustments needed to the comparative period of accounts and also the effects of these on the financial position as at 31 December 2023 . Our opinion is not modified in respect of this matter.
. The name of the Senior Statutory Auditor who signed the audit report on 16 September 2024 was John Tiltman ACA, who signed for and on behalf of DTL Auditors Limited.

.........................................

Prior period errors

Included in the statements of changes in equity is a prior year adjustments of £135,656. The prior year end adjustments refers to purchase invoices received in 2023 from the parent company but which related to 2022 and were not accounted for in that financial year. The net effect of this adjustment is to reduce the retained earnings as at 31/12/2023 by £ 135,656.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short-term leasehold property

straight line over the life of the lease

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

421,278

287,358

708,636

Additions

-

1,000

1,000

At 31 December 2023

421,278

288,358

709,636

Depreciation

At 1 January 2023

283,001

253,783

536,784

Charge for the year

46,092

33,562

79,654

At 31 December 2023

329,093

287,345

616,438

Carrying amount

At 31 December 2023

92,185

1,013

93,198

At 31 December 2022

138,277

33,575

171,852

Included within the net book value of land and buildings above is £92,185 (2022 - £138,277) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

994,819

684,350

6

Debtors

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

Current

Note

2023
£

2022
£

Trade debtors

 

289

15,073

Amounts owed by related parties

52,878

310,948

Prepayments

 

43,744

45,371

Other debtors

 

699

699

   

97,610

372,091

Non-current

2023
£

2022
£

Other debtors

149,850

149,850

 

149,850

149,850

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

61,904

23,780

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,638,490

1,006,337

Taxation and social security

 

34,406

52,719

Accruals and deferred income

 

31,766

40,828

Other creditors

 

6,313

6,441

 

1,772,879

1,130,105

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

RENE' CAOVILLA LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Not later than one year

166,500

166,500

Later than one year and not later than five years

166,500

333,000

333,000

499,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £166,500 (2022 - £166,500).

10

Parent and ultimate parent undertaking

The company's immediate parent is René Caovilla spa, incorporated in italy.

 The most senior parent entity producing publicly available financial statements is René Caovilla spa. These financial statements are available upon request from Via Nazionale 24, 30032 Fiesso D'artico, Venezia, Italy.