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REGISTERED NUMBER: 08636328 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

PIQUADRO UK LIMITED

PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PIQUADRO UK LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R Trotta
Ms E Pettenuzzo





REGISTERED OFFICE: 67 Regent Street
London
W1B 4EB





REGISTERED NUMBER: 08636328 (England and Wales)





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

PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 176,002 214,093

CURRENT ASSETS
Stocks 153,633 110,638
Debtors 5 604,019 572,801
Cash at bank and in hand 104,955 143,542
862,607 826,981
CREDITORS
Amounts falling due within one year 6 (55,602 ) (53,070 )
NET CURRENT ASSETS 807,005 773,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

983,007

988,004

CAPITAL AND RESERVES
Called up share capital 1,000,000 1,000,000
Retained earnings (16,993 ) (11,996 )
983,007 988,004

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 23 September 2024 and were signed on its behalf by:





R Trotta - Director


PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Piquadro UK 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 bags and accessories, excluding discounts deposits, value added tax and other sales taxes.

Tangible fixed assets
Depreciation on the property, plant and equipment is calculated using the straight line method to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:

Land and building 15 years
Fixture & Fittings 12% & 18%

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 573,238 198,409 771,647
DEPRECIATION
At 1 April 2023 360,260 197,294 557,554
Charge for year 37,911 180 38,091
At 31 March 2024 398,171 197,474 595,645
NET BOOK VALUE
At 31 March 2024 175,067 935 176,002
At 31 March 2023 212,978 1,115 214,093

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,432 3,635
Amounts owed by group undertakings 395,656 430,090
Other debtors 205,931 139,076
604,019 572,801

PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 26,739 23,692
Taxation and social security 9,524 9,027
Other creditors 19,339 20,351
55,602 53,070

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 300,000 300,000
Between one and five years 900,000 1,200,000
1,200,000 1,500,000

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The inventory count held at 31 March 2024 and 31 March 2023 have not been verified by us and we were unable to satisfy ourselves by alternative procedures concerning the inventory quantities held at both 31 March 2024 and 31 March 2023 and as such, their values as reported in the balance sheets at those dates. Consequently we are unable to determine whether any adjustments to these amounts are necessary with regard to both opening and closing stock positions in the year.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception
Except for the matter referred to in our basis of qualified opinion paragraph, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us;or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit;
or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

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

PIQUADRO UK LIMITED (REGISTERED NUMBER: 08636328)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. ULTIMATE CONTROLLING PARTY

Piquadro SpA , a company incorporated in Italy, is regarded by the directors as being the company's immediate and ultimate parent undertaking.

The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Piquadro SpA and copies are available from Piquadro SpA registered office Località Sassuriano, 246, 40041, Silla di Gaggio Montano, Bologna (Italy).