REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Sergio Rossi UK Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Sergio Rossi UK Limited |
Sergio Rossi UK Limited (Registered number: 02707792) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Director's Responsibilities Statement | 6 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
Sergio Rossi UK Limited |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Auditors: |
120 New Cavendish Street, |
London |
W1W 6XX |
Sergio Rossi UK Limited (Registered number: 02707792) |
Strategic Report |
for the Year Ended 31 December 2023 |
The Director presents his annual report and the audited financial statements for the year ended 31 December 2023, together with an update of activity for the subsequent period to the date of the filing of the financial statements. |
Principal activities |
The principal activity of the company was the retail of luxury footwear. However, since the 31st March 2021 the company has not traded. |
Business review |
The Sergio Rossi board has maintained the UK subsidiary as a non-operating company, for eventual future business possibilities, as management does not preclude future opening of physical stores in the UK market. |
The HSBC bank account was closed in 2024 and for the time being the company has no bank account. |
Performance for the year |
The company reports an operating loss for the year to 31 December 2023 amounting to £15,343 (2022: £15,435). |
Key performance indicators |
Historically, the company's overriding objective in the UK has been the achievement of attractive and sustainable rates of growth. The key elements to the company's strategy for growth were: |
- Continuing to increase our range of high-end exclusive products, to strengthen our luxury positioning and gain visibility through online sales. |
- Effective store staff training (with remote learning) and development in order to retain our employees and deliver strong customer service. |
The director monitors the progress on the strategy by reference to the following KPIs: |
- Year on year sales movement; |
- Gross margin; |
- Net margin; |
The Director has assessed the KPIs above in consideration of the points included under their review of performance for the year. |
Strategy |
Going forward the company continues to monitor any market and business opportunities to further develop Sergio Rossi's presence in UK. |
Risks & uncertainties |
The company will continue to monitor the market attractiveness for luxury fashion shoes in order to eventually re-enter the UK market. The strategy is set to prevent loss and risks on asset investment and operations while the market is not considered profitable by the company. |
Outlook |
We continued to work towards increasing our market share by identifying new opportunities for store locations along with investing in our current store portfolio. The rationalization of stores is set to increase profitability of the whole Group, thus the management does not preclude future opening of physical store in the UK market. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Strategic Report |
for the Year Ended 31 December 2023 |
Financial risk, management objectives and policies |
The company's principle financial instruments comprise bank balances, bank overdraft, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and finance the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company makes use of a deposit account with the higher rate of interest where funds are available. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits |
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
On behalf of the board: |
Sergio Rossi UK Limited (Registered number: 02707792) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
Review of business |
Since 2021 the company has not traded. However, the Sergio Rossi board has maintained that it will keep the UK subsidiary open, as a non-operating company, for eventual future business possibilities. |
The results for the year are set out in the profit and loss account on page 11. |
The results for the year show a loss before taxation of £188,547 (2022: £99,522) and sales of £Nil (2022: £Nil). |
The loss for the financial year of £188,547 (2022: £99,522) has been included in reserves. |
Dividends |
The Director does not propose the payment of a dividend for the year ended 31 December 2022 (31 December 2021: £Nil). |
Events since the end of the year |
Information relating to events since the end of the year is given in the notes to the financial statements. |
Directors |
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows: |
Political contributions |
The company made no political donations during the year (2022: £Nil). |
Director's and secretary's interests |
The director and secretary and their families hold no beneficial interests in the company or any other group company at 31 December 2023. |
Going concern |
The financial statements have been prepared on the going concern basis, notwithstanding the net current liability position on the company's balance sheet, which the director believes to be appropriate for the following reasons. |
The company is dependent for its working capital on funds provided to it indirectly by Sergio Rossi S.P.A who have provided Sergio Rossi UK Limited with an undertaking that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available that would otherwise place the company in insolvency. This should enable the company to continue in operational existence, although non-trading, for the foreseeable future by meeting its liabilities as they fall due for payment. |
Based on this undertaking the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
Post balance sheet events |
The Sergio Rossi board has maintained that the UK subsidiary with remain open, as a non-operating company, for eventual future business possibilities. |
With reference to going concern considerations, the parent company Sergio Rossi S.p.A. is continuing to support Sergio Rossi UK operations, ensuring the financial liquidity through intercompany loans, in turn guaranteed by relevant capital injections by the sole shareholder of Sergio Rossi S.p.A. itself |
Sergio Rossi UK Limited (Registered number: 02707792) |
Report of the Director |
for the Year Ended 31 December 2023 |
Statement as to disclosure of information to auditors |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Auditors |
The auditors, Benjamin Taylor Diner Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Sergio Rossi UK Limited (Registered number: 02707792) |
Director's Responsibilities Statement |
for the Year Ended 31 December 2023 |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the director is required to: |
- select suitable accounting policies and then apply them consistently; |
- state whether applicable United Kingdom Accounting Standards, comprising FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements; |
- make judgements and accounting estimates that are reasonable and prudent; |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Directors' confirmations |
In the case of each director in office at the date the Directors' Report is approved: |
- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and |
- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Report of the Independent Auditors to the Members of |
Sergio Rossi UK Limited |
Opinion |
We have audited the financial statements of Sergio Rossi UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Director's Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Sergio Rossi UK Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters in relation to which 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. |
Responsibilities of director |
As explained more fully in the Director's Responsibilities Statement set out on page six, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Sergio Rossi UK Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Sergio Rossi UK Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
120 New Cavendish Street, |
London |
W1W 6XX |
Sergio Rossi UK Limited (Registered number: 02707792) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating loss | ( |
) | ( |
) |
Interest payable and similar expenses | 4 | ( |
) | ( |
) |
Loss before taxation | 5 | ( |
) | ( |
) |
Tax on loss | 6 |
Loss for the financial year | ( |
) | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year |
( |
) |
( |
) |
Sergio Rossi UK Limited (Registered number: 02707792) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Current assets |
Debtors | 8 |
Cash at bank |
Creditors |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Other reserves |
Retained earnings | 11 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
Sergio Rossi UK Limited (Registered number: 02707792) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is 24, Old Burlington Street London, W1S 3AW. |
The company's principal business activity is the retail of luxury footwear. |
2. | Accounting policies |
Basis of preparation |
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs"), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken. The financial statements have been prepared under the historical cost convention. |
The Company's parent undertaking Sergio Rossi S.P.A includes the Company in its consolidated financial statements. The consolidated financial statements of Sergio Rossi S.P.A are available to the public and may be obtained from Via Stradone 600/602, 47030 San Mauro Pascoli, Italy. |
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures: |
- a Cash Flow Statement and related notes; |
- Comparative period reconciliations for share capital, tangible fixed assets, intangible assets |
and investment properties; |
- Disclosures in respect of transactions with wholly owned subsidiaries; |
- Disclosures in respect of capital management; |
- The effects of new but not yet effective IFRSs; |
-An additional balance sheet for the beginning of the earliest comparative period following the retrospective change in accounting policy, the correction of error, or the reclassification of items in the financial statements; and |
- Disclosures in respect of the compensation of key Management Personnel. |
Notification of the exemptions taken under FRS 101 has been provided to shareholders and no objections have been made in respect of these. |
The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements. |
The financial statements are presented in Sterling (£). |
Judgements and key sources of estimation uncertainty |
In the application of the entities accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The financial statements do not included any significant judgements or estimates. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has no derivatives and does not trade in financial instruments. |
The company operates within the United Kingdom and the majority of transactions are denominated in Sterling. Foreign currency transactions are monitored by the director to ensure that currency risks are kept at acceptable levels. |
The company funds operations through agreements with other group companies. |
Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, loans and borrowings, and trade and other creditors. |
Trade and other debtors: |
Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. |
Trade and other creditors: |
Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. |
Interest-bearing borrowings: |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
Interest receivable / payable: |
Interest earned on deposits is credited to the profit and loss account on an accruals basis. Interest arising on borrowings is charged to the profit and loss account on an accruals basis. |
Taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. |
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. |
Foreign currencies |
Transactions in foreign currency are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date to the functional currency at the foreign exchange rate ruling at that date. |
All exchange differences are taken to the profit and loss account. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Defined contribution plans |
The company contributes to employees' personal pension under a defined contribution scheme. Contributions are charged to the profit and loss account in respect of the accounting period. |
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
Related parties |
As the Company is a wholly owned subsidiary of Sergio Rossi S.P.A the Company has taken advantage of the exemption contained in FRS 101.8(k) and has therefore not disclosed transactions or balances with entities which form part of the group (or investees of the group qualifying as related parties). The consolidated financial statements of Sergio Rossi S.P.A, within which this Company is included, can be obtained from the address given note 20. |
Going Concern |
The director believes that it is appropriate to prepare the financial statements on a going concern basis despite the current loss making position. Financial support will be provided to the Company by its intermediate parent company Sergio Rossi S.P.A for a period of at least 12 months from the signing date of these financial statements. |
Impairment |
A financial asset not carried at fair value through profit and loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. |
The carrying amounts of the Company's non-financial assets, other than stocks and deferred tax are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. |
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing the value in use, the estimated future ash 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. |
3. | Employees and directors |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
The Director who held office during the year received no emoluments in respect of his services to the company (31 December 2022: £Nil). The Director is employed by other group companies so any remuneration given is borne by those group companies. No remuneration is given in respect of acting as a Director of this entity as it is incidental to his overall responsibilities to the group. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | Interest payable and similar expenses |
31.12.23 | 31.12.22 |
£ | £ |
Other interest payable and similar expenses |
173,204 |
84,087 |
5. | Loss before taxation |
The loss before taxation is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Auditors' remuneration |
Foreign exchange differences |
6. | Taxation |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Factors affecting the tax expense |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Loss before income tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
(35,824 |
) |
(18,909 |
) |
Effects of: |
tax purposes |
losses carried forward | 35,824 | 18,909 |
Tax expense |
7. | Deferred tax |
Deferred tax assets as at the balance sheet date were as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Tax effect of temporary differences due to: |
Tax losses carried forward | 1,689,503 | 1,638,927 |
Tangible fixed assets | 23,643 | 27,120 |
1,713,146 | 1,666,047 |
The deferred asset in relation to tax losses carried forward and tangible assets has not been recognised as there is insufficient evidence that the asset will be recovered through future taxable profits. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
9. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Accruals and deferred income |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary shares | 1 | 2,350,000 | 2,350,000 |
11. | Reserves |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | ( |
) | (6,103,755 | ) |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | ( |
) | (6,292,302 | ) |
The profit and loss account reserve records retained earnings and accumulated losses. |
12. | Events after the reporting period |
The Sergio Rossi board has maintained that the UK subsidiary will remain open, as a non-operating company, for eventual future business possibilities. |
With reference to going concern considerations, the parent company Sergio Rossi S.p.A. is continuing to support Sergio Rossi UK operations, ensuring the financial liquidity through intercompany loans, in turn guaranteed by relevant capital injections by the sole shareholder of Sergio Rossi S.p.A. itself. |
Sergio Rossi UK Limited (Registered number: 02707792) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | Ultimate controlling party |
The director regards Lanvin Group Holdings Limited a company incorporated in the Cayman Islands as the ultimate holding company and controlling party. |
The results of Sergio Rossi UK Limited are consolidated within the financial statements of the intermediate parent company, Sergio Rossi S.P.A. The consolidated Financial Statements including the results of Sergio Rossi UK Limited are available to the public from the legal registered office of Via Stradone 600/602, 47030 San Mauro Pascoli, Italy. |