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REGISTERED NUMBER: 04170313 (England and Wales)















Audited Financial Statements for the Year Ended 31 March 2023

for

Eurospecial Sewing Machines Limited

Eurospecial Sewing Machines Limited (Registered number: 04170313)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Eurospecial Sewing Machines Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr Stuart Alan Brown
Mr Francesco Porcarelli



SECRETARY: PB Secretarial Services Limited



REGISTERED OFFICE: Pini Franco LLP
22-24 Ely Place
London
EC1N 6TE



REGISTERED NUMBER: 04170313 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Mr Simon Edrich



AUDITORS: PG & E Professional Services Ltd
Chartered Accountants & Statutory Auditor
47 Islington Park Street
London
N1 1QB

Eurospecial Sewing Machines Limited (Registered number: 04170313)

Balance Sheet
31 March 2023

31.3.23 31.3.22
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - -
Investments 6 10,173 -
10,173 -

CURRENT ASSETS
Debtors 7 521 190
Cash at bank 177,506 3,604
178,027 3,794
CREDITORS
Amounts falling due within one year 8 332,546 201,478
NET CURRENT LIABILITIES (154,519 ) (197,684 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(144,346

)

(197,684

)

CAPITAL AND RESERVES
Called up share capital 30,362 30,362
Retained earnings (174,708 ) (228,046 )
(144,346 ) (197,684 )

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 7 January 2025 and were signed on its behalf by:





Mr Francesco Porcarelli - Director


Eurospecial Sewing Machines Limited (Registered number: 04170313)

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

1. STATUTORY INFORMATION

Eurospecial Sewing Machines 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.

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.

The directors intend to liquidate the company within the next 12 months and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. The company plans to transfer its assets and liabilities at their carrying value as at the date of closure to its parent or other group companies. Therefore, the directors have concluded that the historical cost convention remains an appropriate basis for the preparation of the financial statements.

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 entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned.

Turnover
Turnover is recognised at the time that cash is received.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Brand name
The brand name acquired at time of incorporation is to be written off in equal annual instalments over its estimated useful economic life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% per annum on cost

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
As a result of the material uncertainty regarding going concern, the directors believe that it is not prudent to account for deferred tax assets nor necessary to account for deferred tax liability within these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Eurospecial Sewing Machines Limited (Registered number: 04170313)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 April 2022
and 31 March 2023 70,963
AMORTISATION
At 1 April 2022
and 31 March 2023 70,963
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2022
and 31 March 2023 4,524
DEPRECIATION
At 1 April 2022
and 31 March 2023 4,524
NET BOOK VALUE
At 31 March 2023 -

6. FIXED ASSET INVESTMENTS
Other
investments
£
COST
Additions 10,173
At 31 March 2023 10,173
NET BOOK VALUE
At 31 March 2023 10,173

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£ £
Other debtors 521 190

Eurospecial Sewing Machines Limited (Registered number: 04170313)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£ £
Trade creditors 114,686 -
Social security and other taxes 26,740 19,809
Other creditors 180,394 180,394
Accruals and deferred income 10,726 1,275
332,546 201,478

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

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

Basis for disclaimer of opinion
Within the financial statements turnover is made up entirely of sales to group companies and is included at £671,587 (2022: £102,581). We were unable to obtain sufficient appropriate evidence to confirm the validity or occurrence of the underlying transactions relating to these figures. Consequently, we were unable to determine whether any adjustments to these amounts and retained earnings for 2023 and 2022 were necessary.

Within the financial statements cost of sales of £606,176 (2022: £57,854) includes purchases from group companies of £598,946 (2022: £17,000). We were unable to obtain sufficient appropriate evidence to confirm the validity or occurrence of the underlying transactions relating to these figures. Consequently, we were unable to determine whether any adjustments to these amounts and retained earnings for 2023 and 2022 were necessary.

The financial statements include the cost of intangible fixed assets as £70,963 (2022: £70,963). We were unable to obtain sufficient appropriate evidence to support these figures. Consequently, we were unable to determine whether any adjustments to the values of intangible fixed assets and retained earnings for 2023 and 2022 were necessary.

The company depends on other group companies for the provision of various administrative and other services and has also received a loan of £167,055 (2022: £167,055). However, no costs for these services nor any interest relating to the loan have been included in the financial statements. These omissions have a potential impact on the company's Corporation Tax obligations. Additionally, the other matters noted above could also have tax implications. As a result, we were unable to determine whether any adjustments to the Corporation Tax Charge and retained earnings for 2023 and 2022 may be necessary.

As a result of these matters, we were unable to determine whether any adjustments were necessary in respect of recorded or unrecorded items described above and contained within the income statement and balance sheet. Consequently, we are issuing a disclaimer of opinion on the financial statements.

Mr Simon Edrich (Senior Statutory Auditor)
for and on behalf of PG & E Professional Services Ltd

Eurospecial Sewing Machines Limited (Registered number: 04170313)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. RELATED PARTY DISCLOSURES

Within the financial statements turnover of £671,587 (2022: £102,581) is made up entirely of sales to Gobid International Auction Group Srl, a group company. These sales relate to scouting activities performed by the company on behalf of Gobid International Auction Group Srl. The company subcontracted this work in its entirety to Equilibrium SNC, also a group company. The cost of this work is included within cost of sales and amounts to £588,773 (2022: £17,000). In addition, cost of sales includes other purchases from group companies of £10,173 (2022: £Nil). At year end the outstanding receivable balance was £Nil (2022: £Nil) and the outstanding payable balance was £114,686 (2022: £Nil).

Other creditors of £180,394 (2022: £180,394) include an amount owed to Corimac Srl, the company's immediate parent, of £167,055 (2022: £167,055), which relates to funding provided by Corimac Srl to the company, and an amount of £13,339 (2022: £13,339) owed to a director.

11. AUDITOR LIABILITY LIMITATION

The company has limited the maximum aggregate amount of the Auditor's Liability to the company to not more than (1) the sum of 5 times the fees payable (excluding expenses and Value Added Tax) under the Engagement Letter referable to the financial year in question, or (2) £30,000 whichever is the lesser amount.

12. ULTIMATE CONTROLLING PARTY

The immediate parent entity is Corimac Srl, a company incorporated in Italy whose registered office is Via Onorato Vigliani 19, Milan (MI), 20148, Italy, which is the company sole shareholder. The ultimate controlling entity is Investimenti Mobiliary Srl a company incorporated in Italy whose registered office is Via Onorato Vigliani 19, Milan (MI), 20148, Italy. Investimenti Mobiliary Srl is not required to include consolidated accounts within its published financial statements.