Company registration number 10193160 (England and Wales)
ITALICUS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ITALICUS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ITALICUS LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
Fixed assets
Intangible assets
4
6,064
7,130
Tangible assets
5
8,847
10,368
14,911
17,498
Current assets
Stocks
1,580,153
1,817,989
Debtors
6
658,659
399,902
Cash at bank and in hand
3,217,581
3,494,046
5,456,393
5,711,937
Creditors: amounts falling due within one year
7
(3,602,227)
(3,934,135)
Net current assets
1,854,166
1,777,802
Total assets less current liabilities
1,869,077
1,795,300
Provisions for liabilities
-
0
(2,592)
Net assets
1,869,077
1,792,708
Capital and reserves
Called up share capital
118
118
Share premium account
1,095,991
1,095,991
Profit and loss reserves
772,968
696,599
Total equity
1,869,077
1,792,708

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 17 March 2025 and are signed on its behalf by:
Mr G Gallo
Director
Company registration number 10193160 (England and Wales)
ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Italicus Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Studio 306, Great Western Studios, 65 Alfred Road, London, W2 5EU.

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 presented in Euro (€). 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

This information is included in the consolidated financial statements of Pernod Ricard S.A as at 30 June 2024 and these financial statements may be obtained from 5 Cr Paul Ricard, 75380 Paris, France.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

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
Intangible fixed assets other than goodwill

Separately acquired brands and trademarks are included at cost and amortised is equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
- over 3 years
Office equipment
- over 3 years
Computer equipment
- over 3 years

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash 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 for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost or net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include trade and other 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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, 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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet, The assets of the plan are held separately from the company in independently administered funds.

1.14
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting 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 are included in the income statement for the period.

ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 6).

4
Intangible fixed assets
Other
Cost
At 1 July 2023 and 30 June 2024
10,248
Amortisation and impairment
At 1 July 2023
3,118
Amortisation charged for the year
1,066
At 30 June 2024
4,184
Carrying amount
At 30 June 2024
6,064
At 30 June 2023
7,130
ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
Cost
At 1 July 2023
22,911
Additions
5,143
Disposals
(2,165)
At 30 June 2024
25,889
Depreciation and impairment
At 1 July 2023
12,543
Depreciation charged in the year
5,269
Eliminated in respect of disposals
(770)
At 30 June 2024
17,042
Carrying amount
At 30 June 2024
8,847
At 30 June 2023
10,368
6
Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
64,348
42,615
Corporation tax recoverable
21,431
123,470
Amounts owed by group undertakings
351,913
27,402
Other debtors
161,522
206,415
599,214
399,902
Deferred tax asset
59,445
-
0
658,659
399,902
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
0
209
Trade creditors
563,999
582,674
Amounts owed to group undertakings
2,358,583
2,928,652
Taxation and social security
12,064
23,205
Other creditors
667,581
399,395
3,602,227
3,934,135
ITALICUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
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:
Tony Summers BA FCA
Statutory Auditor:
Sumer Audit
Date of audit report:
17 March 2025
Sumer Audit is the trading name of Sumer Auditco Limited
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:

2024
2023
114,143
33,068
10
Parent company

The immediate parent company is Pernod Ricard UK Limited a company incorporated in England and the ultimate parent company is Pernod Ricard S.A, a company incorporated in France.

Pernod Ricard S.A, is the smallest and largest entity in which the results of Italicus Ltd are consolidated.

 

The consolidated accounts of Pernod Ricard S.A are publicly available from 5 Cr Paul Ricard 75008,

France.

2024-06-302023-07-01false17 March 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr G GalloMs J MassiesMr D A HaworthMr Y Soenenfalsefalse101931602023-07-012024-06-30101931602024-06-30101931602023-06-3010193160core:IntangibleAssetsOtherThanGoodwill2024-06-3010193160core:IntangibleAssetsOtherThanGoodwill2023-06-3010193160core:OtherPropertyPlantEquipment2024-06-3010193160core:OtherPropertyPlantEquipment2023-06-3010193160core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3010193160core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3010193160core:CurrentFinancialInstruments2024-06-3010193160core:CurrentFinancialInstruments2023-06-3010193160core:ShareCapital2024-06-3010193160core:ShareCapital2023-06-3010193160core:SharePremium2024-06-3010193160core:SharePremium2023-06-3010193160core:RetainedEarningsAccumulatedLosses2024-06-3010193160core:RetainedEarningsAccumulatedLosses2023-06-3010193160bus:Director12023-07-012024-06-3010193160bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3010193160core:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3010193160core:PlantMachinery2023-07-012024-06-3010193160core:FurnitureFittings2023-07-012024-06-3010193160core:ComputerEquipment2023-07-012024-06-30101931602022-07-012023-06-3010193160core:IntangibleAssetsOtherThanGoodwill2023-06-3010193160core:OtherPropertyPlantEquipment2023-06-3010193160core:OtherPropertyPlantEquipment2023-07-012024-06-3010193160core:WithinOneYear2024-06-3010193160core:WithinOneYear2023-06-3010193160bus:PrivateLimitedCompanyLtd2023-07-012024-06-3010193160bus:SmallEntities2023-07-012024-06-3010193160bus:Audited2023-07-012024-06-3010193160bus:Director22023-07-012024-06-3010193160bus:Director32023-07-012024-06-3010193160bus:Director42023-07-012024-06-3010193160bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP