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Company registration number: 06916610
CANALI RETAIL UK LTD
Filleted financial statements
31 December 2024
CANALI RETAIL UK LTD
Contents
Directors' responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CANALI RETAIL UK LTD
Directors' responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
CANALI RETAIL UK LTD
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,196,169 1,452,409
_________ _________
1,196,169 1,452,409
Current assets
Stocks 1,928,541 1,934,136
Debtors 7 2,492,177 1,951,569
Cash at bank and in hand 6,398 9,265
_________ _________
4,427,116 3,894,970
Creditors: amounts falling due
within one year 8 ( 1,009,139) ( 1,150,418)
_________ _________
Net current assets 3,417,977 2,744,552
_________ _________
Total assets less current liabilities 4,614,146 4,196,961
Provisions for liabilities 9 ( 70,535) ( 97,555)
_________ _________
Net assets 4,543,611 4,099,406
_________ _________
Capital and reserves
Called up share capital 11 200,000 200,000
Capital contribution 1,000,000 1,000,000
Profit and loss account 3,343,611 2,899,406
_________ _________
Shareholders funds 4,543,611 4,099,406
_________ _________
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
Katarina Safai
Director
Company registration number: 06916610
CANALI RETAIL UK LTD
Statement of changes in equity
Year ended 31 December 2024
Called up share capital Capital contribution Profit and loss account Total
£ £ £ £
At 1 January 2023 200,000 1,000,000 2,228,717 3,428,717
Profit for the year 670,689 670,689
_______ _________ _________ _________
At 31 December 2023 and 1 January 2024 200,000 1,000,000 2,899,406 4,099,406
Profit for the year 444,205 444,205
_______ _________ _________ _________
At 31 December 2024 200,000 1,000,000 3,343,611 4,543,611
_______ _________ _________ _________
CANALI RETAIL UK LTD
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Bridewell Place, Third Floor East, London, EC4V 6AP.The principal activity of the company during the year has continued to be that of men's designer fashion wear and accessories retailer.
2. Statement of compliance
These financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and Companies Act 2006 (as applicable to companies subject to the small companies' regime).
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually at the point of sale; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the term of the lease
Plant and machinery - 25% to 33% reducing balance or straight line over the term of the lease
Fittings fixtures and equipment - 25% reducing balance or straight line over the term of the lease
Refurbishments - Straight line over unexpired part of the lease
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Ethical standards
In common with many other businesses of similar size and nature, we use our auditors to prepare and submit returns to the tax authorities and assist in the preparation of the financial statements.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2024 1,173,471 38,403 1,414,342 2,626,216
Additions - - 11,853 11,853
Disposals - - ( 9,347) ( 9,347)
_________ _______ _________ _________
At 31 December 2024 1,173,471 38,403 1,416,848 2,628,722
_________ _______ _________ _________
Depreciation
At 1 January 2024 339,570 19,191 815,046 1,173,807
Charge for the year 107,066 4,803 151,185 263,054
Disposals - - ( 4,308) ( 4,308)
_______ _______ _______ _________
At 31 December 2024 446,636 23,994 961,923 1,432,553
_______ _______ _______ _________
Carrying amount
At 31 December 2024 726,835 14,409 454,925 1,196,169
_______ _______ _______ _________
At 31 December 2023 833,901 19,212 599,296 1,452,409
_______ _______ _______ _________
7. Debtors
2024 2023
£ £
Trade debtors 90,965 98,994
Amounts owed by group undertakings 1,896,555 1,382,196
Other debtors 504,657 470,379
_________ _________
2,492,177 1,951,569
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 96,783 98,733
Amounts owed to group undertakings 507,951 636,001
Corporation tax 66,982 27,573
Social security and other taxes 254,040 307,639
Other creditors 83,383 80,472
_________ _________
1,009,139 1,150,418
_________ _________
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 January 2024 97,555 97,555
Unused amounts reversed ( 27,020) ( 27,020)
_______ _______
At 31 December 2024 70,535 70,535
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 70,535 97,555
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 70,535 97,555
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 20,000.00 each 10 200,000 10 200,000
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 1,685,000 1,651,123
Later than 1 year and not later than 5 years 5,046,945 6,731,945
Later than 5 years 4,635,753 4,635,753
_________ _________
11,367,698 13,018,821
_________ _________
13. Summary audit opinion
The auditor's report dated 09 April 2025 was unqualified.
The senior statutory auditor was Martin Tiano for and on behalf of Somers Baker Prince Kurz LLP
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Canali Holding SpA ( 93,875) ( 89,643) 1,741,080 1,382,196
_______ _______ _________ _________
During the year, the interest receivable from Canali Holding SpA amounted to £93,875. At 31 December 2024, the amount owed by Canali Holding SpA under the group cash pooling arrangement amounted to £1,741,080. This is an unsecured, interest-bearing loan which is repayable on demand.In respect of other transactions with group undertakings, the company has taken advantage of the exemption available under FRS 102 Section 33 'Related party disclosures' not to disclose transactions with other wholly owned members of the group. The company is a wholly owned subsidiary undertaking to which it is party to the transactions and consolidated financial statements are prepared by the parent undertaking.
15. Controlling party
The company's parent and ultimate parent undertaking is Canali Holding SpA, a company registered in Italy whose registered office address is Via Silvio Pellico, 3, 20844 Triuggio (MB), Italy. The results of Canali Retail UK Ltd are included in the consolidated financial statements prepared by Canali Holding SpA.
16. Auditor Liability Limitation Agreement
The directors have agreed to a limited liability arrangement with the auditors, the principle terms being that the liability is restricted to ten times the annual audit fee.