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REGISTERED NUMBER: 05625572 (England and Wales)














Financial Statements for the Year Ended 31 December 2024

for

Kiton UK Ltd

Kiton UK Ltd (Registered number: 05625572)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kiton UK Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr A Abbondanza
Mr M Galetto
Ms M G Paone



REGISTERED OFFICE: 17 Grosvenor Street
Mayfair
London
W1K 4QG



REGISTERED NUMBER: 05625572 (England and Wales)



SENIOR STATUTORY AUDITOR: Lorraine Curtis BFP ACA FCCA



AUDITORS: Nordens
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Kiton UK Ltd (Registered number: 05625572)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,094,150 1,377,832

CURRENT ASSETS
Stocks 3,576,426 2,755,175
Debtors 5 1,067,620 1,027,235
Cash at bank and in hand 333,638 223,337
4,977,684 4,005,747
CREDITORS
Amounts falling due within one year 6 (4,327,972 ) (3,712,418 )
NET CURRENT ASSETS 649,712 293,329
TOTAL ASSETS LESS CURRENT LIABILITIES 1,743,862 1,671,161

PROVISIONS FOR LIABILITIES 7 (178,593 ) (237,773 )
NET ASSETS 1,565,269 1,433,388

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 1,265,269 1,133,388
1,565,269 1,433,388

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 16 May 2025 and were signed on its behalf by:





Ms M G Paone - Director


Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Kiton UK Ltd 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.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements- 27% and 22% (as per lease agreement ending date)
Plant and machinery- 33%
Fixtures and fittings- 20%
Computer equipment- 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant changes since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is charged once the asset has been brought into use.

Stocks
Stocks are stated at the lower of cost and 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.

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The company's policies for its major classes of financial assets and financial liabilities are set out below:

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period of the objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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.

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for its employees. A defined benefit 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.

Going concern
The company is dependent upon the continued support of its parent company, Ciro Paone S.p.A, both financially and operationally. Therefore, the going concern basis of the company is inherently linked to that of its parent. The company's directors have received confirmation from the company's parent that such support will be forthcoming for the foreseeable future, being a period of not less than twelve months from the date that the financial statements were approved.

Therefore, at the date of approval of these financial statements, the directors have a reasonable expectation that the group, and therefore the company, has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 10 ).

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 1,366,119 1,397,378 2,763,497
Additions 6,631 19,371 26,002
At 31 December 2024 1,372,750 1,416,749 2,789,499
DEPRECIATION
At 1 January 2024 772,376 613,289 1,385,665
Charge for year 150,845 158,839 309,684
At 31 December 2024 923,221 772,128 1,695,349
NET BOOK VALUE
At 31 December 2024 449,529 644,621 1,094,150
At 31 December 2023 593,743 784,089 1,377,832

5. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 49,860 73,284
Other debtors 389,135 325,326
438,995 398,610

Amounts falling due after more than one year:
Other debtors 628,625 628,625

Aggregate amounts 1,067,620 1,027,235

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 296,730 162,032
Amounts owed to group undertakings 3,215,418 2,700,617
Taxation and social security 176,602 221,224
Other creditors 639,222 628,545
4,327,972 3,712,418

Kiton UK Ltd (Registered number: 05625572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 148,593 207,773
Other provisions 30,000 30,000
178,593 237,773

Dilapidati
Deferred on
tax provision
£    £   
Balance at 1 January 2024 207,773 30,000
Credit to Income Statement during year (59,180 ) -
Balance at 31 December 2024 148,593 30,000

The dilapidation provision represents the directors' assessment of the value of dilapidation work which the company is legally obliged to perform under the rental agreement on its premises. The provision has not been discounted since the effect of discounting is not material.

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

The Report of the Auditors was unqualified.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of Nordens

9. RELATED PARTY DISCLOSURES

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.

10. CONTROLLING PARTY

The company's immediate and ultimate parent undertaking and controlling party is Ciro Paone S.p.A, a company incorporated in Italy.

Ciro Paone S.p.A is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2024.

Copies of the group financial statements of Ciro Paone S.p.A may be obtained from Viale delle Industrie, 80022 Arzano (NA), Italy.