Company registration number 02797699 (England and Wales)
FRANCIACORTA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FRANCIACORTA LIMITED
COMPANY INFORMATION
Directors
S D Bridgeman
J D N Pires
C J Dos Santos
G Segatta
M V Santos-Pires
Secretary
S D Bridgeman
Company number
02797699
Registered office
Units 2 & 3
199 Eade Road
London
UK
N4 1DN
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
Bankers
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
FRANCIACORTA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
FRANCIACORTA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business review and future developments

In the year to 31 December 2024, the group made a profit after tax of £128,272, compared to £369,346 in the comparative period. The principal reason for the decline in profit was a reduction in turnover, with the hospitality sector continuing to be affected by the ongoing cost-of-living crisis.

 

Looking ahead, the group expects to continue generating profits over the twelve months from the date of signing. However, the level of profitability will depend on a range of factors, including political decisions, government strategies to address the current macroeconomic environment, interest rate decisions by the Bank of England, upcoming rent reviews, international economic policies (including those associated with former US President Trump), the group’s trading performance in the months leading up to Christmas, and fluctuations in currency exchange rates. Management continues to monitor cash flow carefully, and the latest forecasts indicate that there will be sufficient funds to meet working capital requirements and maintain a positive net cash position.

Going concern

When preparing these financial statements, management has applied the going concern assumption. The group made a profit after tax of £128,272 during the year under review and as noted as is forecasted to make further profit in for twelve months from the date of signing. Management prepared forecasts to for twelve months from the date of signing which indicate the group will be able to meet its working capital requirements during this period.

 

The group has an invoice discount facility in place, the terms have been considered when preparing the forecast. Either party can cancel the terms of the facility following a contractual agreed notice period, and should cancellation take place during the going concern review period being twelve months from the date of signing, an alternative facility will need to be secured.

Summary of key performance indicators

To achieve the overall group strategy, the directors monitor the business by measuring actual performance in comparison to details monthly and annual budgets, and by reference to certain specific financial and nonfinancial key performance indicators. Sales growth, gross profit margin and staff costs levels are very important indicators in this respect.

Principal risks and uncertainties

The management of the business and the nature of the group's strategy are subject to several risks. The directors have set out below the principal risks facing business. Where commercially possible, the directors have put in place processes to monitor and mitigate such risks.

 

High proportion of variable overheads and variable revenues

A large portion of the group's overheads are still variable. The group looked at reducing overheads where there is a significant change in revenue to ensure the group can cover such costs. Management closely monitors fixed overheads against budget monthly and cost saving exercises and implemented when there is an anticipated decline in revenues.

 

Competition

The market in which the group operates is highly competitive. As a result, there is a constant downwards pressure on the margins and the additional risk of being unable to meet customers' expectations. Policies of constant price monitoring and on-going market research are in place to mitigate such risks.

 

Fluctuations in currency exchange

Approximately 91% of the group's purchases of goods for resale are from Italy and other countries in the European Union, which represent 75% of the total cost of sales. Total cost of sales includes goods purchased, transport costs from Italy, duty and storage costs. As a group, therefore there is exposure to foreign currency fluctuations.

FRANCIACORTA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The group manages its foreign exchange exposure on a net basis, and where possible uses forward foreign exchange contracts to reduce the exposure. If the hedging activity does not mitigate the exposure, then the results and the financial condition of the group may be adversely impacted by foreign current fluctuations. The directors aim to ensure that price increases caused by the adverse currency movements are passed onto customers as soon as practicable. The market in which the group operates is highly competitive. As a result, there is constant downwards pressure on margins and addition risk of being unable to meet customers' expectations. Policies of constant price monitoring and on-going market research are in place to mitigate such risks.
Financial risk management objectives and policies

The group uses various financial instruments which include cash, loans, and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instrument is to raise finance for the group's operations. The existence of these financial instruments exposes the group to several financial risks, which are described in more detail below.

 

The main risks arising from the group's financial instruments are currently risk, interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarized below. These policies have remained unchanged from previous years.

 

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable need. Short-term flexibility is achieved through invoice discounting facilities.

 

Cash flow interest rate risk

The group finances its operations through a mixture of retained profits, invoice discount facilities and unsecured loans. All the group's borrowings are at variable rates of interest. The group managers its exposure to interest rate fluctuations by seeking to minimise short term borrowings using its invoice discounting facilities.

 

Credit risk

The group's principal financial assets are cash deposits and trade debtors. The principal credit risk arises from its trade debtors.

 

To manage credit risk, the directors set limits for customers based on a combination of payment history, customer relationships, knowledge of the types of customers and business and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

On behalf of the board

S D Bridgeman
Director
6 June 2025
FRANCIACORTA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of the sale of wines and provisions. The principal activity of the company is to act as an investment holding company and to provide management services to companies in which it has an interest. The financial position of the group and company at the year-end is set out in the statement of financial position on pages 9 and 10 respectively.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S D Bridgeman
J D N Pires
C J Dos Santos
G Segatta
M V Santos-Pires
Post reporting date events

There are no adjusting or non-adjusting post balance sheet events.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FRANCIACORTA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S D Bridgeman
Director
6 June 2025
FRANCIACORTA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANCIACORTA LIMITED
- 5 -
Opinion

We have audited the financial statements of Franciacorta Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' 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 group's and parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

FRANCIACORTA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANCIACORTA LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FRANCIACORTA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANCIACORTA LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Adam East ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
6 June 2025
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
FRANCIACORTA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
16,936,391
164,263
17,100,654
17,975,431
331,023
18,306,454
Cost of sales
(11,413,180)
(104,011)
(11,517,191)
(12,172,748)
(189,262)
(12,362,010)
Gross profit
5,523,211
60,252
5,583,463
5,802,683
141,761
5,944,444
Administrative expenses
(5,317,167)
(179,458)
(5,496,625)
(5,294,583)
(188,731)
(5,483,314)
Other operating income
-
76,150
76,150
-
-
-
Operating profit
4
206,044
(43,056)
162,988
508,100
(46,970)
461,130
Interest receivable and similar income
8
50,463
78
50,541
30,393
135
30,528
Interest payable and similar expenses
9
(5,256)
-
(5,256)
(12,123)
-
(12,123)
Profit before taxation
251,251
(42,978)
208,273
526,370
(46,835)
479,535
Tax on profit
10
(80,001)
-
(80,001)
(110,189)
-
(110,189)
Profit for the financial year
21
171,250
(42,978)
128,272
416,181
(46,835)
369,346
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FRANCIACORTA LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
163,070
241,881
Current assets
Stocks
16
2,594,768
2,477,558
Debtors
17
2,681,114
2,913,138
Cash at bank and in hand
1,269,779
1,461,526
6,545,661
6,852,222
Creditors: amounts falling due within one year
18
(1,561,192)
(2,074,836)
Net current assets
4,984,469
4,777,386
Net assets
5,147,539
5,019,267
Capital and reserves
Called up share capital
20
65,000
65,000
Share premium account
21
39,000
39,000
Capital redemption reserve
21
7,500
7,500
Profit and loss reserves
21
5,036,039
4,907,767
Total equity
5,147,539
5,019,267
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
06 June 2025
S D Bridgeman
Director
Company registration number 02797699 (England and Wales)
FRANCIACORTA LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,234,475
1,234,475
Current assets
Debtors
17
11
5
Cash at bank and in hand
1,533
1,566
1,544
1,571
Creditors: amounts falling due within one year
18
(913,239)
(902,019)
Net current liabilities
(911,695)
(900,448)
Net assets
322,780
334,027
Capital and reserves
Called up share capital
20
65,000
65,000
Share premium account
21
39,000
39,000
Capital redemption reserve
21
7,500
7,500
Profit and loss reserves
21
211,280
222,527
Total equity
322,780
334,027

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £11,248 (2023: £10,255 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
06 June 2025
S D Bridgeman
Director
Company registration number 02797699 (England and Wales)
FRANCIACORTA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
65,000
39,000
7,500
4,538,421
4,649,921
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
369,346
369,346
Balance at 31 December 2023
65,000
39,000
7,500
4,907,767
5,019,267
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
128,272
128,272
Balance at 31 December 2024
65,000
39,000
7,500
5,036,039
5,147,539
FRANCIACORTA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
65,000
39,000
7,500
212,272
323,772
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
10,255
10,255
Balance at 31 December 2023
65,000
39,000
7,500
222,527
334,027
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(11,247)
(11,247)
Balance at 31 December 2024
65,000
39,000
7,500
211,280
322,780
FRANCIACORTA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(129,410)
464,759
Interest paid
(5,256)
(12,123)
Income taxes paid
(110,058)
(146,354)
Net cash (outflow)/inflow from operating activities
(244,724)
306,282
Investing activities
Purchase of tangible fixed assets
(72,344)
(154,058)
Proceeds from disposal of tangible fixed assets
16,601
30,590
Interest received
50,541
30,528
Net cash used in investing activities
(5,202)
(92,940)
Financing activities
Repayment of borrowings
-
(52,055)
Movement of invoice discounting
58,179
8,795
Net cash generated from/(used in) financing activities
58,179
(43,260)
Net (decrease)/increase in cash and cash equivalents
(191,747)
170,082
Cash and cash equivalents at beginning of year
1,461,526
1,291,444
Cash and cash equivalents at end of year
1,269,779
1,461,526
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Franciacorta Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 2 & 3, 199 Eade Road, London, UK, N4 1DN.

 

The group consists of Franciacorta Limited and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Franciacorta Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

When preparing these financial statements, management has applied the going concern assumption. The group made a profit after tax of £128,272 during the year under review and as noted in the strategic report is forecasted to make further profit in the twelve months from the date of signing. Management prepared forecasts covering twelve months from the date of signing which the group will be able to meet its working capital requirements during this period.

1.5
Turnover

Turnover represents the net invoiced value of goods, excluding value added tax. Turnover arose from the group's principal activity, which is that of the sale of wines and provisions. Turnover is recognised at the point of sale, which is when the goods are supplied to the customer.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is usually 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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:

Leasehold land and buildings
straight line over the life of the lease
Short leasehold improvements
straight line over the life of the lease
Plant and equipment
20% straight line
Computers
20% - 25% straight line
Motor vehicles
25% straight line
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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 recognised in the income statement.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

 

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The group operates a contributory money purchase pension scheme for all of its employees through the National Employment Savings Trust. The group's contributions are charged against profits in the year in which the contributions are made.

1.17
Leases

Assets acquired under hire purchase contracts are capitalised at their fair value on acquisition and finance charges are allocated over the period of the contract in proportion to the capital element outstanding. Rentals payable under operating leases are charged to Statement of comprehensive income on a straight line basis over the lease term.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end 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 in the period are included in profit or loss.

1.19

Invoice discount facility

The group has an invoice discount facility in place based on the value of trade debtors. Under this arrangement, the group has retained both the credit and late payment risk associated with the trade debtors. As the group has retained substantially all the risks and rewards of ownership of the trade debtors, it continues to recognise the trade debtors in the statement of financial position with advances from the facility provider treated as a separate liability.

1.20

Forward exchange contracts

Gains and losses on forward foreign exchange contracts, used to manage foreign exchange exposure, are taken to the statement of comprehensive income on maturity to match the underlying transactions.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.21

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

2
Judgements and key sources of estimation uncertainty

In the application of the group'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.

 

Provision for obsolete, slow moving or defective stocks

The directors have applied their knowledge and experience of the wholesale consumables industry in determining the level and rates of provisioning required in calculating the appropriate stock carrying values. The provision includes estimates for shrinkage, spoilage and slow-moving items depending on the age and current selling process of the individual stock items.

 

Provision for bad debt

The directors have reviewed the ageing of the trade debtors at the year end and the level of recovery following the year end. The provision is based on historical experience of recovery and the ageing of debts as well as specific knowledge of the solvency and ability to pay off the group's customers at the reporting date.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Goods supplied in UK
17,100,654
18,306,454
2024
2023
£
£
Other revenue
Interest income
50,541
30,528
4
Operating profit
2024
2023
As restated
£
£
Exchange losses
117,695
27,569
Depreciation of owned tangible fixed assets
102,210
88,458
Loss/(profit) on disposal of tangible fixed assets
32,344
(30,590)
Operating lease charges in respect of rent
360,122
378,561
Operating lease charges in respect of hire of plant and machinery
72,047
74,946
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Operating profit
(Continued)
- 21 -

Prior Period Adjustment – Foreign Exchange Disclosure

A prior period adjustment has been made to reclassify certain expenditure, which affects the disclosure of foreign exchange movements. As a result, the previously reported foreign exchange gain of £369,251 for the financial year ended 31 December 2023 has been restated.

 

This adjustment has no impact on the Group Statement of Comprehensive Income, the Group Statement of Financial Position or the Company Statement of Financial Position.

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,775
6,575
Audit of the financial statements of the company's subsidiaries
21,100
20,470
27,875
27,045
For other services
All other non-audit services
4,050
3,150
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
19
21
5
5
Warehouse, selling and distribution
63
64
-
-
Total
82
85
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,158,021
3,354,843
437,509
643,340
Social security costs
356,742
355,156
49,960
54,905
Pension costs
58,096
57,198
-
0
-
0
3,572,859
3,767,197
487,469
698,245
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
437,509
656,082
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
106,821
137,998

During the year retirement benefits were accruing to 4 directors (2023: 4) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
50,541
30,528
9
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
5,256
10,732
Other interest
-
1,391
Total finance costs
5,256
12,123
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
80,001
99,005
Adjustments in respect of prior periods
-
0
11,184
Total current tax
80,001
110,189
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
208,273
479,535
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
52,068
112,787
Tax effect of expenses that are not deductible in determining taxable profit
17,327
3,725
Other permanent differences
-
0
(9,065)
(Capital allowances in excess of depreciation) / Capital allowances less than depreciation
8,750
5,644
Movement in general bad debt provision
2,025
(6,891)
Profit on sale of fixed assets
(169)
(7,195)
Prior year taxation differences
-
11,184
Taxation charge
80,001
110,189
11
Discontinued operations

Camisa Shops Limited ceased trading effective 3 August 2024 and therefore results for the company have been included as discontinued operations. It is the intention of the present Board to hold the company as dormant before striking it off in the future. The Franciacorta group has confirmed that they will provide support to enable the company to fulfil its financial obligations as and when they fall due until this point.

12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
621,416
Amortisation and impairment
At 1 January 2024 and 31 December 2024
621,416
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Short leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
45,483
131,107
333,965
95,923
845,344
1,451,822
Additions
-
0
-
0
-
0
-
0
72,344
72,344
Disposals
(56,912)
-
0
(16,319)
-
0
(62,787)
(136,018)
At 31 December 2024
(11,429)
131,107
317,646
95,923
854,901
1,388,148
Depreciation and impairment
At 1 January 2024
7,592
129,648
333,178
95,923
643,600
1,209,941
Depreciation charged in the year
6,330
-
0
787
-
0
95,093
102,210
Eliminated in respect of disposals
(23,892)
-
0
(16,319)
-
0
(46,862)
(87,073)
At 31 December 2024
(9,970)
129,648
317,646
95,923
691,831
1,225,078
Carrying amount
At 31 December 2024
(1,459)
1,459
-
0
-
0
163,070
163,070
At 31 December 2023
37,891
1,459
787
-
0
201,744
241,881
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,234,475
1,234,475
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,234,475
Carrying amount
At 31 December 2024
1,234,475
At 31 December 2023
1,234,475
FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Alivini Company Limited
UK
Sales of wines and provisions
Ordinary
100.00
Alivini (North) Limited
UK
Dormant
Ordinary
100.00
Camisa Shops Limited
UK
Dormant
Ordinary
100.00

Ali-Vini Company (1985) Limited, a company indirectly held by the company, was dissolved on 19 November 2024.

The registered office address of all subsidiaries is the same as that for Franciacorta Limited, which is detailed on the company information page of these financial statements,

Camisa Shops Limited - Audit Exemption

The directors have taken advantage of exemption available under section 479A of the Companies Act 2006 and have not had the financial statements of Camisa Shops Limited for the year ended 31 December 2024 audited. Camisa Shops Limited is a wholly owned subsidiary of the group, registered in England and Wales with company number 06276923.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,594,768
2,477,558
-
0
-
0

An impairment of stocks recognised in the statement of comprehensive income was £5,031 (2023: £53).

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,540,340
2,722,984
-
0
-
0
Other debtors
50,650
112,171
11
5
Prepayments and accrued income
90,124
77,983
-
0
-
0
2,681,114
2,913,138
11
5

Trade debtors include an amount of £2,540,340 (2023: £2,722,984) which provide security in respect of invoice discount facilities.

 

During the year impairment losses totaling £34,262 (2023: £55,147) were recognised on trade debtors.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
868,176
1,148,816
-
0
-
0
Amounts owed to group undertakings
-
-
833,946
672,911
Corporation tax payable
71,864
101,921
-
0
-
0
Other taxation and social security
287,294
272,373
13,685
15,750
Other creditors
13,292
87,658
-
0
-
0
Accruals and deferred income
320,566
464,068
65,608
213,358
1,561,192
2,074,836
913,239
902,019

A deferred duty creditor of £69,751 (2023: £93,035) is included in trade creditors above and is guaranteed by a third party. In order for this guarantee to be given the group is required to hold £150,000 on deposit.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,096
57,198

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £63 (2023: £6,371) remained unpaid at the year end.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
65,000
65,000
65,000
65,000

The shares carry full rights to vote, receive dividends, and participate in capital distributions, including in the event of a winding up. The shares are not redeemable.

21
Reserves

Share premium

Includes only premiums received on issue of share capital. Any transaction costs associated with issuing of shares are deducted from share premium.

 

Capital redemption reserve

 

This represents reserves created on buy-back of class B shares.

 

Profit and loss account

 

Includes all current and prior period retained profit and losses.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
22
Financial commitments, guarantees and contingent liabilities

Invoice discounting facilities

The invoice discount facilities are secured by a fixed and floating charge over all assets of the two principal United Kingdom subsidiary companies, Alivini Company Limited and Alivini (North) Limited and by a cross guarantee among those companies and Franciacorta Limited.

 

The company utilised its invoice discounting facility at the year end, resulting in a closing debtor balance of £50,539 (2023: £108,718). The invoice discount facilities are secured by a fixed and floating charge over all assets of the two principal United Kingdom subsidiary companies, Alivini Company Limited and Alivini (North) Limited and by a cross guarantee among those companies and Franciacorta Limited.

 

VAT Group

The parent company is a member of a VAT group with Alivini Company Limited and Alivini (North) Limited, both being subsidiaries of the parent. Should Alivini Company Limited or Alivini (North) Limited fail to meet its VAT obligations, HM Revenue and Customs are entitled to make additional claims against the parent company.

23
Capital commitments

As at 31 December 2024, the group and parent company had no capital commitments (2023: None).

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
163,766
451,563
-
-
Between two and five years
523,783
240,774
-
-
687,549
692,337
-
-
25
Related party transactions

No related party transactions have been disclosed between the company and 100% owned other group companies as permitted by FRS 102 Section 33.

 

During the year, the group made payments totalling £90,310 (2023: £74,250) to the Alivini Group Directors Pension Scheme for rental of the group's warehouse and offices in Leeds. The Alivini Group Directors Pension Scheme is a related party by virtue of the fact that several directors of the group are also trustees of the Pension Scheme. There was no balance due to the Alivini Group Directors Pension Scheme at the year end (2023: £Nil).

26
Controlling party

In the opinion of the directors, there is no ultimate controlling related party.

FRANCIACORTA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
27
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
128,272
369,346
Adjustments for:
Taxation charged
80,001
110,189
Finance costs
5,256
12,123
Investment income
(50,541)
(30,528)
Loss/(gain) on disposal of tangible fixed assets
32,344
(30,590)
Depreciation and impairment of tangible fixed assets
102,210
88,458
Movements in working capital:
Increase in stocks
(117,210)
(190,818)
Decrease/(increase) in debtors
173,845
(27,523)
(Decrease)/increase in creditors
(483,587)
164,102
Cash (absorbed by)/generated from operations
(129,410)
464,759
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,461,526
(191,747)
1,269,779
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