| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ROSSI GEARMOTORS LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ROSSI GEARMOTORS LIMITED |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| 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 |
| ROSSI GEARMOTORS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| One Eastwood |
| Harry Weston Road |
| Binley Business Park |
| Coventry |
| CV3 2UB |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Rossi Gearmotors Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| Tangible fixed assets |
| Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
| Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
| Depreciation is provided on the cost of tangible assets in equal annual instalments over their estimated useful lives, which are as follows : |
| Plant and machinery | - 10 years |
| Fixtures and fittings | - 5 years |
| Computers | - 3 years |
| Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated on a weighted average basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Forward foreign exchange contracts are initially recognised in the balance sheet at fair value within assets or liabilities as appropriate and then subsequently re-measured to fair value at each balance sheet date. Gains and losses arising from revaluation at the balance sheet date are recognised in the statement of comprehensive income. Fair value is assessed by reference to forward exchange rates observed at the reporting date. |
| 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. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Operating leases |
| Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other operating charges. |
| Going concern |
| The ultimate parent company, Rossi S.p.A has undertaken to provide such financial support as is required for the period of at least one year from the signing of the financial statements. The company shares common directors who are satisfied that this company has the financial resources to provide the required support. |
| Accordingly, the directors have adopted the going concern basis in preparing the annual report and accounts. |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Finished goods |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 227,654 | 220,683 |
| Other creditors |
| Accrued expenses |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 22,000 | 26,000 |
| Other provisions | 20,478 | 12,478 |
| Deferred | Warranty |
| tax | provision |
| £ | £ |
| Balance at 1 January 2024 |
| Accelerated capital allowances | (4,000 | ) | 8,000 |
| Balance at 31 December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 70,000 | 70,000 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,772 (2023: £41,504). Contributions totalling £313 (2023: £8,154) were payable to the fund at the reporting date and are included within creditors. |
| 13. | OTHER FINANCIAL COMMITMENTS |
| Other financial commitments and guarantees in respect of operating leases for property and office equipment, which are not included in the balance sheet, amount to £287,291 (2023 £100,999) in total. |
| 14. | RELATED PARTY TRANSACTIONS |
| 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.There are no transactions in the current or prior year with members outside of wholly owned group members. |
| ROSSI GEARMOTORS LIMITED (REGISTERED NUMBER: 02127971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The company's immediate parent company is Rossi International AG, a company incorporated in Switzerland, registered address Römerstrasse 1,4153 Reinach BL, Switzerland. At 31 December 2024 the smallest group in which the results of the company are consolidated is that headed by Rossi International AG. |
| The ultimate controlling party and company is Moovimenta AG, a company incorporated in Switzerland. At 31 December 2024 the largest group in which the results of the company are consolidated is that headed by Moovimenta AG. |