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REGISTERED NUMBER: 03405119 (England and Wales)




















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FASHOFF UK LIMITED

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FASHOFF UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: S Badioli



REGISTERED OFFICE: 28/29 Conduit Street
London
W1S 2YB



REGISTERED NUMBER: 03405119 (England and Wales)



AUDITORS: Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA



BANKERS: National Westminster Bank Plc
180 Brompton Road
Knightsbridge
London
SW3 1HL

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
During 2024, the company experienced a challenging trading period with turnover declining by 34.4% to £1,905,483 (2023: £2,904,697), primarily due to disruption in the wholesale market following the replacement of Moschino's Creative Director in January 2024 and the continued tough economic environment affecting luxury fashion sales.

As part of a strategic group restructuring initiative, the company completed the integration of Aeffe UK Ltd's trading operations, which while incurring one-time costs during the transition, is expected to deliver improved operational efficiency and enhanced margins in future periods.

Despite the revenue challenges, the company maintained a gross profit margin of approximately 70% and remains well-positioned to benefit from any market recovery and the stabilization of brand partnerships following the recent operational changes.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk and uncertainties are:

Price risk
Due to the nature of the financial instruments there is little exposure to price risks other than normal inflationary risks.

Liquidity risk
The trade creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due.

ON BEHALF OF THE BOARD:





S Badioli - Director


6 June 2025

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2024


The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of retail and wholesale of fashion garments.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR
S Badioli held office during the whole of the period from 1 January 2024 to the date of this report.

FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to provide finance for its day to day operation.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Ward Divecha Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Badioli - Director


6 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASHOFF UK LIMITED


Opinion
We have audited the financial statements of Fashoff UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASHOFF UK LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASHOFF UK LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASHOFF UK LIMITED


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 a Report of the Auditors 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.




Adil Divecha (Senior Statutory Auditor)
for and on behalf of Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA

6 June 2025

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3 1,905,483 2,904,697

Cost of sales 569,742 562,715
GROSS PROFIT 1,335,741 2,341,982

Distribution costs 539,333 481,496
Administrative expenses 2,463,593 2,020,588
3,002,926 2,502,084
(1,667,185 ) (160,102 )

Other operating income 109,901 88,600
OPERATING LOSS 5 (1,557,284 ) (71,502 )

Interest receivable and similar income 818 5,095
(1,556,466 ) (66,407 )

Interest payable and similar expenses 6 238 -
LOSS BEFORE TAXATION (1,556,704 ) (66,407 )

Tax on loss 7 - (155,292 )
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(1,556,704

)

88,885

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

(1,556,704

)

88,885

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 2,002,573 2,252,895
Tangible assets 9 1,189,939 1,128,757
Investments 10 100 100
3,192,612 3,381,752

CURRENT ASSETS
Stocks 11 699,664 796,364
Debtors 12 520,747 1,330,686
Cash at bank and in hand 70,945 116,184
1,291,356 2,243,234
CREDITORS
Amounts falling due within one year 13 876,153 460,467
NET CURRENT ASSETS 415,203 1,782,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,607,815

5,164,519

CAPITAL AND RESERVES
Called up share capital 14 1,550,000 1,550,000
Retained earnings 15 2,057,815 3,614,519
SHAREHOLDERS' FUNDS 3,607,815 5,164,519

The financial statements were approved by the director and authorised for issue on 6 June 2025 and were signed by:





S Badioli - Director


FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 1,550,000 3,525,634 5,075,634

Changes in equity
Total comprehensive income - 88,885 88,885
Balance at 31 December 2023 1,550,000 3,614,519 5,164,519

Changes in equity
Total comprehensive income - (1,556,704 ) (1,556,704 )
Balance at 31 December 2024 1,550,000 2,057,815 3,607,815

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Fashoff UK Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the costs less estimated residual value of each asset over its expected useful life, as follows:

Long life leasehold improvements Over the period of the lease on a straight line basis
Short life leasehold improvements 25% straight line
Plant and machinery 25% straight line
Fixtures,fittings & equipment 25% straight line

Stocks
Stocks are valued at the lower of cost and selling price less selling costs, after making due allowance for obsolete and slow moving items.


FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as creditors falling due within one year if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as creditors falling due after one year.

Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price.

Trade and other debtors
Trade debtors are amounts due from customers for services provided in the ordinary course of business. Trade debtors are recognised at the undiscounted amount of cash receivable, which is normally the invoice price, less any allowances for doubtful debts.

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Going concern
Aeffe Spa, the company's parent company, has confirmed that it will provide such financial assistance as is necessary to support the company for the next twelve months from the date of signing the financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

3. TURNOVER

The turnover and profit before taxation are attributed to the principal activities of the company. This being the wholesale and retail sales clothing.
The total turnover of the company for the year has been derived from its principal activities wholly undertaken in the United Kingdom.

20232022
£   £   
Sale of goods864,6021,339,402
Commission income1,320,0952,022,905
PR recharge720,000720,000
2,904,6974,082,307

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 697,730 647,430
Social security costs 93,660 85,824
Other pension costs 11,744 18,554
803,134 751,808

The average number of employees during the year was as follows:
2024 2023

Retail Sales 5 4
Wholesale 2 2
Management & Administration 5 5
Press 3 3
15 14

2024 2023
£    £   
Director's remuneration - -

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 114,643 109,200
Goodwill amortisation 250,322 250,322
Auditors' remuneration 6,500 6,500
Auditors' remuneration for non audit work 1,500 1,500
Foreign exchange differences (851 ) 82,991
Key management personnel compensation 390,392 301,997

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 238 -

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Under/(over) provision
for previous year - (140,402 )

Deferred tax - (14,890 )
Tax on loss - (155,292 )

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024 2023
£    £   
Loss before tax (1,556,704 ) (66,407 )
Loss multiplied by the standard rate of corporation tax in the UK of
0% (2023 - 0%)

-

-

Effects of:
Under/ Overprovision provision of taxes - (140,402 )
Deferred tax - (14,890 )

Total tax credit - (155,292 )

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 2,503,217
AMORTISATION
At 1 January 2024 250,322
Amortisation for year 250,322
At 31 December 2024 500,644
NET BOOK VALUE
At 31 December 2024 2,002,573
At 31 December 2023 2,252,895

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2024 1,215,398 54,958 72,131 1,342,487
Additions 175,000 825 - 175,825
At 31 December 2024 1,390,398 55,783 72,131 1,518,312
DEPRECIATION
At 1 January 2024 101,283 51,420 61,027 213,730
Charge for year 107,280 4,363 3,000 114,643
At 31 December 2024 208,563 55,783 64,027 328,373
NET BOOK VALUE
At 31 December 2024 1,181,835 - 8,104 1,189,939
At 31 December 2023 1,114,115 3,538 11,104 1,128,757

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100
At 31 December 2023 100

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Moschino (UK) LTD
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

11. STOCKS
2024 2023
£    £   
Finished goods 699,664 796,364

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,696 20,627
Amounts owed by group undertakings 7,421 1,054,728
Other debtors 175,861 217
VAT 19,785 42,640
Prepayments and accrued income 285,984 212,474
520,747 1,330,686

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 381,782 314,092
Amounts owed to group undertakings 212,692 93,948
Social security and other taxes 94,607 19,285
Other creditors 870 2,045
Accruals and deferred income 186,202 31,097
876,153 460,467

FASHOFF UK LIMITED (REGISTERED NUMBER: 03405119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,550,000 Ordinary 1 1,550,000 1,550,000

15. RESERVES
Retained
earnings
£   

At 1 January 2024 3,614,519
Deficit for the year (1,556,704 )
At 31 December 2024 2,057,815

16. ULTIMATE PARENT COMPANY

The Director considers the ultimate parent company to be AEFFE S.p.a, a company registered in Italy. The address of this company is Via Delle Querce, 51 47842-San Giovanni in Marignano, Italy.

17. OTHER FINANCIAL COMMITMENTS

The Company leases a building under an operating lease starting from 28/09/2022 to 29/09/2037 with a breakable clause in ten years. Also a rent review will be carried out after 28/09/2027.

The total minimum lease payments under non-cancellable operating leases are payable as follows:-

Land and Buildings
20242023
Expiry date:££
Within one year966,8751,050,000
After one year but within five years4,943,7504,831,250
In more than five years3,437,5004,687,500
9,348,12510,568,750

18. 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.

The company is a 100% subsidiary of its parent company Aeffe S.p.a. (registered in Italy).