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Registration number: 09580250

Aquazzura UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Aquazzura UK Limited

Contents

Company Information

1

Directors' Report

2 to 3

Report of the Independent Auditors

4 to 6

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 19

 

Aquazzura UK Limited

Company Information

For the year ended 31 December 2024

 

Directors

E I Osorio Aduen

F Tenderini

N R Hogan

Company secretary

Laggan Secretaries Limited
5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
 

Registered number

09580250

Registered office

5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

Bankers

Barclays Bank PLC
1 Churchill Place
Canary Wharf
London
E14 5HP

Auditors

MHA Audit Services LLP 2 London Wall Place
London
United Kingdom
EC2Y 5AU

 

Aquazzura UK Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

E I Osorio Aduen

F Tenderini

N R Hogan

Principal activity

The principal activity of the company is the import and sale of luxury shoes from its two retail stores in London and outlet store at Bicester Village.

Results and dividends
The company profit for the year, amounted to £140,768 (2023: £97,966).
The directors do not recommend the payment of a dividend (2023: £Nil).

Future development and significant events
The business strategy continues to be that of maintaining and developing the client base.

Directors’ responsibilities statement
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A, and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Aquazzura UK Limited

Directors' Report for the Year Ended 31 December 2024 (continued)

Statement of disclosure of information to auditor
Each director who held office at the date of approval of this directors’ report confirms that:
• so far as the director is aware, there is no relevant audit information of which the company's auditors in connection with prepare their report, of which the company’s auditor is unaware; and
• The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

The confirmation is given and should interpreted in accordance to the provision of s418 of the Companies Act 2006.

Auditors
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
 

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 July 2025 and signed on its behalf by:
 

.........................................
F Tenderini
Director

 

Aquazzura UK Limited

Report of the Independent Auditors to the Members of Aquazzura UK Limited

Opinion

We have audited the financial statements of Aquazzura UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statements of Changes in Equity Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the financial statements Notes to the Financial Statements, including of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A '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 the Company's profit 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 auditor 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 original financial statements were 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.

 

Aquazzura UK Limited

Report of the Independent Auditors to the Members of Aquazzura UK Limited (continued)

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

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 Directors’ Report.

Matters on which we are required to report by exception

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 directors' remuneration specified by law are not made or we have not received all the information and explanations we require for our audit; or

we have not received all the information and explanations we require for our auditor

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

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 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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Aquazzura UK Limited

Report of the Independent Auditors to the Members of Aquazzura UK Limited (continued)

Auditor’s responsibilities for the audit of the financial statements - continued
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims;
• Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
• Discussions with management over any potential or suspected fraud;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Performing substantive test of detail over the completeness/existence of income within the financial system.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

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.

......................................
Francesco Lepri ACA (Senior Statutory Auditor)
for and on behalf of MHA
2 London Wall Place
London
United Kingdom
EC2Y 5AU

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

11 July 2025

 

Aquazzura UK Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

4,069,281

3,940,126

Cost of sales

 

(2,394,481)

(2,455,501)

Gross profit

 

1,674,800

1,484,625

Distribution costs

 

(37,942)

-

Administrative expenses

 

(3,566,090)

(3,313,659)

Other operating income

 

2,070,000

1,927,000

Operating profit

 

140,768

97,966

Profit before tax

140,768

97,966

Profit for the financial year

 

140,768

97,966

 

Aquazzura UK Limited

(Registration number: 09580250)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

713,946

752,309

Current assets

 

Stocks

6

1,608,029

1,566,620

Debtors

7

881,056

975,325

Cash at bank and in hand

 

484,077

503,212

 

2,973,162

3,045,157

Creditors: Amounts falling due within one year

8

(3,183,432)

(3,749,837)

Net current liabilities

 

(210,270)

(704,680)

Total assets less current liabilities

 

503,676

47,629

Creditors: Amounts falling due after more than one year

8

(515,840)

(200,561)

Net liabilities

 

(12,164)

(152,932)

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

(13,164)

(153,932)

Shareholders' deficit

 

(12,164)

(152,932)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the Board of Directors and authorised for issue and were signed on 11 July 2025 by:

.........................................
F Tenderini
Director

 

Aquazzura UK Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

1,000

(153,932)

(152,932)

Profit for the year

-

140,768

140,768

At 31 December 2024

1,000

(13,164)

(12,164)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,000

(251,898)

(250,898)

Profit for the year

-

97,966

97,966

At 31 December 2023

1,000

(153,932)

(152,932)

 

Aquazzura UK Limited

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

1

General information

Aquazzura UK Limited is a private company limited by shares and incorporated, domiciled and registered in England & Wales. The registered office address is 5th Floor, North Side, 7/10 Chandos Street, Cavendish Square, London, W1G 9DQ.

The principal activity of the company is included in the Directors' Report.

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company's immediate parent undertaking, Aquazzura Italia S.r.l., includes the Company in its consolidated financial statements. The consolidated financial statements of Aquazzura Italia S.r.l. are prepared in accordance with Italian GAAP and are available to the public and may be obtained at the Company Address, Lungarno Corsini 8, Florence 50143 Italy.

2

Accounting policies

Basis of preparation of financial statements

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) including the provisions of Section 1A “Small Entities” and the Companies Act 2006.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
 

Measurement convention

These financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
 

Turnover

Revenue is recognised when the significant risks and rewards of ownership of goods have passed to the buyer, it is probable that the economic benefit will flow to the company and the amount of revenue can be measured reliably. Revenue is recognised at point of sale in store.
The turnover shown in the profit and loss account represents the invoiced value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax.
 

 

Aquazzura UK Limited

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

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
 

Finance costs/Finance income

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company’s right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of differed tax liabilities or other future taxable profits.

Current and deferred tax is charged or credited in the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

 

Aquazzura UK Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

over the remaining term of the lease on a straight line basis

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises materials.

Net realisable value is the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Where necessary, provision is made for obsolete, slow moving and defective stocks based on the directors’ knowledge of customer demands and trends and therefore the directors have used their best estimation in relation to stock valuation.
 

Trade 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 current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Aquazzura UK Limited

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

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Rent free periods or other incentives received are accounted for as a reduction to the expense and are recognised on a straight line basis over the lese term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution plans

The company makes contributions to the personal pension plans of eligible employees. The amount charged to the profit and loss account in respect of pension costs is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Financial instruments

The company 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 when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
 

 

Aquazzura UK Limited

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

2

Accounting policies (continued)

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 company 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 21).

The directors’ remuneration for the year is £5,000, (2023 - 5,000).

4

Auditor's remuneration

2024
£

2023
£

Fees payable for the audit of the financial statements

14,250

13,500


 

 

Aquazzura UK Limited

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

5

Tangible assets

Leasehold land and buildings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

384,103

1,108,328

1,492,431

Additions

-

156,632

156,632

At 31 December 2024

384,103

1,264,960

1,649,063

Depreciation

At 1 January 2024

161,752

578,370

740,122

Charge for the year

35,123

159,872

194,995

At 31 December 2024

196,875

738,242

935,117

Carrying amount

At 31 December 2024

187,228

526,718

713,946

At 31 December 2023

222,351

529,958

752,309

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,608,029

1,566,620

Stock includes a provision for obsolete stock of £834,688 (2023 - £730,427)

 

Aquazzura UK Limited

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

7

Debtors

Amounts falling less than 1 year

2024
£

2023
£

Trade debtors

180,593

148,596

Prepayments

73,093

193,969

 

253,686

342,565

Amounts falling due after more than 1 year

2024
£

2023
£

Rent deposit

627,370

632,760

 

627,370

632,760

The Barclays bank has given a guarantee to Aquazzura UK Limited of up to £81,370 (2023 - £81,370) which is in turn secured over the bank balance.
 

 

Aquazzura UK Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

83,661

188,736

Amounts owed to group undertakings

2,545,303

3,326,721

Taxation and social security

 

171,259

154,869

Accruals and deferred income

 

122,461

-

Deferred rent

 

153,057

-

Other creditors

 

107,691

79,511

 

3,183,432

3,749,837

The amount of £2,545,303 (2023 - £3,326,721) owed to group undertakings bears no interest and it is repayable on demand.
 

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred Rent

515,840

200,561

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £1 each

1,000

1,000

1,000

1,000

       
 

Aquazzura UK Limited

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

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

854,435

935,808

Later than one year and not later than five years

1,321,585

1,968,603

2,176,020

2,904,411

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,306,441 (2023 - £937,207).

11

Taxation

The company has estimated losses of £137,254 (2023 - £336,132) available for carry forward against operating profits.

Prudently, no DTA has been accrued.


OECD Pillar Two model rules.

The entity is not within the scope of the OECD Pillar Two model rules.

 

Aquazzura UK Limited

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



12 Related party transactions

As a wholly owned subsidiary, the company has taken advantage of the exemption available under section 33.1A of FRS 102 not to disclose details of transactions with other wholly owned group companies.
The company paid in 2024 £115,562 (2023: £52,467) to Laggan Associates Ltd a company controlled by Filippo Tenderini (Director). At the balance sheet date company owed to Laggan and Associates Ltd 2024 £NIL ( 2023: £NIL).

13 Retirement benefit scheme

The Company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,871 (2023: £2,052) were due to the fund. They are included in other creditors.

14 Parent and ultimate parent undertaking

The company's immediate parent is Aquazzura Italia Srl, incorporated in Italy.
The smallest and largest company for which these financial statements are consolidated is Aquazzura Italia Srl.
The ultimate controlling party are Edgardo Osorio and Ricardo D'Almeida.

15 Post balance sheet events.

There were no material events after the reporting period which have a bearing on the understanding of the financial statements.