REGISTERED NUMBER: 04170313 (England and Wales)

Audited Financial Statements for the Year Ended 31 March 2024

for

Eurospecial Sewing Machines Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Stuart Alan Brown

Mr Francesco Porcarelli

SECRETARY:

PB Secretarial Services Limited

REGISTERED OFFICE:

Pini Franco LLP

22-24 Ely Place

London

EC1N 6TE

REGISTERED NUMBER:

04170313 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Simon Edrich

AUDITORS:

PG & E Professional Services Ltd

Chartered Accountants & Statutory Auditor

47 Islington Park Street

London

N1 1QB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

-

Investments

6

-

10,173

-

10,173

CURRENT ASSETS

Debtors

7

17,663

521

Cash at bank

13,176

177,506

30,839

178,027

CREDITORS

Amounts falling due within one year

8

231,239

332,546

NET CURRENT LIABILITIES

(200,400

)

(154,519

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(200,400

)

(144,346

)

CAPITAL AND RESERVES

Called up share capital

30,362

30,362

Retained earnings

(230,762

)

(174,708

)

(200,400

)

(144,346

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

Mr Francesco Porcarelli - Director

1.	STATUTORY INFORMATION

Eurospecial Sewing Machines 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors intend to liquidate the company within the next 12 months and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. The company plans to transfer its assets and liabilities at their carrying value as at the date of closure to its parent or other group companies. Therefore, the directors have concluded that the historical cost convention remains an appropriate basis for the preparation of the financial statements.

Related party exemption

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 entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned.

Turnover

Turnover is recognised at the time that cash is received.

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.

Brand name

The brand name acquired at time of incorporation has been written off in equal annual instalments over its estimated useful economic life of 10 years.

Tangible fixed assets

Depreciation has been provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% per annum on cost

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

As a result of the material uncertainty regarding going concern, the directors believe that it is not prudent to account for deferred tax assets nor necessary to account for deferred tax liability within these financial statements.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2023

and 31 March 2024

70,963

AMORTISATION

At 1 April 2023

and 31 March 2024

70,963

NET BOOK VALUE

At 31 March 2024

-

At 31 March 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2023

and 31 March 2024

4,524

DEPRECIATION

At 1 April 2023

and 31 March 2024

4,524

NET BOOK VALUE

At 31 March 2024

-

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2023

10,173

Reclassification/transfer

(10,173

)

At 31 March 2024

-

NET BOOK VALUE

At 31 March 2024

-

At 31 March 2023

10,173

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Other debtors

17,663

521

Other debtors of £17,663 (2023: £521) inlcude unlisted investments of £10,173 (2023: £10,173) which were previously classified as fixed asset investments. On application of a basis other than going concern, the investments have been reclassified as current assets.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Trade creditors

3,351

114,686

Social security and other taxes

26,740

26,740

Other creditors

180,352

180,394

Accruals and deferred income

20,796

10,726

231,239

332,546

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

The Report of the Auditors was qualified on the following basis:

Basis for disclaimer of opinion

Within the financial statements turnover is made up entirely of sales to group companies and is included at £103,021 (2023: £671,587). We were unable to obtain sufficient appropriate evidence to confirm the validity or occurrence of the underlying transactions relating to these figures. Consequently, we were unable to determine whether any adjustments to these amounts and retained earnings were necessary.

Within the financial statements cost of sales of £150,697 (2023: £596,773) is made up entirely of purchases from group companies (2023: £588,773). We were unable to obtain sufficient appropriate evidence to confirm the validity or occurrence of the underlying transactions relating to these figures. Consequently, we were unable to determine whether any adjustments to these amounts and retained earnings were necessary.

The financial statements include the cost of intangible fixed assets as £70,963 (2022: £70,963). We were unable to obtain sufficient appropriate evidence to support these figures. Consequently, we were unable to determine whether any adjustments to the values of intangible fixed assets or fixed asset investments and retained earnings were necessary.

The company depends on other group companies for the provision of various administrative and other services and has also received a loan from a group company of £167,013 (2023: £167,055). However, no costs for these services, nor any interest relating to the loan, have been included in the financial statements. These omissions have a potential impact on the company's Corporation Tax obligations. Additionally, the other matters noted above could also have tax implications. As a result, we were unable to determine whether any adjustments to the Corporation Tax Charge and retained earnings may be necessary.

As a result of these matters, we were unable to determine whether any adjustments were necessary in

respect of recorded or unrecorded items described above and contained within the income statement and

balance sheet. Consequently, we are issuing a disclaimer of opinion on the financial statements.

Matters required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us toreport to you if, in our opinion:

Mr Simon Edrich (Senior Statutory Auditor)

for and on behalf of PG & E Professional Services Ltd

10.	RELATED PARTY DISCLOSURES

Within the financial statements turnover of £103,021 (2023: £671,587) is made up entirely of sales to Gobid International Auction Group Srl, a group company. These sales relate to scouting activities performed by the company on behalf of Gobid International Auction Group Srl. The company subcontracted this work in its entirety to Equilibrium SNC, also a group company. The cost of this work is included within cost of sales and amounts to £150,697 (2023: £588,773). At year end the outstanding receivable balance was £Nil (2023: £Nil) and the outstanding payable balance was £Nil (2023: £114,686).

Other creditors of £180,352 (2023: £180,394) include an amount owed to Corimac Srl, the company's immediate parent, of £167,013 (2023: £167,055), which relates to funding provided by Corimac Srl to the company, and an amount of £13,339 (2023: £13,339) owed to a director.

11.	AUDITOR LIABILITY LIMITATION

The company has limited the maximum aggregate amount of the Auditor's Liability to the company to not more than (1) the sum of 5 times the fees payable (excluding expenses and Value Added Tax) under the Engagement Letter referable to the financial year in question, or (2) £30,000 whichever is the lesser amount.

12.	POST BALANCE SHEET EVENTS

Subsequent to the reporting date, the company completed the following non-adjusting transactions with a group company:

- The disposal of the company's 60% interest in Centro Nautico Mare & Corimac SRL and the company's 45% interest in Revolution Yacht Brokers SRL. These investments are recognised in these financial statements at their combined cost of £10,173.

- The disposal of the company's brand name. This asset had been fully written down in these financial statements.

13.	ULTIMATE CONTROLLING PARTY

The immediate parent entity is Corimac Srl, a company incorporated in Italy whose registered office is Via Onorato Vigliani 19, Milan (MI), 20148, Italy, which is the company sole shareholder. The ultimate controlling entity is Investimenti Mobiliary Srl a company incorporated in Italy whose registered office is Via Onorato Vigliani 19, Milan (MI), 20148, Italy. Investimenti Mobiliary Srl is not required to include consolidated accounts within its published financial statements.