Company registration number 08877343 (England and Wales)
LN-CC AC LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
LN-CC AC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
LN-CC AC LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
9,831
14,382
Tangible assets
5
626,128
12,588
635,959
26,970
Current assets
Stocks
6
342,072
59,172
Debtors
7
5,080,501
5,222,212
Cash at bank and in hand
287,307
75,639
5,709,880
5,357,023
Creditors: amounts falling due within one year
8
(8,929,779)
(6,975,979)
Net current liabilities
(3,219,899)
(1,618,956)
Total assets less current liabilities
(2,583,940)
(1,591,986)
Creditors: amounts falling due after more than one year
9
(2,179,155)
(2,481,296)
Net liabilities
(4,763,095)
(4,073,282)
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
3,832,651
3,832,651
Other reserves
614,879
614,879
Profit and loss reserves
(9,220,625)
(8,530,812)
Total equity
(4,763,095)
(4,073,282)

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 18 February 2026
C Morassutto
Director
Company registration number 08877343 (England and Wales)
LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

LN-CC AC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, One London Wall, London, EC2Y 5EB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. As at 31 December 202 4, the company company generated a net loss of £689,813 (202 3: £204,684). As at 31 December 202 4, the company had net current liabilities of £3,219,899 (202 3: £1,618,956) and overall net liabilities of £4,763,095 (202 3: £4,073,282). D espite t his negative balance sheet position, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued support of the company's fellow group companies.

During the year, the company has carried out significant improvement works on its leasehold property further evidencing its intention to continue to trade and to supply goods in the UK.

The immediate parent company LN-CC Italia S.r.l has evidenced its continued financial support via additional funding provided during the year. In June 2025, the company agreed improved terms on its long-term loan liability.The director has also received written confirmation from the immediate parent company that it will continue to provide financial support to the company until at least 28 February 2027 so that the company can meet its liabilities as they fall due.

The financial statements do not include any adjustment that would result from the withdrawal of the continued support described above.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

- E-commerce

- Store sales

- Royalties

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Revenue from contracts for the provision of services is recognised by reference to the terms of the contract.

Royalty income is recognised on an accruals basis. Royalties are recorded when it is probable that the economic benefits associated with the transaction will flow to the entity.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 10 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.

1.5
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 improvements
Straight line over the life of the lease
Fixtures and fittings
5 years straight line

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.7
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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 in the company's balance sheet 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 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.

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.

LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 paymen ts discounted at a market rate of interest. For intragroup loans, the difference between the face value of the loan and the discounted amount on recognition is classified as a capital contribution with Equity. 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. A m ounts 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.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
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.

1.15

Long term incentive accrual

The estimated amount of the long term incentive bonus which is expected to be paid once the vesting period has lapsed is recognised at the time the agreement is signed. This is reviewed annually and adjusted according to changes in assumptions.

LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Interest rates used in long term discounting

Long term loans represent the present value of the anticipated future cash outflows. The discount rate used to calculate the present value represents the minimum acceptable rate of return for the group and is based on the average interest rates paid by the group to third party finance providers. If a different discount rate were to be used then this may have a material impact on the financial statements.

Long-term incentive accrual

The estimated amount of the long-term incentive bonus which is expected to be paid once the vesting period has lapsed is recognised at the time the agreement is signed. This is reviewed annually and adjusted according to changes in assumptions. The assumptions used include the forecast EBITDA results for the group and the likelihood of payment based on the current staff turnover rates in the group.

Depreciation rates

Depreciation is based on management’s assessment of an asset’s useful economic life, residual value, and the method that best reflects the pattern of consumption of economic benefits. These estimates are reviewed annually and adjusted prospectively where necessary.

3
Employees

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

2024
2023
Number
Number
Total
13
14
LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
153,898
Additions
774
At 31 December 2024
154,672
Amortisation and impairment
At 1 January 2024
139,516
Amortisation charged for the year
5,325
At 31 December 2024
144,841
Carrying amount
At 31 December 2024
9,831
At 31 December 2023
14,382
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
3,378
53,190
56,568
Additions
771,950
1,613
773,563
At 31 December 2024
775,328
54,803
830,131
Depreciation and impairment
At 1 January 2024
3,378
40,602
43,980
Depreciation charged in the year
154,696
5,327
160,023
At 31 December 2024
158,074
45,929
204,003
Carrying amount
At 31 December 2024
617,254
8,874
626,128
At 31 December 2023
-
0
12,588
12,588
6
Stocks
2024
2023
£
£
Stocks
342,072
59,172
LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,970,174
4,151,295
Other debtors
110,327
1,070,917
5,080,501
5,222,212

Included in other debtors is an amount of £40,969 (202 3: £40,969) in relation to a security deposit which is due in more than one year.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
178,176
132,512
Amounts owed to group undertakings
8,520,532
6,741,089
Taxation and social security
44,251
20,517
Other creditors
186,820
81,861
8,929,779
6,975,979
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
72,545
67,250
Amounts owed to group undertakings
2,106,610
2,414,046
2,179,155
2,481,296
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Audit report information
(Continued)
- 9 -

Qualified Opinion

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, 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 qualified opinion

We did not observe the counting of the physical stock at the end of the year ended 31 December 2023 a nd w e were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023 which were includ e d in th e balance s h ee t at £59,172, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2024.

We attended the counting of the physical stock at the end of the year ended 31 December 2024. Of the total stock held at 31 December 2024 of £342,072, we were unable to verify closing stock amounting to £65,994 which was identified by the company after the stock take had taken place as stock held by the company as at 31 December 2024. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2024 which were includ e d in th e balance s h ee t at £65,994, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2024 was necessary.

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 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 qualified opinion.

Senior Statutory Auditor:
Darren Hill FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
18 February 2026
11
Operating lease commitments
As lessee

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

2024
2023
£
£
Total commitments
460,000
310,000
LN-CC AC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
145,085
13
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 paragraph 33.1A 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company and the parties to those transactions are wholly owned subsidiary undertakings of the group.

14
Parent company

At the year end, the company was under the control of the ultimate parent company, Progetto 11 S.r.l, a company incorporated in Italy. The results of LN-CC AC Ltd have been included in the consolidated accounts of Progetto 11 S.r.l. and these consolidated accounts are available from Piazza Arcole, 4 – 20143 Milan, Italy.

2024-12-31 2024-01-01 false false false 18 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity C Morassutto 08877343 2024-01-01 2024-12-31 08877343 2024-12-31 08877343 2023-12-31 08877343 core:NetGoodwill 2024-12-31 08877343 core:NetGoodwill 2023-12-31 08877343 core:LandBuildings 2024-12-31 08877343 core:OtherPropertyPlantEquipment 2024-12-31 08877343 core:LandBuildings 2023-12-31 08877343 core:OtherPropertyPlantEquipment 2023-12-31 08877343 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 08877343 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08877343 core:WithinOneYear 2024-12-31 08877343 core:WithinOneYear 2023-12-31 08877343 core:AfterOneYear 2024-12-31 08877343 core:AfterOneYear 2023-12-31 08877343 core:CurrentFinancialInstruments 2024-12-31 08877343 core:CurrentFinancialInstruments 2023-12-31 08877343 core:Non-currentFinancialInstruments 2024-12-31 08877343 core:Non-currentFinancialInstruments 2023-12-31 08877343 core:ShareCapital 2024-12-31 08877343 core:ShareCapital 2023-12-31 08877343 core:SharePremium 2024-12-31 08877343 core:SharePremium 2023-12-31 08877343 core:OtherMiscellaneousReserve 2024-12-31 08877343 core:OtherMiscellaneousReserve 2023-12-31 08877343 core:RetainedEarningsAccumulatedLosses 2024-12-31 08877343 core:RetainedEarningsAccumulatedLosses 2023-12-31 08877343 bus:Director1 2024-01-01 2024-12-31 08877343 core:Goodwill 2024-01-01 2024-12-31 08877343 core:LeaseholdImprovements 2024-01-01 2024-12-31 08877343 core:FurnitureFittings 2024-01-01 2024-12-31 08877343 2023-01-01 2023-12-31 08877343 core:NetGoodwill 2023-12-31 08877343 core:NetGoodwill 2024-01-01 2024-12-31 08877343 core:LandBuildings 2023-12-31 08877343 core:OtherPropertyPlantEquipment 2023-12-31 08877343 2023-12-31 08877343 core:LandBuildings 2024-01-01 2024-12-31 08877343 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 08877343 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08877343 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08877343 bus:FRS102 2024-01-01 2024-12-31 08877343 bus:Audited 2024-01-01 2024-12-31 08877343 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP