Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-31 2023-12-31 2023-01-01 No description of principal activity false 31 40 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09287584 2023-01-01 2023-12-31 09287584 2022-01-01 2022-12-31 09287584 2023-12-31 09287584 2022-12-31 09287584 2022-01-01 09287584 c:Director2 2023-01-01 2023-12-31 09287584 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 09287584 d:Buildings d:LongLeaseholdAssets 2023-12-31 09287584 d:Buildings d:LongLeaseholdAssets 2022-12-31 09287584 d:FurnitureFittings 2023-01-01 2023-12-31 09287584 d:FurnitureFittings 2023-12-31 09287584 d:FurnitureFittings 2022-12-31 09287584 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09287584 d:OfficeEquipment 2023-01-01 2023-12-31 09287584 d:OfficeEquipment 2023-12-31 09287584 d:OfficeEquipment 2022-12-31 09287584 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09287584 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09287584 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 09287584 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09287584 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09287584 d:CurrentFinancialInstruments 2023-12-31 09287584 d:CurrentFinancialInstruments 2022-12-31 09287584 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09287584 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09287584 d:ShareCapital 2023-12-31 09287584 d:ShareCapital 2022-12-31 09287584 d:ShareCapital 2022-01-01 09287584 d:SharePremium 2023-12-31 09287584 d:SharePremium 2022-01-01 2022-12-31 09287584 d:SharePremium 2022-12-31 09287584 d:SharePremium 2022-01-01 09287584 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09287584 d:RetainedEarningsAccumulatedLosses 2023-12-31 09287584 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09287584 d:RetainedEarningsAccumulatedLosses 2022-12-31 09287584 d:RetainedEarningsAccumulatedLosses 2022-01-01 09287584 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09287584 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09287584 d:OtherDeferredTax 2023-12-31 09287584 d:OtherDeferredTax 2022-12-31 09287584 c:FRS102 2023-01-01 2023-12-31 09287584 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09287584 c:FullAccounts 2023-01-01 2023-12-31 09287584 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09287584 d:WithinOneYear 2023-12-31 09287584 d:WithinOneYear 2022-12-31 09287584 d:BetweenOneFiveYears 2023-12-31 09287584 d:BetweenOneFiveYears 2022-12-31 09287584 d:MoreThanFiveYears 2023-12-31 09287584 d:MoreThanFiveYears 2022-12-31 09287584 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 09287584 6 2023-01-01 2023-12-31 09287584 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 09287584 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09287584 FIORUCCI HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FIORUCCI HOLDINGS LIMITED REGISTERED NUMBER: 09287584 BALANCE SHEET AS AT 31 DECEMBER 2023
|  | 2023 |  | 2022
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 711,837 |  | 363,904
Tangible assets | 5 |  | 205,632 |  | 686,620
Investments |  |  | 8,675 |  | -
|  |  | 926,144 |  | 1,050,524
Current assets |  |  |  |  |
Stocks | 7 | 926,674 |  | 1,325,913 |
Debtors: Amounts falling due within one year | 8 | 10,129,738 |  | 13,457,407 |
Cash at bank and in hand | 9 | 1,963,497 |  | 226,062 |
|  | 13,019,909 |  | 15,009,382 |
Creditors: Amounts falling due within one year | 10 | (13,769,164) |  | (12,773,696) |
Net current (liabilities)/assets |  |  | (749,255) |  | 2,235,686
Total assets less current liabilities |  |  | 176,889 |  | 3,286,210
Net assets |  |  | 176,889 |  | 3,286,210
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 232,865 |  | 232,865
Share premium account |  |  | 38,835,574 |  | 38,835,574
Profit and loss account |  |  | (38,891,550) |  | (35,782,229)
|  |  | 176,889 |  | 3,286,210
Page 1
FIORUCCI HOLDINGS LIMITED REGISTERED NUMBER: 09287584 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Farhan Khan
Director
Date: 9 April 2026
The notes on pages 4 to 13 form part of these financial statements. Page 2
FIORUCCI HOLDINGS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2022 | 232,865 | 13,058,134 | (30,835,239) | (17,544,240)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (4,000,209) | (4,000,209)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (946,781) | (946,781)
Preference share conversion | - | 25,777,440 | - | 25,777,440
At 1 January 2023 | 232,865 | 38,835,574 | (35,782,229) | 3,286,210
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (3,109,321) | (3,109,321)
At 31 December 2023 | 232,865 | 38,835,574 | (38,891,550) | 176,889
| The notes on pages 4 to 13 form part of these financial statements.
Page 3
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. | General information
Fiorucci Holdings Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 09287584 and registered office is Unit 1 Euro Park A5 Watling Street, Clifton Upon Dunsmore, Rugby, England, CV23 0AQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 4
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Finance costs
Finance costs are charged to profit or loss 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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 5
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 6
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 7 years
|  |  |  | Fixtures and fittings | - | 7 years
|  |  |  | Office equipment | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 7
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.15 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours..
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Page 8
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2023 | 2022
|  |  | No. | No.
|  | Employees | 31 | 40
Page 9
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. | Intangible assets
|  | Intangible assets
|  | £
| Cost |
| At 1 January 2023 | 5,312,015
| Additions | 473,831
| Disposals | (2,871)
| At 31 December 2023 | 5,782,975
| Amortisation |
| At 1 January 2023 | 4,948,111
| Charge for the year | 123,027
| At 31 December 2023 | 5,071,138
| Net book value |
| At 31 December 2023 | 711,837
| At 31 December 2022 | 363,904
Page 10
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2023 | 2,280,466 | 128,595 | 259,224 | 2,668,285
| Additions | 5,283 | 6,070 | 24,142 | 35,495
| At 31 December 2023 | 2,285,749 | 134,665 | 283,366 | 2,703,780
| Depreciation |  |  |  |
| At 1 January 2023 | 1,620,325 | 115,921 | 245,419 | 1,981,665
| Charge for the year | 492,401 | 4,335 | 19,747 | 516,483
| At 31 December 2023 | 2,112,726 | 120,256 | 265,166 | 2,498,148
| Net book value |  |  |  |
| At 31 December 2023 | 173,023 | 14,409 | 18,200 | 205,632
| At 31 December 2022 | 660,141 | 12,674 | 13,805 | 686,620
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| Additions | 8,675
| At 31 December 2023 | 8,675
Page 11
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. | Stocks
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Finished goods and goods for resale | 926,674 | 1,325,913
|  | 926,674 | 1,325,913
8. | Debtors
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Trade debtors | 2,965 | 98,126
| Amounts owed by group undertakings | 9,162,220 | 12,642,316
| Other debtors | 154,152 | 235,919
| Prepayments and accrued income | 536,807 | 326,695
| Deferred taxation | 273,594 | 154,351
|  | 10,129,738 | 13,457,407
9. | Cash
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,963,497 | 226,062
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Bank loans | - | 202,870
| Convertible loans | 9,802,885 | 2,302,857
| Trade creditors | 305,412 | 781,504
| Amounts owed to group undertakings | 3,442,560 | 8,688,471
| Other taxation and social security | 38,129 | 129,108
| Other creditors | 31,397 | 340,449
| Accruals and deferred income | 148,781 | 328,437
|  | 13,769,164 | 12,773,696
Page 12
FIORUCCI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. | Deferred taxation
|  | 2023
|  | £
| At beginning of year | 154,351
| Charged to profit or loss | 119,243
| At end of year | 273,594
| The deferred tax asset is made up as follows:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Fixed asset timing differences | 272,229 | 151,790
| Short term timing differences | 1,365 | 2,561
|  | 273,594 | 154,351
12. | Commitments under operating leases
| At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Not later than 1 year | 366,900 | 366,900
| Later than 1 year and not later than 5 years | 580,775 | 996,575
| Later than 5 years | - | 122,250
|  | 947,675 | 1,485,725
Page 13