REGISTERED NUMBER: 08636328 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

PIQUADRO UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Trotta

Ms E Pettenuzzo

REGISTERED OFFICE:

67 Regent Street

London

W1B 4EB

REGISTERED NUMBER:

08636328 (England and Wales)

SENIOR STATUTORY AUDITOR:

Francesco Andreozzi

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and

Statutory Auditors

38 Craven Street

London

WC2N 5NG

FIXED ASSETS

Tangible assets

4

109,081

146,451

CURRENT ASSETS

Stocks

97,618

144,038

Debtors

5

702,608

813,192

Cash at bank and in hand

189,473

33,762

989,699

990,992

CREDITORS

Amounts falling due within one year

6

(131,526

)

(154,402

)

NET CURRENT ASSETS

858,173

836,590

TOTAL ASSETS LESS CURRENT LIABILITIES

967,254

983,041

CAPITAL AND RESERVES

Called up share capital

1,000,000

1,000,000

Retained earnings

(32,746

)

(16,959

)

967,254

983,041

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 22 September 2026 and were signed on its behalf by:

R Trotta - Director

1.	STATUTORY INFORMATION

Piquadro UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 with wholly owned subsidiaries within the group.

Turnover

Turnover comprises of the consideration received for the sale of specialised bags and accessories, excluding discounts deposits, value added tax and other sales taxes.

Tangible fixed assets

Depreciation on the property, plant and equipment is calculated using the straight line method to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:

Land and building 15 years

Fixture & Fittings 12% & 18%

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors believes that there are no material uncertainties that might affect the entity's ability to continue as a going concern based on the assumption that the business will continue to operate into the foreseeable future and for minimum of 12 months from the date that the financial statements are authorised for issue.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2025 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2025

573,238

207,433

780,671

Additions

-

1,936

1,936

At 31 March 2026

573,238

209,369

782,607

DEPRECIATION

At 1 April 2025

436,082

198,138

634,220

Charge for year

37,764

1,542

39,306

At 31 March 2026

473,846

199,680

673,526

NET BOOK VALUE

At 31 March 2026

99,392

9,689

109,081

At 31 March 2025

137,156

9,295

146,451

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

713

165,435

Amounts owed by group undertakings

516,628

464,012

Other debtors

185,267

183,745

702,608

813,192

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

91,497

103,851

Taxation and social security

9,649

28,843

Other creditors

30,380

21,708

131,526

154,402

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

300,000

300,000

Between one and five years

515,342

815,342

815,342

1,115,342

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

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

Basis for qualified opinion

The inventory count held at 31 March 2025 and 31 March 2026 have not been verified by us and we were unable to satisfy ourselves by alternative procedures concerning the inventory quantities held at both 31 March 2025 and 31 March 2026 and as such, their values as reported in the balance sheets at those dates. Consequently we are unable to determine whether any adjustments to these amounts are necessary with regard to both opening and closing stock positions in the year.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Francesco Andreozzi (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

9.	ULTIMATE CONTROLLING PARTY

Piquadro SpA , a company incorporated in Italy, is regarded by the directors as being the company's immediate and ultimate parent undertaking.

The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Piquadro SpA and copies are available from Piquadro SpA registered office Località Sassuriano, 246, 40041, Silla di Gaggio Montano, Bologna (Italy).