Registration number:
AF CORSE UK LTD
for the Year Ended 31 December 2025
AF CORSE UK LTD
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
AF CORSE UK LTD
Company Information
|
Directors |
Mr Edoardo Daffonchio Mr Amato Ferrari Mr Paolo Giacchero Mrs Anca Elena Vieriu |
|
Registered office |
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|
Auditors |
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AF CORSE UK LTD
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is that of organising racing events.
Fair review of the business
Overall, during the year, AF Corse UK Ltd continued to develop its business across its international markets, including Japan, the United States and Europe.
The Company's international presence supported its ongoing motorsport operations and provided a broad commercial base for its activities in the Ferrari Challenge, the professional GT and endurance racing sector.
Throughout the reporting period, the Company continued to focus on operational efficiency, the development of its motorsport activities and the strengthening of its commercial relationships.
These efforts supported the Company's ongoing business development and expansion strategy, notwithstanding the uncertainty arising from geopolitical developments, including instability in the Middle East.
Principal risks and uncertainties
Revenue remains mostly, but not exclusively, dependent on sponsorship and commercial partnerships, which may fluctuate with economic conditions and brand performance, while changes in technical regulations and cost caps may impact competitiveness and require additional investment. Financial performance is also influenced by on-track results, affecting prize income and commercial value. The Company faces ongoing cost management pressures due to rising operational costs and operational expenditures, alongside supply chain risks relating to specialised components. In addition, exposure to foreign exchange movements across key currencies may affect reported results, and reputational risk linked to team performance, driver conduct, and regulatory compliance may impact the AF Corse’s brand and commercial position. However, the Company is always very attentive to his image and is confident to reduce this specific risk to the minimum.
Approved and authorised by the
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......................................... |
AF CORSE UK LTD
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The Company principal financial instrument is cash. In addition, the Company has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. The main purpose of these financial instruments is to provide working capital for the Company's operations.
Management has implemented policies aimed at maintaining strong internal controls, managing financial and operational risks, and ensuring accurate and timely reporting. These policies are periodically reviewed and updated to reflect changes in the business environment and regulatory requirements, thereby supporting the entity’s overall strategic objectives and governance framework.
The main risks arising from the Company's financial instruments are foreign currency risk, liquidity risk and credit risk.
Price risk, credit risk, liquidity risk and cash flow risk
The Company operates in wider markets: Europe, Asia and USA. Fluctuations in exchange rates between currencies in which the company operates may cause fluctuations in its financial results. The main currencies which may impact the company's operations are the Euro, the Pound Sterling and the US dollar. In order to minimise foreign risk, the company has bank accounts and these major currencies that it transacts in and, where possible, matches the timing of the settling of sales and purchase invoices.
The company manages liquidity risk by maintaining adequate reserves and banking facilities and by continuously monitoring forecast and actual cash flows.
The Company trades only with recognised, creditworthy third parties. Customers who wish to trade on credit terms are generally subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts has not been significant. Provision is made for doubtful debts where necessary.
Financial key performance indicators
|
2025 € |
2024 € |
Variance % |
|
|
Turnover |
52,070,954 |
38,777,654 |
34.28 |
|
Profit before taxation |
1.040,302 |
676,190 |
53.85 |
AF CORSE UK LTD
Directors' Report for the Year Ended 31 December 2025
|
Net assets |
516,682 |
1,073,450 |
-48.13 |
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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......................................... |
AF CORSE UK LTD
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
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 are sufficient to 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.
AF CORSE UK LTD
Independent Auditor's Report to the Members of AF CORSE UK LTD
Opinion
We have audited the financial statements of AF CORSE UK LTD (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 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 2025 and of its 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
AF CORSE UK LTD
Independent Auditor's Report to the Members of AF CORSE UK LTD
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
AF CORSE UK LTD
Independent Auditor's Report to the Members of AF CORSE UK LTD
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 extent to which our procedures are capable of detecting irregularities, including fraud, is
detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry
in which it operates and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial
statement disclosures to underlying supporting documentation, enquiries with management and enquiries of
legal counsel. There are inherent limitations in the audit procedures described above and, the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal
entries and evaluating whether there was evidence of management bias which represented a risk of material
misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’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.
......................................
For and on behalf of
7-10 Chandos Street
London
England
W1G9DQ
AF CORSE UK LTD
Profit and Loss Account for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Operating profit/(loss) |
1,315,099 |
(446,208) |
|
|
Income from shares in group undertakings |
- |
|
|
|
Income from other Fixed assets investments |
( |
- |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(274,797) |
1,122,398 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
AF CORSE UK LTD
Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
AF CORSE UK LTD
(Registration number: 11627605)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
Other financial assets |
8,071,153 |
126,094 |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
11,383 |
11,383 |
|
|
Retained earnings |
475,923 |
1,062,067 |
|
|
Shareholders' funds |
487,306 |
1,073,450 |
Approved and authorised by the
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......................................... |
AF CORSE UK LTD
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
11,383 |
1,062,067 |
1,073,450 |
AF CORSE UK LTD
Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
- |
|
|
|
Finance costs |
|
- |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes paid |
- |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
( |
( |
|
|
Acquisition of subsidiaries |
- |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of financial investments other than trading investments |
( |
( |
|
|
Proceeds from disposal of financial investments other than trading investments |
|
- |
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
3,118,551 |
6,203,454 |
|
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Euros (€).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract . Revenue from the sales of goods is recognised upon delivery.
Interest income is recognised using the effective interest method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
|
Office equipment |
20% |
|
Plant & Machinery |
20% - 33.33% |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
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. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and expected useful life of the asset. Minimum lease payments are apportioned between the financial charge and the reduction of the outstanding lease liability using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
Defined contribution pension obligation
The company operates a defined contribution plan for the benefit of its employees.
Contributions are expensed as they become payable.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of Tangible assets |
|
|
|
Loss from disposals of investments |
- |
( |
|
284,642 |
(686,236) |
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Foreign tax |
- |
|
|
Total current income tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
|
|
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax include ... / is calculated ...
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Fixtures and fittings |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
Investments |
|
2025 |
2024 |
|
|
Investments in joint ventures |
|
|
|
Subsidiaries |
|
Cost or valuation |
|
Provision |
|
Carrying amount |
|
At 31 December 2025 |
|
Joint ventures |
€ |
|
Cost |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
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|
Associates |
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|
|
Italy |
Ordinary |
|
|
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Other financial assets (current and non-current) |
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
Additions |
7,945,059 |
7,945,059 |
|
At 31 December 2025 |
7,945,059 |
7,945,059 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 December 2025 |
|
7,945,059 |
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
29,376 |
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €
Contributions totalling €
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
€ |
No. |
€ |
|
|
Ordinary shares of €1.14 each |
10,000 |
11,383 |
10,000 |
11,383 |
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Other borrowings |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was €
|
Dividends |
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of € |
|
- |
||
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of 79.707 (2024 - 10.3125) per each Ordinary share |
797,070 |
103,125 |
||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
|
Related party transactions |
Summary of transactions with associates
AF CORSE UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2025
During the year, the company purchased service of €7,525,267 (2024: €6,460,969), from an associate company. All transaction were occured at arm's length basis.
Summary of transactions with associates
Expenditure with and payables to related parties
|
2025 |
Associates |
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Associates |
|
Amounts payable to related party |
|
|
|
|
Loans from related parties
|
2025 |
Parent |
Total |
|
At start of period |
|
|
|
At end of period |
|
|
|
|
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