Frette Limited - Accounts to registrar (filleted) - small 23.1
Frette Limited - Accounts to registrar (filleted) - small 23.1
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2022 |
| for |
| Frette Limited |
| Frette Limited (Registered number: 01267978) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Frette Limited |
| Company Information |
| for the Year Ended 31 December 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| 38 Craven Street |
| London |
| WC2N 5NG |
| Frette Limited (Registered number: 01267978) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors: amounts falling due within one year | 7 |
| Debtors: amounts falling due after more than one year |
7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 |
| Frette Limited (Registered number: 01267978) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Frette Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover comprises of the consideration received for the sale of specialised clothing, excluding discounts, deposits, value added tax and other sales taxes. |
| Tangible fixed assets |
| The estimated useful lives range as follows: |
| a. Leasehold improvements: 10 years (over the life of the lease) |
| b. Fixtures & fittings: 10% on cost |
| c. Computer equipment: 33.33% on cost |
| 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. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Going concern |
| The financial statements have bene prepared on the going concern basis. The director 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. |
| Frette Limited (Registered number: 01267978) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instrument |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2022 |
| Additions |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| Frette Limited (Registered number: 01267978) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| 6. | STOCKS |
| 2022 | 2021 |
| £ | £ |
| Finished goods |
| 7. | DEBTORS |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Deferred Tax Asset |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Lease Deposit |
| Deferred Tax Asset |
| Aggregate amounts |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 94,377 | 64,445 |
| Other creditors |
| Accruals and deferred income |
| Frette Limited (Registered number: 01267978) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other creditors |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | CONTROLLING PARTY |
| As at 31.12.2021, the company's immediate parent undertaking was Frette S.r.l., a company incorporated in Italy. The company is included in the consolidated accounts of Edmund Frette S.a.r.l., a company incorporated in Luxembourg and registered at the following address: |
| 1A, Rue Jean Piret L-2350 Luxembourg. |
| Consolidated accounts are available to the public and may be obtained from the address noted above. |