REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BELGRAVIA DECOR LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BELGRAVIA DECOR LIMITED |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
BELGRAVIA DECOR LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Unit 1, Guest House Farm |
Runshaw Lane |
Euxton |
Chorley |
Lancashire |
PR7 6HD |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
GENERAL INFORMATION AND BASIS OF PREPARING THE FINANCIAL STATEMENTS |
Belgravia Decor Limited is a limited company incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activity is that of the wholesale of wallcoverings and ancillary products. |
The financial statements have been prepared in accordance with applicable accounting standards including section 1A of the Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland: (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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. |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts 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 those estimates and the estimates and underlying assumptions are continually reviewed. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
There key assumptions identified or key sources of estimation uncertainty at the end of the reporting period,that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within this period and the next financial year are: |
Asset values and lives |
Valuation of property: The determined fair value of property is sensitive to fluctuations in the market rate. The key assumptions used to determine the fair value of property are further explained in the tangible fixed asset note. |
Other less significant areas of judgement and estimation techniques (e.g. depreciation) have been disclosed in the company accounting policies and in the notes to the financial statements, as required by FRS102. |
TURNOVER AND OTHER INCOME |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of wallcoverings and ancillary products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Freehold land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in 'other reserves'. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Plant and machinery, and fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or revaluation, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold land | - | Not depreciated |
Freehold buildings | - | 2% straight-line |
Plant & machinery | - | 20% straight-line |
Fixtures and fittings | - | 20% straight-line |
STOCKS |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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 statement of financial position date. |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
PENSIONS |
Contributions are made to employees' defined contribution pension plans. Contributions payable are charged to profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | INTANGIBLE FIXED ASSETS |
Copyrights |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and |
buildings | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Fixtures |
land and | Plant and | and |
buildings | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2012 | 2,853 | - | - | 2,853 |
Valuation in 2017 | 280,000 | - | - | 280,000 |
Valuation in 2022 | 250,000 | - | - | 250,000 |
Cost | 217,147 | 113,183 | 102,742 | 433,072 |
750,000 | 113,183 | 102,742 | 965,925 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 217,147 | 217,147 |
Aggregate depreciation | 67,556 | 65,143 |
Value of land in freehold land and buildings | 43,429 | 43,429 |
Freehold land and buildings were valued on an open market basis on 15 February 2023 by Lofthouse and Partners . |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The useful economic life of the building is considered to be 25 years. |
The methods and significant assumptions used to ascertain the fair value of £750,000 are as follows: |
Method |
Market value has been determined in line with the Royal Institute of Chartered Surveyors (RICS) Practice Statements of the Valuation Standards defined as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compromise". |
Revaluation of Properties |
The Company carries its property at fair value, with changes in fair value being recognised in other comprehensive income. |
The directors of the business do not consider the market value of the property to have materially differed from the date of the most recent external valuation to the date of this report. |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods and consumables |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Corporation tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
At the year end the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £17,224 (2022 - £55,402) |
BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
Other timing differences | 22,315 | 24,815 |
37,926 | 50,745 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 2,100,899 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 2,016,387 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent of the company is Zambaiti Parati S.P.A. (incorporated in Italy). The ultimate parent and the largest group financial statements that consolidate this company are Family Zeta Holding S.R.L. (incorporated in Italy). These group accounts are available to the public from Zambaiti S.P.A., Albino (BG), Via Pertini 2, Cap 24021. |
The group accounts disclose remuneration receivable by auditors for other services. |