IRIS Accounts Production v24.2.0.383 01391867 director 1.1.23 31.12.23 31.12.23 5/7/2024 false true false false false true true true true true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013918672022-12-31013918672023-12-31013918672023-01-012023-12-31013918672021-12-31013918672022-01-012022-12-31013918672022-12-3101391867ns15:EnglandWales2023-01-012023-12-3101391867ns14:PoundSterling2023-01-012023-12-3101391867ns10:Director12023-01-012023-12-3101391867ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101391867ns10:SmallEntities2023-01-012023-12-3101391867ns10:Audited2023-01-012023-12-3101391867ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101391867ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101391867ns10:FullAccounts2023-01-012023-12-310139186712023-01-012023-12-3101391867ns10:OrdinaryShareClass12023-01-012023-12-3101391867ns10:RegisteredOffice2023-01-012023-12-3101391867ns5:CurrentFinancialInstruments2023-12-3101391867ns5:CurrentFinancialInstruments2022-12-3101391867ns5:ShareCapital2023-12-3101391867ns5:ShareCapital2022-12-3101391867ns5:RevaluationReserve2023-12-3101391867ns5:RevaluationReserve2022-12-3101391867ns5:RetainedEarningsAccumulatedLosses2023-12-3101391867ns5:RetainedEarningsAccumulatedLosses2022-12-310139186712023-01-012023-12-3101391867ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101391867ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3101391867ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3101391867ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3101391867ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3101391867ns5:LandBuildings2022-12-3101391867ns5:PlantMachinery2022-12-3101391867ns5:FurnitureFittings2022-12-3101391867ns5:LandBuildings2023-01-012023-12-3101391867ns5:PlantMachinery2023-01-012023-12-3101391867ns5:FurnitureFittings2023-01-012023-12-3101391867ns5:LandBuildings2023-12-3101391867ns5:PlantMachinery2023-12-3101391867ns5:FurnitureFittings2023-12-3101391867ns5:LandBuildings2022-12-3101391867ns5:PlantMachinery2022-12-3101391867ns5:FurnitureFittings2022-12-3101391867ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101391867ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101391867ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3101391867ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3101391867ns5:TaxLossesCarry-forwardsDeferredTax2023-12-3101391867ns5:TaxLossesCarry-forwardsDeferredTax2022-12-3101391867ns5:DeferredTaxation2022-12-3101391867ns5:DeferredTaxation2023-01-012023-12-3101391867ns5:DeferredTaxation2023-12-3101391867ns10:OrdinaryShareClass12023-12-3101391867ns5:RetainedEarningsAccumulatedLosses2022-12-3101391867ns5:RevaluationReserve2022-12-3101391867ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 01391867 (England and Wales)















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: Mr D Zambaiti





REGISTERED OFFICE: Belgravia House
Woodbine Street
Sunderland
Tyne and Wear
SR1 2NL





REGISTERED NUMBER: 01391867 (England and Wales)





AUDITORS: RFM Audit Services LLP, Statutory Auditor
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 24,677 23,357
Tangible assets 4 885,258 855,807
909,935 879,164

CURRENT ASSETS
Stocks 5 1,249,854 1,245,786
Debtors 6 966,196 1,015,175
Cash at bank 50,891 183,772
2,266,941 2,444,733
CREDITORS
Amounts falling due within one year 7 1,072,563 1,122,253
NET CURRENT ASSETS 1,194,378 1,322,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,104,313

2,201,644

PROVISIONS FOR LIABILITIES 9 37,926 50,745
NET ASSETS 2,066,387 2,150,899

CAPITAL AND RESERVES
Called up share capital 10 50,000 50,000
Revaluation reserve 11 572,599 572,599
Retained earnings 11 1,443,788 1,528,300
SHAREHOLDERS' FUNDS 2,066,387 2,150,899

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 July 2024 and were signed by:





Mr D Zambaiti - Director


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.

Copyrights are being amortised evenly over their estimated useful life of five years.

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 15 (2022 - 14 ) .

3. INTANGIBLE FIXED ASSETS
Copyrights
£   
COST
At 1 January 2023 52,012
Additions 13,148
At 31 December 2023 65,160
AMORTISATION
At 1 January 2023 28,655
Amortisation for year 11,828
At 31 December 2023 40,483
NET BOOK VALUE
At 31 December 2023 24,677
At 31 December 2022 23,357

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 750,000 60,050 87,516 897,566
Additions - 53,133 19,334 72,467
Disposals - - (4,108 ) (4,108 )
At 31 December 2023 750,000 113,183 102,742 965,925
DEPRECIATION
At 1 January 2023 - 9,502 32,257 41,759
Charge for year 10,000 14,947 18,069 43,016
Eliminated on disposal - - (4,108 ) (4,108 )
At 31 December 2023 10,000 24,449 46,218 80,667
NET BOOK VALUE
At 31 December 2023 740,000 88,734 56,524 885,258
At 31 December 2022 750,000 50,548 55,259 855,807

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 1,249,854 1,245,786

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 599,217 652,516
Corporation tax 6,455 6,455
Prepayments and accrued income 360,524 356,204
966,196 1,015,175

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 207,212 148,854
Amounts owed to group undertakings 664,713 751,522
Social security and other taxes 181,417 206,454
Accruals and deferred income 19,221 15,423
1,072,563 1,122,253

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 35,887 25,930
Tax losses carried forward (20,276 ) -
Other timing differences 22,315 24,815
37,926 50,745

Deferred
tax
£   
Balance at 1 January 2023 50,745
Credit to Income Statement during year (12,819 )
Balance at 31 December 2023 37,926

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 1,528,300 572,599 2,100,899
Deficit for the year (42,860 ) (42,860 )
Dividends (41,652 ) (41,652 )
At 31 December 2023 1,443,788 572,599 2,016,387

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

The Report of the Auditors was unqualified.

Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor

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.