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Company No: 12512744 (England and Wales)

CGE INVESTMENTS LIMITED

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CGE INVESTMENTS LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

CGE INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
CGE INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Chart Chirathivat
Sean Christopher Hill
REGISTERED OFFICE 66 Lincoln's Inn Fields
London
WC2A 3LH
United Kingdom
COMPANY NUMBER 12512744 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
Statutory Auditor
22 Chancery Lane
London
WC2A 1LS
CGE INVESTMENTS LIMITED

BALANCE SHEET

As at 31 December 2024
CGE INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,962 10,125
3,962 10,125
Current assets
Debtors 4 1,066,834 820,413
Cash at bank and in hand 1,117,340 2,203,536
2,184,174 3,023,949
Creditors: amounts falling due within one year 5 ( 4,451,629) ( 650,255)
Net current (liabilities)/assets (2,267,455) 2,373,694
Total assets less current liabilities (2,263,493) 2,383,819
Creditors: amounts falling due after more than one year 6 0 ( 4,702,499)
Net liabilities ( 2,263,493) ( 2,318,680)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 2,263,494 ) ( 2,318,681 )
Total shareholders' deficit ( 2,263,493) ( 2,318,680)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of CGE Investments Limited (registered number: 12512744) were approved and authorised for issue by the Board of Directors on 22 April 2025. They were signed on its behalf by:

Sean Christopher Hill
Director
CGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CGE Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. They have a reasonable expectation that the Company can rely on support from group undertakings to continue in operational existence and meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of consulting services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured. This is usually on a quarterly basis and the amount invoiced is based on the annual quoted fee as detailed in the service agreements.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost , net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 33 % reducing balance
Trade and other debtors

Trade debtors are amounts due from customers for 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 debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rent paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease, being initially reduced payments, are recognised on a straight-line basis over the period of the lease.

At the year end there were rental commitments for the lease of premises of £85,164 for the period up to and including 31 March 2025.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Long term employee benefits

Long term incentive plan payments are accrued evenly over the period to which they relate and recognised in the profit and loss account, provided performance criteria have been met. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 6 6

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2024 26,537 26,537
At 31 December 2024 26,537 26,537
Accumulated depreciation
At 01 January 2024 16,412 16,412
Charge for the financial year 6,163 6,163
At 31 December 2024 22,575 22,575
Net book value
At 31 December 2024 3,962 3,962
At 31 December 2023 10,125 10,125

4. Debtors

2024 2023
£ £
Trade debtors 425,167 530,481
Amounts owed by parent undertakings 563,538 0
Amounts owed by directors 248 54
Prepayments and accrued income 42,964 140,465
VAT recoverable 22,170 45,402
Other taxation and social security 0 86,264
Other debtors 12,747 17,747
1,066,834 820,413

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 74,363 1,021
Amounts owed to group undertakings 3,951,330 0
Other taxation and social security 102,602 53,646
Other creditors 323,334 595,588
4,451,629 650,255

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to group undertakings 0 3,650,159
Amounts owed to parent undertakings 0 1,015,550
Other creditors 0 36,790
0 4,702,499

7. Events after the Balance Sheet date

On 26 March 2025 the repayment date of the loan from Rina Estate Italia S.r.l. was extended to 31 December 2026.

8. Parent and ultimate parent undertaking

CGE Investments Ltd is a subsidiary of an international group, the ultimate parent of which is Harng Central Department Store Ltd. CGE Investments Ltd is included in the ultimate parent's consolidated financial statements.

The address of Harng Central Department Store Ltd is:
306 Silom Road, Bangkok, 10500
Thailand

The company's immediate parent is CRC Luxembourg S.à,r.l, incorporated in Luxembourg.

9. Related party transactions

Summary of transactions with parents

A loan of £1,000,000 was received from CRC Luxembourg S.à,r.l, the immediate parent, on 24 April 2020 . During the year £3,753 of interest was accrued on the loan. On 1 October 2024, CRC Luxembourg S.à,r.l acquired the Signa (Italian branch) trade debtor balance of £1,582,841 from the company which has been offset against the loan balance. The balance due from CRC Luxembourg S.à,r.l at the balance sheet date was £563,538 (2023 - £1,015,550 due to CRC Luxembourg S.à,r.l).

A loan of €4,100,000 (£3,535,553) was received by the Italian branch from Rina Estate Italia S.rl., a group entity, on 30 November 2023. This loan is interest bearing and originally due for repayment by 30 June 2025, but the repayment date was revised to 31 December 2026. During the year €194,835 (£161,171) of interest was accrued on the loan. The balance due to Rina Estate Italia S.rl. at the balance sheet date was €4,427,738 (£3,811,330).

Summary of transactions with directors

During the year the directors incurred expenses on behalf of the company which was reimbursed and, at the year end, the balance due from the director was of £248 (2023 - £54). There were advances during the year of £194 (2023 - £54).

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Charlotte Milner on behalf of Dixon Wilson Audit Services LLP.

11. Ultimate controlling party

Parent Company:

Harng Central Department Store Ltd
306 Silom Road
Bangkok
10500
Thailand