4 4 Candelia Retailing UK Ltd 10418707 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of retail sale of household goods. Digita Accounts Production Advanced 6.30.9574.0 true false true 10418707 2024-01-01 2024-12-31 10418707 2024-12-31 10418707 bus:OrdinaryShareClass1 2024-12-31 10418707 core:CurrentFinancialInstruments 2024-12-31 10418707 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10418707 core:BetweenTwoFiveYears 2024-12-31 10418707 core:WithinOneYear 2024-12-31 10418707 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 10418707 core:PlantMachinery 2024-12-31 10418707 bus:SmallEntities 2024-01-01 2024-12-31 10418707 bus:Audited 2024-01-01 2024-12-31 10418707 bus:FilletedAccounts 2024-01-01 2024-12-31 10418707 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10418707 bus:RegisteredOffice 2024-01-01 2024-12-31 10418707 bus:Director5 2024-01-01 2024-12-31 10418707 bus:Director6 2024-01-01 2024-12-31 10418707 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 10418707 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10418707 bus:Agent1 2024-01-01 2024-12-31 10418707 core:FurnitureFittings 2024-01-01 2024-12-31 10418707 core:LandBuildings 2024-01-01 2024-12-31 10418707 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 10418707 core:OfficeEquipment 2024-01-01 2024-12-31 10418707 core:PlantMachinery 2024-01-01 2024-12-31 10418707 1 2024-01-01 2024-12-31 10418707 countries:EnglandWales 2024-01-01 2024-12-31 10418707 2023-12-31 10418707 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 10418707 core:PlantMachinery 2023-12-31 10418707 2023-01-01 2023-12-31 10418707 2023-12-31 10418707 bus:OrdinaryShareClass1 2023-12-31 10418707 core:CurrentFinancialInstruments 2023-12-31 10418707 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10418707 core:BetweenTwoFiveYears 2023-12-31 10418707 core:WithinOneYear 2023-12-31 10418707 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 10418707 core:PlantMachinery 2023-12-31 10418707 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10418707

Candelia Retailing UK Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Candelia Retailing UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Candelia Retailing UK Ltd

Company Information

Directors

@Gemba Srl

J D Gommichon

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Candelia Retailing UK Ltd

(Registration number: 10418707)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

6

20,509

20,560

Current assets

 

Stocks

7

90,068

89,515

Debtors

8

145,673

252,148

Cash at bank and in hand

 

58,157

93,517

 

293,898

435,180

Creditors: Amounts falling due within one year

9

(570,534)

(704,501)

Net current liabilities

 

(276,636)

(269,321)

Net liabilities

 

(256,127)

(248,761)

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

(257,127)

(249,761)

Shareholders' deficit

 

(256,127)

(248,761)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
@Gemba Srl
Director

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

Principal activity

The principal activity of the Company is that of retail sale of household goods.

These financial statements were authorised for issue by the Board on 15 April 2025.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The company is dependent on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and the director considers it appropriate to prepare the accounts on a going concern basis.

Should the support not continue, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify long term liabilities as current liabilities.

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Prior period errors

During the year it was identified that intercompany debtors and creditors were offset in the company's prior year financial statements. A prior year reclassification adjustment was made to correct the comparatives in the current year financial statements.

The impact of this error results in an understatement of current assets and understatement of current liabilities. There is no impact on net assets, shareholder funds or comprehensive income.

Amounts owed to related parties in which the company has a participating interest as at 31 December 2023 of £514,644 have been restated as £654,948.

Amounts owed by related parties in which the company has a participating interest as at 31 December 2023 of £nil have been restated as £140,304.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

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.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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

Long leasehold property

10% straight line

Fixtures & Fittings

10% straight line, 20% straight line and 33% straight line

Office equipment

25% straight line and 33% straight line

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Creditors

Basic financial liabilities, including trade and other creditors, loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

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.

Leases

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

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.

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.

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 15 April 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

6

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

14,651

66,533

81,184

Additions

-

6,587

6,587

At 31 December 2024

14,651

73,120

87,771

Depreciation

At 1 January 2024

6,143

54,481

60,624

Charge for the year

1,465

5,173

6,638

At 31 December 2024

7,608

59,654

67,262

Carrying amount

At 31 December 2024

7,043

13,466

20,509

At 31 December 2023

8,508

12,052

20,560

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Stocks

2024
£

2023
£

Other inventories

90,068

89,515

8

Debtors

Current

Note

2024
£

(As restated)

2023
£

Amounts owed by related parties

29,715

140,304

Prepayments

 

21,754

19,817

Other debtors

 

94,204

92,027

   

145,673

252,148

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Trade creditors

 

5,971

2,480

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

525,771

654,947

Taxation and social security

 

20,406

16,634

Accruals and deferred income

 

17,951

29,858

Other creditors

 

435

582

 

570,534

704,501

 

Candelia Retailing UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £Nil per each Ordinary shares

-

-

 

 

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

76,250

75,000

Later than one year and not later than five years

317,500

-

393,750

75,000

13

Parent and ultimate parent undertaking

The Company's immediate parent is Baobab Collection SA, incorporated in Belgium.

 The ultimate parent is Decoscent SA, incorporated in Belgium.

 The most senior parent entity producing publicly available financial statements is Baobab Collection SA. These financial statements are available upon request from 5 Avenue Eiffel, Warve 1300, Belgium