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REGISTERED NUMBER: 04011725 (England and Wales)














Financial Statements for the Year Ended 31 December 2024

for

Poltrona Frau (UK) Limited

Poltrona Frau (UK) Limited (Registered number: 04011725)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Poltrona Frau (UK) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Mr E Raggi





REGISTERED OFFICE: 148 St John Street
London
EC1V 4UD





REGISTERED NUMBER: 04011725 (England and Wales)





AUDITORS: Nordens Audit Limited
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Poltrona Frau (UK) Limited (Registered number: 04011725)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,547,714 1,536,894

CURRENT ASSETS
Stocks 5 2,576,429 2,637,047
Debtors 6 2,245,060 1,412,442
Cash at bank and in hand 406,930 170,162
5,228,419 4,219,651
CREDITORS
Amounts falling due within one year 7 (3,647,427 ) (2,825,796 )
NET CURRENT ASSETS 1,580,992 1,393,855
TOTAL ASSETS LESS CURRENT LIABILITIES 3,128,706 2,930,749

CAPITAL AND RESERVES
Called up share capital 2,100,000 2,100,000
Share premium 5,374,557 5,374,557
Retained earnings (4,345,851 ) (4,543,808 )
SHAREHOLDERS' FUNDS 3,128,706 2,930,749

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2025 and were signed by:





Mr E Raggi - Director


Poltrona Frau (UK) Limited (Registered number: 04011725)

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

1. STATUTORY INFORMATION

Poltrona Frau (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Goods available for resale are valued at the lower of cost and selling price less selling costs, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


Poltrona Frau (UK) Limited (Registered number: 04011725)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

Going concern
Management has assessed the company’s ability to continue as a going concern in light of the current global economic environment, including the ongoing war in Ukraine, rising geopolitical tensions, and increased uncertainty surrounding international trade policies such as potential changes to customs duties in the United States.

While these external factors may impact the business environment and future performance, management has concluded that they do not create a material uncertainty that casts significant doubt over the company’s ability to continue operating as a going concern for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 15 ) .

Poltrona Frau (UK) Limited (Registered number: 04011725)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 3,465,800 110,860 89,784 3,666,444
Additions 181,924 - 16,820 198,744
At 31 December 2024 3,647,724 110,860 106,604 3,865,188
DEPRECIATION
At 1 January 2024 1,942,898 104,214 82,438 2,129,550
Charge for year 178,005 2,398 7,521 187,924
At 31 December 2024 2,120,903 106,612 89,959 2,317,474
NET BOOK VALUE
At 31 December 2024 1,526,821 4,248 16,645 1,547,714
At 31 December 2023 1,522,902 6,646 7,346 1,536,894

5. STOCKS
31.12.24 31.12.23
£    £   
Goods for resale 2,576,429 2,637,047

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 276,581 207,293
Amounts owed by group undertakings - 700,646
Other debtors 1,968,479 504,503
2,245,060 1,412,442

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 202,895 295,635
Amounts owed to group undertakings 1,302,371 963,420
Taxation and social security 392,396 131,779
Other creditors 1,749,765 1,434,962
3,647,427 2,825,796

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

The Report of the Auditors was unqualified.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of Nordens Audit Limited

Poltrona Frau (UK) Limited (Registered number: 04011725)

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

9. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 (FRS 102), other than those disclosed in notes 9 and 10 of the financial statements.

10. IMMEDIATE AND ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Poltrona Frau S.p.A, a company incorporated in Italy. It has included the company in its group financial statements, copies of which are available from its registered office: Meda (MB), Via Luigi Busnelli 1 - 20821 (Italy).