| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Poltrona Frau (UK) Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | STOCKS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Goods for resale |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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). |