Company registration number SC126669 (Scotland)
FRANKE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FRANKE UK LIMITED
COMPANY INFORMATION
Directors
B Borra
A Küenzi
Secretary
C McIntyre
Company number
SC126669
Registered office
West Carron Works
Stenhouse Road
Carron
Falkirk
FK2 8DR
Auditor
Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
FRANKE UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 26
FRANKE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The loss for the year after tax was £691,000 (2023: £2,210,000). Turnover was lower than previous year due to inflationary pressures in the economy which resulted in consumers having less disposable income and creating an intense competitive environment in the market. The slow down in the housing market also impacted turnover, with the number of house sales decreasing and a reduction in the construction of new build properties.

Principal risks and uncertainties

The principal risks and uncertainties facing the Company are as follows:

- The availability of personal disposable income to spend on home improvements

- Our customers encountering financial difficulties

- Recessionary tendency towards cheaper own brand products

- Geopolitical risks impacting the supply chain

Strategic development

Key areas of strategic development driving the performance of the Company include:

- New product development in all product areas supported by targeted brand development

- Targeted growth in selected customer channels with new business pipeline, expanding product categories and offering upgrades

- A focussed approach to meaningful distribution channels in the marketplace

- Focus on promoting the wider Franke kitchen range to customers

Key performance indicators

Key financial indicators include the constant monitoring of ratios such as profitability and return on assets:

2024 2023

Gross Margin 31.8% 30.0% Gross profit / turnover

Return on capital (24.0)% (66.4)% Profit before tax / net assets

On behalf of the board

A Küenzi
Director
8 September 2025
FRANKE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Borra
A Küenzi
Post reporting date events

As of 1 January 2025, the factoring arrangement has ceased and therefore, invoices raised after this date are recognised in the financial statements of the company. Trade debtors subject to factoring as at 31 December 2024 were £5,172,000.

Auditor

Hart Shaw LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

FRANKE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Going concern

Future performance plans have been prepared to 31 December 2025 and further consideration has been made for a period of at least 12 months from the approval of the financial statements. Based on the underlying assumptions of the plan and the pledged continued financial support from the wider Franke group, the directors are confident that the business will have sufficient working capital to continue to operate and meet liabilities when they fall due. On this basis the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

On behalf of the board
A Küenzi
Director
8 September 2025
FRANKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FRANKE UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Franke UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

FRANKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF FRANKE UK LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud and the audit response

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:

- Communicating identified laws and regulations at planning throughout the audit team to remain alert to any indications of non-compliance throughout the audit.

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

FRANKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF FRANKE UK LIMITED
- 6 -

We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud.

Management override is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

- Override of internal controls (e.g. segregation of duties).

- Entering into transactions outside the normal course of business, especially with related parties.

- Fraudulent revenue recognition, including fictitious sales and sales being recorded in the wrong period.

- Presenting bias in accounting judgements and estimates that we considered to be key. The slow moving stock provision and warranty provision are considered key.

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

- Enquiries of management as to whether they had any knowledge of any actual or suspected fraud

- Review of journal entries made throughout the year as well as those made to prepare the financial statements

- Reviewing the underlying rationale behind transactions in order to assess whether they were outside the normal course of business

- Reviewing the minutes of meetings held by management

- Increased substantive testing across all material income streams

- Assessing whether management’s judgements and estimates indicated potential bias, particularly those that we considered to be key.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Tim Dawson
Senior Statutory Auditor
For and on behalf of Hart Shaw LLP
15 September 2025
Chartered Accountants
Statutory Auditor
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
FRANKE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
as restated
Notes
£'000s
£'000s
Turnover
3
36,719
39,378
Cost of sales
(25,034)
(27,558)
Gross profit
11,685
11,820
Distribution costs
(3,512)
(3,215)
Administrative expenses
(8,486)
(9,108)
Onerous lease provision
4
-
0
(797)
Bad debt provision
4
(619)
(1,576)
Operating loss
5
(932)
(2,876)
Interest receivable and similar income
9
80
-
0
Interest payable and similar expenses
10
(33)
(32)
Loss before taxation
(885)
(2,908)
Tax on loss
11
194
698
Loss for the financial year
(691)
(2,210)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FRANKE UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£'000s
£'000s
£'000s
£'000s
Fixed assets
Goodwill
12
493
612
Other intangible assets
12
12
27
Total intangible assets
505
639
Tangible assets
13
141
192
646
831
Current assets
Stocks
15
4,308
5,214
Debtors falling due after more than one year
16
793
670
Debtors falling due within one year
16
1,261
1,027
Cash at bank and in hand
5,237
5,248
11,599
12,159
Creditors: amounts falling due within one year
17
(7,741)
(7,491)
Net current assets
3,858
4,668
Total assets less current liabilities
4,504
5,499
Provisions for liabilities
Provisions
18
815
1,119
(815)
(1,119)
Net assets
3,689
4,380
Capital and reserves
Called up share capital
21
500
500
Profit and loss reserves
3,189
3,880
Total equity
3,689
4,380

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 September 2025 and are signed on its behalf by:
A Küenzi
Director
Company registration number SC126669 (Scotland)
FRANKE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£'000s
£'000s
£'000s
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
500
6,090
6,590
Year ended 31 December 2023:
Loss and total comprehensive income
-
(2,210)
(2,210)
Balance at 31 December 2023
500
3,880
4,380
Year ended 31 December 2024:
Loss and total comprehensive income
-
(691)
(691)
Balance at 31 December 2024
500
3,189
3,689
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies

Franke UK Limited is a private company, limited by shares and incorporated in Scotland. The registered office is West Carron Works, Stenhouse Road, Carron, Falkirk, FK2 8DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000s.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Franke UK Limited is a wholly owned subsidiary of Franke UK Holding Limited and the results of Franke UK Limited are included in the consolidated financial statements of Franke UK Holding Limited which are available from The Registrar of Companies, Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

1.2
Going concern

Future performance plans have been prepared to 31 December 2025 and further consideration has been made of a period of at least 12 months from the approval of the financial statements. Based on the underlying assumptions of the plan and the pledged continued financial support from the wider Franke group, the directors are confident that the business will have sufficient working capital to continue to operate and meet liabilities when they fall due. On this basis the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.true

1.3
Turnover

Turnover represents the value, net of value added tax, of goods and services supplied to customers during the year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets - goodwill

Goodwill is stated at cost less any accumulated amortisation and accumulated impairment losses. Goodwill is allocated to cash-generating units of group of cash-generating units that are expected to benefit from the synergies of the business combination from which it arose.

Goodwill is amortised over a period of 10 years.

1.5
Intangible fixed assets other than goodwill

Expenditure on internally generated goodwill and brands is recognised in the profit and loss account as an expense as incurred.

Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses.

The cost of intangible assets acquired in a business combination are capitalised separately from goodwill if the fair value can be measured reliably at the acquisition date.

Amortisation is charged to the profit or loss on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:

Website
10 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 years
Office equipment
5 years
Computer software
3 to 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition.

1.10
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.16
Retirement benefits

A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contributions pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.18
Foreign exchange

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 in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The Directors make provisions for obsolescence, mark downs and shrinkage based on historical experiences and management estimates of future events. Actual outcomes could vary significantly from these estimates.

Warranty provision

The warranty provision is a provision for the future expected cost of making good any faulty goods sold under warranty. Warranties can range from 2 to 50 years, depending on the type of product; therefore, there is uncertainty about the amount and timing of future cash outflows.

Other areas of estimation uncertainty

The following estimates also have an increased degree of estimation uncertainty, but are not expected to have a significant risk of causing a material adjustment.

Sales rebates

Sales rebates are based on sales volumes, they are often growth related and can be product specific. Management often make judgements based on comparing sales data with customer contracts and use some historic experience to determine the levels of rebates to provide. Actual outcomes could vary significantly from these estimates.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover and other revenue
2024
2023
£'000s
£'000s
Turnover analysed by class of business
Sale of goods
35,766
38,294
Rendering of services
953
1,084
36,719
39,378
2024
2023
£'000s
£'000s
Turnover analysis by activity
Sale of domestic kitchen sinks and accessories
35,766
38,295
Revenue from recharge of freight expenses
96
85
Other income
857
998
36,719
39,378
2024
2023
£'000s
£'000s
Other significant revenue
Interest income
80
-
2024
2023
£'000s
£'000s
Turnover analysed by geographical market
United Kingdom & Ireland
36,165
38,650
Continental Europe
477
618
Rest of the World
77
110
36,719
39,378
4
Exceptional items
2024
2023
as restated
£'000s
£'000s
Expenditure
Onerous lease provision
-
797
Bad debt provision
619
1,576
619
2,373
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Exceptional items
(Continued)
- 17 -

During the previous year, the business decided to stop using a second distribution warehouse. As a result, an onerous lease provision was included within the accounts. This included the remaining cost of the lease and other associated running costs. No such provision was required this year.

During the current year, it was identified that a specific customer had not qualified to be factored due to breaches of the factoring agreement in place. The customer officially entered administration in the current year but information was available at the prior year end to ascertain that the debt was not recoverable and therefore the directors have deemed a prior year adjustment to include a bad debt provision appropriate. As a result, the above bad debt provision has been included as an exceptional item in both years. Further information is detailed in note 26.

5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£'000s
£'000s
Exchange gains
(80)
(49)
Depreciation of owned tangible fixed assets
73
77
Loss on disposal of tangible fixed assets
27
2
Amortisation of intangible assets
134
134
Operating lease charges
325
470
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000s
£'000s
For audit services
Audit of the financial statements of the company
24
21
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales and marketing
51
52
Administration
10
17
Total
61
69
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£'000s
£'000s
Wages and salaries
3,122
3,330
Social security costs
386
387
Pension costs
176
230
3,684
3,947
8
Directors' remuneration
2024
2023
£'000s
£'000s
Remuneration for qualifying services
-
0
118

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1).

9
Interest receivable and similar income
2024
2023
£'000s
£'000s
Interest income
Interest on bank deposits
80
-
0
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
80
-
10
Interest payable and similar expenses
2024
2023
£'000s
£'000s
Interest payable to group undertakings
33
32
11
Taxation
2024
2023
£'000s
£'000s
Current tax
Adjustments in respect of prior periods
(87)
(28)
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
2024
2023
£'000s
£'000s
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(107)
(670)
Total tax credit
(194)
(698)

The UK corporation tax rate during the year was 25% (2023: 23.5%).

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000s
£'000s
Loss before taxation
(885)
(2,908)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(221)
(683)
Tax effect of expenses that are not deductible in determining taxable profit
30
37
Effect of change in corporation tax rate
(3)
(24)
Under/(over) provided in prior years
-
0
(28)
Taxation credit for the year
(194)
(698)
12
Intangible fixed assets
Goodwill
Website
Total
£'000s
£'000s
£'000s
Cost
At 1 January 2024 and 31 December 2024
1,194
150
1,344
Amortisation and impairment
At 1 January 2024
582
123
705
Amortisation charged for the year
119
15
134
At 31 December 2024
701
138
839
Carrying amount
At 31 December 2024
493
12
505
At 31 December 2023
612
27
639

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Tangible fixed assets
Leasehold improvements
Office equipment
Computer software
Total
£'000s
£'000s
£'000s
£'000s
Cost
At 1 January 2024
954
431
760
2,145
Additions
-
0
15
34
49
Disposals
(33)
(33)
(26)
(92)
At 31 December 2024
921
413
768
2,102
Depreciation and impairment
At 1 January 2024
851
363
739
1,953
Depreciation charged in the year
22
36
15
73
Eliminated in respect of disposals
(10)
(29)
(26)
(65)
At 31 December 2024
863
370
728
1,961
Carrying amount
At 31 December 2024
58
43
40
141
At 31 December 2023
103
68
21
192
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Central Services UK Limited
Mioc (Co: Franke Uk Ltd), Styal Road, Manchester, England, M22 5WB
Dormant
Ordinary
100.00
Sinks and Things Limited
Mioc (Co: Franke Uk Ltd), Styal Road, Manchester, England, M22 5WB
Dormant
Ordinary
100.00
15
Stocks
2024
2023
£'000s
£'000s
Finished goods and goods for resale
4,308
5,214

Included in the above is a stock provision of £600,000 (2023: £661,000) for slow moving and obsolete stock.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Debtors
2024
2023
as restated
Amounts falling due within one year:
£'000s
£'000s
Corporation tax recoverable
539
443
Amounts owed by group undertakings
91
89
Other debtors
439
315
Prepayments and accrued income
192
180
1,261
1,027
2024
2023
Amounts falling due after more than one year:
£'000s
£'000s
Deferred tax asset (note 19)
793
670
Total debtors
2,054
1,697

Amounts owed by group undertakings are unsecured, interest free and repayable within standard trading terms.

17
Creditors: amounts falling due within one year
2024
2023
as restated
£'000s
£'000s
Trade creditors
869
1,209
Amounts owed to group undertakings
4,825
3,902
Taxation and social security
486
263
Accruals and deferred income
1,561
2,117
7,741
7,491

Amounts owed to group undertakings are unsecured, interest free and repayable within standard trading terms.

Included within amounts owed to group undertakings is a balance of £1,163k (2023 - £157k) in relation to factoring. This balance is subject to interest at a commercial rate.

A further factoring balance is included within amounts owed to group undertakings of £2,634k (2023 - £742k) relating to the prior year adjustment detailed within note 26. No interest is being charged on this balance.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
18
Provisions for liabilities
2024
2023
£'000s
£'000s
Warranty provision
815
494
Onerous lease provision
-
625
815
1,119
Movements on provisions:
Warranty provision
Onerous lease provision
Total
£'000s
£'000s
£'000s
At 1 January 2024
494
625
1,119
Additional provisions in the year
321
-
321
Utilisation of provision
-
(625)
(625)
At 31 December 2024
815
-
815

Warranty provision

The warranty provision is a provision for the future expected cost of making good any faulty goods sold under warranty. Warranties can range from 2 to 50 years, depending on the type of product; therefore, there is uncertainty about the amount and timing of future cash outflows. The vast majority of the provided cash outflows are expected to occur over one year after the reporting date.

The provision has not been discounted because the effect of discounting is not material.

Onerous lease provision

During the previous year, the business decided to stop using a second distribution warehouse. As a result, an onerous lease provision was included within the accounts. This included the remaining cost of the lease and other associated running costs. No such provision was required this year.

The provision was not discounted because the effect of discounting was not material.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£'000s
£'000s
Tax losses
793
670
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£'000s
Asset at 1 January 2024
(670)
Credit to profit or loss
(107)
Other
(16)
Asset at 31 December 2024
(793)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000s
£'000s
Charge to profit or loss in respect of defined contribution schemes
176
230

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
£'000s
£'000s
Ordinary share capital
Issued and fully paid
500,000 ordinary shares of £1 each
500
500

The holder of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
2024
2023
£'000s
£'000s
Other group companies
10
40
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Related party transactions
(Continued)
- 24 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£'000s
£'000s
Other group companies
53
43

Transactions with group companies who are wholly owned have not been disclosed under the exemption FRS102, para 33.1a.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000s
£'000s
Within one year
394
412
Between two and five years
669
1,011
1,063
1,423
24
Events after the reporting date

As of 1 January 2025, the factoring arrangement has ceased and therefore, invoices raised after this date are recognised in the financial statements of the company. Trade debtors subject to factoring as at 31 December 2024 were £5,172,000.

Post year end, the directors believe that a significant customer has experienced financial difficulties and as a result, all trading with this customer has been put on hold. All balances outstanding from this customer as at the year end have been paid in full. The directors are of the opinion that any unpaid balances from this customer are covered by insurance.

25
Ultimate controlling party

The Company is a subsidiary undertaking of Franke UK Holding Limited. The ultimate parent company is Artemis Holding AG.

The smallest group in which the results of the company are consolidated is that headed by Franke UK Holding Limited, West Carron Works, Stenhouse Road, Carron, Falkirk, FK2 8DR. Group accounts are publicly available from Companies House or from the registered office.

The largest group in which the results of the company are consolidated is that headed by Artemis Holding AG, 6052 Hergiswil, Switzerland. The consolidated financial statements of this group are not available to the public.

The ultimate controlling party is Michael Pieper.

FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
26
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£'000s
£'000s
£'000s
Current assets
Debtors due after one year
276
394
670
Debtors due within one year
712
315
1,027
Creditors due within one year
Amounts due to group undertakings
(2,011)
(1,891)
(3,902)
Net assets
5,562
(1,182)
4,380
Capital and reserves
Profit and loss reserves
5,062
(1,182)
3,880
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£'000s
£'000s
£'000s
Exceptional items
(797)
(1,576)
(2,373)
Taxation
304
394
698
Loss for the financial period
(1,028)
(1,182)
(2,210)
Reconciliation of changes in equity
1 January
31 December
2023
2023
Notes
£'000s
£'000s
Adjustments to prior year
Provision for bad debt
1
-
(1,182)
Equity as previously reported
6,590
5,562
Equity as adjusted
6,590
4,380
Analysis of the effect upon equity
Profit and loss reserves
-
(1,182)
Reconciliation of changes in loss for the previous financial period
2023
Notes
£'000s
Adjustments to prior year
Provision for bad debt
1
(1,182)
Loss as previously reported
(1,028)
Loss as adjusted
(2,210)
FRANKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Prior period adjustment
(Continued)
- 26 -
Notes to reconciliation
1- Adjustment for bad debt

The trade debts of the company are factored with another group company. During the current year, it was identified that a specific customer had not qualified to be factored due to breaches of the factoring agreement.

The customer officially entered administration in the current year but information was available at the prior year end to ascertain that the debt was not recoverable and therefore the directors have deemed a prior year adjustment to include a bad debt provision appropriate.

A corresponding tax adjustment has also been made.

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