Registered number: 03950688
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
B&B ITALIA LONDON LIMITED
COMPANY INFORMATION
B&B ITALIA LONDON LIMITED
CONTENTS
B&B ITALIA LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
manufactured in Italy.
The profit for the year, after taxation, amounted to £80,144 (2023 - loss £271,716).
No dividends will be distributed for the year ended 31 December 2024 (2023: £Nill).
The directors who served during the year were:
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B&B ITALIA LONDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 19 September 2025 and signed on its behalf.
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B&B ITALIA LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED
We have audited the financial statements of B&B Italia London 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 the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 17 to the financial statements, 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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.
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B&B ITALIA LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
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B&B ITALIA LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED (CONTINUED)
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 auditors' 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.
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Compaies Act 2006, the reporting framework of the Financial Reporting Standard 101 Reduced Disclosure Framework (FRS101) and UK taxation legislation.
We understood how the company is complying with those frameworks by discussions with management and those charged with governance. Where the risk was considered to be higher we performed audit procedures to address each identified fraud risk. These procedures included testing journals, reviewing large and/or unusual transactions and analytical procedures on key estimates. In addition, we completed procedures to conclude on the compliance of the disclosures in the financial statements with all applicable requirements. We also designed and performed specific substantive testing on areas identified as key risks or where material balances and transactions existed, in order to gain assurance the financial statements are not materially misstated due to error or fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, 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 members those matters we are required to state to them in an auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Sundial House
High Street
Horsell
GU21 4SU
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B&B ITALIA LONDON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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B&B ITALIA LONDON LIMITED
REGISTERED NUMBER: 03950688
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025 .
The notes on pages 9 to 20 form part of these financial statements.
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B&B ITALIA LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
B&B Italia London Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03950688 and registered office address is located at 250 Brompton Road, London SW3 2AS.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of International Design Holding as at 31st December 2024 and these financial statements may be obtained from Milano via Montenapoleone, 29 cap 20121.
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
B&B Italia London has generated a profit of £80,144 (2023 Loss: £271,717). Cost saving measures put in place previously have aided in generating this year’s profits.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore they continue to adopt the going concern basis in preparing the annual financial statements. The parent company, B&B Italia S.p.A has indicated that for at least 12 months from the date of approval of these financial statements they would guarantee to provide any deficit in working capital if they are needed by the company and in particular will not seek repayment of the amounts currently made available, to enable the company to continue In operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
B&B Italia London Is a flagship store for the B&B Italia brand with the London store providing a crucial element for our channel to market, not only for the UK but on a global level. The company is the group’s route to the UK market. The company secures the majority of its products from the group, meaning that, from a group perspective, although B&B Italia London itself is loss-making due to its different cost structure, London sales generate positive contribution for the group overall.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore they continue to adopt the going concern basis in preparing the annual financial statements. The parent company, B&B Italia S.p.A has indicated that for at least 12 months from the date of approval of these financial statements they would guarantee to provide any deficit in working capital if they are needed by the company and in particular will not seek repayment of the amounts currently made available, to enable the company to continue In operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
B&B Italia London Is a flagship store for the B&B Italia brand with the London store providing a crucial element for our channel to market, not only for the UK but on a global level. The company is the group’s route to the UK market. The company secures the majority of its products from the group, meaning that, from a group perspective, although B&B Italia London itself is loss-making due to its different cost structure, London sales generate positive contribution for the group overall.
Functional and presentation currency
Transactions and balances
Turnover represents sales of furniture to customers at invoiced amounts less value added tax. Turnover derived from sales to customers is recognised on delivery of the product to the customer.
Turnover derived from contract and custom sales is assessed on a contract by contract basis and is reflected in the profit and loss account by recording turnover and related costs as determined by each contract’s terms of sale.
IFRS 15 Revenue from Contract with Customers has no material impact on the turnover of the company.
Turnover derived from contract and custom sales is assessed on a contract by contract basis and is reflected in the profit and loss account by recording turnover and related costs as determined by each contract’s terms of sale.
IFRS 15 Revenue from Contract with Customers has no material impact on the turnover of the company.
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of the transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financIal year are addressed below.
Stock provision
Management has estimated the level of provision required to reduce the book value of stock in respect of obsolete and slow-moving items. Management assess current stock movements, along with retail industry trends to determine products to be recognised in the clearance sales and therefore provided for. The provision calculated is then subject to parent company review. The estimated provision level was £370,689, being a increase of £92,990 over the prior year-end level.
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At the year end, the company has an unrecognised deferred tax asset of approximatley £330,415 (2023: £323,091) made up of losses carried forward. This asset has not been recognised due to uncertanity over future taxable profits.
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
7.Tangible fixed assets (continued)
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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B&B ITALIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £46,670 (2023: £31,158).
Contributions totalling £19,422 (2023: £5,486) were payable to the fund at the balance sheet date and are included in creditors.
Contributions totalling £19,422 (2023: £5,486) were payable to the fund at the balance sheet date and are included in creditors.
The company is a subsidiary undertaking of B&B Italia S.p.A. The ultimate party is International Design Holding a company which acquired, through Design Holding, B&B Italia S.p.A on 22nd November 2018.
In common with many other business of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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