REGISTERED NUMBER: 03226955 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BACCARAT UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W A J Poisnel

L Nicolas

SECRETARY:

M Wittmer

REGISTERED OFFICE:

55 Loudoun Road

St John's Wood

London

NW8 0DL

BUSINESS ADDRESS:

87-135 Brompton Road

Knightsbridge

London

SW1X 7XL

REGISTERED NUMBER:

03226955 (England and Wales)

AUDITORS:

Baker Tilly Ireland Audit Limited

Certified Chartered Accountants and

Statutory Auditors

9 Exchange Place

International Financial Services Centre

Dublin

D01 X8H2

FIXED ASSETS

Tangible assets

4

-

-

CURRENT ASSETS

Stocks

5

1,617,419

1,084,852

Debtors

6

564,144

427,935

Cash and cash equivalents

153,911

97,679

2,335,474

1,610,466

CREDITORS

Amounts falling due within one year

7

(1,626,259

)

(969,115

)

NET CURRENT ASSETS

709,215

641,351

TOTAL ASSETS LESS CURRENT LIABILITIES

709,215

641,351

PROVISIONS FOR LIABILITIES

8

(20,085

)

(20,085

)

NET ASSETS

689,130

621,266

CAPITAL AND RESERVES

Called up share capital

9

315,000

315,000

Profit and loss reserves

374,130

306,266

SHAREHOLDERS' FUNDS

689,130

621,266

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

W A J Poisnel - Director

1.	STATUTORY INFORMATION

Baccarat 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Accounting convention

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.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have considered the company's business prospects and all relevant aspects of the company's financing position, including amounts due to and due from related companies and its ability to generate positive cash flows and obtain any additional funding that may be required. The immediate parent entity has confirmed that should it be required, it will provide support to the company for the 12 months following the signing of the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Turnover from the sale of goods is recognised when risks and rewards of ownership are transferred to the customer of the buyer, usually at the point of sale.

Turnover from the sale of goods where the customer requests the delivery to be delayed is recognised at the point of sale. This is on the basis that the item is held in stock and is ready for delivery to the customer and the customer has confirmed the deferred delivery instruction.

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:

Plant and machinery

25% Reducing balance

Fixtures, fittings & equipment

39 Months straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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 exchange

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.

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.

Employee benefits

The costs of short-term employee benefits are recognised as 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.

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 is 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

335,798

DEPRECIATION

At 1 January 2024

and 31 December 2024

335,798

NET BOOK VALUE

At 31 December 2024

-

5.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,617,419

1,084,852

The stock figure includes a specific stock provision of £145,805 (2023: £134,578).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

540,448

408,734

Other debtors

23,696

19,201

564,144

427,935

Included in the Trade Debtors figure is the offsetting creditor balance due to the customer of £156,904 (2023: £96,323).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

18,816

1,110

Amounts owed to group undertakings

366,869

366,861

Taxation and social security

366,926

261,464

Other creditors

873,648

339,680

1,626,259

969,115

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Other provisions

Asset rehabilitation

obligation provision

20,085

20,085

20,085

20,085

Other

provisions

£

Balance at 1 January 2024

20,085

Balance at 31 December 2024

20,085

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

165,000

Ordinary shares

1

165,000

165,000

150,000

Redeemable ordinary shares

1

150,000

150,000

315,000

315,000

All shares in the company rank pari passu and carry equal voting rights.

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

The Auditors' Report was unqualified.

Aidan Scollard (Senior Statutory Auditor)

for and on behalf of Baker Tilly Ireland Audit Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in accordance with FRS102 Section 33 'Related party disclosures' not to disclosure transactions entered into between two or more members of group, as the company is wholly owned subsidiary undertaking of the group to which it is party to the transactions.

12.	PARENT COMPANY

The company is subsidiary of Baccarat SA, company incorporated in France whose consolidated accounts are available to the public and may be obtained from Rue des Cristalleries, 54120 Baccarat, France.

The ultimate controlling company is Fortune Legend Limited Sari. (FLL), a company incorporated in Luxembourg, whose address is 124, Boulevard de la Petrusse, L-2330 Luxembourg.