Zorlu UK Limited

(Registration number: 04531876)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	314	573
Current assets
Stocks	6	404,061	908,250
Debtors	7	835,822	790,405
Cash at bank and in hand		215,742	239,825
		1,455,625	1,938,480
Creditors: Amounts falling due within one year	8	(858,620)	(1,144,058)
Net current assets		597,005	794,422
Net assets		597,319	794,995
Capital and reserves
Called up share capital	9	100,000	100,000
Profit and loss account		497,319	694,995
Total equity		597,319	794,995

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies house Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 24 September 2025 and signed on its behalf by:
 

.........................................

M K Simsek

Director

Zorlu UK Limited

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

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Amba House
4th Floor Kings Suite
15 College Road
Harrow
Middlesex
HA1 1BA

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Zorlu UK Limited

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

2	Accounting policies (continued)

Going concern

The company owes a significant amount to group undertakings and is therefore reliant on the support of the wider group to be able to meet its debts as they fall due. In assessing the going concern status of the company the directors therefore consider the funding position of the wider group.

While the group had positive net assets at 31 December 2024, current liabilities exceeded current assets and therefore, there is some uncertainty regarding the continuing availability of support to this company. This is therefore an indication that a material uncertainty exists which may cast significant doubt upon the company’s ability to continue as a going concern.

However, the company has obtained a commitment of support from the parent company for a period of no less than 12 months from the date of the approval of the financial statements, and the directors believe the parent company will be able to continue to provide the support the company requires.

Therefore the directors are satisfied that the company will be able to satisfy its obligations and commitments as they fall due. Given this, the directors have prepared the financial statements on a going concern basis.

Revenue recognition

Revenue is earned from the sale of bed linen and curtains, and associated sales commission.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Revenue from commission is recognised on an accruals basis in line with the recognition of the sale of goods made in the period. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on dispatch.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Foreign currency gains or losses are recognised within administrative expenses in the Profit and Loss Account.

Zorlu UK Limited

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

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Fixtures and fittings	20% straight line
Office equipment	20% straight line

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Zorlu UK Limited

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

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of goods for resale comprises direct cost of the finished goods acquired. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

Zorlu UK Limited

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

4

Taxation

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2024 nor for the year ended 31 December 2023 due to brought forward losses.

5	Tangible fixed assets

	Fixtures and fittings  £	Office equipment  £	Total £
Cost
At 1 January 2024	3,574	1,581	5,155
At 31 December 2024	3,574	1,581	5,155
Depreciation
At 1 January 2024	3,297	1,285	4,582
Charge for the year	55	204	259
At 31 December 2024	3,352	1,489	4,841
Carrying amount
At 31 December 2024	222	92	314
At 31 December 2023	277	296	573

6

Stocks

	2024 £	2023 £
Goods for resale	404,061	908,250

Zorlu UK Limited

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

7	Debtors: amounts falling due within one year

	2024 £	2023 £
Trade debtors	572,666	535,821
Amounts owed by group undertakings	236,074	230,616
Other debtors	12,262	10,839
Prepayments and accrued income	14,820	13,129
	835,822	790,405

8	Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	17,044	41,231
Amounts owed to group undertakings	465,781	666,593
Taxation and social security	192,716	207,821
Other creditors	143,026	188,360
Accruals	40,053	40,053
	858,620	1,144,058

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100,000	100,000	100,000	100,000

Zorlu UK Limited

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

10	Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Total	132,693	31,920

11	Parent and ultimate parent undertaking

The company's immediate parent is Zorlu Dis Ticaret A.S, incorporated in Turkey.

 The ultimate parent is Zorlu Holdings A.S, incorporated in Turkey.

The parent of the smallest group in which these financial statements are consolidated is Zorlu Tekstil ürünleri Pazarlama A.ş, incorporated in Turkey.

The address of Zorlu Tekstil ürünleri Pazarlama A.ş is:
Turgut Reis, 519. Sk. No:18, 34235 Esenler, İstanbul, Türkiye

Zorlu UK Limited

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

12	Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5b) of the Companies Act 2006:

The Independent Auditor's Report was unqualified and included the following statement:

Material uncertainty related 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.

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company’s ability to continue as a going concern. The company is reliant on the financial support of the parent company, and so the continuing availability of that support depends on the financial position of the parent company. These conditions, along with the other matters explained in note 2 to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

The name of the Senior Statutory Auditor who signed the audit report on 25 September 2025 was David Wright BSc FCA, who signed for and on behalf of Corrigan Accountants Limited.