Furrer UK Ltd

	Page
Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3—6

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Furrer UK Ltd

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 09556595

		2024		2023
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	879,979		1,002,600
Cash at bank and in hand		73,330		86,471

		953,309		1,089,071
Creditors: Amounts Falling Due Within One Year	5	(774,586 )		(843,629 )

NET CURRENT ASSETS (LIABILITIES)			178,723		245,442

TOTAL ASSETS LESS CURRENT LIABILITIES			178,723		245,442

NET ASSETS			178,723		245,442

CAPITAL AND RESERVES
Called up share capital	6		1,000		1,000
Profit and Loss Account			177,723		244,442

SHAREHOLDERS' FUNDS			178,723		245,442

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Gino Mazzi

Director

25/09/2025

The notes on pages 3 to 6 form part of these financial statements.

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Furrer UK Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Furrer UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09556595 . The registered office is 19 The Circle , Queen Elizabeth Street, London, SE1 2JE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest £. The financial statements have been prepared under the historical cost convention.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the company’s forecasts and projections, including expected cash flows and funding requirements, and have considered the availability of financial support and other mitigating factors.

Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in business for at least twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3. Significant judgements and estimations

In preparing the financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Significant Judgements

The following judgements (excluding those involving estimations) have had the most significant effect on amounts recognised in the financial statements:

Revenue Recognition – Long-Term Contracts Judgement is required in estimating the stage of completion of long-term contracts at the balance sheet date. This involves assessing forecast total contract costs and progress to date, which may significantly impact revenue recognised.

Key Sources of Estimation Uncertainty

Provision for Project Losses - Provisions are recognised for contracts where the expected costs exceed the economic benefits. Estimating these provisions involves assumptions about remaining development costs, potential delays, scope changes, and expected revenue. Management reviews these estimates regularly based on current project data.

Accruals for Subcontractor Costs - The company accrues for subcontractor invoices relating to work completed over a period of time, particularly where the service period overlaps the year-end. In the absence of a final invoice, the cost is estimated by assuming an even distribution of the expense over the period between the previous and most recent invoice dates. This requires judgement in assessing the completeness and accuracy of the accrued amount, and actual costs may differ from those estimated.

2.4. Turnover

Revenue Recognition

Revenue is recognised at the fair value of the consideration received or receivable, net of VAT and other sales-related taxes.

Revenue from long-term contracts involving the extraction, processing, and installation of natural stone is recognised using the percentage-of-completion method, in accordance with Section 23 of FRS 102. The stage of completion is determined by reference to the proportion of contract costs incurred to date relative to the estimated total contract costs.

Revenue is recognised upon installation of the product at the customer’s site, reflecting the transfer of significant risks and rewards of ownership. Where installation is ongoing at the reporting date, revenue is recognised to the extent of the work completed, provided the outcome of the contract can be estimated reliably.

If the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that are expected to be recoverable. Expected losses on contracts are recognised immediately when identified.

...CONTINUED

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Furrer UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Turnover - continued

Construction Contracts

Where the company undertakes long-term contracts for bespoke stonework and installation, contract revenue and costs are recognised in accordance with the stage of completion of the contract activity at the reporting date. Expected losses on contracts are recognised immediately when identified.

Work in progress is stated at cost plus attributable profit less foreseeable losses and progress billings. Cost includes direct materials, labour, and attributable overheads.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. 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 trade 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. In such cases, 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.

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 trade creditors, bank loans, and other loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, in which case the liability 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. Debt instruments are subsequently carried at amortised cost using the effective interest method.

Trade creditors are obligations to pay for goods or services acquired in the ordinary course of business. 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.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Furrer UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. 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.

2.10. Impairment of Assets

At each reporting date, the company reviews the carrying amounts of its assets to determine whether there is any indication of impairment. If such indication exists, the recoverable amount is estimated and any impairment loss is recognised in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. The reversal is limited to the carrying amount that would have been determined had no impairment loss been recognised in prior years.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

4. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	111,519	282,834
Prepayments and accrued income	396,693	677,065
Other debtors	438	438
Goss amounts owed by contract customers	369,788	41,142
VAT	900	480
Amounts owed by group undertakings	641	641

	879,979	1,002,600

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Furrer UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	40,460	82,729
Corporation tax	7,119	16,207
Accruals and deferred income	269,529	13,115
Gross amounts due to contract customers	457,478	731,578

	774,586	843,629

6. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.000 each	1,000	1,000

7. Related Party Disclosures

The company has taken advantage of the exemption under FRS 102 Section 1A paragraph 1AC.35 not to disclose transactions entered into with wholly owned group undertakings. This exemption applies as the company is included in the consolidated financial statements of its parent undertaking, which are publicly available.

8. Controlling Parties

The company's immediate parent undertaking is Furrer SPA. The registered address of the immediate parent is Via Covetta, 2, 54033 Carrara MS, Italy.

9. Audit Information

The auditor's report on the accounts of Furrer UK Ltd for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Ahsan Miraj (Senior Statutory Auditor) for and on behalf of Bright Grahame Murray Chartered Accountants , Statutory Auditor.

Bright Grahame Murray Chartered Accountants

Emperor's Gate

114a Cromwell Road

Kensington

London

SW7 4AG

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Director	Mr Gino Mazzi

Company Number	09556595

Registered Office	19 The Circle
	Queen Elizabeth Street
	London
	SE1 2JE

Accountants	Tax and Advise Ltd
	19 The Circle
	Queen Elizabeth Street
	London
	SE1 2JE

Auditors	Bright Grahame Murray Chartered Accountants
	Emperor's Gate
	114a Cromwell Road
	Kensington
	London
	SW7 4AG