ACCOUNTS - Final Accounts

Registered number: 01357097

GUY COTTEN (U.K.) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

GUY COTTEN (U.K.) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

Page 1

GUY COTTEN (U.K.) LIMITED

REGISTERED NUMBER:01357097

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

FIXED ASSETS
Tangible assets	4		131,524		138,702
Investments	5		2		2
			131,526		138,704
CURRENT ASSETS
Stocks		766,793		672,096
Debtors: amounts falling due within one year	6	204,464		202,453
Cash at bank and in hand		21,277		45,278
		992,534		919,827
Creditors: amounts falling due within one year	7	(629,517)		(591,990)
NET CURRENT ASSETS			363,017		327,837
TOTAL ASSETS LESS CURRENT LIABILITIES			494,543		466,541
Creditors: amounts falling due after more than one year	8		-		(14,352)

NET ASSETS			494,543		452,189

CAPITAL AND RESERVES
Called up share capital	2,000	2,000
Profit and loss account	492,543	450,189
	494,543	452,189

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

N Bertholom

Director

Date: 23 September 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Guy Cotten (UK) Limited is a private company, limited by shares, and incorporated in England and Wales (company number 01357097). The registered office is Unit 1, Heathlands Road Industrial Estate, Station Road, Liskeard, Cornwall, PL14 4DH.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The accounts have been prepared on the going concern basis. Management believe that expansion and diversification into other markets has left the Company in a strong position to generate growth in the years to come.
Management have reviewed budgets and forecasts and are confident that, even with a pessimistic forecast, the Company will continue to trade and all debts will be met as they fall due. Based upon this, the Directors are confident the going concern basis is correct.

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.7

CURRENT AND DEFERRED TAXATION

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

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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line basis and reducing balance basis as outlined below.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Plant and machinery	-	20%	straight line
Motor vehicles	-	20%	straight line
Office equipment	-	15%	straight line
Computer equipment	-	25%	straight line

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.

Page 5

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2023: 5).

Page 6

		GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	4.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
COST
At 1 January 2024	174,171	14,301	13,053	13,388	1,322	216,235
At 31 December 2024	174,171	14,301	13,053	13,388	1,322	216,235
DEPRECIATION
At 1 January 2024	47,427	14,301	7,398	7,141	1,266	77,533
Charge for the year on owned assets	2,503	-	2,611	2,008	56	7,178
At 31 December 2024	49,930	14,301	10,009	9,149	1,322	84,711
NET BOOK VALUE
At 31 December 2024	124,241	-	3,044	4,239	-	131,524
At 31 December 2023	126,744	-	5,655	6,247	56	138,702

Page 7

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2024	2
	At 31 December 2024	2

DEBTORS

					2024	2023
					£	£


Trade debtors	190,228	189,708
Prepayments and accrued income	12,836	11,688
Deferred taxation	1,400	1,057
	204,464	202,453

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Bank overdrafts	42	-
Bank loans	16,839	26,148
Trade creditors	3,268	2,101
Amounts owed to group undertakings	401,838	330,963
Corporation tax	15,716	28,790
Other taxation and social security	57,716	64,471
Other creditors	120,590	126,460
Accruals and deferred income	13,508	13,057
	629,517	591,990

The bank loans are secured by way of fixed and floating charges over the property and assets of the Company.

Page 8

GUY COTTEN (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2024	2023
		£	£

	Bank loans	-	14,352

The bank loans are secured by way of fixed and floating charges over the property and assets of the Company.

9.	DEFERRED TAXATION

		2024
		£

	At beginning of year	1,057
	Charged to profit or loss	343
	AT END OF YEAR	1,400

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	-	(62)
Timing differences	1,400	1,119
	1,400	1,057

10.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. During the year the charge to the Company was £4,386 (2022: £3,940). At the year end £Nil (2022: £Nil) was due to the scheme.

11.

RELATED PARTY TRANSACTIONS

During the year, the Company purchased goods for resale to the value of £804,832 (2023: £845,843) from its parent company and made sales of £6,998 (2023: £5,337) to its parent company. The Company has been charged a management fee of £21,060 (2023: £22,827) by the parent company. During the year, the Company issued dividends of £Nil (2023: £49,975) to its parent company. At the year end the Company owed its parent company £401,839 (2023: £330,963).

12.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 September 2025 by Stephen Patey FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

Page 9