REGISTERED NUMBER: 11357630 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Izipizi Uk Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

X Aguera

C E Y Brun

Q Couturier

REGISTERED OFFICE:

C/o Pramex International

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

11357630 (England and Wales)

AUDITORS:

HB Accountants

Plumpton House

Plumpton Road

Hoddesdon

Herts

EN11 0LB

FIXED ASSETS

Tangible assets

4

286,243

382,762

CURRENT ASSETS

Stocks

108,778

131,665

Debtors

5

643,298

556,026

Cash at bank and in hand

757,337

374,145

1,509,413

1,061,836

CREDITORS

Amounts falling due within one year

6

1,974,318

1,244,894

NET CURRENT LIABILITIES

(464,905

)

(183,058

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(178,662

)

199,704

CREDITORS

Amounts falling due after more than one year

7

105,564

127,051

NET (LIABILITIES)/ASSETS

(284,226

)

72,653

CAPITAL AND RESERVES

Called up share capital

9

1,061,000

1,061,000

Retained earnings

(1,345,226

)

(988,347

)

SHAREHOLDERS' FUNDS

(284,226

)

72,653

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2025 and were signed on its behalf by:

X Aguera - Director

1.	STATUTORY INFORMATION

Izipizi Uk Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and amounts are rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods net of VAT. 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 of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvement - over the lease term

Short leasehold - over the lease term

Plant and machinery - 20% on cost

Fixtures and fittings - 20% on cost

Software - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 currencies

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-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.

Going concern

The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Employees benefits

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2024

and 31 December 2024

285,102

315,935

203,549

DEPRECIATION

At 1 January 2024

271,198

47,984

135,625

Charge for year

1,589

51,671

27,565

At 31 December 2024

272,787

99,655

163,190

NET BOOK VALUE

At 31 December 2024

12,315

216,280

40,359

At 31 December 2023

13,904

267,951

67,924

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

63,253

8,510

876,349

DEPRECIATION

At 1 January 2024

30,270

8,510

493,587

Charge for year

15,694

-

96,519

At 31 December 2024

45,964

8,510

590,106

NET BOOK VALUE

At 31 December 2024

17,289

-

286,243

At 31 December 2023

32,983

-

382,762

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

96,042

150,381

Other debtors

547,256

405,645

643,298

556,026

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

155,225

121,457

Amounts owed to group undertakings

1,427,047

1,063,672

Taxation and social security

14,369

5,042

Other creditors

377,677

54,723

1,974,318

1,244,894

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

105,564

127,051

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

552,000

397,150

Between one and five years

1,620,041

1,500,200

In more than five years

922,987

1,080,496

3,095,028

2,977,846

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,061,000

1,061,000

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion due to disclaimer

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 Auditor's 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 UK, including the FRC's Ethical Standard, 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.

During the audit we identified a significant number of assets and liabilities for which we could not find adequate audit evidence to support their validity. The magnitude of these items is such that we are unable to form an audit opinion. In particular, there are supplier debit balances in excess of £96,000, cash balances in excess of £164,000, overstated prepaid expenditure of almost £71,000, overstated depreciation charges of almost £16,000, overstated accrued expenditure of almost £250,000, overstatement of group creditor balance in excess of £55,000 and unsubstantiated VAT debtor of almost £49,000. In all cases we were unable to obtain appropriate audit evidence or sufficient information or explanations from the company.

Additionally, during the audit of the financial statements for the year ended 31 December 2023 we

identified a significant number of assets and liabilities for which we could not find adequate audit

evidence to support their validity. The magnitude of these items was such that we are unable to form

an audit opinion. In particular, there are supplier debit balances in excess of £150,000, unverified cash

balances of almost £90,000, unsubstantiated VAT debtor of almost £50,000, shortfall of depreciation

charge of almost £30,000. There are various credit balances that

we unable to validate amounting to just under £45,000. We were unable to obtain appropriate audit

evidence or sufficient information or explanations from the company or its advisors.

Keith Grover (Senior Statutory Auditor)

for and on behalf of HB Accountants

11.	ULTIMATE CONTROLLING PARTY