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Christofle UK Limited Registered number: 03080761 Annual Report For the year ended 31 December 2024
CHRISTOFLE UK LIMITED COMPANY INFORMATION
Directors | E L S Metge
| D P F Vercruysse
Company secretary | I Rahme
Registered number | 03080761
Registered office | 30 Old Bailey
| London
| EC4M 7AU
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 2nd Floor
| 6 Sutton Plaza
| Sutton Court Road
| Sutton
| Surrey
| SM1 4FS
Bankers | Societe Generale
| 41 Tower Hill
| London
| EC3N 4SG
CHRISTOFLE UK LIMITED CONTENTS
| Page
Directors' Report | 1 - 3
Independent Auditor's Report | 4 - 7
Statement of Income and Retained Earnings | 8
Statement of Financial Position | 9
Notes to the Financial Statements | 10 - 20
CHRISTOFLE UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the audited financial statements of Christofle UK Limited (the 'Company') for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is the retail of fine silver and tableware.
Results and dividends
The profit for the year, after taxation, amounted to £458,985 (2023: loss of £59,404). The Directors do not propose the payment of a dividend (2023: £nil).
Directors
The Directors who served during the year or to the date of this report were:
E L S Metge
D P F Vercruysse
Directors' responsibilities statement
The Directors are responsible for preparing the Directors' Report and the financial statements of Christofle UK Limited (the 'Company') in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements of Christofle UK Limited (the 'Company') for each financial year. Under that law the Directors have elected to prepare the financial statements of Christofle UK Limited (the 'Company') 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 of Christofle UK Limited (the 'Company') 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 of Christofle UK Limited (the 'Company'), 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; and ∙prepare the financial statements of Christofle UK Limited (the 'Company') 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 of Christofle UK Limited (the 'Company') 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. - 1 -
CHRISTOFLE UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
The Company made a profit after tax during the year and has net assets of £2,140,483 (2023: £1,681,498). The Directors have assessed the Company’s ability to continue as a going concern with reference to current and forecasted trading levels and known and expected cash outflows, which is expected to generate positive net cash.
Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Provision of information to the auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. - 2 -
CHRISTOFLE UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf by:
D P F Vercruysse Director
Date: 26 November 2025
- 3 -
CHRISTOFLE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTOFLE UK LIMITED Opinion We have audited the financial statements of Christofle UK Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion 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. Conclusions relating 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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. - 4 -
CHRISTOFLE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTOFLE UK LIMITED Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report. - 5 -
CHRISTOFLE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTOFLE UK LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. - 6 -
CHRISTOFLE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTOFLE UK LIMITED In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the occurrence assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit report This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed. Ryan Crilley (Senior statutory auditor) For and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 2nd Floor 6 Sutton Plaza Sutton Surrey SM1 4FS 1 December 2025 - 7 -
CHRISTOFLE UK LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
| £ | £
Turnover |  | 5,244,347 | 6,746,482
Cost of sales |  | (3,679,754) | (5,652,536)
Gross profit |  | 1,564,593 | 1,093,946
Administrative expenses |  | (1,008,828) | (1,230,708)
Operating profit/(loss) |  | 555,765 | (136,762)
Interest receivable and similar income |  | 75,874 | 55,070
Interest payable and similar expenses |  | (920) | (2,543)
Profit/(loss) before tax |  | 630,719 | (84,235)
Tax on profit/(loss) |  | (171,734) | 24,831
Profit/(loss) after tax |  | 458,985 | (59,404)
Retained earnings at the beginning of the year |  | 1,681,497 | 1,740,901
|  | 1,681,497 | 1,740,901
Profit/(loss) for the year |  | 458,985 | (59,404)
Retained earnings at the end of the year |  | 2,140,482 | 1,681,497
The Statement of Income and Retained Earnings has been prepared on the basis that all operations are continuing operations. There was no other comprehensive income for 2024 (2023 £nil). The notes on pages 10 to 20 form part of these financial statements.
- 8 -
CHRISTOFLE UK LIMITED REGISTERED NUMBER: 03080761 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | - |  | 4,242
Tangible assets | 5 |  | 441,692 |  | 601,828
|  |  | 441,692 |  | 606,070
Current assets |  |  |  |  |
Stocks | 6 | 1,459,980 |  | 1,359,321 |
Debtors: amounts falling due within one year | 7 | 2,367,294 |  | 3,708,686 |
Bank current accounts |  | 482,317 |  | 240,230 |
|  | 4,309,591 |  | 5,308,237 |
Creditors: amounts falling due within one year | 8 | (2,594,281) |  | (4,232,809) |
Net current assets |  |  | 1,715,310 |  | 1,075,428
Total assets less current liabilities |  |  | 2,157,002 |  | 1,681,498
Deferred tax | 9 | (16,519) |  | - |
|  |  | (16,519) |  | -
Net assets |  |  | 2,140,483 |  | 1,681,498
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1 |  | 1
Profit and loss account | 11 |  | 2,140,482 |  | 1,681,497
Total equity |  |  | 2,140,483 |  | 1,681,498
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 were approved and authorised for issue by the board and were signed on its behalf by:
D P F Vercruysse
Director
Date: 26 November 2025
The notes on pages 10 to 20 form part of these financial statements. - 9 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Christofle UK Limited is a private Company limited by shares and registered in England and Wales with Company number 03080761. The address of its registered office is 30 Old Bailey, London, EC4M 7AU. The principal trading address is Home & Furniture - 3rd Floor, 87-135 Brompton Road, Knightsbridge, London, SW1X 7XL. The principal activity of the Company is the retail of fine silver and tableware. 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements have been presented in Pound Sterling, which is also the Company's functional currency. This currency reflects the primary economic environment in which the Company operates, and is rounded to the nearest pound. The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
| 2.2 | Going concern
The Company made a profit after tax during the year and has net assets of £2,140,483 (2023: £1,681,498). The Directors have assessed the Company’s ability to continue as a going concern with reference to current and forecasted trading levels and known and expected cash outflows, which is expected to generate positive net cash.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover 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 turnover 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. - 10 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Store software | - | 5 years |
Amortisation of intangible assets is charged to profit or loss within 'Administrative expenses'.
| 2.5 | 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. Depreciation of tangible assets is charged to profit or loss within 'Administrative expenses'. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures & fittings | - | 5 years
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. - 11 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Impairment of assets
At each reporting date, the Company reviews the carrying value of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows. When the recoverable amount of an asset is less than the carrying amount an impairment loss is recognised immediately in profit or loss. An impairment loss recognised in respect of an asset is reversed in a subsequent year if, and only if, the reasons for the impairment loss have ceased to apply.
| 2.7 | 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 weighted average 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.
| 2.8 | Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.10 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 12 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. - 13 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | 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 Statement of Financial Position 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | Foreign currency translation
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 the statement of income and retained earnings. Foreign exchange gains and losses are presented in the statement of income and retained earnings within 'administrative expenses'. - 14 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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 the services are rendered. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
3. | Employees
| The average monthly number of employees, including the Directors, during the year was 10 (2023: 10). During the current and prior year none of the Directors received any emoluments for the services rendered to this entity.
- 15 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Intangible assets
|  | Store software
|  | £
| Cost |
| At 1 January 2024 | 21,212
| At 31 December 2024 | 21,212
| Amortisation |
| At 1 January 2024 | 16,970
| Charge for the year | 4,242
| At 31 December 2024 | 21,212
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | 4,242
- 16 -
CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Fixtures & fittings
|  | £
| Cost |
| At 1 January 2024 | 1,629,464
| Additions | 2,473
| Disposals | (24,801)
| At 31 December 2024 | 1,607,136
| Depreciation |
| At 1 January 2024 | 1,027,636
| Charge for the year | 137,808
| At 31 December 2024 | 1,165,444
| Net book value |
| At 31 December 2024 | 441,692
| At 31 December 2023 | 601,828
6. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Goods for resale | 1,459,980 | 1,359,321
| Included in the above figure is an impairment provision of £130,412 (2023: £237,356).
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CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 498,531 | 266,116
| Amounts owed by group undertakings | 1,343,342 | 1,398,334
| Other debtors | 35,205 | 7,480
| Prepayments and accrued income | 181,373 | 1,581,757
| Tax recoverable | 308,843 | 441,907
| Deferred taxation | - | 13,092
|  | 2,367,294 | 3,708,686
| Amounts owed by group undertakings are unsecured, interest free (2023: 1.67%) per annum and payable on demand.
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 7,831 | 1,104
| Amounts owed to group undertakings | 2,154,453 | 1,707,999
| Other taxation and social security | 158,331 | 107,924
| Other creditors | 217,533 | 2,333,482
| Accruals and deferred income | 56,133 | 82,300
|  | 2,594,281 | 4,232,809
| Amounts owed to group undertakings are unsecured, interest bearing at 1.67% (2023: 1.67%) per annum and repayable on demand.
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CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | 13,092 | (7,135)
| Credited to profit or loss | (29,611) | 20,227
| At end of year | (16,519) | 13,092
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (26,622) | 2,989
| Short term timing differences | 358 | 358
| Losses and other deductions | 9,745 | 9,745
|  | (16,519) | 13,092
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023: 1) ordinary share of £1 | 1 | 1
| The share carries one voting right and no right to fixed income.
11. | Reserves
Profit & loss account This reserve represents the cumulative profits and losses of the Company.
12. | Pension commitments
Contributions totalling £157 (2023: payable £1,433) were overpaid to the fund at the balance sheet date and are included in debtors.
13. | Related party transactions
| The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group.
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CHRISTOFLE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
15. | Parent company and controlling party
At the year end, the parent company was Luxury Brand Development SA, a Company registered in Luxembourg whose registered address is 1 Rue Jean Piret, L-2350, Luxembourg. The ultimate Controlling party is Chalhoub Holdings SA LTD, a Company incorporated in Dubai who registered address is 7, N510A Street, Dubai. The largest and smallest group in which these results of the Company are consolidated is Luxury Brand Development SA. Copies of these consolidated financial statements can be obtained from 1 Rue Jean Piret, L-2350, Luxembourg,
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