Focchi Ltd

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11—18

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

During the year ended 31 December 2024 the company increased its turnover due to large projects commencing in London and Manchester, which contributed to a substantial reduction of last year's loss. However, the extended duration of site programmes didn't allow to return to profitability during this financial year.

The key financial highlights are as follow

	2024	2023
	£	£
Turnover	122,112,617	93,802,836
Turnover Growth	30.18%	(3.53)%
Gross Profit / (Loss) Margin	(1.83)%	(4.84)%
Profit / (Loss) Before Tax	(5,818,639)	(8,444,266)

Principal Risks and Uncertainties

The main risks and uncertainties for the company revolve around accurately estimating the costs involved in our contracts, effectively managing, and controlling these costs, and ensuring reimbursement under contract payment terms. The slow decisional process from investors and developers, along with the general delays created by the new Gateway 2 regulation remain key uncertainty factors. Our core commitment lies in delivering projects punctually, maintaining requisite quality and safety standards, which is fundamental to our role.

In our 2024 financial accounts, we have factored in the uncertainties of the UK market. Our prudent approach involves recognising profits from long-term contracts only when they are reliably known and determined.

Future Developments

The directors are expecting the business to consolidate as we continue to seek new business opportunities.

Non -financial KPIs

There were no non-financial KPIs to report.

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Focchi Ltd

Strategic Report (continued)

For The Year Ended 31 December 2024

Section 172(1) Statement

The board of directors of Focchi Limited consider that they have promoted the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1) (a-f) of the Act). This statement includes specific examples of how the directors have discharged their duties with respect to:

the likely consequences of any decision in the long term;

the interest of the company's employees;

the need to foster the company’s business relationships with suppliers, customers and others;

the impact of the company’s operations on the community and the environment;

the desirability of the company maintaining a reputation for high standards of business conduct, and

the need to act fairly as between members of the company.

Business Relationships – Suppliers, Customers and other third parties

The directors recognised that engagement with suppliers, customers and other third parties is a fundamental part of achieving strong and sustainable results. The directors have ensured that the management team shares its strategy and expectations with the company's key suppliers and customers and assigns key contacts to build close working relationships.

As a successful business, we need to be providing our customers with what they want now and in the future. We need to build strong relationships with our customers and seek feedback when applicable. The Board is routinely provided market and business updates by the management team and helps set the long term priorities of the team to improve its commercial positioning and competitiveness in its segments.

Employees

The directors recognise that is critical for the future success of the company that it develop, retain and attract talent and provide stimulating and challenging career opportunities for teams to develop their skills within a considerate and supportive environment.

The directors have encouraged the creation of an open culture with constructive and honest dialogue throughout the company and an open and accessible management structure that enables direct interaction between senior management and employees.

Maintaining a reputation for high standards of business conduct

The directors have consistently reinforced a commitment to quality. Directors are focused on ensuring that the systems, processes and controls relating to the operational process and site work are processing effectively.

Acting as between the company’s owners

The directors sought to delivery sustainable growth and income over the long term with an appropriate balance of risk return in the context of the wider market. The directors recognise their clear responsibility to engage with the owners of the company whose views are an important driver of the strategy. We hold regular board meeting with shareholders representation who can engage directly with directors. The shareholder representative provides direct feedback on strategic plans proposed by the directors, which is then factored into the financial company strategy.

On behalf of the board

Mr M FOCCHI

Director

09/12/2025

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Focchi Ltd

Company No. 02997625

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The principal activity of Focchi Ltd is to trade in Facades and Curtain Walls across the UK.

Dividends

There were no dividends paid in the year.

Financial Instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and an intercompany balance with the parent company, Focchi Spa. The main purpose of these instruments is to raise funds and to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is no exposures to price risk. The company's approach to managing other risks applicable to the financial instrument is shown below.

In respect of bank balances, liquidity risk is managed by maintaining a balance between the continuity of funding and treasury management policies. The company makes use a bank deposit account where funds are available.

In respect of the inter-company balance, liquidity risk is managed by ensuring repayments are only made if the cashflow requirement of the company is met.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Directors

The directors who held office during the year were as follows:

Mr M FOCCHI

Mr R PHILLIPS

Mr A CICORIA

Research and Development

The company does not have any expenditure for research and development.

Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.

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Focchi Ltd

Directors' Report (continued)

For The Year Ended 31 December 2024

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditor is deemed to have been re-appointed in accordance with section 497 of the Companies Act 2006.

Energy and Carbon Report

The directors have evaluated the energy consumption of the company and are satisfied the 40,000KWh threshold has not been exceeded. On this basis, the streamlined carbon and energy reporting disclosures have not been provided.

On behalf of the board

Mr M FOCCHI

Director

09/12/2025

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Independent Auditor's Report

to the Members of

Focchi Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Focchi Ltd for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 loss 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Focchi Ltd

Matters on Which We Are Required to Report by Exception

In the 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 Strategic Report or 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 or 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.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Focchi Ltd

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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

we identified the laws and regulations applicable to the company through discussions with directors and other management;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK tax legislation; and

we obtained an understanding of the extent of compliance with the laws and regulations identified above through making enquiries of management.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Description of the auditor's responsibilities for the audit of the financial statements

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsabilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Focchi Ltd

Use Of Our 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 that 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.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited , Statutory Auditor

12/12/2025

Belluzzo Audit Limited

38, Craven Street

London

WC2N 5NG

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Focchi Ltd

Statement of Income and Retained Earnings

For The Year Ended 31 December 2024

Statement of Income and Retained Earnings

		2024	2023
	Notes	£	£
TURNOVER	4	122,112,617	93,802,836
Cost of sales		(124,347,199 )	(98,346,755 )

GROSS LOSS		(2,234,582 )	(4,543,919 )

Administrative expenses		(3,891,208 )	(4,071,377 )

OPERATING LOSS	5	(6,125,790 )	(8,615,296 )
Other interest receivable and similar income	10	307,151	171,080

LOSS BEFORE TAXATION		(5,818,639 )	(8,444,216 )
Tax on Loss	11	5,366	88,751

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR		(5,813,273 )	(8,355,465 )
RETAINED EARNINGS
As at 1 January 2024		(2,573,631 )	5,781,834
As at 31 December 2024		(8,386,904 )	(2,573,631 )

The notes on pages 11 to 18 form part of these financial statements.

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Focchi Ltd

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 02997625

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		35,302		48,814
Tangible Assets	13		12,341		15,488

			47,643		64,302
CURRENT ASSETS
Stocks	14	4,012,869		3,069,200
Debtors	15	50,588,952		30,484,361
Cash at bank and in hand		3,907,923		5,514,273

		58,509,744		39,067,834
Creditors: Amounts Falling Due Within One Year	16	(66,883,581 )		(41,639,691 )

NET CURRENT ASSETS (LIABILITIES)			(8,373,837 )		(2,571,857 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(8,326,194 )		(2,507,555 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(10,710 )		(16,076 )

NET LIABILITIES			(8,336,904 )		(2,523,631 )

CAPITAL AND RESERVES
Called up share capital	19		50,000		50,000
Profit and Loss Account			(8,386,904 )		(2,573,631 )

SHAREHOLDERS' FUNDS			(8,336,904)		(2,523,631)

The financial statements were approved by the board of directors on 9 December 2025 and authorised for issue and signed on its behalf by:

Company Registration No. 02997625

Mr M FOCCHI

Director

The notes on pages 11 to 18 form part of these financial statements.

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Focchi Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Focchi Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02997625 . The registered office is Sherlock House, 7, Kenrick Place, London, W1U 6HE.

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared on the historical cost basis, unless otherwise specified within these accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company satisfies the criteria of being a qualifying entity as defined in FRS102. Its financial statements are consolidated into the financial statements of Focchi Spa which can be obtained from Via Cornacchiara, 805, 47824 Poggio Torriana, Rimini, Italy. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102.

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.3. Going Concern Disclosure

The directors have considered the continuing effects of increased costs and the current economic climate in reaching their conclusion about the company's ability to continue as a going concern. They believe the impact can be managed to ensure the company's ability to continue in operational existence. The company has increased turnover due to large projects commencing in London and Manchester and the directors continue to develop strategies to generate further sales growth and robustly manage costs whilst maintaining the quality of service provided to customers. Accordingly, the directors have a reasonable expectation that the company has adequate resources and the ongoing support of its parent company to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

3.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered net of discounts and value at the tax. Revenue is generally recognised on the stage of completion basis for each individual project.

Profit is recognised on long term contracts if the final outcome can be assessed with a reasonable certainty, by including in the profit and loss account, the turnover and the related costs as contract activity progresses.

3.5. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of 5 years.

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office and Computer Equipment

20% Straight line

3.7. Leasing and Hire Purchase Contracts

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

3.8. 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.

3.9. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

3.10. Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

3.11. Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3.12. Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.13. Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and any receipt considered probable.

Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that is probable will be recoverable, and contracts costs are recognised as an expense in the period in which they are incurred.

When it is probable that the total contract cost will exceed total contract revenue, the expected loss should be recognised as an expense immediately, with a corresponding provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as a contract revenue is no longer probable, the uncollectable amount is expensed rather than recognised as an adjustment to the total amount of contract revenue.

The entity uses the percentage of completion method to determine the amounts to be recognised in the period. This stage of completion is measured by reference to the contract revenue approved up to the end of the reporting period as a percentage of total contract revenue for each contract.

Amounts recoverable on long term contracts, which are included in debtors, are stated as the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

3.14. Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions, which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Long term Work in Progress accounting

Long term work in progress, amounts recoverable on contracts and amounts accrued at the year end are derived from estimates of costs to complete a contract, prepared by project managers, and the estimate of the percentage of work carried out at the year end, by reference to contract revenue approved by the customer.

Recoverability of Debtors

The company makes an estimate of the recoverable value of trade debtors and accrued income. When assessing impairment of trade debtors and accrued income, management considers factors including current credit rating of the customers, the ageing profile of the balance and previous experience.

4. Turnover

Analysis of turnover by class of business is as follows:

	2024	2023
	£	£
Curtain walls and facades	122,112,617	93,802,836

	2024	2023
	£	£
United Kingdom	122,112,617	93,802,836

	122,112,617	93,802,836

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Operating Loss

The operating loss is stated after charging:

	2024	2023
	£	£
Operating lease rentals	153,631	153,889
Exchange differences	760,504	139,524
Depreciation of tangible fixed assets	8,484	10,701
Amortisation of intangible fixed assets	13,512	15,146

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	18,000	17,000

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	2,561,626	2,830,761
Social security costs	313,904	349,177
Other pension costs	55,322	43,325

	2,930,852	3,223,263

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	7	7
Sales, marketing and distribution	3	3
Production	23	25

	33	35

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	164,251	235,705

	2024		2023
Money purchase pension schemes	1		1

Information regarding the highest paid director was as follows:

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

	2024	2023
	£	£
Emoluments	163,472	235,705
Company contributions to money purchase pension schemes	1,321	1,321

	164,793	237,026

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	307,151	171,080

11. Tax on Profit

	Tax Rate		2024	2023
The tax credit on the loss for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	19.0%	19.0%	-	(100,490 )
Deferred Tax
Deferred taxation			(5,366 )	11,739


Total tax charge for the period			(5,366 )	(88,751 )


The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(5,818,639)	(8,444,216)

Tax on profit at 19% (UK standard rate)			(1,105,541 )	(1,604,401 )
Goodwill/depreciation not allowed for tax			4,179	4,911
Expenses not deductible for tax purposes			-	1,736
Capital allowances			(1,014 )	(279 )
Prior period adjustment			-	(14,300 )
Deferred tax from unrecognised timing difference from a prior period			(5,366 )	11,739
Tax losses unutilised carried forward			1,102,376	1,511,843

Total tax charge for the period			(5,366)	(88,751)

At the year end, deferred tax on unrealised tax losses amounted to £ 3,439,000.

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	71,630

As at 31 December 2024	71,630

Amortisation
As at 1 January 2024	22,816
Provided during the period	13,512

As at 31 December 2024	36,328

Net Book Value
As at 31 December 2024	35,302

As at 1 January 2024	48,814

13. Tangible Assets

	Land & Property
	Leasehold	Office and Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	103,465	50,199	153,664
Additions	-	5,337	5,337

As at 31 December 2024	103,465	55,536	159,001

Depreciation
As at 1 January 2024	103,465	34,711	138,176
Provided during the period	-	8,484	8,484

As at 31 December 2024	103,465	43,195	146,660

Net Book Value
As at 31 December 2024	-	12,341	12,341

As at 1 January 2024	-	15,488	15,488

14. Stocks

	2024	2023
	£	£
Work in progress	4,012,869	3,069,200

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

15. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	33,534,351	9,544,887
Prepayments and accrued income	749,139	702,541
Amounts owed by customers on construction contracts	11,265,060	18,833,666
Other debtors <12 months	57,970	118,751
Corporation tax recoverable assets	86,190	86,190
Amounts owed by group undertakings	100,487	-

	45,793,197	29,286,035
Due after more than one year
Trade debtors	4,795,755	1,198,326

	50,588,952	30,484,361

Trade Debtors includes £22,300,050 owed to group undertakings.

16. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	27,961,640	3,662,929
Amounts owed to group undertakings	29,150,431	16,139,298
Other creditors	11,546	-
Taxation and social security	139,889	127,911
Accruals and deferred income	9,620,075	21,709,553

	66,883,581	41,639,691

Trade Creditors and Accruals includes £1,789,458 and £306,101 owed to group undertakings.

17. Deferred Taxation

	2024	2023
	£	£
Accelerated capital allowances	10,710	16,076

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	16,076	16,076
Reversals	(5,366 )	(5,366)

Balance at 31 December 2024	10,710	10,710

19. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
50,000 Ordinary Shares of £ 1.00 each	50,000	50,000

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Focchi Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	145,000	145,000
Later than one year and not later than five years	580,000	580,000
Later than five years	1,667,500	1,812,500

	2,392,500	2,537,500

The operating leases represent rentals payable by the company for the leasehold property and equipment. The leases are negotiated for an average term of 20 years for the property.

21. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £55,322 (2023: £43,325).

At the balance sheet date contributions of £8,300 (2023: £8,899) were due to the fund and are included in creditors.

22. Related Party Disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent company as it is a wholly owned subsidiary.

23. Controlling Parties

The parent company is Focchi Spa, a company registered in Italy. The parent company is controlled by the Focchi family.

Focchi Spa prepares group financial statements and copies can be obtained from Via Cornacchiara 805, 47824 poggio Torriana, Rimini, Italy.

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