Bellagio Marble Ideas Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15—26

The directors present their strategic report for the year ended 31 March 2025.

Review of the Business

The year has seen turnover decrease by £166,896 (1.3%) in comparison with the previous year. Group loss before tax is £148,883, a fall of £258,179 on that of the previous year (profit of £109,296). This fall is largely a result of a reduced group gross profit margin and increased salary overheads.

Principal Risks and Uncertainties

Market risk

Traditionally the group has been heavily reliant on the house building sector. The group has in recent year successfully diversified into other markets, in particular expanding sales to national kitchen retailers. This has proved to be hugely beneficial, particularly due to relatively lower demand from a subdued housebuilding sector in the period under review.

The group will continue to aim to diversify into new markets to minimise risk.

The continued commitment and loyalty of our stable and committed team of employees remains key to securing new

work.

Credit risk

Credit risk on both trade debtors and trade creditors is carefully monitored. A risk averse approach is maintained.

Financial risk

There are relatively reduced sales volumes in the house building sector at present which the group is successfully seeking to offset by expanding sales to other sectors. Cost control is a key focus for the directors, both in terms of minimising both production and overheads costs.

Key financial performance indicators

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, being turnover, gross profit and profit before tax.

The group's turnover for the year is £12,408,888, a decrease of £166,896 (1.3%) on the previous year's £12,575,784.

Gross profit margin has fallen to 25.3% (25.9% previous year).

Loss before tax for the year of £148,883 compared to a profit of £109,296 in 2024 is due to a slightly reduced gross profit margin and increased overheads.

Net assets fell to £4.08m (2024 £4.24m) and the group continues to maintain adequate working capital with net current assets of £997k (2024 £1.189m)

On behalf of the board

Mr R Wilkinson

Director

19th December 2025

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Bellagio Marble Ideas Limited

Company No. 13645733

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal Activity

The group's principal activity continues to be that of the fabrication and installation of kitchen worktops.

Future Developments

The Group continues to grow its turnover. Group sales in the unaudited management accounts for the six months to 30 September 2025 were £6,994,662, an increase of 12% on the six months to 30 September 2024. This in part reflects an upturn in work for housebuilders. Gross profit margin has also improved in the six months to 30 September 2025, due in part to improved buying and cost control measures in Group company factories.

The directors believe the group is well placed in terms of industry experienced employees, strong systems, production capacity and reputation to exploit future opportunities.

Financial Instruments

The group's principal financial instruments comprise the operational bank accounts, its invoice finance facility, trade debtors and trade creditors. The main purpose of these financial instruments is to manage the company's working capital requirements

Directors

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

Mr M R Boyden

Mr R Wilkinson

Mr S Buck

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 and group'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 and group's auditors are aware of that information.

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Bellagio Marble Ideas Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, Burrows Scarborough Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

On behalf of the board

Mr R Wilkinson

Director

19th December 2025

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Independent Auditor's Report

to the Members of

Bellagio Marble Ideas Limited

Independent Auditor's Report

Qualified opinion

We have audited the financial statements of Bellagio Marble Ideas Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(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 Qualified Opinion

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 1 April 2023, which are included in opening stock of the comparatives at £643,209, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 group and parent 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 group and parent company'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.

Key Audit Matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our 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

Bellagio Marble Ideas Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

we were unable to determine whether adequate accounting records have been kept.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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 group and parent 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 group or the parent 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

Bellagio Marble Ideas Limited

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:

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the company's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;

enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the health and safety legislation, FRS 102, the Companies Act 2006 and tax law. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included:

Reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and assessing whether the judgements made in making accounting estimates are indicative of potential bias.

Enquired of management around actual and potential litigation and claims, including health and safety.

Enquired of company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

Reviewed minutes of meetings of management.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding

irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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/auditorsresponsibilities. This description forms part of our auditor's report.

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.

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Independent Auditor's Report (continued)

to the Members of

Bellagio Marble Ideas Limited

Adam Bexon MChem FCA (Senior Statutory Auditor)

for and on behalf of Burrows Scarborough Limited , Statutory Auditor

19th December 2025

Burrows Scarborough Limited

Sovereign House

12 Warwick Street

Coventry

CV5 6ET

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Bellagio Marble Ideas Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	12,408,888	12,575,784
Cost of sales		(9,274,458 )	(9,316,681 )

GROSS PROFIT		3,134,430	3,259,103

Administrative expenses		(3,135,590 )	(3,023,963 )
Other operating income		6,540	6,929

OPERATING PROFIT	5	5,380	242,069
Profit on disposal of fixed assets		15,659	20,934
Other interest receivable and similar income	10	3,273	1,974
Interest payable and similar charges	11	(173,196 )	(155,681 )

(LOSS)/PROFIT BEFORE TAXATION		(148,884 )	109,296
Tax on (Loss)/profit	12	(15,510 )	(84,594 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(164,394 )	24,702
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(164,394 )	24,702

The notes on pages 14 to 26 form part of these financial statements.

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Bellagio Marble Ideas Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 13645733

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		1,062,995		1,222,444
Tangible Assets	14		3,516,953		3,627,081

			4,579,948		4,849,525
CURRENT ASSETS
Stocks	16	1,007,275		993,086
Debtors	17	2,029,442		2,162,385
Cash at bank and in hand		345,660		429,133

		3,382,377		3,584,604
Creditors: Amounts Falling Due Within One Year	18	(2,384,850 )		(2,395,602 )

NET CURRENT ASSETS (LIABILITIES)			997,527		1,189,002

TOTAL ASSETS LESS CURRENT LIABILITIES			5,577,475		6,038,527

Creditors: Amounts Falling Due After More Than One Year	19		(1,172,902 )		(1,482,004 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(328,281 )		(315,837 )

NET ASSETS			4,076,292		4,240,686

CAPITAL AND RESERVES
Called up share capital	24		500		500
Other reserves			3,999,500		3,999,500
Profit and Loss Account			76,292		240,686

SHAREHOLDERS' FUNDS			4,076,292		4,240,686

On behalf of the board

Mr R Wilkinson

Director

19th December 2025

The notes on pages 14 to 26 form part of these financial statements.

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Bellagio Marble Ideas Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 13645733

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		500		500

			500		500
TOTAL ASSETS LESS CURRENT LIABILITIES			500		500

NET ASSETS			500		500

CAPITAL AND RESERVES
Called up share capital	24		500		500

SHAREHOLDERS' FUNDS			500		500

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ (2024: £ profit/(loss)).

On behalf of the board

Mr R Wilkinson

Director

19th December 2025

The notes on pages 14 to 26 form part of these financial statements.

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Bellagio Marble Ideas Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	500	3,999,500	215,984	4,215,984
Profit for the year and total comprehensive income	-	-	24,702	24,702

As at 31 March 2024 and 1 April 2024	500	3,999,500	240,686	4,240,686


Loss for the year and total comprehensive income	-	-	(164,394 )	(164,394)

As at 31 March 2025	500	3,999,500	76,292	4,076,292

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Bellagio Marble Ideas Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital
	£
As at 1 April 2023	500

As at 31 March 2024 and 1 April 2024	500


As at 31 March 2025	500

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Bellagio Marble Ideas Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	797,878	979,527
Interest paid		(173,196 )	(155,681 )
Tax paid		(406 )	(101,378 )

Net cash generated from operating activities		624,276	722,468

Cash flows from investing activities
Purchase of tangible assets		(253,824 )	(144,306 )
Proceeds from disposal of tangible assets		82,999	45,456
Grants received		6,540	6,929
Interest received		3,273	1,974

Net cash used in investing activities		(161,012 )	(89,947 )

Cash flows from financing activities
Repayment of bank borrowings		(136,641 )	(119,883 )
Repayment of finance leases		(279,925 )	(212,874 )
Movement in invoice discounting facility		(130,171)	(134,086)

Net cash used in financing activities		(546,737 )	(466,843 )



(Decrease)/increase in cash and cash equivalents		(83,473 )	165,678
Cash and cash equivalents at beginning of year	2	429,133	263,455

Cash and cash equivalents at end of year	2	345,660	429,133

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Bellagio Marble Ideas Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(164,394 )	24,702
Adjustments for:
Tax on (loss)/profit	15,510	84,594
Interest expense	173,196	155,681
Interest income	(3,273 )	(1,974 )
Amortisation of intangible assets	159,449	159,449
Depreciation of tangible assets	410,396	354,466
Profit on disposal of tangible assets	(15,659)	(20,934)
Grant income	(6,540)	(6,929)
Movements in working capital:
Increase in stocks	(14,189 )	(349,877 )
Decrease in trade and other debtors	132,606	275,087
Increase in trade and other creditors	110,776	305,262

Net cash generated from operations	797,878	979,527

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	345,660	429,133

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	New finance leases	As at 31 March 2025
	£	£	£	£
Cash at bank and in hand	429,133	(83,473)	-	345,660
Finance leases	(764,563)	279,925	(113,783)	(598,421)
Debts falling due within one year	(539,103 )	113,412	-	(425,691 )
Debts falling due after more than one year	(952,448)	153,400	-	(799,048)

	(1,826,981)	463,264	(113,783)	(1,477,500)

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Bellagio Marble Ideas Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Bellagio Marble Ideas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13645733 . The registered office is Unit 6 Heathcote Way, Heathcote Way Industrial Estate, Warwick, CV34 6TE.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest £1.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

Management have determined that there are no material uncertainties in relation to going concern by considering future cash flows, liquidity and borrowing facilities. The group has a significant amount of equity in their freehold property that could be used as leverage against future borrowing if required.

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 Group accounting policies (see below).

The company owns 100% of the issued share capital of the subsidiary companies listed below. The registered office of each of these subsidiaries is as follows:-

Marble Ideas Limited - Unit 1, Station Approach Station Road, Langley, Slough, England, SL3 6DB
Bellagio Stone Limited - Unit 6, Heathcote Way, Heathcote Industrial Estate, Warwick, England, CV34 6TE

The company's subsidiaries have been consolidated as follows:

	Year to 31st March 2025	Year to 31st March 2024
Bellagio Stone Limited	for the full year	for the full year
Marble Ideas Limited	for the full year	for the full year

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the cost incurred or to be incurred in respect of the transactions can be measured reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. 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:

Freehold	1% straight line
Plant & Machinery	10% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% straight line

If there is an indication that there has been a significant change in depreciation rate, useful rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.8. 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.

2.9. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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

...CONTINUED

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Taxation - continued

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

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

2.10. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.12. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.13. Judgements and key sources of estimation uncertainty

Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in these accounting policies and/or the notes to the financial statements and the key areas are summarised below:

Judgements in applying accounting policies

There are no judgements (apart from those involving estimates) that have been made in the process of applying these accounting policies that have had a significant effect on amounts recognised in the financial statements.

Sources of estimation uncertainty

Depreciation rates are based on estimates of the useful lives and residual values of the assets involved (see the Tangible fixed assets accounting policy).

Slow moving stock provisions are based on estimates of the likely recoverable amounts (see the Stocks accounting policy).

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Contract sales	6,350,365	7,158,487
Retail sales	608,872	730,112
Trade sales	5,449,651	4,687,185

	12,408,888	12,575,784

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	12,408,888	12,575,784

	12,408,888	12,575,784

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Other Operating Income

	2025	2024
	£	£
Grant income	6,540	6,929

	6,540	6,929

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	8,186	24,135
Depreciation of tangible fixed assets - owned	212,737	184,706
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	197,659	169,760
Amortisation of intangible fixed assets	159,449	159,449

6. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	26,120	20,000

7. Staff Costs

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

	2025	2024
	£	£
Wages and salaries	3,311,590	3,153,482
Social security costs	337,823	317,557
Other pension costs	69,015	67,756

	3,718,428	3,538,795

8. Average Number of Employees

Group

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

	2025	2024
Production staff	84	66
Office management	25	25
Directors	3	3

	112	94

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	429,600	409,367
Company contributions to money purchase pension schemes	7,200	7,200

	436,800	416,567

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	1		1

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	218,000	193,817
Company contributions to money purchase pension schemes	7,200	7,200

	225,200	201,017

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	2,867	1,974
Other interest receivable	406	-

	3,273	1,974

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	95,838	112,907
Factoring charges	28,638	15,000
Finance charges payable under finance leases and hire purchase contracts	47,570	27,052
Other finance charges	1,150	722

	173,196	155,681

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the (loss)/profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	10,025	(337 )
Prior period adjustment			(6,958 )	-

			3,067	(337 )
Deferred Tax
Origination and reversal of timing differences			12,443	84,931


Total tax charge for the period			15,510	84,594


The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			(148,884)	109,296

Tax on profit at 25% (UK standard rate)			(37,220 )	27,324
Goodwill/depreciation not allowed for tax			4,040	4,051
Expenses not deductible for tax purposes			55,648	54,254
Tax losses utilised			-	(1,147 )
Prior period adjustment			(6,958 )	-
Difference in tax rates			-	112

Total tax charge for the period			15,510	84,594

Deferred tax: The deferred tax charge of £12,444 relates to movement in accelerated capital allowances. The expectation is that the deferred tax liability will fall by £28,103 in the next financial year. This consists of the tax on depreciation that will be charged in excess of capital allowances to be claimed in the year to 31st March 2026 on the specific assets on the balance sheet at 31st March 2025 that are eligible for capital allowances.

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2024	1,594,492

As at 31 March 2025	1,594,492

...CONTINUED

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Amortisation
As at 1 April 2024	372,048
Provided during the period	159,449

As at 31 March 2025	531,497

Net Book Value
As at 31 March 2025	1,062,995

As at 1 April 2024	1,222,444

Company

The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.

14. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 April 2024	2,209,659	46,512	3,089,548	562,554
Additions	-	-	253,825	113,783
Disposals	-	-	(127,855 )	(86,258 )

As at 31 March 2025	2,209,659	46,512	3,215,518	590,079

Depreciation
As at 1 April 2024	124,898	46,512	1,798,276	328,608
Provided during the period	22,097	-	281,079	100,657
Disposals	-	-	(75,832 )	(70,941 )

As at 31 March 2025	146,995	46,512	2,003,523	358,324

Net Book Value
As at 31 March 2025	2,062,664	-	1,211,995	231,755

As at 1 April 2024	2,084,761	-	1,291,272	233,946


	Fixtures & Fittings	Total
	£	£
Cost
As at 1 April 2024	139,005	6,047,278
Additions	-	367,608
Disposals	-	(214,113 )

As at 31 March 2025	139,005	6,200,773

Depreciation
As at 1 April 2024	121,903	2,420,197
Provided during the period	6,563	410,396
Disposals	-	(146,773 )

As at 31 March 2025	128,466	2,683,820

...CONTINUED

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	10,539	3,516,953

As at 1 April 2024	17,102	3,627,081

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	399,470	501,659
Motor Vehicles	222,820	219,825

	622,290	721,484

Company

The company had no tangible fixed assets as at 31 March 2025 or 31 March 2024.

15. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2024	500

As at 31 March 2025	500

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	500

As at 1 April 2024	500

Subsidiaries

Details of the group's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Bellagio Stone Limited	Unit 6, Heathcote Way, Heathcote Industrial Estate, Warwick. CV34 6TE	Ordinary	100.00%	-
Marble Ideas Limited	Unit1, Station Approach Station Road, Langley, Slough. SL3 6DB	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Bellagio Stone Limited	1,551,879	147,049
Marble Ideas Limited	1,018,297	(147,411 )

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

16. Stocks

	2025	2024
	£	£
Materials	1,007,275	993,086

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,680,114	1,299,821	-	-
Prepayments and accrued income	101,173	80,726	-	-
Other debtors	33,017	439,446	-	-
Social Security and Other taxes	215,138	342,055	-	-
Corporation tax recoverable assets	-	337	-	-

	2,029,442	2,162,385	-	-

18. Creditors: Amounts Falling Due Within One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	237,048	254,056
Trade creditors	1,440,573	1,351,193
Bank loans and overdrafts	425,691	539,103
Corporation tax	2,324	-
Other taxes and social security	142,423	68,062
Other creditors	40,399	69,550
Accruals and deferred income	96,392	113,638

	2,384,850	2,395,602

Included in bank loans and overdrafts is £289,049 (2024 £419,219) related to the company's invoice discounting facility.

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	361,373	510,507
Bank loans	799,048	952,448
Other creditors	12,481	19,049

	1,172,902	1,482,004

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	Group
	2025	2024
	£	£
Bank loans	559,149	628,552

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Of the creditors the following amounts are secured.

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	598,421	764,563
Bank loans and overdrafts	1,224,739	1,491,550

Bank loans with the Royal Bank of Scotland are secured by a first legal charge over the group's freehold premises, an all asset debenture and a fixed & floating charge over the assets of Bellagio Stone Limited.

The invoice discounting facility provided by Close Brothers is secured against Bellagio Stone Limited's freehold premises and all buildings and fixtures.

Natwest have a fixed and floating charge over all assets of Marble Ideas Limited.

Hire purchase contracts are secured on the related assets.

20. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	425,691	539,103

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	239,899	323,896

	Group
	2025	2024
	£	£
Amounts falling due after more than five years:
Bank loans	559,149	628,552

Loans consist of three loan agreements with durations between 2 and 12 years expiring between 2025 and 2037 at interest rates of between 2.5% and 3.4%.

Interest on the discounting facility is charged at 2% over bank base rate.

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	237,048	254,056
Later than one year and not later than five years	361,373	510,507

	598,421	764,563

	598,421	764,563

Hire purchase contracts consist of 16 contracts between 1 and 4 years in duration, expiring between 2024 and 2029 at interest rates of between 10% and 20%.

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	335,636	323,192
Tax losses carried forward	(7,355 )	(7,355 )

	328,281	315,837

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	315,837	315,837
Origination and reversal of timing differences	12,443	12,443

Balance at 31 March 2025	328,280	328,280

24. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
265 Ordinary Shares of £ 1.00 each	265	265
35 Ordinary A shares of £ 1.00 each	35	35
198 Ordinary B shares of £ 1.00 each	198	198
2 Ordinary C shares of £ 1.00 each	2	2

	500	500

25. Capital Commitments

	2025	2024
	£	£
At the end of the period	75,370	-

At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements

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Bellagio Marble Ideas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

26. Other Commitments

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

	2025	2024
	£	£
Not later than one year	111,012	73,044
Later than one year and not later than five years	521,834	25,577
Later than five years	523,577	-

	1,156,423	98,621

27. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £69,015 (2024: £67,756).

At the balance sheet date contributions of £3,645 (2024: £17,502) were due to the fund and are included in creditors.

28. Related Party Disclosures

Included in creditors is £862 (2024 £20,243) owed to Mr R Wilkinson.

Other debtors includes a loan of £0 (2024 £310,000) to S & E Property Limited, a company in which Mr S Buck, the director of Marble Ideas Limited, and his wife are controlling shareholders. The loan bears no interest and fully repaid in the financial year.

29. Controlling Parties

The company's ultimate controlling party is R Wilkinson by virtue of their interest in the share capital of the company.

Page 26