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Registered number: 13943105 DE LE CUONA UK HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DE LE CUONA UK HOLDINGS LIMITED COMPANY INFORMATION
Directors | B M De Le Cuona
| G R Pearson
Registered number | 13943105
Registered office | Mistress Pages House
| 13b High Street
| Windsor
| United Kingdom
| SL4 1LD
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditors
| 3 Brook Business Centre
| Cowley Mill Road
| Uxbridge
| Middlesex
| UB8 2FX
DE LE CUONA UK HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 9
Consolidated statement of comprehensive income | 10
Consolidated statement of financial position | 11 - 12
Company statement of financial position | 13
Consolidated statement of changes in equity | 14 - 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17 - 18
Consolidated analysis of net debt | 19
Notes to the financial statements | 20 - 38
DE LE CUONA UK HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their Group strategic report for the year ended 31 March 2025.
Business review
The Company trades in the design and sale of bespoke fabrics to a discerning clientele who understand luxury. The fabrics sold are for curtaining, upholstery and soft furnishings. Our clientele generally all shop at the high end of the luxury market. We found it to be a particularly difficult year with a lot of uncertainty in all three of our major markets (United Kingdom, America, and Rest of Europe). The pending implementation of tariffs, exchange rate fluctuations, new governments and most notably the “re-settlement” of the high net worth individual "HNWI" until recently so comfortably based in the UK. With this in mind, the results are down on both prior year and budget. Leading into and during the year various procedures, structures and alternative channels were implemented and we are now in a good position to achieve the Companies objectives going from strength-to-strength profitability wise, growing brand awareness and championing sustainability and creating more pure (organic) and unique fabrics. During the year under review we took the decision to move showrooms in New York. This did create some unsettlement but believe we will see the benefits in future years.
Principal risks and uncertainties
We believe our primary risk is our supply chain. We perceive this to be the risk as our supply chain comprises of many small artisan mills and luxury weavers, dyers and finishers. Because of the size of the suppliers and businesses, liquidation is a real threat as we have recently seen with one of our Belgian suppliers. If a supplier closes it is almost impossible to recreate the same fabric at a different supplier as each supplier has their own specialties. We have chosen to use small suppliers as they have generally been “handed down” through generations and have over this time acquired a lot of passion and knowledge about creating unique fabrics. We use a number of different suppliers so as to allow variety and diversification in our collection. This also allows us some “protection and manoeuverability” should any of our suppliers encounter problems. Our other principal risks are adverse movements in foreign exchange, uncertainty in customer demand and stock obsolescence as fashions change.
Financial key performance indicators
The directors have monitored the progress of the group's strategy by reference to turnover as the key performance indicator. As such the group's turnover was £10,469,347 (unaudited 2024 - £11,171,281). Page 1
DE LE CUONA UK HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Future developments
During the next year, we intend to branch into new markets in the East and Far East. The initial plan is setting up partnerships with design outlets in various Chinese cities. Phase two of this plan is nurturing similar partnerships further East as well as in the Middle East. This expansion will involve a Partnership with like-minded people in Dubai. The person to run this operation is already in place. Secondly, we are reviewing all our existing outlets and will be implementing changes to these outlets where we believe there is room for improvement. Probably the most exciting plan for the future is in education. We intend to train people (our staff, customers, suppliers and the public) on true luxury and what it means. This also includes training on how compatible sustainability and pure fabrics can be and resulting in ultimate Luxury. We have already started giving talks to textile university and college students in USA. This report was approved by the board on 12 March 2026 and signed on its behalf.
B M De Le Cuona Director
Page 2
DE LE CUONA UK HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £775,039 (unaudited 2024 - £1,161,786). During the year, the company paid dividends of £48,000 (unaudited 2024 - £201,000).
Directors
The directors who served during the year were:
B M De Le Cuona
G R Pearson
Matters covered in the Group Strategic Report
The group has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the Group strategic report. Page 3
DE LE CUONA UK HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 12 March 2026 and signed on its behalf.
B M De Le Cuona Director
Page 4
DE LE CUONA UK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LE CUONA UK HOLDINGS LIMITED
Qualified opinion
We have audited the financial statements of De Le Cuona UK Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 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 Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The year ended 31 March 2025 was the first year in which the financial statements were audited. We were not appointed as auditor of the Group until shortly after 31 March 2025; however, we did observe the counting of physical inventories shortly after the end of the year and performed a roll back. We did not observe the counting of physical inventory quantities at 31 March 2024. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2024, which are included in the balance sheet at £1,573,996, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to these amounts were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2025. 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 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 qualified opinion. Page 5
DE LE CUONA UK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LE CUONA UK HOLDINGS LIMITED (CONTINUED)
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's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual Report other than the financial statements and our Auditors' 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,573,996 held at 31 March 2024. We have concluded that where the other information refers to the prior year inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Qualified opinion on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the Basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. Page 6
DE LE CUONA UK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LE CUONA UK HOLDINGS LIMITED (CONTINUED)
Matters on which we are required to report by exception
Except for the matter described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. 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. 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: ∙returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 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's and the 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. Page 7
DE LE CUONA UK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LE CUONA UK HOLDINGS LIMITED (CONTINUED) 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector; ∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows: i.Companies Act 2006. ii.FRS 102. iii.Tax legislation iv.Employment legislation v.Health and Safety Act ∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and ∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's and Parent 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 consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting documentation; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; ∙Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and ∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business. Page 8
DE LE CUONA UK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LE CUONA UK HOLDINGS LIMITED (CONTINUED) The areas that we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgements made; ∙Management override of controls; and ∙Posting of unusual journals or transactions. 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 at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Other matters
The year ended 31 March 2025 was the first year in which financial statements were audited. The comparative figures in these financial statements were therefore unaudited.
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 we are required to state to them in an Auditors' 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. Nigel Goodman (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants & Statutory Auditors 3 Brook Business Centre Cowley Mill Road Uxbridge Middlesex UB8 2FX 13 March 2026 Page 9
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | Unaudited 2024
Note | £ | £
Turnover | 3 | 10,469,347 | 11,171,281
Cost of sales |  | (4,255,450) | (4,528,213)
Gross profit |  | 6,213,897 | 6,643,068
Administrative expenses |  | (5,344,150) | (5,207,336)
Operating profit |  | 869,747 | 1,435,732
Interest receivable and similar income | 8 | 200,768 | 100,223
Interest payable and similar expenses | 9 | - | (488)
Profit before taxation |  | 1,070,515 | 1,535,467
Tax on profit | 10 | (295,476) | (373,681)
Profit for the financial year |  | 775,039 | 1,161,786
Currency translation differences |  | (46,675) | -
Other comprehensive income for the year |  | (46,675) | -
Total comprehensive income for the year |  | 728,364 | 1,161,786
The notes on pages 20 to 38 form part of these financial statements.
Page 10
DE LE CUONA UK HOLDINGS LIMITED REGISTERED NUMBER: 13943105 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
| 2025 | 2025 | Unaudited 2024 | Unaudited 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 964,362 |  | 336,906
|  |  | 964,362 |  | 336,906
Current assets |  |  |  |  |
Stocks | 14 | 1,597,179 |  | 1,573,996 |
Debtors: amounts falling due within one year | 15 | 700,966 |  | 2,138,066 |
Cash at bank and in hand | 16 | 5,721,417 |  | 5,820,711 |
|  | 8,019,562 |  | 9,532,773 |
Creditors: amounts falling due within one year | 17 | (1,389,174) |  | (2,953,737) |
Net current assets |  |  | 6,630,388 |  | 6,579,036
Total assets less current liabilities |  |  | 7,594,750 |  | 6,915,942
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (18,794) |  | (20,350) |
Other provisions | 20 | (96,933) |  | (96,933) |
|  |  | (115,727) |  | (117,283)
Net assets |  |  | 7,479,023 |  | 6,798,659
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,155 |  | 1,155
Share premium account | 22 |  | 122,689 |  | 122,689
Foreign exchange reserve | 22 |  | (46,675) |  | -
Merger reserve | 22 |  | 48,157 |  | 48,157
Profit and loss account | 22 |  | 7,353,697 |  | 6,626,658
|  |  | 7,479,023 |  | 6,798,659
Page 11
DE LE CUONA UK HOLDINGS LIMITED REGISTERED NUMBER: 13943105 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2026.
B M De Le Cuona
Director
The notes on pages 20 to 38 form part of these financial statements. Page 12
DE LE CUONA UK HOLDINGS LIMITED REGISTERED NUMBER: 13943105 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
| 2025 | 2025 | Unaudited 2024 | Unaudited 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Investments | 13 |  | 753 |  | 753
|  |  | 753 |  | 753
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 481 |  | 481 |
|  | 481 |  | 481 |
Creditors: amounts falling due within one year | 17 | (12,009) |  | (79) |
Net current (liabilities)/assets |  |  | (11,528) |  | 402
Total assets less current liabilities |  |  | (10,775) |  | 1,155
Net (liabilities)/assets |  |  | (10,775) |  | 1,155
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,155 |  | 1,155
Profit for the year |  | 36,070 |  | 201,000 |
Other changes in the profit and loss account |  | (48,000) |  | (201,000) |
Profit and loss account carried forward |  |  | (11,930) |  | -
|  |  | (10,775) |  | 1,155
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2026.
B M De Le Cuona
Director
The notes on pages 20 to 38 form part of these financial statements. Page 13
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Merger reserve | Profit and loss account
| £ | £ | £ | £ | £
At 1 April 2024 (unaudited) | 1,155 | 122,689 | - | 48,157 | 6,626,658
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | - | 775,039
Currency translation differences | - | - | (46,675) | - | -
Total comprehensive income for the year | - | - | (46,675) | - | 775,039
Dividends: Equity capital | - | - | - | - | (48,000)
At 31 March 2025 | 1,155 | 122,689 | (46,675) | 48,157 | 7,353,697
| Total equity
| £
At 1 April 2024 (unaudited) | 6,798,659
Comprehensive income for the year |
Profit for the year | 775,039
Currency translation differences | (46,675)
Total comprehensive income for the year | 728,364
Dividends: Equity capital | (48,000)
At 31 March 2025 | 7,479,023
| The notes on pages 20 to 38 form part of these financial statements.
Page 14
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Share premium account | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 (unaudited) | 1,155 | 122,689 | 48,157 | 5,665,872 | 5,837,873
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,161,786 | 1,161,786
Total comprehensive income for the year | - | - | - | 1,161,786 | 1,161,786
Dividends: Equity capital | - | - | - | (201,000) | (201,000)
Total transactions with owners | - | - | - | (201,000) | (201,000)
At 31 March 2024 (unaudited) | 1,155 | 122,689 | 48,157 | 6,626,658 | 6,798,659
| The notes on pages 20 to 38 form part of these financial statements.
Page 15
DE LE CUONA UK HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2024 (unaudited) | 1,155 | - | 1,155
Comprehensive income for the year |  |  |
Profit for the year | - | 36,070 | 36,070
Total comprehensive income for the year | - | 36,070 | 36,070
Dividends: Equity capital | - | (48,000) | (48,000)
At 31 March 2025 | 1,155 | (11,930) | (10,775)
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 (unaudited) | 1,155 | - | 1,155
Comprehensive income for the year |  |  |
Profit for the year | - | 201,000 | 201,000
Total comprehensive income for the year | - | 201,000 | 201,000
Dividends: Equity capital | - | (201,000) | (201,000)
Total transactions with owners | - | (201,000) | (201,000)
At 31 March 2024(unaudited) | 1,155 | - | 1,155
| The notes on pages 20 to 38 form part of these financial statements.
Page 16
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | Unaudited 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 775,039 | 1,161,786
Adjustments for: |  |
Depreciation of tangible assets | 169,403 | 123,505
Interest payable | - | 488
Interest receivable | (200,768) | (100,223)
Taxation charge | 295,476 | 373,681
(Increase) in stocks | (23,183) | (5,823)
Decrease/(increase) in debtors | 1,437,100 | (425,808)
(Decrease)/increase in creditors | (1,538,497) | 1,427,292
Increase in provisions | - | 44,835
Corporation tax (paid) | (323,107) | (465,845)
Forex movement | (51,027) | (191,682)
Net cash generated from operating activities | 540,436 | 1,942,206
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (792,507) | (83,441)
Interest received | 200,768 | 100,223
Net cash from investing activities | (591,739) | 16,782
Page 17
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Dividends paid | (48,000) | (201,000)
Interest paid | - | (488)
Net cash used in financing activities | (48,000) | (201,488)
Net (decrease)/increase in cash and cash equivalents | (99,303) | 1,757,500
Cash and cash equivalents at beginning of year | 5,820,711 | 4,063,211
Cash and cash equivalents at the end of year | 5,721,408 | 5,820,711
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 5,721,417 | 5,820,711
Bank overdrafts | (9) | -
| 5,721,408 | 5,820,711
The notes on pages 20 to 38 form part of these financial statements.
Page 18
DE LE CUONA UK HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 5,820,711 | (99,294) | 5,721,417
Bank overdrafts | - | (9) | (9)
| 5,820,711 | (99,303) | 5,721,408
The notes on pages 20 to 38 form part of these financial statements.
Page 19
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
De Le Cuona UK Holdings Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Mistress Pages House, 13b High Street, Windsor, United Kingdom, SL4 1LD. The group specialises in wholesale of textiles. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the group and company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the group and company have adequate resources to continue to operate and meet their obligations as they fall due for the foreseeable future and therefore use of the going concern assumption is appropriate. Page 20
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 21
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in the Statement of comprehensive incomes using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 22
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in Statement of comprehenisve income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of comprehenisve income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 23
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Nil - land only
|  |  |  | Short-term leasehold property | - | Straight line over lease term
|  |  |  | Plant and machinery | - | 25% on cost
|  |  |  | Fixtures and fittings | - | 15% on cost
|  |  |  | Office equipment | - | 25% on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehenisve income.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 24
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of comprehenisve income.
| 2.19 | Financial instruments
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the Page 25
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are Page 26
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| United Kingdom | 3,693,375 | 4,288,886
| America | 4,430,695 | 4,570,955
| Rest of Europe | 1,726,763 | 1,747,385
| Rest of the world | 618,514 | 564,055
|  | 10,469,347 | 11,171,281
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Depreciation | 169,403 | 164,039
| Exchange differences | 26,727 | 20,531
| Other operating lease rentals | 670,415 | 663,202
Page 27
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 19,000 | -
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | Unaudited 2024
|  | £ | £
| Wages and salaries | 2,432,596 | 2,460,159
| Social security costs | 272,953 | 270,693
| Cost of defined contribution scheme | 168,844 | 147,362
|  | 2,874,393 | 2,878,214
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | Unaudited 2024 | 2025 | Unaudited 2024
|  |  | No. | No. | No. | No.
|  | Staff | 57 | 55 | 2 | 2
7. | Directors' remuneration
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Directors' emoluments | 127,320 | 138,362
| Group contributions to defined contribution pension schemes | 122,675 | 102,550
|  | 249,995 | 240,912
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
Page 28
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Interest receivable
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Other interest receivable | 200,768 | 100,223
|  | 200,768 | 100,223
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Other loan interest payable | - | 488
|  | - | 488
10. | Taxation
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 297,032 | 371,284
|  | 297,032 | 371,284
| Total current tax | 297,032 | 371,284
| Deferred tax |  |
| Origination and reversal of timing differences | (1,556) | 2,397
| Total deferred tax | (1,556) | 2,397
|  | 295,476 | 373,681
Page 29
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,070,515 | 1,535,467
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 267,629 | 383,867
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,669 | 693
| (Accelerated) / Decelerated capital allowances | 15,303 | 7,701
| Other timing differences leading to an increase (decrease) in taxation | 7,875 | (18,580)
| Total tax charge for the year | 295,476 | 373,681
| Factors that may affect future tax charges
There are no significant factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Dividends | 48,000 | 201,000
|  | 48,000 | 201,000
| Directors interests in the dividends are as follows: G R Pearson - £48,000 (unaudited 2024 - £40,200) B M De Le Cuona - £Nil (unaudited 2024 - £160,800)
Page 30
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
| Group
|  | Freehold property | Improvements to property | Plant and machinery | Fixtures and fittings
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 April 2024 (unaudited) | - | 312,343 | 619,939 | 289,025
| Additions | 362,030 | 196,647 | - | 181,569
| At 31 March 2025 | 362,030 | 508,990 | 619,939 | 470,594
| Depreciation |  |  |  |
| At 1 April 2024 (unaudited) | - | 151,842 | 609,239 | 234,131
| Charge for the year | - | 28,974 | 5,331 | 33,573
| Exchange adjustments | - | (3,078) | - | (1,274)
| At 31 March 2025 | - | 177,738 | 614,570 | 266,430
| Net book value |  |  |  |
| At 31 March 2025 | 362,030 | 331,252 | 5,369 | 204,164
| At 31 March 2024 (unaudited) | - | 160,501 | 10,700 | 54,894
Page 31
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Tangible fixed assets (continued)
|  | Office equipment | Total
|  | £ | £
| Cost |  |
| At 1 April 2024 (unaudited) | 266,817 | 1,488,124
| Additions | 52,261 | 792,507
| At 31 March 2025 | 319,078 | 2,280,631
| Depreciation |  |
| At 1 April 2024 (unaudited) | 156,006 | 1,151,218
| Charge for the year | 101,525 | 169,403
| Exchange adjustments | - | (4,352)
| At 31 March 2025 | 257,531 | 1,316,269
| Net book value |  |
| At 31 March 2025 | 61,547 | 964,362
| At 31 March 2024 (unaudited) | 110,811 | 336,906
Page 32
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 (unaudited) | 753
| At 31 March 2025 | 753
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| De Le Cuona Designs Limited | Mistress Pages House, 13b High Street, Windsor, Berkshire, SL4 1LD | Ordinary | 100%
| De Le Cuona, Inc | 979 3rd Ave Suite 914, New York City, New York, 10022 | Ordinary | 100%
| De Le Cuona, Inc. is incorporated in the United States of America.
14. | Stocks
|  | Group | Unauidted Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 1,597,179 | 1,573,996
|  | 1,597,179 | 1,573,996
Page 33
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Debtors
|  | Group | UnauditedGroup | Company | UnauditedCompany
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 269,561 | 143,287 | - | -
| Other debtors | 221,818 | 1,821,770 | 481 | 481
| Prepayments and accrued income | 209,587 | 173,009 | - | -
|  | 700,966 | 2,138,066 | 481 | 481
16. | Cash and cash equivalents
|  | Group | UnauditedGroup | Company | UnauditedCompany
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 5,721,417 | 5,820,711 | - | -
| Less: bank overdrafts | (9) | - | (9) | -
|  | 5,721,408 | 5,820,711 | (9) | -
17. | Creditors: Amounts falling due within one year
|  | Group | UnauditedGroup | Company | UnauditedCompany
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 9 | - | 9 | -
| Trade creditors | 661,217 | 1,994,756 | - | -
| Corporation tax | 130,132 | 156,207 | - | -
| Other taxation and social security | 125,581 | 231,414 | - | -
| Other creditors | 255,861 | 350,360 | - | 79
| Accruals and deferred income | 216,374 | 221,000 | 12,000 | -
|  | 1,389,174 | 2,953,737 | 12,009 | 79
Page 34
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Financial instruments
|  | Group | Unaudited Group | Company | Unaudited Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets that are debt instruments measured at amortised cost | 491,379 | 1,965,057 | 481 | 481
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | 917,087 | 2,345,116 | 9 | 79
| Financial assets measured at amortised cost comprise trade debtors, other debtors, share capital not paid.
| Financial liabilities measured at amortised cost comprise bank overdrafts, trade creditors, and other creditors.
Page 35
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year (unaudited) | 20,350
| Credited to the Statement of comprehensive income | (1,556)
| At end of year | 18,794
|  | Group | UnauditedGroup
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 18,794 | 20,350
|  | 18,794 | 20,350
20. | Provisions
| Group
|  | Call off stock
|  | £
| At 1 April 2024 (unaudited) | 96,933
| At 31 March 2025 | 96,933
21. | Share capital
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 115,480 Ordinary shares of £0.01 each | 1,155 | 1,155
Page 36
DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Reserves
Share premium account The share premium account represents the amount received by the Company on the issue of shares in excess of their nominal value. Foreign exchange reserve The foreign exchange reserve represents the cumulative differences arising on the translation of the net assets of overseas operations at the opening exchange rate, and the translation of their results at the average or actual exchange rates for the year. Merger Reserve This relates to the difference between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange, when merger accounting has been applied. Profit and loss account Profit and loss account includes all current and prior year retained profits and losses.
23. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £168,844 (unaudited 2024 - £147,362). Contributions totalling £10,486 (unaudited 2024 - £13,091) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | UnauditedGroup
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 489,960 | 503,526
| Later than 1 year and not later than 5 years | 968,150 | 689,283
|  | 1,458,110 | 1,192,809
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DE LE CUONA UK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. | Related party transactions
| The company has taken advantage of the exemption from disclosing transactions with other group companies under FRS 102 on the grounds that they are wholly owned. Included within other debtors is an amount of £809 (unaudited 2024 - creditor £7,563) due from the directors of the company.
26. | Controlling party
The company is controlled by Mrs B M De Le Cuona, a director of the company.
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