Registration number:
for the
Year Ended 31 December 2025
Furndeco Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Furndeco Holdings Limited
Company Information
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Directors |
B Doouss P Small |
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Registered office |
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Auditors |
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Furndeco Holdings Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is that of a holding company.
Fair review of the business
The results for the year which are set-out in the profit and loss account show neither an operating profit nor an operating loss, which is consistent with its principal activity of being an intermediate holding company. At 31 December 2025 the company had net assets of £2,200,010, substantially being its investment in subsidiary undertakings.
Principal risks and uncertainties
The directors have considered the key risks facing the business and concluded as follows:
Group dependency risk
The company's viability depends on the financial health and operations of its subsidiary and the wider group which the directors closely monitor.
Investment valuation risk
The company holds an investment in a subsidiary. Any impairment or change in value could affect its balance sheet. The directors keep the value of the investment under review.
Approved by the
Director
Furndeco Holdings Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
The company has financial instruments comprising investments and creditors. The main purpose of these financial instruments is to fulfil the company's role as an intermediate holding company.
Future developments
The company will continue to act as a holding company for its trading subsidiary, Furndeco Limited.
Going concern
The directors have assessed the company's ability to continue as a going concern and are satisfied that the company has adequate resources to meet its obligations as they fall due for at least 12 months from approval of the financial statements. The company is an intermediate holding company and incurs only minimal administrative costs, it is solvent and if required, can rely on support from other entities within the group
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Furndeco Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Furndeco Holdings Limited
Independent Auditor's Report to the Members of Furndeco Holdings Limited
Opinion
We have audited the financial statements of Furndeco Holdings Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Furndeco Holdings Limited
Independent Auditor's Report to the Members of Furndeco Holdings Limited
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors' remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; and |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Furndeco Holdings Limited
Independent Auditor's Report to the Members of Furndeco Holdings Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Furndeco Holdings Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
Year ended |
15 November 2023 to |
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Turnover |
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Administrative expenses |
( |
( |
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Income from shares in group undertakings |
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Income from redemption of preference shares |
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Profit before tax |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no other comprehensive income for the year other than the results above.
Furndeco Holdings Limited
(Registration number: 15286998)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Investments |
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Capital and reserves |
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Called up share capital |
2,020,010 |
2,110,010 |
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Capital redemption reserve |
180,000 |
90,000 |
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Profit and loss account |
- |
- |
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Total equity |
2,200,010 |
2,200,010 |
Approved and authorised by the
Director
Furndeco Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2025 |
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- |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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Redemption of preference shares |
(90,000) |
90,000 |
(90,000) |
(90,000) |
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At 31 December 2025 |
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- |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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New share capital subscribed |
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- |
- |
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Redemption of preference shares |
(90,000) |
90,000 |
(90,000) |
(90,000) |
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At 31 December 2024 |
2,110,010 |
90,000 |
- |
2,200,010 |
Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
Furndeco Holdings Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available in respect of its financial statements. Exemptions have been taken in relation to financial instruments and presentation of a statement of cash flows.
Name of parent of group
These financial statements are consolidated in the financial statements of Callow Investments Limited.
The financial statements of Callow Investments Limited may be obtained from the company's registered office.
Disclosure of long or short period
Going concern
The directors have assessed the company's ability to continue as a going concern and are satisfied that the company has adequate resources to meet its obligations as they fall due for at least 12 months from approval of the financial statements. The company is an intermediate parent company and incurs only minimal administrative costs, It is solvent and if required, can rely on support from other entities within the group
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.
Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Accounting policies (continued) |
Prior period errors
In the prior period no Capital Redemption Reserve had been recognised for the purchase of preference shares made at par. The comparative information for the period ended 31 December 2024 has been restated to present an undistributable Capital Redemption Reserve of £90,000 and a corresponding reduction in the Profit and loss account.
Linked to the above, redemptions of preference shares in the company's investment had been treated as a return of capital, this treatment has been revised to recognise the redemption as income of £90,000 with a corresponding reinstate of the value of the investment.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when; the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered on current or future taxable profit.
Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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2 |
Accounting policies (continued) |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Derivative financial instruments
The company uses derivative financial instruments to reduce exposure to foreign exchange risk. The company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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Year ended |
November 2023 to |
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Management charge income |
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All the company's turnover is derived from the UK.
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Staff costs and directors' remuneration |
The company has no employees and no payroll costs. The directors are remunerated through other entities in the group.
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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5 |
Investments (continued) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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2 Marconi Drive
United Kingdom |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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9 |
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9 |
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1 |
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1 |
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- |
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1 |
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- |
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- |
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- |
- |
- |
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- |
- |
- |
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2,020,000 |
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2,110,000 |
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On 16 April 2025 5 W Ordinary Shares and 5 Y Ordinary Shares were reclassified to 5 W1 Ordinary Shares and 5 Y1 Ordinary Shares respectively.
The different classes of Ordinary shares rank pari passu in all respects to voting and dividends. Dividends may be declared in respect of any one class of ordinary share to the exclusion of others subject to majority consent of the X Ordinary share holders. These are non-redeemable shares.
The preference shares have no voting rights or dividend rights attached to them, these shares are redeemable at the option of the company.
In the event of a liquidation or other return of capital, distributions are made in accordance with a tiered structure set out in the Articles of Association. The structure allocates different proportions of surplus assets to each class of ordinary share depending on the capital value realised above a defined hurdle amount.
Redemption of preference shares
During the period, 90,000 preference shares were redeemed for their nominal value of £1 per share.
Furndeco Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Reserves |
Called up share capital
This represents the nominal value of the issued share capital of the company.
Capital redemption reserve
This reserve represents the nominal value of shares repurchased by the company.
Profit and loss account
This reserve includes all current retained profits and losses, net of dividends paid and other adjustments.
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Dividends |
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31 December 2025 |
31 December 2024 |
|
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Dividends paid |
362,512 |
467,484 |
Dividends totalling £344,085 (2024 - £467,484) were paid to directors of the company and their close family.
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is Callow Investments Limited (incorporated in the United Kingdom). The most senior parent entity producing publicly available financial statements is Callow Investments Limited. These financial statements are available upon request from Straight Mile House, Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF. The ultimate controlling party is B Doouss, a director of the company.