REGISTERED NUMBER: 05997554 (England and Wales)

GRESPANIA (UK) LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

Mr L Hernandez

Mrs C V Hernandez DeLa Torre

SECRETARY:

Mrs S Fox

REGISTERED OFFICE:

Unit 302 Hollymoor Point

Hollymoor Way

Rubery

Birmingham

West Midlands

B31 5HE

REGISTERED NUMBER:

05997554 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tom Price, ACA

AUDITORS:

Curo Chartered Accountants

Curo House

Greenbox

Westonhall Road

Stoke Prior

West Midlands

B60 4AL

FIXED ASSETS

Tangible assets

4

2,172,928

2,195,499

CURRENT ASSETS

Stocks

5

447,984

453,232

Debtors

6

418,027

451,333

Cash at bank and in hand

36,743

112,636

902,754

1,017,201

CREDITORS

Amounts falling due within one year

7

1,251,824

1,807,960

NET CURRENT LIABILITIES

(349,070

)

(790,759

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,823,858

1,404,740

CREDITORS

Amounts falling due after more than one year

8

538,427

-

NET ASSETS

1,285,431

1,404,740

CAPITAL AND RESERVES

Called up share capital

10

3,631,545

3,631,545

Retained earnings

(2,346,114

)

(2,226,805

)

SHAREHOLDERS' FUNDS

1,285,431

1,404,740

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement Of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th March 2026 and were signed on its behalf by:

Mr L Hernandez - Director

Mrs C V Hernandez DeLa Torre - Director

1.	STATUTORY INFORMATION

Grespania (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

The company sells and distributes ceramic tiles.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment alongside the support provided by the company's parent company, Grespania S.A.

Revenue recognition

Revenue represents sales of ceramic tiles into the UK retail market, along with commissions received on foreign parent company sales directly into the UK market. Revenue is recognised to the extent that it is probable that economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Commissions

Revenue from commissions are recognised on foreign parent company sales directly into the UK market.

These commissions are recognised in the month in which they occur.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer and office equipment

-

33% on cost

All fixed assets are initially recorded at cost. No depreciation is provided on freehold land.

Stocks

Stocks are valued at the lower of average cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement Of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Transactions involving permanent capital are translated into sterling at the rates of exchange ruling at the date of transaction and are consistently held at that value. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classified as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st January 2025

2,585,742

226,484

141,954

Additions

-

16,544

7,931

Disposals

-

-

-

At 31st December 2025

2,585,742

243,028

149,885

DEPRECIATION

At 1st January 2025

473,427

171,690

130,750

Charge for year

27,715

12,494

2,582

Eliminated on disposal

-

-

-

At 31st December 2025

501,142

184,184

133,332

NET BOOK VALUE

At 31st December 2025

2,084,600

58,844

16,553

At 31st December 2024

2,112,315

54,794

11,204

Computer

and

Motor

office

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2025

28,390

42,415

3,024,985

Additions

-

3,594

28,069

Disposals

-

(739

)

(739

)

At 31st December 2025

28,390

45,270

3,052,315

DEPRECIATION

At 1st January 2025

14,372

39,247

829,486

Charge for year

5,678

2,171

50,640

Eliminated on disposal

-

(739

)

(739

)

At 31st December 2025

20,050

40,679

879,387

NET BOOK VALUE

At 31st December 2025

8,340

4,591

2,172,928

At 31st December 2024

14,018

3,168

2,195,499

Freehold property includes freehold land of £1,200,000 (2024: £1,200,000) which is not depreciated.

5.

STOCKS

2025

2024

£

£

Stocks

447,984

453,232

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

205,062

203,348

Amounts owed by group undertakings

162,453

197,605

Prepayments and accrued income

50,512

50,380

418,027

451,333

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

-

10,590

Trade creditors

77,169

63,007

Amounts owed to group undertakings

1,077,707

1,653,147

Social security and other taxes

14,192

9,098

VAT

42,573

47,015

Accruals and deferred income

40,183

25,103

1,251,824

1,807,960

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

538,427

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

-

10,590

Non-cancellable

operating leases

2025

2024

£

£

Within one year

33,856

18,405

Between one and five years

26,054

32,152

59,910

50,557

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,000,000

Ordinary

£1

1,000,000

1,000,000

3,100,000

Ordinary Euro

One E

uro

2,631,545

2,631,545

3,631,545

3,631,545

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tom Price, ACA (Senior Statutory Auditor)

for and on behalf of Curo Chartered Accountants

Curo Chartered Accountants (Statutory Auditor)

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all eligible employees. The assets of the scheme are held separately from those of the company in independently administered funds.

13.	ULTIMATE CONTROLLING PARTY

Mr L Hernandez, a director of Grespania (UK) Limited, is the ultimate controlling party of Grespania (UK) Limited due to his majority family shareholding in Participacion e Impulso S.L., a company registered in Spain.

Participacion e Impulso S.L. is the holding company of Grespania S.A., a company also registered in Spain.

Grespania S.A. is the immediate parent company of Grespania (UK) Limited.