IRIS Accounts Production v26.1.10.61 01391867 director 1.1.25 31.12.25 31.12.25 8/7/2026 false true false false false true true true true true false Auditors Opinion Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01391867 2024-12-31 01391867 2025-12-31 01391867 2025-01-01 2025-12-31 01391867 2023-12-31 01391867 2024-01-01 2024-12-31 01391867 2024-12-31 01391867 ns15:EnglandWales 2025-01-01 2025-12-31 01391867 ns14:PoundSterling 2025-01-01 2025-12-31 01391867 ns10:Director1 2025-01-01 2025-12-31 01391867 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01391867 ns10:SmallEntities 2025-01-01 2025-12-31 01391867 ns10:Audited 2025-01-01 2025-12-31 01391867 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 01391867 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 01391867 ns10:FullAccounts 2025-01-01 2025-12-31 01391867 1 2025-01-01 2025-12-31 01391867 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 01391867 ns10:RegisteredOffice 2025-01-01 2025-12-31 01391867 ns5:CurrentFinancialInstruments 2025-12-31 01391867 ns5:CurrentFinancialInstruments 2024-12-31 01391867 ns5:ShareCapital 2025-12-31 01391867 ns5:ShareCapital 2024-12-31 01391867 ns5:RevaluationReserve 2025-12-31 01391867 ns5:RevaluationReserve 2024-12-31 01391867 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 01391867 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01391867 1 2025-01-01 2025-12-31 01391867 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 01391867 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 01391867 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 01391867 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 01391867 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 01391867 ns5:LandBuildings 2024-12-31 01391867 ns5:PlantMachinery 2024-12-31 01391867 ns5:FurnitureFittings 2024-12-31 01391867 ns5:LandBuildings 2025-01-01 2025-12-31 01391867 ns5:PlantMachinery 2025-01-01 2025-12-31 01391867 ns5:FurnitureFittings 2025-01-01 2025-12-31 01391867 ns5:LandBuildings 2025-12-31 01391867 ns5:PlantMachinery 2025-12-31 01391867 ns5:FurnitureFittings 2025-12-31 01391867 ns5:LandBuildings 2024-12-31 01391867 ns5:PlantMachinery 2024-12-31 01391867 ns5:FurnitureFittings 2024-12-31 01391867 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 01391867 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 01391867 ns5:AcceleratedTaxDepreciationDeferredTax 2025-12-31 01391867 ns5:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01391867 ns5:TaxLossesCarry-forwardsDeferredTax 2025-12-31 01391867 ns5:TaxLossesCarry-forwardsDeferredTax 2024-12-31 01391867 ns5:DeferredTaxation 2024-12-31 01391867 ns5:DeferredTaxation 2025-01-01 2025-12-31 01391867 ns5:DeferredTaxation 2025-12-31 01391867 ns10:OrdinaryShareClass1 2025-12-31 01391867 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01391867 ns5:RevaluationReserve 2024-12-31 01391867 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31

REGISTERED NUMBER: 01391867 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BELGRAVIA DECOR LIMITED

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| BELGRAVIA DECOR LIMITED |

COMPANY INFORMATION

for the Year Ended 31 December 2025

| DIRECTOR: | Mr D Zambaiti

| REGISTERED OFFICE: | Belgravia House

| Woodbine Street

| Sunderland

| Tyne and Wear

| SR1 2NL

| REGISTERED NUMBER: | 01391867 (England and Wales)

| AUDITORS: | RFM Audit Services LLP, Statutory Auditor

| Unit 1, Guest House Farm

| Runshaw Lane

| Euxton

| Chorley

| Lancashire

| PR7 6HD

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

STATEMENT OF FINANCIAL POSITION

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 3 | 29,200 |  | 28,373 |  |

Tangible assets | 4 | 805,936 |  | 880,954 |  |

835,136 |  | 909,327 |  |

CURRENT ASSETS

Stocks | 5 | 1,555,821 |  | 1,766,256 |  |

Debtors | 6 | 604,820 |  | 715,558 |  |

Cash at bank | 10,251 |  | 43,498 |  |

2,170,892 |  | 2,525,312 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,231,548 |  | 1,316,833 |  |

NET CURRENT ASSETS | 939,344 |  | 1,208,479 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,774,480 |  | 2,117,806 |  |

PROVISIONS FOR LIABILITIES | 9 | - |  | 41,299 |  |

NET ASSETS | 1,774,480 |  | 2,076,507 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 50,000 |  | 50,000 |  |

Revaluation reserve | 11 | 572,599 |  | 572,599 |  |

Retained earnings | 11 | 1,151,881 |  | 1,453,908 |  |

SHAREHOLDERS' FUNDS | 1,774,480 |  | 2,076,507 |  |

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 director and authorised for issue on 8 July 2026 and were signed by:

Mr D Zambaiti - Director

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

1. | ACCOUNTING POLICIES

| GENERAL INFORMATION AND BASIS OF PREPARING THE FINANCIAL STATEMENTS

| Belgravia Decor Limited is a limited company incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activity is that of the wholesale of wallcoverings and ancillary products.

| The financial statements have been prepared in accordance with applicable accounting standards including section 1A of the Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland: (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| 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.

| CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company accounting policies, management is 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 those estimates and the estimates and underlying assumptions are continually reviewed. 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.

| There key assumptions identified or key sources of estimation uncertainty at the end of the reporting period,that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within this period and the next financial year are:

| Asset values and lives

| Valuation of property: The determined fair value of property is sensitive to fluctuations in the market rate. The key assumptions used to determine the fair value of property are further explained in the tangible fixed asset note.

| Other less significant areas of judgement and estimation techniques (e.g. depreciation) have been disclosed in the company accounting policies and in the notes to the financial statements, as required by FRS102.

| TURNOVER AND OTHER INCOME

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

| Sale of goods

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

| Turnover from the sale of wallcoverings and ancillary products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

| INTANGIBLE ASSETS

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Copyrights are being amortised evenly over their estimated useful life of five years.

| TANGIBLE FIXED ASSETS

| Freehold land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

| Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in 'other reserves'.

| Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

| Plant and machinery, and fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or revaluation, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

| Freehold land |  | - |  | Not depreciated |  |

| Freehold buildings |  | - |  | 2% straight-line |  |

| Plant & machinery |  | - |  | 20% straight-line |  |

| Fixtures and fittings |  | - |  | 20% straight-line |  |

| STOCKS

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

1. | ACCOUNTING POLICIES - continued

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| HIRE PURCHASE AND LEASING COMMITMENTS

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

| PENSIONS

| Contributions are made to employees' defined contribution pension plans. Contributions payable are charged to profit or loss in the period to which they relate.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 13 (2024 - 14 ) .

3. | INTANGIBLE FIXED ASSETS

| Copyrights

£ |

| COST

| At 1 January 2025 | 57,084 |  |

| Additions | 11,487 |  |

| Disposals | (12,700 | ) |

| At 31 December 2025 | 55,871 |  |

| AMORTISATION

| At 1 January 2025 | 28,711 |  |

| Amortisation for year | 10,200 |  |

| Eliminated on disposal | (12,240 | ) |

| At 31 December 2025 | 26,671 |  |

| NET BOOK VALUE

| At 31 December 2025 | 29,200 |  |

| At 31 December 2024 | 28,373 |  |

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Fixtures |

| land and |  | Plant and |  | and |

| buildings |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 750,000 |  | 159,333 |  | 83,947 |  | 993,280 |  |

| Additions | 50,540 |  | 39,600 |  | 11,505 |  | 101,645 |  |

| Disposals | (118,125 | ) | - |  | (5,386 | ) | (123,511 | ) |

| At 31 December 2025 | 682,415 |  | 198,933 |  | 90,066 |  | 971,414 |  |

| DEPRECIATION

| At 1 January 2025 | 20,000 |  | 50,194 |  | 42,132 |  | 112,326 |  |

| Charge for year | 10,089 |  | 36,066 |  | 16,540 |  | 62,695 |  |

| Eliminated on disposal | (4,331 | ) | - |  | (5,212 | ) | (9,543 | ) |

| At 31 December 2025 | 25,758 |  | 86,260 |  | 53,460 |  | 165,478 |  |

| NET BOOK VALUE

| At 31 December 2025 | 656,657 |  | 112,673 |  | 36,606 |  | 805,936 |  |

| At 31 December 2024 | 730,000 |  | 109,139 |  | 41,815 |  | 880,954 |  |

| Cost or valuation at 31 December 2025 is represented by:

| Freehold |  | Fixtures |

| land and |  | Plant and |  | and |

| buildings |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| Valuation in 2012 | 2,853 |  | - |  | - |  | 2,853 |  |

| Valuation in 2017 | 280,000 |  | - |  | - |  | 280,000 |  |

| Valuation in 2022 | 250,000 |  | - |  | - |  | 250,000 |  |

| Cost | 149,562 |  | 198,933 |  | 90,066 |  | 438,561 |  |

682,415 |  | 198,933 |  | 90,066 |  | 971,414 |  |

| If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 149,652 |  | 217,147 |  |

| Aggregate depreciation | 49,884 |  | 71,030 |  |

| Value of land in freehold land and buildings | 43,429 |  | 43,429 |  |

| Freehold land and buildings were valued on an open market basis on 15 February 2023 by Lofthouse and Partners .

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS - continued

| The useful economic life of the building is considered to be 50 years.

| The methods and significant assumptions used to ascertain the fair value of £682,145 are as follows:

| Method

| A portion of the warehouse was sold at market rate in the year for a price of £27.78 per square foot, valued by estate agents using local rates amongst similar properties on the market. The remaining element of the property included within the financial statements remains at the new updated cost of £27.78 per square foot for the remainder of the property still owned within the title register.

| Revaluation of Properties

| The Company carries its property at fair value, with changes in fair value being recognised in other comprehensive income.

| The directors of the business do not consider the market value of the property to have materially differed from the date of the most recent external valuation to the date of this report.

5. | STOCKS

2025 | 2024 |

£ | £ |

| Finished goods and consumables | 1,555,821 |  | 1,766,256 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 428,613 |  | 564,442 |  |

| Other debtors | 476 |  | - |  |

| Prepayments and accrued income | 175,731 |  | 151,116 |  |

604,820 |  | 715,558 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 320,520 |  | 305,214 |  |

| Trade creditors | 332,709 |  | 326,265 |  |

| Amounts owed to group undertakings | 446,285 |  | 485,978 |  |

| Social security and other taxes | 91,614 |  | 162,563 |  |

| Accruals and deferred income | 40,420 |  | 36,813 |  |

1,231,548 |  | 1,316,833 |  |

8. | LEASING AGREEMENTS

| At the year end the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £22,836 (2024 - £13,131)

| BELGRAVIA DECOR LIMITED (REGISTERED NUMBER: 01391867) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 37,033 |  | 37,388 |  |

| Tax losses carried forward | (37,033 | ) | (15,904 | ) |

| Other timing differences | - |  | 19,815 |  |

- |  | 41,299 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 41,299 |  |

| Credit to Income Statement during year | (41,299 | ) |

| Balance at 31 December 2025 | - |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

11. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 1,453,908 |  | 572,599 |  | 2,026,507 |  |

| Deficit for the year | (302,027 | ) | (302,027 | ) |

| At 31 December 2025 | 1,151,881 |  | 572,599 |  | 1,724,480 |  |

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

| The Report of the Auditors was unqualified.

| Sarah Flynn FCA (Senior Statutory Auditor)

| for and on behalf of RFM Audit Services LLP, Statutory Auditor

13. | ULTIMATE CONTROLLING PARTY

| The immediate parent of the company is Zambaiti Parati S.P.A. (incorporated in Italy). The ultimate parent and the largest group financial statements that consolidate this company are Family Zeta Holding S.R.L. (incorporated in Italy). These group accounts are available to the public from Zambaiti S.P.A., Albino (BG), Via Pertini 2, Cap 24021.

| The group accounts disclose remuneration receivable by auditors for other services.