REGISTERED NUMBER: 01391867 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BELGRAVIA DECOR LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

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

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

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

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.

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

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 .

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)

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.