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Registered number: 03950688 B&B ITALIA LONDON LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
01483 755 399 hamlyns.com
B&B ITALIA LONDON LIMITED COMPANY INFORMATION
Directors | Paolo De Bona Bottegal (appointed 31 December 2025)
| Giovanni Melotti (appointed 17 October 2025)
| Demetrio Apolloni (resigned 31 December 2025)
| Elisabetta Scotti (resigned 17 October 2025)
Company secretary | Giovanni Melotti
Registered number | 03950688
Registered office | 250 Brompton Road
| London
| SW3 2AS
Independent auditors | Hamlyns Limited
| Chartered Accountants & Statutory Auditors
| Sundial House
| High Street
| Horsell
| Woking
| GU21 4SU
B&B ITALIA LONDON LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 5
Statement of comprehensive income | 6
Balance sheet | 7
Statement of changes in equity | 8
Notes to the financial statements | 9 - 21
B&B ITALIA LONDON 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' responsibilities statement
The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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: ∙select suitable accounting policies 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company in the year under review was that of the sale of furniture designed and manufactured in Italy.
Results and dividends
The loss for the year, after taxation, amounted to £706,222 (2024 - profit £80,144). No dividends will be distributed for the year ended 31 December 2025 (2024: £Nil).
Directors
The directors who served during the year were:
Paolo De Bona Bottegal (appointed 31 December 2025)
Giovanni Melotti (appointed 17 October 2025)
Demetrio Apolloni (resigned 31 December 2025)
Elisabetta Scotti (resigned 17 October 2025)
Political contributions
The company made no political donations or incurred any political expenditure during the year (2024: £Nil). Page 1
B&B ITALIA LONDON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 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'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's auditors are aware of that information.
Auditors
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 3 August 2026 and signed on its behalf.
___________________________ Paolo De Bona Bottegal Director
Page 2
B&B ITALIA LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED
Opinion
We have audited the financial statements of B&B Italia London Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 loss 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 19 to the financial statements, 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 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. We have nothing to report in this regard. Page 3
B&B ITALIA LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. 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: ∙adequate accounting records have not been kept, or 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 ∙we have not received all the information and explanations we require for our audit; 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' exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 1, 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. Page 4
B&B ITALIA LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF B&B ITALIA LONDON LIMITED (CONTINUED)
Auditors' 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 auditors' 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. 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Compaies Act 2006, the reporting framework of the Financial Reporting Standard 101 Reduced Disclosure Framework (FRS101) and UK taxation legislation. We understood how the company is complying with those frameworks by discussions with management and those charged with governance. Where the risk was considered to be higher we performed audit procedures to address each identified fraud risk. These procedures included testing journals, reviewing large and/or unusual transactions and analytical procedures on key estimates. In addition, we completed procedures to conclude on the compliance of the disclosures in the financial statements with all applicable requirements. We also designed and performed specific substantive testing on areas identified as key risks or where material balances and transactions existed, in order to gain assurance the financial statements are not materially misstated due to error or fraud. 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.
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. Oliver Spevack ACA FCCA (Senior Statutory Auditor) for and on behalf of Hamlyns Limited Chartered Accountants Statutory Auditors Sundial House High Street Horsell Woking GU21 4SU 3 August 2026 Page 5
B&B ITALIA LONDON LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 6,561,970 | 7,448,929
Cost of sales |  | (4,101,904) | (4,605,954)
Gross profit |  | 2,460,066 | 2,842,975
Administrative expenses |  | (3,101,328) | (2,854,213)
Other operating income |  | 280,771 | 256,659
Operating (loss)/profit |  | (360,491) | 245,421
Interest receivable and similar income |  | 22,729 | 18,893
Interest payable and similar expenses |  | (207,115) | (184,170)
(Loss)/profit before tax |  | (544,877) | 80,144
Tax on (loss)/profit | 6 | (161,345) | -
(Loss)/profit for the financial year |  | (706,222) | 80,144
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 9 to 21 form part of these financial statements.
Page 6
B&B ITALIA LONDON LIMITED REGISTERED NUMBER: 03950688 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 4,094,414 |  | 3,777,079
|  |  | 4,094,414 |  | 3,777,079
Current assets |  |  |  |  |
Stocks | 8 | 1,649,171 |  | 1,571,659 |
Debtors: amounts falling due within one year | 9 | 1,558,976 |  | 474,443 |
Cash at bank and in hand | 10 | 212,633 |  | 963,281 |
|  | 3,420,780 |  | 3,009,383 |
Creditors: amounts falling due within one year | 11 | (8,197,728) |  | (6,338,394) |
Net current liabilities |  |  | (4,776,948) |  | (3,329,011)
Total assets less current liabilities |  |  | (682,534) |  | 448,068
Creditors: amounts falling due after more than one year | 12 |  | (2,686,527) |  | (3,300,300)
Deferred taxation | 14 | (189,393) |  | - |
|  |  | (189,393) |  | -
Net liabilities |  |  | (3,558,454) |  | (2,852,232)
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 500,000 |  | 500,000
Profit and loss account |  |  | (4,058,454) |  | (3,352,232)
|  |  | (3,558,454) |  | (2,852,232)
The company's financial statements have been prepared in accordance with the provisions applicable to the FRS101 reduced disclosure framework. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 August 2026.
___________________________ Paolo De Bona Bottegal
Director
The notes on pages 9 to 21 form part of these financial statements. Page 7
B&B ITALIA LONDON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 500,000 | (3,432,376) | (2,932,376)
Comprehensive income for the year |  |  |
Profit for the year | - | 80,144 | 80,144
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 80,144 | 80,144
Total transactions with owners | - | - | -
At 1 January 2025 | 500,000 | (3,352,232) | (2,852,232)
Comprehensive income for the year |  |  |
Loss for the year | - | (706,222) | (706,222)
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | (706,222) | (706,222)
Total transactions with owners | - | - | -
At 31 December 2025 | 500,000 | (4,058,454) | (3,558,454)
| The notes on pages 9 to 21 form part of these financial statements.
Page 8
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
B&B Italia London Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03950688 and registered office address is located at 250 Brompton Road, London SW3 2AS. 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 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment ∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations ∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations ∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 73(e) of IAS 16 Property, Plant and Equipment; ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of FLOS B&B Italia Group S.p.A. as at 31st December 2025 and these financial statements may be obtained from Via Alessandro Manzoni 38, 20121 Milan, Italy. Page 9
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
B&B Italia London has generated a loss of £706,222 (2024 profit: £80,144). Cost saving measures put in place previously have aided in generating the prior year’s profits. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore they continue to adopt the going concern basis in preparing the annual financial statements. The parent company, B&B Italia S.p.A has indicated that for at least 12 months from the date of approval of these financial statements they would guarantee to provide any deficit in working capital if they are needed by the company and in particular will not seek repayment of the amounts currently made available, to enable the company to continue In operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. B&B Italia London Is a flagship store for the B&B Italia brand with the London store providing a crucial element for our channel to market, not only for the UK but on a global level. The company is the group’s route to the UK market. The company secures the majority of its products from the group, meaning that, from a group perspective, although B&B Italia London itself is loss-making due to its different cost structure, London sales generate positive contribution for the group overall.
| 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 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'.
| 2.5 | Turnover
Turnover represents sales of furniture to customers at invoiced amounts less value added tax. Turnover derived from sales to customers is recognised on delivery of the product to the customer. Turnover derived from contract and custom sales is assessed on a contract by contract basis and is reflected in the profit and loss account by recording turnover and related costs as determined by each contract’s terms of sale. IFRS 15 Revenue from Contract with Customers has no material impact on the turnover of the company. Page 10
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: ∙fixed lease payments (including in-substance fixed payments), less any lease incentives; The lease liability is included in 'Creditors' on the balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the balance sheet. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 11
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company 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 profit or loss 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date. Should the entity be subject to any top-up tax relating to Pillar Two, the entity applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Page 12
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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. 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:
|  |  |  | Short-term leasehold property | - | Straight line over the length of the lease
|  |  |  | Leasehold improvements | - | Straight line over the length of the lease
|  |  |  | Fixtures and fittings | - | Straight line over 5 years
|  |  |  | Office equipment | - | Straight line over 3 years
|  |  |  | Kitchen displays | - | Straight line over 3 years
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 profit or loss.
| 2.13 | 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 weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet 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.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of the transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 13
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | 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 profit or loss.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financIal year are addressed below. Stock provision Management has estimated the level of provision required to reduce the book value of stock in respect of obsolete and slow-moving items. Management assess current stock movements, along with retail industry trends to determine products to be recognised in the clearance sales and therefore provided for. The provision calculated is then subject to parent company review. The estimated provision level was £316,693, being a increase of £8,147 over the prior year-end level. Page 14
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 6,561,970 | 7,448,929
|  | 6,561,970 | 7,448,929
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,338,843 | 7,201,460
| Inside the EU | 81,848 | 45,346
| Outside the EU | 1,141,279 | 202,123
|  | 6,561,970 | 7,448,929
| The amount of revenue recognised in 2025 from performance obligations satisfied (or partially satisfied) in previous periods is £NIL.
5. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 13 | 17
Page 15
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Deferred taxation | 189,393 | -
| Adjustments in respect of previous periods | (28,048) | -
|  | 161,345 | -
| Total current tax | 161,345 | -
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 19% (2024 - 19%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (544,877) | 80,144
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2024 - 19%) | (103,527) | 15,227
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,552 | 3,519
| Capital allowances for year in excess of depreciation | (177,475) | (24,297)
| Profit and loss on disposal of fixed asset | 6,158 | 81
| Deferred taxation | 189,393 | -
| Adjustments to tax charge in respect of prior periods | (28,048) | -
| Unrelieved tax losses carried forward | 272,292 | 5,470
| Total tax charge for the year | 161,345 | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 16
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Tangible fixed assets
|  | Short-term leasehold property | Leasehold improvement | Kitchen displays | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 5,998,248 | 712,875 | - | 518,992 | 127,936 | 7,358,051
| Additions | - | 484,581 | 519,166 | 4,355 | 28,992 | 1,037,094
| Disposals | - | - | (105,727) | - | - | (105,727)
| Transfers between classes | - | - | 500,534 | (500,534) | - | -
| At 31 December 2025 | 5,998,248 | 1,197,456 | 913,973 | 22,813 | 156,928 | 8,289,418
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 2,398,266 | 710,743 | - | 371,861 | 100,102 | 3,580,972
| Charge for the year on owned assets | 599,825 | 2,007 | 55,657 | 4,563 | 25,295 | 687,347
| Disposals | - | - | (73,315) | - | - | (73,315)
| Transfers between classes | - | - | 366,050 | (366,050) | - | -
| At 31 December 2025 | 2,998,091 | 712,750 | 348,392 | 10,374 | 125,397 | 4,195,004
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 3,000,157 | 484,706 | 565,581 | 12,439 | 31,531 | 4,094,414
| At 31 December 2024 | 3,599,982 | 2,132 | - | 147,131 | 27,834 | 3,777,079
| The net book value of owned and leased assets included as "Tangible fixed assets" in the balance sheet is as follows:
|  | 2025 | 2024
|  | £ | £
| Tangible fixed assets owned | 1,094,257 | 177,096
| Right-of-use tangible fixed assets | 3,000,157 | 3,599,983
|  | 4,094,414 | 3,777,079
Page 17
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.Tangible fixed assets (continued)
| Information about right-of-use assets is summarised below:
| Net book value
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Property | 3,000,157 | 3,599,983
|  | 3,000,157 | 3,599,983
8. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,649,171 | 1,571,659
|  | 1,649,171 | 1,571,659
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 205,185 | 82,179
| Amounts owed by group undertakings | 988,148 | 76,009
| Prepayments and accrued income | 365,643 | 316,255
|  | 1,558,976 | 474,443
10. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 212,633 | 963,281
| Less: bank overdrafts | (142) | (1,872)
|  | 212,491 | 961,409
Page 18
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 142 | 1,872
| Trade creditors | 488,962 | 377,872
| Amounts owed to group undertakings | 4,644,054 | 3,278,642
| Other taxation and social security | 145,436 | 196,269
| Lease liabilities | 613,773 | 590,630
| Other creditors | 1,777,298 | 1,789,591
| Accruals and deferred income | 528,063 | 103,518
|  | 8,197,728 | 6,338,394
12. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Lease liabilities | 2,686,527 | 3,300,300
|  | 2,686,527 | 3,300,300
Page 19
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Leases
| Company as a lessee
| The leasing activities relate to the leasing of the Company's showroom as a lessee. The lease was entered into on 10 February 2022 for a 10 year lease term. The depreciation charge for the year is on a straight-line basis over the remaining term of the underlying lease.
| Lease liabilities are due as follows:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Not later than one year | 613,773 | 590,630
| Between one year and five years | 2,686,527 | 2,593,954
| Later than five years | - | 706,346
|  | 3,300,300 | 3,890,930
| The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Finance lease charges payable | 130,180 | 153,323
14. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (189,393)
| At end of year | (189,393)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (189,393) | -
|  | (189,393) | -
Page 20
B&B ITALIA LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500,000 (2024 - 500,000) Ordinary shares of £1.00 each | 500,000 | 500,000
16. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £38,125 (2023: £46,670). Contributions totalling £5,267 (2024: £19,422) were payable to the fund at the balance sheet date and are included in creditors.
17. | Related party transactions
| Related party transactions are undertaken with wholly owned group companies, however, during the period an adjustment was made relating to transfer pricing which amounted to £941,350 and is included within debtors.
18. | Controlling party
The company is a subsidiary undertaking of FLOS B&B Italia S.p.A., the ultimate party is FLOS B&B Italia Group S.p.A. by virtue of share ownership.
19. | Provisions available for audits of small entities
In common with many other business of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Page 21