Bathsystem U.K. Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—6

1. General Information

Bathsystem U.K. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05641921 . The registered office is 19 Leyden Street, London, E1 7LE.

2. Accounting Policies

2.1. Basis of Preparation of 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 'Related Party Disclosures': Compensation for key management personnel.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

20% straight line

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Bathsystem U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

...CONTINUED

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Bathsystem U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation - continued

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Tax on Profit

	Tax Rate		2025	2024 as restated
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	-	226,891	78,282
Deferred Tax
Deferred taxation			214	5


Total tax charge for the period			227,105	78,287

	2025	2024
	£	£
Profit before tax	903,290	308,732

Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate)	225,823	77,183
Goodwill/depreciation not allowed for tax	119	106
Expenses not deductible for tax purposes	1,300	1,103
Capital allowances	(351 )	(110 )
Deferred tax from unrecognised timing difference from a prior period	214	5

Total tax charge for the period	227,105	78,287

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Bathsystem U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2025	3,518
Additions	988

As at 31 December 2025	4,506

Depreciation
As at 1 January 2025	3,174
Provided during the period	476

As at 31 December 2025	3,650

Net Book Value
As at 31 December 2025	856

As at 1 January 2025	344

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

6. Stocks

	2025	2024 as restated
	£	£
Stock	208,311	-

7. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	2,496,822	744,148
Amounts owed by group undertakings	1,456,620	2,442,170
Other debtors	889,401	585,339

	4,842,843	3,771,657
Due after more than one year
Other debtors	1,426	1,640

	4,844,269	3,773,297

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Bathsystem U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	35,036	52,359
Bank loans and overdrafts	175	-
Amounts owed to group undertakings	2,710,740	944,844
Other creditors	1,764,038	2,451,186
Taxation and social security	1,095,328	538,960

	5,605,317	3,987,349

9. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

10. Ultimate Controlling Party

The company is a 100% subsidiary of Bathsystem S.p.A., a company registered in Italy, and its registered office is Via Cavour 149, 25011 Calcinato, Brescia, Italy.

Ultimate parent company

The ultimate parent company is Roca Corporacion Empresarial S.A., a company registered in Spain.

11. Audit Information

The auditor's report on the accounts of Bathsystem U.K. Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Tony Castagnetti (Senior Statutory Auditor) for and on behalf of Belluzzo Audit Limited , Statutory Auditor.

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		856		344

			856		344
CURRENT ASSETS
Stocks	6	208,311		-
Debtors	7	4,844,269		3,773,297
Cash at bank and in hand		648,687		304,329

		5,701,267		4,077,626
Creditors: Amounts Falling Due Within One Year	8	(5,605,317 )		(3,987,349 )

NET CURRENT ASSETS (LIABILITIES)			95,950		90,277

TOTAL ASSETS LESS CURRENT LIABILITIES			96,806		90,621

NET ASSETS			96,806		90,621

CAPITAL AND RESERVES
Called up share capital	9		1		1
Profit and Loss Account			96,805		90,620

SHAREHOLDERS' FUNDS			96,806		90,621