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REGISTERED NUMBER: 02807216 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2025

for

Pal Zileri Limited

Pal Zileri Limited (Registered number: 02807216)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Pal Zileri Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | Mr Carlo Anceschi

| REGISTERED OFFICE: | Third Floor

| 20 Old Bailey

| London

| EC4M 7AN

| REGISTERED NUMBER: | 02807216 (England and Wales)

| AUDITORS: | PG & E Professional Services Ltd

| Chartered Accountants & Statutory Auditor

| 47 Islington Park Street

| London

| N1 1QB

Pal Zileri Limited (Registered number: 02807216)

Balance Sheet

31 December 2025

31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 4 | 7,987 |  | 10,952 |  |

CURRENT ASSETS

Stocks | 5 | 478,336 |  | 515,134 |  |

Debtors | 6 | 579,503 |  | 282,065 |  |

Prepayments and accrued income | 39,185 |  | 27,861 |  |

Cash at bank | 54,540 |  | 45,919 |  |

1,151,564 |  | 870,979 |  |

CREDITORS

Amounts falling due within one year | 7 | 526,183 |  | 481,515 |  |

NET CURRENT ASSETS | 625,381 |  | 389,464 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 633,368 |  | 400,416 |  |

PROVISIONS FOR LIABILITIES | (1,997 | ) | - |  |

ACCRUALS AND DEFERRED INCOME | (65,831 | ) | (73,432 | ) |

NET ASSETS | 565,540 |  | 326,984 |  |

CAPITAL AND RESERVES

Called up share capital | 5,760,212 |  | 5,760,212 |  |

Other reserves | 750,000 |  | 750,000 |  |

Retained earnings | (5,944,672 | ) | (6,183,228 | ) |

SHAREHOLDERS' FUNDS | 565,540 |  | 326,984 |  |

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 June 2026 and were signed by:

Mr Carlo Anceschi - Director

Pal Zileri Limited (Registered number: 02807216)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Pal Zileri 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.

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 the exemption in FRS 102 paragraph 33.1A from disclosing transactions entered into with other members of the group, where any subsidiary which is a party to the transaction is wholly owned by such a member.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

| Tangible fixed assets

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

| Furniture & Fittings - 25% straight line

| Computer equipment - 33% straight line

| Stocks

| Stocks are valued at the lower of 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 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 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.

Pal Zileri Limited (Registered number: 02807216)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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. Exchange differences are taken into account in arriving at the operating result.

| Going concern

| The company's principal supplier and creditor is the parent company, Forall Confezioni SPA. The company is therefore dependent on the performance of the Forall group to continue as a going concern.

| The director has received assurance of the continued support of the parent company, which has confirmed that it will continue to provide the financial resources necessary for the company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. Therefore, the director considers it appropriate that the financial statements are prepared on a going concern basis.

| Transfer pricing

| Cost of sales includes an amount of £200,000 (2024: £128,303) arising from the group transfer price policy.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2024 - 9 ) .

4. | TANGIBLE FIXED ASSETS

Fixtures |

and | Computer |

fittings | equipment | Totals |

| £ | £ | £

| COST

| At 1 January 2025 | 37,986 |  | 2,656 |  | 40,642 |  |

| Additions | - |  | 460 |  | 460 |  |

| At 31 December 2025 | 37,986 |  | 3,116 |  | 41,102 |  |

| DEPRECIATION

| At 1 January 2025 | 27,235 |  | 2,455 |  | 29,690 |  |

| Charge for year | 3,071 |  | 354 |  | 3,425 |  |

| At 31 December 2025 | 30,306 |  | 2,809 |  | 33,115 |  |

| NET BOOK VALUE

| At 31 December 2025 | 7,680 |  | 307 |  | 7,987 |  |

| At 31 December 2024 | 10,751 |  | 201 |  | 10,952 |  |

5. | STOCKS

31.12.25 | 31.12.24 |

| £ | £

| Stocks | 478,336 |  | 515,134 |  |

Pal Zileri Limited (Registered number: 02807216)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | DEBTORS

31.12.25 | 31.12.24 |

| £ | £

| Amounts falling due within one year:

| Trade debtors | 181,081 |  | 201,003 |  |

| Other debtors | 200,000 |  | 81,062 |  |

381,081 |  | 282,065 |  |

| Amounts falling due after more than one year:

| Deferred Tax | 198,422 |  | - |  |

| Aggregate amounts | 579,503 |  | 282,065 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Trade creditors | 12,826 |  | 8,419 |  |

| Amounts owed to group undertakings | 421,311 |  | 411,398 |  |

| Social security and other taxes | 58,815 |  | 58,789 |  |

| Other creditors | 33,231 |  | 2,909 |  |

526,183 |  | 481,515 |  |

8. | LEASING AGREEMENTS

| Please enter the minimum lease payments falling due for operating leases:

| Within one year £258,934

| Between one and five years £217,903

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

| The Report of the Auditors was unqualified.

| Mr Simon Edrich (Senior Statutory Auditor)

| for and on behalf of PG & E Professional Services Ltd

10. | DEFERRED TAX

| Based on updated forecasts and the director’s expectation of future taxable profitability, recovery of part of the deferred tax asset is now considered probable and consequently in the current year the company has recognised a deferred tax asset in respect of a portion of its carried-forward tax losses. In prior years, no deferred tax asset was recognised due to uncertainty regarding the availability of future taxable profits against which the losses could be utilised.

11. | AUDITOR LIABILITY LIMITATION

| The company has limited the maximum aggregate amount of the Auditor's Liability to the company to not more than (1) the sum of 5 times the fees payable (excluding expenses and Value Added Tax) under the Engagement Letter referable to the financial year in question, or (2) £30,000, whichever is the lesser amount.

Pal Zileri Limited (Registered number: 02807216)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mayhoola for Investments LLC.

| The immediate parent company and smallest group for which consolidated financial statements are drawn up is Forall Confezioni SPA, whose registered office is at Via Fabio Filzi 34, Quinto Vicentino, 36050, Italy. The consolidated financial statements are available from its registered office at Via Fabio Filzi 34, Quinto Vicentino, 36050, Italy.

13. | PRIOR YEAR RECLASSIFICATION

| In the previously published 2024 financial statements, Other operating income of £128,298 (2023: £Nil) included £128,303 relating to the Group's transfer pricing policy, together with £5 relating to other minor items. For improved presentation and consistency with the current year's classification, the comparative amounts have been reclassified, with the transfer pricing adjustment presented within Cost of sales and the remaining £5 presented within Administrative expenses. These reclassifications have no impact on the Company's profit or net assets.