REGISTERED NUMBER: 02807216 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2025

for

Pal Zileri Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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

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.

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.