Company No:
Contents
| DIRECTORS | Chart Chirathivat |
| Sean Christopher Hill |
| REGISTERED OFFICE | 66 Lincoln's Inn Fields |
| London | |
| WC2A 3LH | |
| United Kingdom |
| COMPANY NUMBER | 12512744 (England and Wales) |
| AUDITOR | Dixon Wilson Audit Services LLP |
| Statutory Auditor | |
| 22 Chancery Lane | |
| London | |
| WC2A 1LS |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 1,940 | 3,962 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 1,006,787 | 2,184,174 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets/(liabilities) | 305,972 | (2,267,455) | ||
| Total assets less current liabilities | 307,912 | (2,263,493) | ||
| Net assets/(liabilities) |
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds/(deficit) |
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The financial statements of CGE Investments Limited (registered number:
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Chart Chirathivat
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
CGE Investments Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. They have a reasonable expectation that the Company can rely on support from group undertakings to continue in operational existence and meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The company recognises revenue when the amount of revenue can be reliably measured. This is usually on a quarterly basis and the amount invoiced is based on the annual quoted fee as detailed in the service agreements.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Fixtures and fittings |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rent paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease, being initially reduced payments, are recognised on a straight-line basis over the period of the lease.
At the year end there were rental commitments for the lease of premises of £nil (2024: £61,164) .
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
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| Additions |
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| At 31 December 2025 |
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| Accumulated depreciation | |||
| At 01 January 2025 |
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| Charge for the financial year |
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| At 31 December 2025 |
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| Net book value | |||
| At 31 December 2025 | 1,940 | 1,940 | |
| At 31 December 2024 | 3,962 | 3,962 |
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by parent undertakings |
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| Amounts owed by directors |
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| Prepayments and accrued income |
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| VAT recoverable |
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| Witholding tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to group undertakings |
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| Other taxation and social security |
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| Other creditors |
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CGE Investments Ltd is a subsidiary of an international group, the ultimate parent of which is Harng Central Department Store Ltd. CGE Investments Ltd is included in the ultimate parent's consolidated financial statements.
The address of Harng Central Department Store Ltd is:
306 Silom Road, Bangkok, 10500
Thailand
The company's immediate parent is CRC Luxembourg S.à,r.l, incorporated in Luxembourg.
Summary of transactions with parents
A loan of £1,000,000 was received from CRC Luxembourg S.à,r.l., the immediate parent, on 24 April 2020. On 1 October 2024, CRC Luxembourg S.à,r.l. acquired the Signa (Italian branch) trade debtor balance of £1,582,841 from the company which was offset against the loan balance, resulting in a debtor balance due from CRC Luxembourg S.à,r.l. of £563,538. On 16 December 2025, the debtor balance was extinguished as part of an intercompany agreement between CRC Luxembourg S.à,r.l., Rina Estate Italia S.r.l., and the company.
A loan of €4,100,000 (£3,535,553) was received by the Italian branch from Rina Estate Italia S.r.l., a group entity, on 30 November 2023. This loan was interest bearing and originally due for repayment by 30 June 2025, but the repayment date was revised to 31 December 2026. During the year €129,653 (£115,409) of interest was accrued on the loan. On 16 December 2025, the loan was extinguished as part of the aforementioned intercompany agreement.
As part of the offset agreement, CRC Luxembourg S.à,r.l. assigned from Rina Estate to the company an amount equal to €4,557,3901 (£3,989,102). The debt assignment was used to purchase one share in the company worth €3,945,862 (£3,461,704) and to extinguish the company's aforementioned loan to CRC Luxembourg S.à,r.l. The proceeds from the share issue were used to settle the creditor balance with Rina Estate Italia S.r.l.
Summary of transactions with directors
The balance due from the director at the balance sheet date was £248 (2024 - £248). There were advances during the year of £nil (2024 - £194).
The audit report was signed by Charlotte Milner on behalf of Dixon Wilson Audit Services LLP.