GLD Brands Limited iXBRL

Company Registration Number: SC524454

GLD Brands Limited

Unaudited Financial Statements

for the financial year ended 31 December 2025

GLD Brands Limited

DIRECTOR AND OTHER INFORMATION


Directors	Mr Federico Trono (Appointed 14 January 2025)
	Ms Kirsten Margaret Ryan (Resigned 14 January 2025)
	Mr Ewan Charles Scott (Resigned 14 January 2025)


Company Registration Number	SC524454


Registered Office and Business Address	Yard Road
	Blairgowrie
	Scotland
	PH10 6NW
	United Kingdom


Accountants	Quarter
	Chartered Accountants
	St.Annes House
	Cathedral Quarter
	15 Church Street
	Antrim
	BT1 1PG


Bankers	HSBC
	76 Hanover Street
	Edinburgh
	EH2 1EL

GLD Brands Limited

Company Registration Number: SC524454

STATEMENT OF FINANCIAL POSITION

as at 31 December 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Intangible assets

87,750

Property, plant and equipment

695,795

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Non-Current Assets

783,545

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Current Assets

Stocks

685,741

Debtors

241,899

636,653

Cash and cash equivalents

456,748

56,440

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1,384,388

693,093

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Creditors: amounts falling due within one year

(2,362,558)

(596,133)

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Net Current (Liabilities)/Assets

(978,170)

96,960

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Total Assets less Current Liabilities

(194,625)

96,960

═════════

Capital and Reserves

Called up share capital

Retained earnings

(194,629)

96,956

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Equity attributable to owners of the company

(194,625)

96,960

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Director and authorised for issue on 8 October 2026



________________________________
Mr Federico Trono
Director

GLD Brands Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

General Information

GLD Brands Limited is a company limited by shares incorporated and registered in the Scotland. The registered number of the company is SC524454. The registered office of the company is Yard Road, Blairgowrie, Scotland, PH10 6NW, United Kingdom which is also the principal place of business of the company. The Principal activity is that of retail sale of textiles in specialised stores. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Long leasehold property

2% Straight line

Fixtures, fittings and equipment

10 - 15% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Period of financial statements

The comparative figures relate to the 11 month period ended 31 December 2024.

Going concern

There was a deficiency of assets of £194,625 as at 31st December 2025. The company is dependent on the continued financial support of its parent company, K-Way S.p.A., which has confirmed that it will continue to provide such support as is necessary to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.


5.	Employees

	The average monthly number of employees, including director, during the financial year was 14, (2024 - 2).

		2025	2024
		Number	Number

	Director	1	2
	Employees	13	-
		─────────	─────────
		14	2
		═════════	═════════


6.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 January 2025	-	-
	Additions	97,500	97,500
		─────────	─────────
	At 31 December 2025	97,500	97,500
		─────────	─────────
	Amortisation
	At 1 January 2025	-	-
	Charge for financial year	9,750	9,750
		─────────	─────────
	At 31 December 2025	9,750	9,750
		─────────	─────────
	Net book value
	At 31 December 2025	87,750	87,750
		═════════	═════════
	At 31 December 2024	-	-
		═════════	═════════


7.	Property, plant and equipment
		Long	Fixtures,	Total
		leasehold	fittings and
		property	equipment
		£	£	£
	Cost
	At 1 January 2025	-	-	-
	Additions	134,666	661,769	796,435
		─────────	─────────	─────────
	At 31 December 2025	134,666	661,769	796,435
		─────────	─────────	─────────
	Depreciation
	At 1 January 2025	-	-	-
	Charge for the financial year	2,231	98,409	100,640
		─────────	─────────	─────────
	At 31 December 2025	2,231	98,409	100,640
		─────────	─────────	─────────
	Net book value
	At 31 December 2025	132,435	563,360	695,795
		═════════	═════════	═════════


8.	Stocks	2025	2024
		£	£

	Finished goods and goods for resale	685,741	-
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


9.	Debtors	2025	2024
		£	£

	Trade debtors	12,105	478,655
	Taxation (Note 11)	9,560	94,129
	Prepayments and accrued income	220,234	63,869
		─────────	─────────
		241,899	636,653
		═════════	═════════


10.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	702,292	473,908
	Amounts owed to group undertakings	1,649,989	-
	Amounts owed to connected parties (Note 13)	-	62,277
	Taxation (Note 11)	10,277	32,319
	Other creditors	-	27,629
		─────────	─────────
		2,362,558	596,133
		═════════	═════════


11.	Taxation	2025	2024
		£	£

	Debtors:
	VAT	9,560	94,129
		═════════	═════════
	Creditors:
	Corporation tax	590	32,319
	PAYE / NI	9,687	-
		─────────	─────────
		10,277	32,319
		═════════	═════════

12.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2025.


13.	Related party transactions

	Transactions with group companies include - K-Way S.p.A GLD Brands Limited and K-Way S.p.A are group companies. GLd Brands is a 100% subsidary of K-Way S.pA. As at 1st January 2025 GLD Brands owed £nil to K-Way S.p.A. During the year, there was total movement of £1,649,989. At year end on 31st December 2025 GLD Brands Limited owed £1,649,989 to K-Way S.pA.

	The following amounts are due to other connected parties:
		2025	2024
		£	£

	Basic Italia S.p.A	-	62,277
		═════════	═════════

14.

Parent company

The company regards K-Way S.p.A as its parent company.

15.

Controlling interest

The company regards K-Way S.p.A as its parent company, its registered office being 1 Largo Maurizio Vitale, Torino, Italy.

The company's ultimate controlling interest parent is Basic Net S.p.A.