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REGISTERED NUMBER: 03121735 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

GIVI U.K. LIMITED

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


GIVI U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: G Visenzi
H Visenzi



REGISTERED OFFICE: Unit 4
Royal Oak Court
Royal Oak Way North
Daventry
Northamptonshire
NN11 8PQ



REGISTERED NUMBER: 03121735 (England and Wales)



AUDITORS: DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ



BANKERS: Barclays
PO Box No. 3182
1 Wimboourne Road
Poole
Dorset
BH15 2ZA

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021


The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
The result for the year and the financial position of the company are shown in the annexed financial statements.

The company's key performance indicators that the Directors use to monitor its performance are turnover, gross profit, and operating profit.

The year 2021 can be considered as a positive one, with an increase in sales of £505,265 after the decrease in 2020 that amounted to £992,465.

During the year to 31 December 2021, GIVI UK still suffered the impact of COVID-19 as well as some difficulties and extra costs related to Brexit. GIVI UK was forced to increase its prices that brought an increase in gross margin from 36.6% in 2020 to 39.4% in 2021. Despite the impact of COVID-19 and many costs increases, the company was able to close the year with a profit before tax of £1,481,008 (2020: £757,244).

The commitment for the year 2022 is a further improvement in the sales and after sales service provided by the UK staff, a reduction in overhead costs and better management of stock levels and rotation. As for the products special commercial attention will be dedicated to the aluminium cases and to the extended range of helmets. GIVI UK will also work on branding activities through the social media as well as participating at local motorcycle events.


GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

PRINCIPAL RISKS AND UNCERTAINTIES
The first major concern at present is the general extended increase in costs (transportation, energy, labour, raw materials costs) that could lead to problems and delays in receiving the goods and might force GIVI UK to a further price increase. The new prices might make the products less competitive and interesting for the consumers.

The second major concern is the consequences of the COVID-19 pandemic, which lead to big turnover of the staff with possible worsening of the company performance and customer service.

To mitigate the damages the directors wish to invest in modernising the web-ordering system and possibly introduce a more modern software or applications of the current one to comply with the current market necessities.

The company uses various financial instruments. These include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The company's activities and the existence of these financial instruments expose it to a number of financial risks including credit risk, foreign exchange risk and liquidity risk.

The company's credit risk is primarily attributable to its trade receivables. Where considered necessary, appropriate allowance is made for doubtful debtors. The company sets limits for customers based on payment history and credit ratings and these are reviewed on a regular basis in conjunction with debt ageing and collection history.

The company is exposed to some foreign exchange risk but holds bank accounts in the currencies that are most often used and attempts to mitigate the effect by matching, in the same currency, the cost of supply against the corresponding receivable where possible.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company is funded via cash reserves with no gearing outside of the Givi group.

SIGNED BY ORDER OF THE DIRECTORS:





H Visenzi - Director


13 July 2022

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021


The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of motorcycle accessories.

DIVIDENDS
Interim dividends totalling £22.94597 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2021 will be £ 1,291,092 .

FUTURE DEVELOPMENTS
The future developments of the company are addressed in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

G Visenzi
H Visenzi

GOING CONCERN
The going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIGNED BY ORDER OF THE DIRECTORS:





H Visenzi - Director


13 July 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GIVI U.K. LIMITED


Opinion
We have audited the financial statements of Givi U.K. Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GIVI U.K. LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GIVI U.K. LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robyn Liddell FCCA (Senior Statutory Auditor)
for and on behalf of DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

21 July 2022

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £    £    £   

TURNOVER 3 3,083,754 2,578,489

Cost of sales 1,869,567 1,633,828
GROSS PROFIT 1,214,187 944,661

Distribution costs 187,152 169,172
Administrative expenses 402,721 430,017
589,873 599,189
624,314 345,472

Other operating income 2,686 27,763
OPERATING PROFIT 5 627,000 373,235

Income from shares in group
undertakings

973,131

454,591
Interest receivable and similar income 42 540
973,173 455,131
PROFIT BEFORE TAXATION 1,600,173 828,366

Tax on profit 6 119,165 71,122
PROFIT FOR THE FINANCIAL YEAR 1,481,008 757,244

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,481,008

757,244

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 9,195 15,849
Investments 9 12,806 12,806
22,001 28,655

CURRENT ASSETS
Stocks 10 356,611 293,474
Debtors 11 330,536 247,155
Cash at bank and in hand 613,886 479,192
1,301,033 1,019,821
CREDITORS
Amounts falling due within one year 12 525,908 440,452
NET CURRENT ASSETS 775,125 579,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

797,126

608,024

PROVISIONS FOR LIABILITIES 14 907 1,721
NET ASSETS 796,219 606,303

CAPITAL AND RESERVES
Called up share capital 15 53,429 53,429
Share premium 16 119,993 119,993
Retained earnings 16 622,797 432,881
SHAREHOLDERS' FUNDS 796,219 606,303

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2022 and were signed on its behalf by:





H Visenzi - Director


GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 January 2020 53,429 382,101 119,993 555,523

Changes in equity
Dividends - (706,464 ) - (706,464 )
Total comprehensive income - 757,244 - 757,244
Balance at 31 December 2020 53,429 432,881 119,993 606,303

Changes in equity
Dividends - (1,291,092 ) - (1,291,092 )
Total comprehensive income - 1,481,008 - 1,481,008
Balance at 31 December 2021 53,429 622,797 119,993 796,219

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Givi U.K. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Givi U.K. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Givi S.p.a, Via Ungaretti 48, Flero, Brescia, 25020 Italy.

Significant judgements and estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the life of the lease
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying values of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Government grants
Government grant income is recognised as it is receivable, to the extent that the grant has been expended by the end of the financial year. Unspent grants are shown on the Balance Sheet as liabilities.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2021 2020
£    £   
Sale of motorcycle accessories 3,083,754 2,578,489
3,083,754 2,578,489

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2021 2020
£    £   
United Kingdom 2,997,430 2,513,129
Europe 86,324 65,360
3,083,754 2,578,489

4. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 182,396 179,912
Social security costs 9,939 14,894
Other pension costs 2,829 2,927
195,164 197,733

The average number of employees during the year was as follows:
2021 2020

Management 2 2
Administration 5 7
7 9

2021 2020
£    £   
Directors' remuneration 38,000 38,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021 2020
£    £   
Other operating leases 42,000 42,000
Depreciation - owned assets 9,057 9,777
Auditors' remuneration 7,980 7,600
Foreign exchange differences (18,010 ) (2,177 )

Auditors' remuneration relates to audit services incorporating the preparation of the statutory accounts. Other fees of £3,353 (2020: £2,531) were payable to the auditor in respect of non-audit services.

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 119,979 69,831

Deferred tax (814 ) 1,291
Tax on profit 119,165 71,122

UK corporation tax has been charged at 19% (2020 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 1,600,173 828,366
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2020 - 19%)

304,033

157,390

Effects of:
Expenses not deductible for tax purposes (54 ) 54
Capital allowances in excess of depreciation - (1,241 )
Depreciation in excess of capital allowances 895 -
Income from shares in group undertakings (184,895 ) (86,372 )

Movement in deferred tax (814 ) 1,291
Total tax charge 119,165 71,122

Based on current capital investment plans, the company expects to continue to be able to claim capital allowances in excess of depreciation in future years.

The rate used for closing deferred tax balances is 25%.

7. DIVIDENDS
2021 2020
£    £   
Interim 1,291,092 706,464

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2021 36,527 25,461 5,728
Additions - - -
At 31 December 2021 36,527 25,461 5,728
DEPRECIATION
At 1 January 2021 36,527 23,942 5,525
Charge for year - 906 107
At 31 December 2021 36,527 24,848 5,632
NET BOOK VALUE
At 31 December 2021 - 613 96
At 31 December 2020 - 1,519 203

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 29,251 95,478 192,445
Additions - 2,403 2,403
At 31 December 2021 29,251 97,881 194,848
DEPRECIATION
At 1 January 2021 26,640 83,962 176,596
Charge for year 2,611 5,433 9,057
At 31 December 2021 29,251 89,395 185,653
NET BOOK VALUE
At 31 December 2021 - 8,486 9,195
At 31 December 2020 2,611 11,516 15,849

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 12,806
NET BOOK VALUE
At 31 December 2021 12,806
At 31 December 2020 12,806

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


9. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Givi France Sarl
Registered office: Parc Entreprises – Zone Industrielle, 01120 Montluel, France
Nature of business: Distribution of motorcycle accessories
%
Class of shares: holding
Ordinary 89.13
2021 2020
£    £   
Aggregate capital and reserves 1,747,027 1,623,906
Profit for the year 986,994 882,804

Givi USA Holdings Inc.
Registered office: 9309 Forsyth Park Drive, Charlotte, NC 28273, USA
Nature of business: Distribution of motorcycle accessories
%
Class of shares: holding
Ordinary 90.00
2021 2020
£    £   
Aggregate capital and reserves 525,701 730,670
Loss for the year (13,696 ) (14,561 )

Givi USA Inc.
Registered office: 9309 Forsyth Park Drive, Charlotte, NC 28273, USA
Nature of business: Distribution of motorcycle accessories
%
Class of shares: holding
Ordinary 90.00
2021 2020
£    £   
Aggregate capital and reserves 2,912,923 2,859,231
Profit for the year 95,900 270,938

Givi USA Inc. is a 100% owned subsidiary of Givi USA Holdings Inc., which in turn is a 90% owned subsidiary of Givi UK Limited.

Tour & Ride Inc.
Registered office: 9309 Forsyth Park Drive, Charlotte, NC 28273, USA
Nature of business: Distribution of motorcycle accessories
%
Class of shares: holding
Ordinary 90.00
2021 2020
£    £   
Aggregate capital and reserves 465,364 298,332
Profit for the year 156,421 134,688

Tour & Ride Inc. is a 100% owned subsidiary of Givi USA Holdings Inc., which in turn is a 90% owned subsidiary of Givi UK Limited.

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


10. STOCKS
2021 2020
£    £   
Finished goods 356,611 293,474

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 320,053 234,662
Other debtors 1,570 811
Prepayments and accrued income 8,913 11,682
330,536 247,155

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 22,523 22,085
Amounts owed to group undertakings 283,088 222,208
Tax 47,707 26,581
Social security and other taxes 9,776 8,055
VAT 91,019 88,799
Other creditors 3,149 1,288
Wages control - (759 )
Accruals and deferred income 68,646 72,195
525,908 440,452

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 3,537 41,541
Between one and five years 7,074 3,041
10,611 44,582

14. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 907 1,721

Deferred
tax
£   
Balance at 1 January 2021 1,721
Credit to Statement of Comprehensive Income during year (814 )
Balance at 31 December 2021 907

GIVI U.K. LIMITED (REGISTERED NUMBER: 03121735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
55,555 Ordinary 1.27 Euro 96.17 3p 53,429 53,429

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2021 432,881 119,993 552,874
Profit for the year 1,481,008 1,481,008
Dividends (1,291,092 ) (1,291,092 )
At 31 December 2021 622,797 119,993 742,790

17. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Givi S.p.a, a public quoted company registered in Italy, this being the smallest and largest group into which this company is consolidated. A copy of the parent company financial statements, which are prepared in accordance with EEC 7th company Law Directive, are available from the company's registered office at Via Ungaretti 48, Flero, Brescia, 25020, Italy.

18. RELATED PARTY DISCLOSURES

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.

During the year, a total of key management personnel compensation of £ 78,676 (2020 - £ 73,044 ) was paid.