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REGISTERED NUMBER: 01306606 (England and Wales)











EMAK UK Limited

Audited Financial Statements

for the Year Ended 31 December 2021






EMAK UK Limited (Registered number: 01306606)

Contents of the Financial Statements
for the Year Ended 31 December 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


EMAK UK Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: A Burani
L Bartoli





REGISTERED OFFICE: Unit 8, Zone 4
Burntwood Business Park
Burntwood
Staffordshire
WS7 3XD





REGISTERED NUMBER: 01306606 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

EMAK UK Limited (Registered number: 01306606)

Statement of Financial Position
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,405 9,943
Tangible assets 5 39,045 20,357
46,450 30,300

CURRENT ASSETS
Stocks 1,397,951 1,248,046
Debtors 6 1,081,087 1,377,241
Cash at bank 314,632 309,808
2,793,670 2,935,095
CREDITORS
Amounts falling due within one year 7 2,050,740 2,169,921
NET CURRENT ASSETS 742,930 765,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

789,380

795,474

CREDITORS
Amounts falling due after more than one
year

8

-

(141,610

)

PROVISIONS FOR LIABILITIES (1,336 ) (418 )
NET ASSETS 788,044 653,446

CAPITAL AND RESERVES
Called up share capital 11 342,090 342,090
Share premium 201,390 201,390
Retained earnings 244,564 109,966
SHAREHOLDERS' FUNDS 788,044 653,446

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2022 and were signed on its behalf by:





L Bartoli - Director


EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. STATUTORY INFORMATION

EMAK UK 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.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. The company relies on support from its parent companyin the form of an inter-company loan and also upon bank overdraft facility. Withdrawal of support, both financially and operationally, would result in cessation of operations or significant curtailment in activities. Additionally, not all events or conditions can be predicted with the event of COVID-19 pandemic, which has brought with it additional unprecedented levels of uncertainty and the inability to assess fully, therefore, the impact of that on not only the company but also on the customers and suppliers it trades with. Budgets and cash flow projections indicate the company has sufficient reserves to continue to trade for a period of no less than 18 months from the date of receipt of their signed letter of support. The directors believe that support afforded, careful cash flow considerations and use of mitigating actions available, including furloughing of underutilised staff, is sufficient upon which to adopt the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of revision and future periods where the revision affects both current and future periods.

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

Income is recognised upon despatch of goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


2. ACCOUNTING POLICIES - continued
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 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.

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.

Derivatives
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 10 ) .

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 12,693
AMORTISATION
At 1 January 2021 2,750
Charge for year 2,538
At 31 December 2021 5,288
NET BOOK VALUE
At 31 December 2021 7,405
At 31 December 2020 9,943

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 349,601
Additions 28,444
Disposals (638 )
At 31 December 2021 377,407
DEPRECIATION
At 1 January 2021 329,244
Charge for year 9,373
Eliminated on disposal (255 )
At 31 December 2021 338,362
NET BOOK VALUE
At 31 December 2021 39,045
At 31 December 2020 20,357

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 1,029,324 1,319,853
Amounts owed by group undertakings - 5,530
Other debtors 51,763 51,858
1,081,087 1,377,241

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 828,630 836,362
Trade creditors 628,886 302,778
Amounts owed to group undertakings 400,806 847,054
Taxation and social security 169,693 174,922
Other creditors 22,725 8,805
2,050,740 2,169,921

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings - 141,610

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 137,096 107,629
Between one and five years 153,367 17,803
In more than five years 8,464 -
298,927 125,432

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdrafts 828,630 836,362

The bank overdraft is sucured by way of guarantee by the company's parent, Emak SpA.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
342,090 Ordinary Shares £1 342,090 342,090

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

The Report of the Auditors was unqualified.

Darren Barlow (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

13. 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.

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


13. RELATED PARTY DISCLOSURES - continued

The company also made purchases to the value of £219,916 (2020 - £212,277) from other related parties within the Emak and Yama Group, related by virtue of the shareholdings held by the company's parent, Emak SPA. At the balance sheet date Emak and Yama Group companies were owed £9,268 (2020 - £11,907).

14. ULTIMATE CONTROLLING PARTY

The immediate parent company is Emak SpA, a company registered in Italy. Group financial statements are prepared by the ultimate parent company, Yama SpA, and copies can be obtained from Emak SpA - www.emakgroup.it.