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REGISTERED NUMBER: 01306606 (England and Wales)











EMAK UK Limited

Audited Financial Statements

for the Year Ended 31 December 2023






EMAK UK Limited (Registered number: 01306606)

Contents of the Financial Statements
for the Year Ended 31 December 2023










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 2023







DIRECTORS: L Bartoli
C Becchi





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 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,328 4,866
Tangible assets 5 15,731 30,659
18,059 35,525

CURRENT ASSETS
Stocks 1,371,842 1,342,469
Debtors 6 946,534 987,319
Cash at bank 186,543 293,013
2,504,919 2,622,801
CREDITORS
Amounts falling due within one year 7 1,970,351 1,863,754
NET CURRENT ASSETS 534,568 759,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,627

794,572

PROVISIONS FOR LIABILITIES 489 353
NET ASSETS 552,138 794,219

CAPITAL AND RESERVES
Called up share capital 10 342,090 342,090
Share premium 201,390 201,390
Retained earnings 8,658 250,739
SHAREHOLDERS' FUNDS 552,138 794,219

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 8 March 2024 and were signed on its behalf by:





C Becchi - Director


EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements
for the Year Ended 31 December 2023


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. 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 is sufficient upon which to adopt the going concern basis.

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Stock provisions. Management apply a Group policy for provisioning based on stock movement. These provision rates are based on the ageing of stock movement and different rates apply depending on whether the stock is a finished good item or an other item of stock. This is monitored on an ongoing basis.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as

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

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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.

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 8 (2022 - 7 ) .

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 12,693
AMORTISATION
At 1 January 2023 7,827
Charge for year 2,538
At 31 December 2023 10,365
NET BOOK VALUE
At 31 December 2023 2,328
At 31 December 2022 4,866

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 382,909
Additions 5,065
Disposals (17,000 )
At 31 December 2023 370,974
DEPRECIATION
At 1 January 2023 352,250
Charge for year 12,343
Eliminated on disposal (9,350 )
At 31 December 2023 355,243
NET BOOK VALUE
At 31 December 2023 15,731
At 31 December 2022 30,659

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 878,018 910,658
Amounts owed by group undertakings - 9,140
Other debtors 68,516 67,521
946,534 987,319

EMAK UK Limited (Registered number: 01306606)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 959,757 1,298,227
Trade creditors 324,066 145,039
Amounts owed to group undertakings 556,425 302,591
Taxation and social security 123,044 108,083
Other creditors 7,059 9,814
1,970,351 1,863,754

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 143,323 141,254
Between one and five years 84,557 168,018
In more than five years - 4,048
227,880 313,320

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 959,757 1,298,227

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

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
342,090 Ordinary Shares £1 342,090 342,090

11. 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

12. 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 2023


12. RELATED PARTY DISCLOSURES - continued

The company made sales to the value of £44,910 (2022 - £9,383) to other related parties within the Emak and Yama Group, related by virtue of the shareholdings held by the company's parent.

The company also made purchases to the value of £208,374 (2022 - £175,748) from other related parties within the Emak and Yama Group. Emak SpA.

At the balance sheet date the company owed £106,883 to Emak and Yama Group companies (2022 - £8,434) owed by Emak and Yama Group companies).

13. 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.