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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 2023

FOR

GIVI U.K. LIMITED

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

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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 2023







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: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
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 2023


The directors present their strategic report for the year ended 31 December 2023.

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 2023 can be considered as a positive one, despite a small decrease in sales of about 6.8% after last years of increase in sales.

GIVI UK was forced to increase its prices to cover the increase of costs. The carriage and the duties were the most affected areas.

Despite the situation GIVI UK was able to close the year with a profit before tax of £1,254,233.

The commitment for the year 2024 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 some new innovative products, both in the plastic as well in the aluminium cases. We also plan to extend the range of helmets and their competitiveness. GIVI UK will also work on branding activities through the participation to motorcycle events as well as advertising though the social media.


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

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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


25 September 2024

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

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

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 £21.35629 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 2023 will be £ 1,186,449 .

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 2023 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 2023


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


25 September 2024

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 2023 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 2023 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

26 September 2024

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

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 2,943,142 3,157,673

Cost of sales 1,776,140 1,971,083
GROSS PROFIT 1,167,002 1,186,590

Distribution costs 231,661 249,095
Administrative expenses 521,240 477,742
752,901 726,837
OPERATING PROFIT 5 414,101 459,753

Income from shares in group
undertakings

837,494

766,700
Interest receivable and similar income 2,638 33
840,132 766,733
PROFIT BEFORE TAXATION 1,254,233 1,226,486

Tax on profit 6 97,911 87,046
PROFIT FOR THE FINANCIAL YEAR 1,156,322 1,139,440

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,156,322

1,139,440

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

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 4,118 4,833
Investments 9 12,806 12,806
16,924 17,639

CURRENT ASSETS
Stocks 10 289,355 411,284
Debtors 11 373,955 401,820
Cash at bank and in hand 594,719 555,739
1,258,029 1,368,843
CREDITORS
Amounts falling due within one year 12 435,799 517,227
NET CURRENT ASSETS 822,230 851,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

839,154

869,255

PROVISIONS FOR LIABILITIES 14 93 67
NET ASSETS 839,061 869,188

CAPITAL AND RESERVES
Called up share capital 15 53,429 53,429
Share premium 16 119,993 119,993
Retained earnings 16 665,639 695,766
SHAREHOLDERS' FUNDS 839,061 869,188

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 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 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 53,429 622,797 119,993 796,219

Changes in equity
Dividends - (1,066,471 ) - (1,066,471 )
Total comprehensive income - 1,139,440 - 1,139,440
Balance at 31 December 2022 53,429 695,766 119,993 869,188

Changes in equity
Dividends - (1,186,449 ) - (1,186,449 )
Total comprehensive income - 1,156,322 - 1,156,322
Balance at 31 December 2023 53,429 665,639 119,993 839,061

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

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


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 2023


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.

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.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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:

2023 2022
£    £   
Sale of motorcycle accessories 2,943,142 3,157,673
2,943,142 3,157,673

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 2,868,045 3,077,297
Europe 75,097 80,376
2,943,142 3,157,673

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 242,993 222,045
Social security costs 10,575 10,843
Other pension costs 3,033 2,566
256,601 235,454

The average number of employees during the year was as follows:
2023 2022

Management 2 2
Administration 5 5
7 7

2023 2022
£    £   
Directors' remuneration 38,000 38,000

5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 42,000 42,000
Depreciation - owned assets 3,313 7,875
Auditors' remuneration 9,200 8,780
Foreign exchange differences 725 (424 )

Auditors' remuneration relates to audit services incorporating the preparation of the statutory accounts. Other fees of £6,203 (2022: £2,154) were payable to the auditor in respect of non-audit services.

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 97,885 87,886

Deferred tax 26 (840 )
Tax on profit 97,911 87,046

UK corporation tax has been charged at 25% (2022 - 19%).

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

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:

2023 2022
£    £   
Profit before tax 1,254,233 1,226,486
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

313,558

233,032

Effects of:
Expenses not deductible for tax purposes (117 ) 89
Income from shares in group undertakings (209,373 ) (145,673 )
Change in tax rates (6,157 ) (202 )
Super deduction - (200 )
Total tax charge 97,911 87,046

Based on current capital investment plans, the company expects 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
2023 2022
£    £   
Interim 1,186,449 1,066,471

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 36,527 25,461 5,728
Additions - - 2,009
At 31 December 2023 36,527 25,461 7,737
DEPRECIATION
At 1 January 2023 36,527 25,250 5,718
Charge for year - 211 180
At 31 December 2023 36,527 25,461 5,898
NET BOOK VALUE
At 31 December 2023 - - 1,839
At 31 December 2022 - 211 10

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 29,251 101,394 198,361
Additions - 589 2,598
At 31 December 2023 29,251 101,983 200,959
DEPRECIATION
At 1 January 2023 29,251 96,782 193,528
Charge for year - 2,922 3,313
At 31 December 2023 29,251 99,704 196,841
NET BOOK VALUE
At 31 December 2023 - 2,279 4,118
At 31 December 2022 - 4,612 4,833

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 12,806
NET BOOK VALUE
At 31 December 2023 12,806
At 31 December 2022 12,806

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
2023 2022
£    £   
Aggregate capital and reserves 2,172,696 2,081,941
Profit for the year 1,087,339 1,124,457

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. FIXED ASSET INVESTMENTS - continued

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
2023 2022
£    £   
Aggregate capital and reserves 965,534 744,346
Profit for the year 260,486 94,788

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
2023 2022
£    £   
Aggregate capital and reserves 4,218,294 4,157,842
Profit for the year 279,995 12,307

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
2023 2022
£    £   
Aggregate capital and reserves 617,585 632,124
Profit for the year 18,834 110,578

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.

10. STOCKS
2023 2022
£    £   
Finished goods 289,355 411,284

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 355,048 357,582
Other debtors 811 811
Wages control - 38,000
Prepayments and accrued income 18,096 5,427
373,955 401,820

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 47,594 25,713
Amounts owed to group undertakings 230,761 295,461
Tax 16,436 26,720
Social security and other taxes 11,724 11,380
VAT 62,125 65,352
Other creditors 1,228 1,197
Accruals and deferred income 65,931 91,404
435,799 517,227

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 9,454 9,454
Between one and five years 4,068 12,043
13,522 21,497

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 93 67

Deferred
tax
£   
Balance at 1 January 2023 67
Provided during year 26
Balance at 31 December 2023 93

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
55,555 Ordinary 1.27 Euro 96.17 3p 53,429 53,429

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 695,766 119,993 815,759
Profit for the year 1,156,322 1,156,322
Dividends (1,186,449 ) (1,186,449 )
At 31 December 2023 665,639 119,993 785,632

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 £ 38,000 (2022 - £ 38,000 ) was paid.