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REGISTERED NUMBER: 05885470 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GIOFEX UK LIMITED

GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GIOFEX UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: C Giovanardi
E A Sarrabay
P Martinez





REGISTERED OFFICE: 20 Highcliffe Road
Hamilton Industrial Park
Leicester
Leicestershire
LE5 1TY





REGISTERED NUMBER: 05885470 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 179,847 223,118
Tangible assets 5 20,369 11,363
200,216 234,481

CURRENT ASSETS
Stocks 682,585 879,625
Debtors 6 333,377 311,991
Cash at bank and in hand 110,320 95,580
1,126,282 1,287,196
CREDITORS
Amounts falling due within one year 7 (651,797 ) (847,363 )
NET CURRENT ASSETS 474,485 439,833
TOTAL ASSETS LESS CURRENT
LIABILITIES

674,701

674,314

CAPITAL AND RESERVES
Called up share capital 800,000 800,000
Other reserves 459,649 459,649
Retained earnings (584,948 ) (585,335 )
674,701 674,314

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





C Giovanardi - Director


GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Giofex UK Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 20 Highcliffe Road, Hamilton Industrial Park, Leicester, Leicestershire, LE5 1TY and the registered number is 05885470.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with provisions of Section 1A ''Small Entities'' of 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 convention.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts. rebates, value added tax and the other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and rewards of ownership to the buyer;
- The company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- The amount of revenue can be measured reliably;
- It is probable that the Company will receive the consideration due under the transaction; and
- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017 will be amortised evenly over it's estimated useful life of 10 years, following an initial impairment in the year of acquisition.

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.

GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings - 25% reducing balance
Computer equipment- straight line over 3 years
Plant & Machinery- 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances
have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with the financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,468,142
AMORTISATION
At 1 January 2023 1,245,024
Charge for year 43,271
At 31 December 2023 1,288,295
NET BOOK VALUE
At 31 December 2023 179,847
At 31 December 2022 223,118

GIOFEX UK LIMITED (REGISTERED NUMBER: 05885470)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 19,781 28,789 29,474 78,044
Additions - 16,560 1,534 18,094
At 31 December 2023 19,781 45,349 31,008 96,138
DEPRECIATION
At 1 January 2023 17,270 23,651 25,760 66,681
Charge for year 785 5,624 2,679 9,088
At 31 December 2023 18,055 29,275 28,439 75,769
NET BOOK VALUE
At 31 December 2023 1,726 16,074 2,569 20,369
At 31 December 2022 2,511 5,138 3,714 11,363

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 332,637 294,251
Other debtors 740 740
Prepayments and accrued income - 17,000
333,377 311,991

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 297 -
Trade creditors 486,256 675,833
Other tax and social security 112,713 92,390
Other creditors 28,313 38,070
Accruals and deferred income 24,218 41,070
651,797 847,363

8. LEASING AGREEMENTS
The company has lease commitments totalling £469,181 (2023 - £61,887).

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

The Report of the Auditors was unqualified.

Paul Orton FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

10. ULTIMATE CONTROLLING PARTY

The intermediate parent company is Giofex Group S.R.L, a company incorporated in Italy. The ultimate parent undertaking is Serge Ferrari Group SA, a listed company in France. The Serge Ferrari Group SA consolidated financial statements are available from sergeferrari.com.