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REGISTERED NUMBER: 03224508 (England and Wales)


















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FUTURA EUROPE LIMITED

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


FUTURA EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: G Giuffrida
S W Reich-Rohrwig





SECRETARY: G Giuffrida





REGISTERED OFFICE: 8th Floor Becket House
36 Old Jewry
London
EC2R 8DD





REGISTERED NUMBER: 03224508 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of holding investments. The principal activities of the operating subsidiary undertakings are mentioned in the notes to the financial statements.

DIVIDENDS
Interim dividends totalling €1,800,179 (2023: €NIL) 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 2024 will be €1,800,179 (2023: €NIL).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

G Giuffrida
S W Reich-Rohrwig

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing 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). 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.

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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.

ON BEHALF OF THE BOARD:





G Giuffrida - Director


30 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA EUROPE LIMITED


Opinion
We have audited the financial statements of Futura Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, 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 2024 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA EUROPE 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA EUROPE LIMITED


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:

Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the UK Governance Code, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries or the manipulation of accounting estimates. Audit procedures performed by the engagement team included:

- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
FUTURA EUROPE 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.




Narendrakumar Mistry FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

30 May 2025

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes €    €    €   

TURNOVER - -

Administrative expenses (140,563 ) 34,073
OPERATING PROFIT/(LOSS) 4 140,563 (34,073 )

Income from shares in group
undertakings

1,405,263

315,000
Interest receivable and similar income 6,353 6,324
1,411,616 321,324
PROFIT BEFORE TAXATION 1,552,179 287,251

Tax on profit 50,263 83,081
PROFIT FOR THE FINANCIAL YEAR 1,501,916 204,170

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes €    €    €   
FIXED ASSETS
Tangible assets 5 - 1
Investments 6 276,026 595,126
276,026 595,127

CURRENT ASSETS
Debtors 7 5,278,324 4,736,281
Cash at bank 244,925 768,561
5,523,249 5,504,842
CREDITORS
Amounts falling due within one year 8 1,002,218 1,004,649
NET CURRENT ASSETS 4,521,031 4,500,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,797,057

5,095,320

CAPITAL AND RESERVES
Called up share capital 3,599,003 3,599,003
Retained earnings 1,198,054 1,496,317
SHAREHOLDERS' FUNDS 4,797,057 5,095,320

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





G Giuffrida - Director


FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
€    €    €   
Balance at 1 January 2023 3,599,003 1,292,147 4,891,150

Changes in equity
Total comprehensive income - 204,170 204,170
Balance at 31 December 2023 3,599,003 1,496,317 5,095,320

Changes in equity
Dividends - (1,800,179 ) (1,800,179 )
Total comprehensive income - 1,501,916 1,501,916
Balance at 31 December 2024 3,599,003 1,198,054 4,797,057

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Futura Europe 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 Euro (€).


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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Futura Europe Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 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, LiftCom Resources S.R.L., whose registered office is: Viale Luigi Majno, 26 Milano (MI).

RELATED PARTY EXEMPTION
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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In preparing these financial statements, the directors have had to make the following judgements:

Determine whether there are indications of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Tangible fixed assets (see note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the 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 future market conditions, the remaining life of the asset and projected disposal values.

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 reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries and associates are measured at cost less impairment.

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise cash, short term deposits and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to fund the company's operation as well as working capital, liquidity and invest surplus funds.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost. Where contractual obligations of financial instruments are equivalent similar to 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

TAXATION
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

IMPAIRMENT
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
€    €   
Depreciation - owned assets 1 1

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2024
and 31 December 2024 1,785
DEPRECIATION
At 1 January 2024 1,784
Charge for year 1
At 31 December 2024 1,785
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 1

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
€   
COST
At 1 January 2024 595,126
Disposals (319,100 )
At 31 December 2024 276,026
NET BOOK VALUE
At 31 December 2024 276,026
At 31 December 2023 595,126

The company's investments at the Balance Sheet date in the share capital of companies include the following:

DMG Canada Holdings Corp.
Registered office: 115 City View Drive, Etobicoke, ON, M9W 5A8
Nature of business: Holding company
%
Class of shares: holding
Ordinary 1 CAD$ each 100.00

MAD Elevator Fixtures Inc.
Registered office: 6635 Ordan Drive, Mississauga, ON L5T 1K6
Nature of business: Elevator fixtures and interiors
%
Class of shares: holding
Ordinary 1 CAD$ each 51.00

Futura China Holdings Limited
Registered office: 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD
Nature of business: Holding company
%
Class of shares: holding
Ordinary 1.00 GBP each 90.00

MAD Elevator Fixtures USA Inc.
Registered office: 6635 Ordan Drive, Mississauga, ON L5T 1K6
Nature of business: Elevator fixtures and interiors
%
Class of shares: holding
Ordinary 0.0001 US$ each 51.00

Futura RE Limited
Registered office: 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD
Nature of business: Investment Holding Company
%
Class of shares: holding
Ordinary 1.00 GBP each 100.00

FUTURA EUROPE LIMITED (REGISTERED NUMBER: 03224508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. FIXED ASSET INVESTMENTS - continued

Futura Group Management Limited
Registered office: 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD
Nature of business: Management services
%
Class of shares: holding
Ordinary 1.00 GBP each 100.00

ECR Elevator CAB Renovations Inc.
Registered office: 2570 Blackwell Drive, Ottawa, ON Canada, K1B 5R1
Nature of business: Manufactures custom cab interiors
%
Class of shares: holding
Class A Preference Shares 51.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Amounts owed by group undertakings 5,278,324 4,736,281

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Amounts owed to group undertakings 881,997 888,103
Other creditors 120,221 116,546
1,002,218 1,004,649

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed €2,750,570 (2023: €2,747,435) by it's fellow subsidiary, Futura China Holdings Limited.

The company owed SAS DMG France, a fellow group company, €2,487 (2023: €2487), at the balance sheet date.

10. ULTIMATE CONTROLLING PARTY

The controlling party is LiftCom Resources S.R.L.