REGISTERED NUMBER: 04029586 (England and Wales)

Financial Statements

for the Year Ended 31st December 2024

for

MARAZZI (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L Bevini

L Gatti

A Tassinari

S Theisen

SECRETARY:

Blandy Services Limited

REGISTERED OFFICE:

1 Friar Street

Reading

Berkshire

RG1 1DA

REGISTERED NUMBER:

04029586 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

FIXED ASSETS

Tangible assets

4

67,341

99,680

CURRENT ASSETS

Debtors

5

1,323,700

1,300,127

Cash at bank

47

45

1,323,747

1,300,172

CREDITORS

Amounts falling due within one year

6

1,119,543

686,037

NET CURRENT ASSETS

204,204

614,135

TOTAL ASSETS LESS CURRENT LIABILITIES

271,545

713,815

CAPITAL AND RESERVES

Called up share capital

4,010,000

4,010,000

Foreign exchange reserve

8

33,769

(31,073

)

Retained earnings

(3,772,224

)

(3,265,112

)

271,545

713,815

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

A Tassinari - Director

1.	STATUTORY INFORMATION

Marazzi (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.

Turnover

The company acts as a sales agent and receives commission which is recognised upon confirmation of a sale to a third party. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised in profit or loss using the effective interest method

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets under the cost 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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property

- 20% on cost

Plant and machinery

- at varying rates on cost

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 profit or loss.

Financial instruments

The company accounts for financial instruments in accordance with FRS 102, Sections 11 and 12.

Basic financial instruments are initially recognised at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, except for instruments that are due within one year, which are measured at the undiscounted amount of the cash expected to be received or paid.

Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence that an asset is impaired, the impairment loss is recognised in profit or loss.

Financial liabilities are classified according to the substance of the contractual arrangements entered into. Trade and other creditors are recognised at amortised cost, which is usually the invoiced amount.

The company does not hold or issue complex financial instruments or derivatives and has not elected to apply hedge accounting.

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 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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Functional and presentational currency

The company's functional currency is GBP. This differs from the presentational currency which is Euros. The reason for the difference is that the company is preparing these financial statements in a consistent basis with its parent company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

machinery

Totals

€

€

€

COST

At 1st January 2024

596,905

137,884

734,789

Exchange differences

30,161

6,872

37,033

At 31st December 2024

627,066

144,756

771,822

DEPRECIATION

At 1st January 2024

500,248

134,861

635,109

Charge for year

34,331

1,856

36,187

Exchange differences

26,464

6,721

33,185

At 31st December 2024

561,043

143,438

704,481

NET BOOK VALUE

At 31st December 2024

66,023

1,318

67,341

At 31st December 2023

96,657

3,023

99,680

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

€

€

Trade debtors

22,721

22,831

Amounts owed by group undertakings

1,071,753

994,000

Other debtors

178,497

177,371

Prepayments and accrued income

50,729

105,925

1,323,700

1,300,127

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

€

€

Trade creditors

71,702

142,095

Amounts owed to group undertakings

813,851

276,456

Social security and other taxes

-

22,631

Other creditors

56,887

91,686

Accruals and deferred income

177,103

153,169

1,119,543

686,037

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

as restated

€

€

Within one year

273,572

212,366

Between one and five years

318,327

363,025

591,899

575,391

8.

RESERVES

Foreign

exchange

reserve

€

At 1st January 2024

(31,073

)

Currency exchange differences

64,842

At 31st December 2024

33,769

9.	AUDITORS' INFORMATION

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to €22,398 (2023 - €12,155). Contributions totalling €2,555 (2023 - €9,335) were payable to the fund at the balance sheet date and are included in other creditors.

11.	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.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Marazzi Group S.r.l., a company incorporated and registered in Italy.

The ultimate controlling party is Mohawk Industries Inc., a company incorporated in the United States of America. The smallest and largest group in which the results of the company were consolidated was headed by Mohawk Industries Inc.

Mohawk Industries Inc prepares consolidated financial statements and copies can be obtained from 160 S Industrial Blvd, Po Box 12069, Calhoun, Georgia, 30701, USA.

13.	PRIOR YEAR ADJUSTMENT

The prior period comparatives have been restated as follows:

Changes to the balance sheet

At 31 December 2023

As previously reported

Adjustments

As restated

€

€

€

Fixed Assets

Long Term Leasehold Property Cost

605,141

(8,236

)

596,905

Long Term Leasehold Property Depreciation

(519,171

)

18,923

(500,248

)

Debtors

Amounts owed by group undertakings

1,091,306

(97,306

)

994,000

Prepayments and accrued income

69,628

36,297

105,925

Reserves

Profit and loss account

(3,218,737

)

(46,375

)

(3,265,112

)

Total reserves

(3,218,737

)

(46,375

)

(3,265,112

)

Reconciliation of changes in retained earnings

31 December 2023

€

Adjustments made

Fixed Assets

10,687

Amounts owed by group undertakings

(97,306

)

Prepayments and accrued income

36,297

46,375

Retained earnings

46,375

46,375

Fixed Assets

An adjustment has been made to correctly recognise the long term leasehold property cost and associated accumulated depreciation in line with the Company’s accounting policies. As such, the brought forward cost of the assets has been reduced €8,236 which represent costs that should not have been capitalised, and accumulated depreciation has been reduced by €18,923.

Prepayments

During the prior year it was noted that prepayments of €36,297 relating to rent costs had not been recognised correctly.

Amounts owed by group undertakings

An adjustment of €97,306 has been recorded to write off a balance that is no longer recoverable.

These have been corrected in these accounts by the way of prior adjustments, reducing the bought forward retained earnings by €46,375.