MAM (UK) Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02380020 (England and Wales)

MAM (UK) LIMITED

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2020

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

23

DIRECTORS:

N F Schertenleib

Ms E J Parkhill

SECRETARY:

Ms T J Stanyer

REGISTERED OFFICE:

2 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

BUSINESS ADDRESS:

Marvan Court

Block C, Ground Floor

1 Waldegrave Road

Teddington

Middlesex

TW11 8LZ

REGISTERED NUMBER:

02380020 (England and Wales)

AUDITORS:

Eden Currie Limited

Chartered Accountants

and Statutory Auditor

2 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

The directors present their strategic report for the year ended 31 December 2020.

REVIEW OF BUSINESS

The principal activity of the company is the distribution and marketing of a range of baby feeding and soothing accessories.

The company's sales for year ending 31 December 2020 were £16,221,464, (2019: £14,407,265). Net assets of the company increased to £3,198,536, (2019: £2,678,574).

The company grew in the two main sectors of soothing and bottle feeding and is number two brand in the market- place. The consumer trend of online shopping intensified in COVID 19 and the company multi -channel strategy including its own direct to consumer web shop enabled it to satisfy customer demand. Community became increasingly important and the strength of the MAM Brand on digital platforms was leveraged by launch of pregnancy support group and digital baby shows. Extended Store distribution in five national mass merchandisers ensured availability on the high street throughout the pandemic.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in the baby and toddler market. the company is exposed to risks within the market it operates in as well as the general business environment.

A review of these risks and the policies in place are as follows:

General risks

Quality and reliability of product is critical to brand reputation and growth. All products are designed and tested in house and adhere the highest global standard. There are robust processes in place to ensure this is maintained.

Impact of Covid 19/Pandemic

The global pandemic presented significant challenges but the company adapted well. Control of our own manufacturing plants on two sites and distribution strategy that embraced dot.com as well as traditional bricks and mortar sales channels resulted in continuous supply of product to wherever the consumer decided to shop. The company direct to consumer webshop provides an alternative route to market.

Financial Risks

Financial risks focus on Liquidity risk which is mitigated by a strong balance sheet position and parent company support. Foreign exchange rate which is mitigated by group policies.

DEVELOPMENT AND PERFORMANCE

The Directors are pleased with the results achieved during the year. The significant growth in sales across all products sectors has ensured that the company's market position and brand share has continued to strengthen. The directors have a five year strategic plan which is reviewed on an annual basis.

The following development activities will ensure the positive result for year ending 31 December 2020 will continue.

Continue to grow by investment in a third brand pillar and strengthening this category with significant NPD.

Introduce the Mam brand to more first time pregnant women and increase the engagement and deepen brand relationship with creative digital communication.

Increasing the breadth of distribution and range in existing customer channels.

Putting sustainability and medical co-operation at the heart of the business.

KEY PERFORMANCE INDICATORS ("KPI'S")

The KPI indicators help us ensure our performance against the strategic plan are revenue growth and profitability.

We consider our financial Key Performance Indicators to be those ratios which communicate the financial performance of the company as a whole:

2020

2019

Gross Profit %

22.88%

26.81%

Net Profit on Turnover (EBIT)

3.98%

5.30%

The key performance indicators show the company's continuing positive performance.

ON BEHALF OF THE BOARD:

Ms E J Parkhill - Director

23 March 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2020.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2020.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

N F Schertenleib

Ms E J Parkhill

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). 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.

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:

N F Schertenleib - Director

23 March 2021

Opinion

We have audited the financial statements of MAM (UK) Limited (the 'company') for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 2020 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-Enquiry of management, those charged with governance around actual and potential litigation and claims;

-Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

-Performing audit work over the risk of understatement of turnover including analytical review and obtaining corroborated explanations from Management.

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.

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.

Paul Mannion ACA ACCA (Senior Statutory Auditor)

for and on behalf of Eden Currie Limited

Chartered Accountants

and Statutory Auditor

2 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

23 March 2021

TURNOVER

4

16,221,464

14,407,265

Cost of sales

12,509,406

10,543,963

GROSS PROFIT

3,712,058

3,863,302

Administrative expenses

3,068,989

3,099,799

OPERATING PROFIT

6

643,069

763,503

Interest receivable and similar income

2,424

-

PROFIT BEFORE TAXATION

645,493

763,503

Tax on profit

7

125,531

146,196

PROFIT FOR THE FINANCIAL YEAR

519,962

617,307

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

519,962

617,307

FIXED ASSETS

Tangible assets

9

57,684

75,815

Investments

10

2

2

57,686

75,817

CURRENT ASSETS

Stocks

11

1,646,768

1,662,656

Debtors

12

4,148,670

3,668,156

Cash at bank and in hand

792,666

672,053

6,588,104

6,002,865

CREDITORS

Amounts falling due within one year

13

3,436,723

3,386,957

NET CURRENT ASSETS

3,151,381

2,615,908

TOTAL ASSETS LESS CURRENT LIABILITIES

3,209,067

2,691,725

PROVISIONS FOR LIABILITIES

15

10,531

13,151

NET ASSETS

3,198,536

2,678,574

CAPITAL AND RESERVES

Share capital

16

961,786

961,786

Retained earnings

2,236,750

1,716,788

SHAREHOLDERS' FUNDS

3,198,536

2,678,574

The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2021 and were signed on its behalf by:

N F Schertenleib - Director

Ms E J Parkhill - Director

Share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2019

961,786

1,099,481

2,061,267

Changes in equity

Total comprehensive income

-

617,307

617,307

Balance at 31 December 2019

961,786

1,716,788

2,678,574

Changes in equity

Total comprehensive income

-

519,962

519,962

Balance at 31 December 2020

961,786

2,236,750

3,198,536

Cash flows from operating activities

Cash generated from operations

1

327,549

93,473

Tax paid

(209,360

)

(114,094

)

Net cash from operating activities

118,189

(20,621

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(71,898

)

Interest received

2,424

-

Net cash from investing activities

2,424

(71,898

)

Increase/(decrease) in cash and cash equivalents

120,613

(92,519

)

Cash and cash equivalents at beginning of year

2

672,053

764,572

Cash and cash equivalents at end of year

2

792,666

672,053

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2020

2019

£

£

Profit before taxation

645,493

763,503

Depreciation charges

18,131

8,594

Finance income

(2,424

)

-

661,200

772,097

Decrease/(increase) in stocks

15,888

(741,119

)

Increase in trade and other debtors

(471,849

)

(803,202

)

Increase in trade and other creditors

122,310

865,697

Cash generated from operations

327,549

93,473

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2020

31/12/20

1/1/20

£

£

Cash and cash equivalents

792,666

672,053

Year ended 31 December 2019

31/12/19

1/1/19

£

£

Cash and cash equivalents

672,053

764,572

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/20

Cash flow

At 31/12/20

£

£

£

Net cash

Cash at bank and in hand

672,053

120,613

792,666

672,053

120,613

792,666

Total

672,053

120,613

792,666

1.	STATUTORY INFORMATION

MAM (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.

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.

Going Concern

The company is exposed to risks within the specific markets in which it operates and is also exposed to risks associated to the general business environment. There remains strong demand in specific markets for the company's products through retail outlets or digital markets. Furthermore, the Directors are aware of the effects of Covid-19 and Brexit and take action to minimise any resultant risks wherever possible. The company has strong balance sheet reserves and is supported by its parent company. The Board is satisfied that there is no reason to believe that the company's current funding and liquidity position is insufficient and are therefore of the opinion that the financial statements should be prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain the information about MAM (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. In accordance with Section 402 of the Companies Act the company is exempt from preparing consolidation financial statements which include the results of its subsidiary undertaking, Bambino (UK) Limited, because it is not considered material for the purpose of giving a true and fair view.

Turnover

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. All revenue of the Company is from sales of baby products at a point in time with the delivery of the product seen as the only performance obligation under the contract.

Revenue is recognised on delivery when control of the goods has passed to the buyer. Revenue is recorded net of value added tax.

Rebates and discounts on turnover are included in cost of sales. Any rebates or discounts are recognised on sales to the extent that it is deemed highly likely that the cost will not subsequently reverse and are recognised in line with the sale of the underlying item.

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 leasehold premises

-

20% on cost

Fixtures and fittings

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value including applicable freight and carriage costs. Cost is calculated on a first-in, first-out basis. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the company from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Operating leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term

3.	CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the value of assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be relevant.

Stock provision - estimate

The stock provision is based on an estimate of the future realisable value of the company's products. Such estimates are considered reasonable at the time and the value realised may vary from the estimate made.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2020

2019

£

£

United Kingdom

15,675,863

13,921,780

Europe

503,485

423,352

Rest of World

42,116

62,133

16,221,464

14,407,265

5.	EMPLOYEES AND DIRECTORS

2020

2019

£

£

Wages and salaries

795,638

757,195

Social security costs

85,487

76,539

Other pension costs

60,223

45,466

941,348

879,200

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

2020

2019

Directors

2

2

Office staff

18

17

20

19

2020

2019

£

£

Directors' remuneration

105,008

102,094

Directors' pension contributions to money purchase schemes

8,927

6,266

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

6.	OPERATING PROFIT

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

2020

2019

£

£

Depreciation - owned assets

18,131

8,593

Auditors' remuneration

14,675

10,800

Operating lease

121,741

89,342

Loss/(Profit) on foreign currency

42,973

(32,198

)

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2020

2019

£

£

Current tax:

UK corporation tax

128,151

134,692

Deferred tax

(2,620

)

11,504

Tax on profit

125,531

146,196

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2020

2019

£

£

Profit before tax

645,493

763,503

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

122,644

145,066

Effects of:

Expenses not deductible for tax purposes

2,156

1,769

Adjustments to tax charge in respect of previous periods

731

(639

)

Total tax charge

125,531

146,196

8.

PENSIONS

The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £60,223 (2019:£45,466).

9.	TANGIBLE FIXED ASSETS

Improvements

to

Fixtures

leasehold

and

premises

fittings

Totals

£

£

£

COST

At 1 January 2020

35,426

124,704

160,130

Disposals

-

(9,729

)

(9,729

)

At 31 December 2020

35,426

114,975

150,401

DEPRECIATION

At 1 January 2020

1,771

82,544

84,315

Charge for year

7,086

11,045

18,131

Eliminated on disposal

-

(9,729

)

(9,729

)

At 31 December 2020

8,857

83,860

92,717

NET BOOK VALUE

At 31 December 2020

26,569

31,115

57,684

At 31 December 2019

33,655

42,160

75,815

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

2

NET BOOK VALUE

At 31 December 2020

2

At 31 December 2019

2

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

Bambino (UK) Limited

Registered office: 2 Highlands Court,Cranmore Avenue,Solihull, West Midlands, England, B90 4LE

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00