IRIS Accounts Production v24.2.0.383 01110137 Board of Directors 1.1.23 31.12.23 31.12.23 No description of principal activity 0 0 0 0 true false true true false false true true true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011101372022-12-31011101372023-12-31011101372023-01-012023-12-31011101372021-12-31011101372022-01-012022-12-31011101372022-12-3101110137ns15:EnglandWales2023-01-012023-12-3101110137ns14:PoundSterling2023-01-012023-12-3101110137ns10:Director12023-01-012023-12-3101110137ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101110137ns10:FRS1022023-01-012023-12-3101110137ns10:Audited2023-01-012023-12-3101110137ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101110137ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3101110137ns10:FullAccounts2023-01-012023-12-3101110137ns10:EntityHasNeverTraded2023-01-012023-12-3101110137ns10:OrdinaryShareClass12023-01-012023-12-3101110137ns10:Director32023-01-012023-12-3101110137ns10:RegisteredOffice2023-01-012023-12-3101110137ns10:Director22023-01-012023-12-3101110137ns5:CurrentFinancialInstruments2023-12-3101110137ns5:CurrentFinancialInstruments2022-12-3101110137ns5:Non-currentFinancialInstruments2023-12-3101110137ns5:Non-currentFinancialInstruments2022-12-3101110137ns5:ShareCapital2023-12-3101110137ns5:ShareCapital2022-12-3101110137ns5:SharePremium2023-12-3101110137ns5:SharePremium2022-12-3101110137ns5:RetainedEarningsAccumulatedLosses2023-12-3101110137ns5:RetainedEarningsAccumulatedLosses2022-12-3101110137ns5:ShareCapital2021-12-3101110137ns5:RetainedEarningsAccumulatedLosses2021-12-3101110137ns5:SharePremium2021-12-3101110137ns5:ShareCapital2022-01-012022-12-3101110137ns5:SharePremium2022-01-012022-12-3101110137ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101110137ns5:ShareCapital2023-01-012023-12-3101110137ns5:SharePremium2023-01-012023-12-3101110137ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310111013722023-01-012023-12-310111013722022-01-012022-12-310111013732023-01-012023-12-310111013732022-01-012022-12-3101110137ns5:CostValuation2022-12-3101110137ns5:AdditionsToInvestments2023-12-3101110137ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3101110137ns5:CostValuation2023-12-3101110137ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101110137ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101110137ns10:OrdinaryShareClass12023-12-3101110137ns5:RetainedEarningsAccumulatedLosses2022-12-3101110137ns5:SharePremium2022-12-31
REGISTERED NUMBER: 01110137 (England and Wales)






















Inwido UK Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2023






Inwido UK Limited (Registered number: 01110137)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Inwido UK Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: M B Valsted
J Opitz





REGISTERED OFFICE: Allan House
Ord Road
Tweedmouth
Berwick on Tweed
Northumberland
TD15 2XU





REGISTERED NUMBER: 01110137 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Inwido UK Limited (Registered number: 01110137)

Strategic Report
for the year ended 31st December 2023

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

REVIEW OF THE BUSINESS
The company is an intermediate holding company within the Inwido AB group.

The wholly owned subsidiaries of Allan Brothers Limited, Jack Brunsdon & Son Limited, and CWG Choices Limited are all engaged in the manufacturing and selling of windows and doors.

The company holds a 70% ownership of the shareholding of Dekko Group Limited who are also engaged in the manufacturing and selling of windows and doors.

A 70% acquisition of the shareholding of Sidey Group Limited was made during the year and the business is also engaged in the manufacturing and selling of windows and doors. The acquisition was funded by the company issuing new shares.

The company continues to incur certain group charges on behalf of the UK subsidiaries. Additionally, an impairment charge has been recognised in the year reducing the value of the company's investment in one of the UK subsidiaries. As a result, the company has reported a loss for the year of £7,649,162 (2022: profit £3,457,434).

The principal risks and uncertainties facing the company are twofold. Firstly, those risks that impact its trading subsidiaries which are disclosed in their individual companies' financial statements. And secondarily, on the company's ability to provide its subsidiaries to underpin their future growth. This is mitigated by the parent company's continuing support and investment into the UK based subsidiaries.

ON BEHALF OF THE BOARD:





M B Valsted - Director


18th September 2024

Inwido UK Limited (Registered number: 01110137)

Report of the Directors
for the year ended 31st December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
M B Valsted has held office during the whole of the period from 1st January 2023 to the date of this report.

Other changes in directors holding office are as follows:

H Hjalmarsson - resigned 24th November 2023
J Opitz - appointed 24th November 2023

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.

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.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M B Valsted - Director


18th September 2024

Report of the Independent Auditors to the Members of
Inwido UK Limited

Opinion
We have audited the financial statements of Inwido UK Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, 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 31st December 2023 and of its loss 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
Inwido UK 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 three, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

-
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Inwido UK Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

20th September 2024

Inwido UK Limited (Registered number: 01110137)

Statement of Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £    £    £   

TURNOVER - -

Administrative expenses 5,012,297 2,013,369
(5,012,297 ) (2,013,369 )

Other operating income 477,000 350,000
OPERATING LOSS 3 (4,535,297 ) (1,663,369 )

Income from shares in group
undertakings

-

5,500,000
Interest receivable and similar income 4 - (174,821 )
- 5,325,179
(4,535,297 ) 3,661,810

Interest payable and similar expenses 5 3,113,865 1,619,376
(LOSS)/PROFIT BEFORE TAXATION (7,649,162 ) 2,042,434

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(7,649,162

)

2,042,434

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(7,649,162

)

2,042,434

Inwido UK Limited (Registered number: 01110137)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 7 85,165,247 49,389,278

CURRENT ASSETS
Debtors 8 572,357 320,384

CREDITORS
Amounts falling due within one year 9 16,572,880 19,197,206
NET CURRENT LIABILITIES (16,000,523 ) (18,876,822 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,164,724

30,512,456

CREDITORS
Amounts falling due after more than one
year

10

(21,152,125

)

(19,853,958

)

PROVISIONS FOR LIABILITIES 11 (3,263 ) -
NET ASSETS 48,009,336 10,658,498

CAPITAL AND RESERVES
Called up share capital 12 67,998,149 22,998,149
Share premium 13 1,240,000 1,240,000
Retained earnings 13 (21,228,813 ) (13,579,651 )
SHAREHOLDERS' FUNDS 48,009,336 10,658,498

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2024 and were signed on its behalf by:





M B Valsted - Director


Inwido UK Limited (Registered number: 01110137)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 6,998,149 (15,622,085 ) 1,240,000 (7,383,936 )

Changes in equity
Issue of share capital 16,000,000 - - 16,000,000
Total comprehensive income - 2,042,434 - 2,042,434
Balance at 31st December 2022 22,998,149 (13,579,651 ) 1,240,000 10,658,498

Changes in equity
Issue of share capital 45,000,000 - - 45,000,000
Total comprehensive income - (7,649,162 ) - (7,649,162 )
Balance at 31st December 2023 67,998,149 (21,228,813 ) 1,240,000 48,009,336

Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Inwido 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
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

The financial statements have been prepared on a going concern basis following representations given by Inwido AB, the immediate parent company, that it will provide the necessary financial support to enable the company to meet its financial obligations.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern

The company acts as an intermediary holding company on behalf of its parent company. As such it relies on the support of its parent company to meet its liabilities in as they fall due to the extent that funds are not otherwise available. The directions have obtained a letter of support from the parent company to this effect. Furthermore, they have considered the Financial Position of the parent and its ability to provide this support. Having done so, the directors have conclude it remains appropriate to continue to adopt the going concern bases of accounting.

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 requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Inwido UK 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 undertaking are included by full consolidation in the consolidated financial statements of its parent, Inwido AB, a public listed company registered in Sweden.

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.


Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
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
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Debtors and creditors receivable / payable within one year
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 profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Auditors' remuneration 4,275 3,500

4. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Other interest - (174,821 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Intra group loan interest 3,113,865 1,619,379
Currency exchange variance - (3 )
3,113,865 1,619,376

Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st December 2023 nor for the year ended 31st December 2022.

In the Spring Budget 2021, the Government announced that from 1st April 2023 the corporation tax rate will increase to 25%.

The company has tax losses of £14,649,220 (2022: £14,643,786) to utilise against future trading profits, but due to uncertainty of when these will be utilised no deferred tax asset has been recognised.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023 49,389,278
Additions 40,205,274
Impairments (4,429,305 )
At 31st December 2023 85,165,247
NET BOOK VALUE
At 31st December 2023 85,165,247
At 31st December 2022 49,389,278

Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

7. FIXED ASSET INVESTMENTS - continued

In the period the company acquired 70% of the share capital of Sidey Holdings Limited for consideration of £40,205,274.

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


Name of Company

%
Holding

Nature of Business
Registered
Office
Allan Brothers Limited Ordinary
Shares
100% Manufacture and sale
of timber windows
United Kingdom

Jack Brunsdon & Son
Limited
Ordinary
Shares
100% Sale and installation of
windows and doors
United Kingdom

CWG Choices Limited Ordinary
Shares
100% Manufacture and sale
of PVC windows and
doors
United Kingdom

Dekko Group Limited Ordinary
Shares
70% Manufacture and sale
of PVC windows and
doors
United Kingdom

Sidey Holdings Limited Ordinary
Shares
70% Manufacture and sale
of PVC windows and
doors
United Kingdom

The investments are measured at cost less impairment, representing shares in an entity that are not publicly traded.

During the period, the Directors considered if indicators of impairment were present in line with the requirements of FRS102, and noted that this was the case for one of the investments in subsidiary undertakings. The Directors determined the recoverable amount by estimating the value in use of the investments and the fair value less costs to sell, and comparing this to the carrying value of the investments. This resulted in an impairment charge being recognised against the investment in one subsidiary of £4,138,060 in the period.

The deferred consideration payable on the acquisition of a subsidiary company in the prior period has been remeasured resulting in a reduction of the amount payable and a corresponding reduction in the cost of the investment.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 572,357 319,370
Other debtors - 664
VAT - 350
572,357 320,384

Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 370
Amounts owed to group undertakings 16,474,706 19,190,007
VAT 95,050 -
Other creditors 3,124 6,829
16,572,880 19,197,206

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 21,152,125 19,853,958

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions 3,263 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6,998,149 Ordinary shares £1 67,998,149 22,998,149

In the year the company issued 45,000,000 Ordinary shares at par.

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2023 (13,579,651 ) 1,240,000 (12,339,651 )
Deficit for the year (7,649,162 ) - (7,649,162 )
At 31st December 2023 (21,228,813 ) 1,240,000 (19,988,813 )

Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Share premium
The share premium account represents the premium arising on the issue of shares net of issue costs.

14. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Inwido AB, a public listed company incorporated in Sweden, this being the smallest and largest group into which the company is consolidated. A copy of the ultimate parent company financial statements is available from the company's registered office at Engelbrektsgatan 15, SE-211 33 Malmo, Sweden.

Inwido UK Limited (Registered number: 01110137)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

15. 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.