Company registration number 04617223 (England and Wales)
WINKREATIVE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WINKREATIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WINKREATIVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,251
36,960
Current assets
Debtors
4
3,136,803
1,537,924
Cash at bank and in hand
57,466
83,081
3,194,269
1,621,005
Creditors: amounts falling due within one year
5
(2,554,841)
(937,482)
Net current assets
639,428
683,523
Total assets less current liabilities
664,679
720,483
Creditors: amounts falling due after more than one year
6
(140,000)
(220,000)
Net assets
524,679
500,483
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
524,677
500,481
Total equity
524,679
500,483

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 9 October 2024
J T Brule
Director
Company registration number 04617223 (England and Wales)
WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Winkreative Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midori House, 1 Dorset Street, London, W1U 4EG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has received assurances from its immediate parent that it will continue to require its services and that it is willing and able to provide continuing support to ensure that it continues to be able to meet its liabilities as they fall due. Therefore, atruet the time of approving the financial statements, the director has a reasonable expectation that taking into account cash flows to September 2025 the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided during the year net of VAT and trade discounts. Turnover is calculated as the recharge of the costs incurred by the company as well as an agreed profit share allocation.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
5 - 10 years straight line
Office equipment
3 - 5 years straight line
Furniture & fixtures
3 - 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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 business 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.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
19
19
WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings Leasehold
Office equipment
Furniture & fixtures
Total
£
£
£
£
Cost
At 1 January 2023
889,990
396,996
619,043
1,906,029
Additions
-
0
2,853
-
0
2,853
At 31 December 2023
889,990
399,849
619,043
1,908,882
Depreciation and impairment
At 1 January 2023
889,990
360,266
618,814
1,869,070
Depreciation charged in the year
-
0
14,332
229
14,561
At 31 December 2023
889,990
374,598
619,043
1,883,631
Carrying amount
At 31 December 2023
-
0
25,251
-
0
25,251
At 31 December 2022
-
0
36,731
229
36,960
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,782,475
1,194,743
Corporation tax recoverable
20,713
20,713
Other debtors
234,797
234,037
Prepayments and accrued income
81,492
73,900
3,119,477
1,523,393
Deferred tax asset
17,326
14,531
3,136,803
1,537,924
WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
80,341
80,000
Trade creditors
245,044
187,685
Amounts owed to group undertakings
581,411
81,629
Corporation tax
4,605
5,361
Other taxation and social security
47,426
43,939
Other creditors
1,465,233
368,406
Accruals and deferred income
130,781
170,462
2,554,841
937,482
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
140,000
220,000

Balance relates to a CBILS loan obtained from Coutts Bank repayable by June 2026. During the year the company made four repayments on this loan. Interest is charged on the loan at 3.50% per annum.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Granger
Statutory Auditor:
UHY Hacker Young
Date of audit report:
9 October 2024
WINKREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Operating lease commitments
Lessee

The company holds its head office under operating lease which was renewed in November 2020 for a period of 5 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,082,917
1,647,917
10
Related party transactions

During the year the company invoiced Winkreative AG £2,786,475 (2022: £3,100,501 ) for services provided. Included within trade debtors as at 31 December 2023 is £1,474,524 (2022: £1,194,750 ) due from Winkreative AG. Winkreative AG is the immediate parent company.

 

During the year the company invoiced £380,900 (2022: £371,064 ) in respect of rent and recharged other expenses of £143,388 (2022: £115,267) to Winkontent Limited. Included within other creditors as at 31 December 2023 is £ 578,132 (2022: £194,403 ) due to Winkontent Limited. Winkontent Limited is also controlled by Winkorp AG, the ultimate controlling party.

 

As at 31 December 2023 the company owed Winkorp AG £159,776 (2022: £152,311) in respect of a loan. The company incurred accrued interest of £5,598 (2022: £1,866) on the loan from Winkorp AG for the year ended 31 December 2023. As at 31 December 2023 the total accrued interest due on the loan from Winkorp AG was £67,749 (2022: £72,548).

 

As at 31 December 2023 the company owed Winkreative Toronto £nil (2022: £9,476 ).

 

As at 31 December 2023 the company owed Winkontent Hong Kong £3,279 (2022: £nil ).

 

As at 31 December 2023 the company owed Winkontent Tokyo £60,799 (2022: £nil).

 

Included within other debtors as at 31 December 2023 is £63,733 (2022: £63,733) due from J T Brule, who is the director of the company.

 

11
Parent company

The immediate parent company is Winkreative AG and the ultimate parent company is Winkorp AG. Both companies are registered in Switzerland.

The ultimate controlling party is J T Brule, a director of the company.

2023-12-312023-01-01false09 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedJ T Brulefalsefalse046172232023-01-012023-12-31046172232023-12-31046172232022-12-3104617223core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3104617223core:PlantMachinery2023-12-3104617223core:FurnitureFittings2023-12-3104617223core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104617223core:PlantMachinery2022-12-3104617223core:FurnitureFittings2022-12-3104617223core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104617223core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104617223core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3104617223core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3104617223core:CurrentFinancialInstruments2023-12-3104617223core:CurrentFinancialInstruments2022-12-3104617223core:ShareCapital2023-12-3104617223core:ShareCapital2022-12-3104617223core:RetainedEarningsAccumulatedLosses2023-12-3104617223core:RetainedEarningsAccumulatedLosses2022-12-3104617223bus:Director12023-01-012023-12-3104617223core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3104617223core:PlantMachinery2023-01-012023-12-3104617223core:FurnitureFittings2023-01-012023-12-31046172232022-01-012022-12-3104617223core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104617223core:PlantMachinery2022-12-3104617223core:FurnitureFittings2022-12-31046172232022-12-3104617223core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3104617223core:Non-currentFinancialInstruments2023-12-3104617223core:Non-currentFinancialInstruments2022-12-3104617223bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104617223bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104617223bus:FRS1022023-01-012023-12-3104617223bus:Audited2023-01-012023-12-3104617223bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP