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REGISTERED NUMBER: 12936853 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

United Wheels UK Limited

United Wheels UK Limited (Registered number: 12936853)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


United Wheels UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr S K Lam
Mr P Liu
Mr J G Tilley





REGISTERED OFFICE: 15 Doolittle Mill
Froghall Road
Ampthill
Bedfordshire
MK45 2ND





REGISTERED NUMBER: 12936853 (England and Wales)





AUDITORS: Godfrey Laws & Co Limited
Statutory Auditors
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

United Wheels UK Limited (Registered number: 12936853)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,427 47,652

CURRENT ASSETS
Stocks 1,453,106 3,047,566
Debtors 5 9,714,889 9,404,652
Cash at bank 229,377 302,466
11,397,372 12,754,684
CREDITORS
Amounts falling due within one year 6 18,021,607 17,001,562
NET CURRENT LIABILITIES (6,624,235 ) (4,246,878 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,538,808

)

(4,199,226

)

PROVISIONS FOR LIABILITIES 7,016 3,812
NET LIABILITIES (6,545,824 ) (4,203,038 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (6,545,825 ) (4,203,039 )
(6,545,824 ) (4,203,038 )

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 20 November 2024 and were signed on its behalf by:





Mr J G Tilley - Director


United Wheels UK Limited (Registered number: 12936853)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

United Wheels 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.The financial statements have been prepared on going concern basis. The company was able to meet its working capital requirements through loan from group undertakings.

Going Concern
After careful consideration of the factors affecting the industry and its global supply and demand and after making appropriate enquiries and review of cashflow forecasts and revenue projections for next year, the directors remains of the view that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 property - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

United Wheels UK Limited (Registered number: 12936853)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 31,139 1,939 27,900 60,978
Additions 33,038 3,410 12,590 49,038
At 31 December 2023 64,177 5,349 40,490 110,016
DEPRECIATION
At 1 January 2023 3,549 549 9,228 13,326
Charge for year 3,265 616 7,382 11,263
At 31 December 2023 6,814 1,165 16,610 24,589
NET BOOK VALUE
At 31 December 2023 57,363 4,184 23,880 85,427
At 31 December 2022 27,590 1,390 18,672 47,652

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 2,427,153 2,942,205
Amounts owed by group undertakings 6,014,240 5,221,795
Other debtors 1,273,496 1,240,652
9,714,889 9,404,652

United Wheels UK Limited (Registered number: 12936853)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade creditors 1,337,131 683,863
Amounts owed to group undertakings 14,581,767 14,696,823
Taxation and social security 139,163 481,063
Other creditors 1,963,546 1,139,813
18,021,607 17,001,562

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
as restated
£    £   
Within one year 47,500 47,500
Between one and five years 112,100 17,438
159,600 64,938

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
as restated
£    £   
HSBC Invoice Finance Limited 1,437,091 -

A fixed and floating charge has been made over the assets of the company securing the above debts.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Howard Ashmore FCA (Senior Statutory Auditor)
for and on behalf of Godfrey Laws & Co Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in FRS 102 Section 33.1A whereby it has not disclosed transaction with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

United Wheels UK Limited (Registered number: 12936853)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE PARENT COMPANY

Covation Holdings Limited (Cayman and HK) is the ultimate parent company. The address of its registered office is PO Box 32052, The Grand Pavilion Commercial Centre, Oleander Way, 802 West Bay Road, Grand Cayman, KY1-1208, Cayman Islands.

United Wheels ASIA Limited (HK) is the immediate parent company. Its registered office address is Suite 2, L5/F, Hollywood Terrace, 123 Hollywood Road, Hong Kong.

Covation Holdings Limited (Cayman and HK) is the name of the largest and smallest group preparing consolidated financial statements. The Group's financial statements can be obtained from Cayman Islands General Registry.