REGISTERED NUMBER: 13234027 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Workmotion UK Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

J P Boeckstiegel

F P Steffens

REGISTERED OFFICE:

27 Old Gloucester Street

London

United Kingdom

WC1N 3AX

REGISTERED NUMBER:

13234027 (England and Wales)

AUDITORS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENT

The company is a subsidiary of Workmotion Software GmbH, a company incorporated in Germany.

Workmotion UK Limited offers a solution to the recruitment and employment of remote working talents within Europe.

In terms of future development, Workmotion UK Ltd plans to have stable growth and to employ new talent in 2025. Workmotion UK plans to employ 30 people in the first half of the year and around 30 people in the second part of the year.

KEY PERFORMANCE INDICATORS

During the year the company saw a 27% reduction in profit on the prior year. The profit for the year was £35,746 (2023:£48,674). Turnover was £14,011,307 (2023:£10,788,638) - 29.9% higher than the prior year.

The increase in revenue compared to 2023 is due to higher costs associated with external workers, some of which is being passed. However this has also led to a decrease in profit generated for the year.

Current assets have decreased from £1,062,198 to £705,104 with a £807,143 decrease in cash held in the bank and an increase in debtors of £450,049 including the parent company.

Current liabilities have reduced from £846,639 to £455,183 with an increase in amounts owed to HMRC and the repayment of amounts owed to the parent company.

The amount owed to the parent company, Workmotion Software GmbH was repaid during the year with a balance outstanding from the parent company of £487,712 at the year end.

The company aims to be an inclusive and positive employer and there were no adverse employee matters in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. Compliance with regulation, legal and ethical standards is a high priority for the directors and they take an important oversight role in this regard.

Prospects for 2025

Workmotion UK Ltd plans to employ new talents in 2025, 30 people in the first half of the year, and 30 people in the second half of the year.

Financial risk management

The company's activities give rise to financial risks including foreign exchange related risks; credit risks and liquidity risks. The essential risk management policies are determined central and applied throughout the group.

Exchange rate risks

The company operates within Europe and is therefore exposed to exchange rate risk that arises mainly from the Euro. Such risks primarily stem from commercial transactions in foreign currency. For the management of such risk, the company operates foreign currency accounts to mitigate the effects of foreign exchange rates.

Credit risks

The company maintains strict credit controls over customer balances, ensuring that there is no concentration of credit risk outside of the limits deemed acceptable for each individual customer. Credit risk originates from available cash and cash equivalents, deposits with banks and financial institutions and clients with respect to trade receivables.

To minimise credit risk on cash reserves and cash equivalents, the company specifies certain limits to its exposure on each individual financial institution and only engages in transactions with credit worthy financial institutes of high credit rating.

The company monitors its business claims and adopts polices and practices to ensure that such claims are collected. By way of example such polices and practices including issuing and collecting deposits along with the signing of contracts.

Liquidity risks

Liquidity risk is related to the company's need for sufficient financing of it's operations and development. The relevant liquidity risks are the subject of management through the meticulous monitoring of debts, financial liabilities and payments made on a regular basis.

The group ensures that there are sufficient available credit facilities to be able to cover its short-term business needs, after the calculation of cash flows arising from the operation as well as cash and cash equivalents which are held. The company can rely on it's parent company for long-term liquidity.

ON BEHALF OF THE BOARD:

F P Steffens - Director

18 March 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Human resources provision and management of human resources functions.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J P Boeckstiegel

F P Steffens

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

F P Steffens - Director

18 March 2025

Opinion

We have audited the financial statements of Workmotion UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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 2024 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 five, 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:

Based on our understanding of the Company and industry, we identified that the principal risks of

non-compliance with laws and regulations related to UK employment and tax legislation. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fraudulent financial reporting and management bias in accounting estimates. Audit procedures performed by the Company engagement team, but were not limited to:

- Discussions with management, including consideration of known or suspected instances of non-compliance

with laws and regulation and fraud;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations and unusual words; and

- Challenging assumptions and judgements made by management in their significant accounting estimates.

There are inherent limitations in the audit procedures described above and the further removed

non-compliance with laws and regulations is from the events and transactions reflected in the financial

statements, the less likely we would become aware of it. Also, the risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may

involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through

collusion.

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.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

19 March 2025

TURNOVER

3

14,011,307

10,788,638

Cost of sales

13,537,230

10,134,848

GROSS PROFIT

474,077

653,790

Administrative expenses

438,550

605,215

OPERATING PROFIT

5

35,527

48,575

Interest receivable and similar income

631

99

36,158

48,674

Interest payable and similar expenses

6

411

-

PROFIT BEFORE TAXATION

35,747

48,674

Tax on profit

7

1,385

9,926

PROFIT FOR THE FINANCIAL YEAR

34,362

38,748

PROFIT FOR THE YEAR

34,362

38,748

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

34,362

38,748

CURRENT ASSETS

Debtors

8

565,224

115,175

Cash at bank

139,880

947,023

705,104

1,062,198

CREDITORS

Amounts falling due within one year

9

455,183

846,639

NET CURRENT ASSETS

249,921

215,559

TOTAL ASSETS LESS CURRENT LIABILITIES

249,921

215,559

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

248,921

214,559

SHAREHOLDERS' FUNDS

249,921

215,559

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:

F P Steffens - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,000

175,811

176,811

Changes in equity

Total comprehensive income

-

38,748

38,748

Balance at 31 December 2023

1,000

214,559

215,559

Changes in equity

Total comprehensive income

-

34,362

34,362

Balance at 31 December 2024

1,000

248,921

249,921

Cash flows from operating activities

Cash generated from operations

1

386,791

562,841

Finance costs paid

(411

)

-

Tax paid

(9,927

)

(31,964

)

Net cash from operating activities

376,453

530,877

Cash flows from investing activities

Interest received

631

99

Net cash from investing activities

631

99

Cash flows from financing activities

New loans in year

-

152,850

Loan repayments in year

(696,515

)

-

New loan to parent in year

(487,712

)

-

Net cash from financing activities

(1,184,227

)

152,850

(Decrease)/increase in cash and cash equivalents

(807,143

)

683,826

Cash and cash equivalents at beginning of year

2

947,023

263,197

Cash and cash equivalents at end of year

2

139,880

947,023

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

31.12.24

31.12.23

£

£

Profit before taxation

35,747

48,674

Finance costs

411

-

Finance income

(631

)

(99

)

35,527

48,575

Decrease in trade and other debtors

37,663

889,937

Increase/(decrease) in trade and other creditors

313,601

(375,671

)

Cash generated from operations

386,791

562,841

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 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

139,880

947,023

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

947,023

263,197

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

947,023

(807,143

)

139,880

947,023

(807,143

)

139,880

Total

947,023

(807,143

)

139,880

1.	STATUTORY INFORMATION

Workmotion UK Ltd 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.

Turnover

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

Intercompany revenue is charged to parent company and is recognised as costs plus a percentage markup after all operating and direct expenses have been incurred.

Third party revenue is calculated on external talent costs incurred plus a fixed service fee.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Rendering of services

14,011,307

10,788,638

14,011,307

10,788,638

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

Europe

14,011,307

10,788,638

14,011,307

10,788,638

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

11,970,655

9,213,784

Social security costs

1,458,655

1,127,262

Other pension costs

190,185

119,538

13,619,495

10,460,584

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

31.12.24

31.12.23

External

120

102

Internal

5

7

125

109

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Foreign exchange differences

(983

)

(4,603

)

Auditors remuneration

7,300

4,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest on corporation tax

411

-

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

1,385

9,926

Tax on profit

1,385

9,926

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

35,747

48,674

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 25%)

6,792

12,169

Effects of:

Employers pension creditor

(5,407

)

756

Change in tax rate

-

(766

)

Marginal relief

-

(2,233

)

Total tax charge

1,385

9,926

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

4,136

-

Amounts owed by group undertakings

559,650

71,938

Other debtors

-

10,386

VAT

1,299

3,228

Prepayments and accrued income

139

29,623

565,224

115,175

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

2,505

32,887

Amounts owed to group undertakings

-

696,515

Tax

1,384

9,926

Social security and other taxes

430,110

-

Other creditors

14,885

83,925

Accruals and deferred income

6,299

23,386

455,183

846,639

Amounts owed to Group undertakings are non-interest bearing and repayable on demand.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

1

1,000

1,000

There are no restrictions on these shares.

11.

RESERVES

Retained

earnings

£

At 1 January 2024

214,559

Profit for the year

34,362

At 31 December 2024

248,921

12.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

31.12.24

31.12.23

£

£

Sales

14,011,307

10,787,369

Amount due from related party

487,712

-

Amount due to related party

-

696,515

There is no compensation in place for Key Management Personal of the company.

13.	ULTIMATE PARENT PARTY

The ultimate parent is WorkMotion Software GmbH, a company incorporated in Berlin, Germany. Consolidated accounts are available at Richard-Ermisch Str -7 , 10247, Berlin.