Company registration number 03852698 (England and Wales)
WINMAC UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WINMAC UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,427
Tangible assets
4
155,441
47,581
160,868
47,581
Current assets
Stocks
188,283
191,496
Debtors
5
468,197
1,024,941
Cash at bank and in hand
5,016,495
4,686,042
5,672,975
5,902,479
Creditors: amounts falling due within one year
6
(1,497,392)
(2,123,295)
Net current assets
4,175,583
3,779,184
Total assets less current liabilities
4,336,451
3,826,765
Creditors: amounts falling due after more than one year
7
(62,948)
Provisions for liabilities
8
Warranty provision
65,000
50,000
(65,000)
(50,000)
Net assets
4,208,503
3,776,765
Capital and reserves
Called up share capital
9
42,500
42,500
Revaluation reserve
10
13,400
13,400
Profit and loss reserves
4,152,603
3,720,865
Total equity
4,208,503
3,776,765
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WINMAC UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr K S Noray
Director
Company Registration No. 03852698
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Winmac UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 -15 High Street, Witney, Oxfordshire, OX28 6HW.
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 pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of plant and equipment. The principal accounting policies adopted are set out below.
The parent company of Winmac UK Limited is Rotox Beteiligungs GmbH. The financial statements of Winmac UK Limited are consolidated in the financial statements of Rotox Beteiligungs GmbH which can be found at its registered office Rotox Beteiligungs GmbH, In der Flachsau 10, 65611 Brechen.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of machinery and parts is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on installation of machinery and dispatch of machinery parts), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of installation and maintenance services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
20% straight line
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.
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% 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.
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.15
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:
2024
2023
Number
Number
Total
14
14
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024
Additions
5,920
At 31 December 2024
5,920
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
493
At 31 December 2024
493
Carrying amount
At 31 December 2024
5,427
At 31 December 2023
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 January 2024
113,998
Additions
162,500
At 31 December 2024
276,498
Depreciation and impairment
At 1 January 2024
66,417
Depreciation charged in the year
54,640
At 31 December 2024
121,057
Carrying amount
At 31 December 2024
155,441
At 31 December 2023
47,581
In 2017 equipment and office fittings were revalued at £13,400. The directors believed this was the market value based on an arm's length basis. During the year ended 31 December 2024, there were no revaluations of tangible assets (2023 - none).
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
13,400
13,400
Accumulated depreciation
(13,400)
(13,400)
Carrying value
-
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
373,783
424,352
Amounts owed by group undertakings
521,347
Other debtors
97,017
63,540
470,800
1,009,239
Deferred tax asset
(2,603)
15,702
468,197
1,024,941
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
110,697
186,856
Amounts owed to group undertakings
13,147
Taxation and social security
317,260
692,052
Other creditors
1,056,288
1,244,387
1,497,392
2,123,295
Included within other creditors due within one year is £19,555 (2023: £nil) due on HP agreements, which are secured upon the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
62,948
Included within other creditors due within one year is £62,948 (2023: £nil) due on HP agreements, which are secured upon the assets to which they relate.
8
Provisions for liabilities
2024
2023
£
£
Warranty provision
65,000
50,000
Deferred tax liabilities
2,603
67,603
50,000
The provision relates to costs expected to be incurred in relation to warranty claims on sales of machinery in the year.
Movements on provisions apart from deferred tax liabilities:
Warranty provision
£
At 1 January 2024
50,000
Additional provisions in the year
65,000
Utilisation of provision
(50,000)
At 31 December 2024
65,000
WINMAC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
42,500
42,500
42,500
42,500
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
13,400
13,400
11
Audit report information
As the audit report 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:
Laura Adkins
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
23 May 2025
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
50,420
95,212
13
Parent company
The parent company of Winmac UK Limited is Rotox Beteiligungs GmbH and its registered office is Rotox Beteiligungs GmbH, In der Flachsau 10, 65611 Brechen.
Mr B Eisenbach is the ultimate controlling party with the effect from 11 September 2018 by virtue of his indirect majority shareholding.