Company Registration No. 07094822 (England and Wales)
Widex UK Limited
Financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Widex UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 12
Widex UK Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
-
0
101,086
Investments
5
-
0
476,251
-
0
577,337
Current assets
Inventories
-
660,005
Trade and other receivables
7
8,283,288
10,483,190
Cash and cash equivalents
-
0
667,899
8,283,288
11,811,094
Current liabilities
9
-
0
(3,443,680)
Net current assets
8,283,288
8,367,414
Total assets less current liabilities
8,283,288
8,944,751
Provisions for liabilities
10
-
0
(980,313)
Net assets
8,283,288
7,964,438
Equity
Called up share capital
11
1
3,375,000
Merger  reserve
(54,449)
-
0
Retained earnings
8,337,736
4,589,438
Total equity
8,283,288
7,964,438

The directors of the company have elected not to include a copy of the income statement 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.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Philip Stores
Director
Company Registration No. 07094822
Widex UK Limited
Notes to the financial statements
For the year ended 30 September 2024
2
1
Accounting policies
Company information

Widex UK Limited is a private company limited by shares incorporated in England and Wales, registered number 07094822. The registered office and principal place of business of the company is Winster House Lakeside, Chester Business Park, Chester, Cheshire, CH4 9QT.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Widex UK Limited is a wholly owned subsidiary of Widex A/S and the results of Widex UK Limited are included in the consolidated financial statements of Widex A/S. WS Audiology A/S is the largest set of financial statements the company is included in. These consolidated financial statements are available at https://www.wsa.com/investors/reports/.

1.2
Going concern

The company transferred its trade, assets and liabilities to a fellow subsidiary company on 30 September 2024 and has ceased trading. As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. All assets and liabilities were transferred to the fellow subsidiary at their carrying amounts.true

 

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
3
1.3
Revenue

Revenue is generated from the sale of goods and rendering of services.

 

Revenue is recognised when the risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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 is shown net of value added tax.

 

Rendering of services includes repairs, shipping and extend warranty sales. Revenue from repair sales is recognised once the repair has been carried out. Revenue from shipping is recognised on dispatch. Revenue from sales of extended warranties up to 3 years is recognised on dispatch of associated goods, a warranty provision is in place in relation to these sales. For warranties of 4 or 5 years, revenue is apportioned and recognised over the warranty period.

Interest income is recognised in the period it relates to.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Plant and machinery
25% Straight line
Land and buildings leasehold
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 the income statement.

1.5
Non-current investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4

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 the income statement, 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 the income statement, 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.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, 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.

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the income statement.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

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 trade and other payables and amounts due from fellow group companies, 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 receipts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception.

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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 in measured at present value the unwinding of the discount is recognised as a finance cost in the income statement in the period it arises.

 

The company offers a return period on the majority of products that it sells, with a proportion of the revenue and associated costs for these sales being deferred till the expiry of return periods, calculated using historic customer return rates.

 

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 non-current 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

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

 

The company has taken advantage of the exemption in respect of lease incentives on leases in existence on the date of transition to FRS 102 and continues to credit such lease incentives to the income statement over the period to the first review date.

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
7
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
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,870
34,750
For other services
Taxation compliance services
4,295
5,800
All other non-audit services
1,900
2,950
6,195
8,750
3
Employees

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

2024
2023
Number
Number
Total
45
42
Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
8
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
374,008
323,420
697,428
Additions
-
0
5,189
5,189
Transfers
(374,008)
(328,609)
(702,617)
At 30 September 2024
-
0
-
0
-
0
Depreciation and impairment
At 1 October 2023
275,153
321,189
596,342
Depreciation charged in the year
65,232
9,737
74,969
Transfers
(340,385)
(330,926)
(671,311)
At 30 September 2024
-
0
-
0
-
0
Carrying amount
At 30 September 2024
-
0
-
0
-
0
At 30 September 2023
98,855
2,231
101,086

The assets were transferred at net book value to WS Audiology Limited on 30 September 2024.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
476,251
Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
5
Fixed asset investments (continued)
9
Movements in non-current investments
Shares in associates
£
Cost or valuation
At 1 October 2023
476,251
Additions
2
Transfer
(476,253)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
476,251

The investment was transferred at net book value to WS Audiology Limited on 30 September 2024.

6
Associates

Due to a hive-across of trade and assets to WS Audiology Limited on the 30 September 2024, the Company's share holding in the below associates has transferred as at year end.

 

Details of the Company's associates held in the prior year and transferred to WS Audiology Limited on the 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sound Advice Hearing Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
49.00
-
Sound Advice Hearing Horncastle Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Kings Lynn Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Norwich Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Peterborough Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Lincoln Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Nottingham Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Southport Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Winchester Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Sound Advice Hearing Hull Limited
1 Bramley Grove, Heighington, Lincolnshire, England, LN4 1FZ
Ordinary
-
49.00
Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
10
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
-
0
2,912,652
Amounts owed by group undertakings
8,283,288
438,636
Other receivables
-
0
7,104,576
8,283,288
10,455,864
Deferred tax asset
-
0
27,326
8,283,288
10,483,190

During the year, the company impaired the value of trade and other receivables and a charge totalling £888,165 (2023: £543,088) was recognised in the income statement.

 

Amounts due from group undertakings include amounts due from the parent company and another company owned by the same parent company. These are interest free and are repayable on demand.

8
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,283,288
9,926,786
Carrying amount of financial liabilities
Measured at amortised cost
-
3,068,342
9
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
-
0
312
Trade payables
-
0
472,286
Amounts owed to group undertakings
-
0
1,219,010
Corporation tax
-
0
71,495
Other taxation and social security
-
0
303,843
Other payables
-
0
1,376,734
-
0
3,443,680
10
Provisions for liabilities
2024
2023
£
£
Returns, warranty and other
-
980,313
Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
11
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
3,375,000
1
3,375,000

All shares issued are non-redeemable and rank equally in terms of a) voting rights- one vote per share, b) rights to participate in all approved dividend distributions for that class of share, and c) rights to participate in any capital distribution on winding up.

On 16th September 2024, the Company passed a special resolution to reduce the share capital of the Company from 3,375,000 ordinary shares to 1 ordinary share. Subsequently, an amount of £3,374,999 was credited to the profit and loss reserve.

 

12
Merger reserve
2024
2023
£
£
At the beginning of the year
-
-
Arising on hive-across of net assets
(54,449)
-
At the end of the year
(54,449)
-

On 30 September 2024, the trade and assets were transferred to WS Audiology Limited. This has resulted in a balance on the merger reserve, being the difference between consideration and net assets transferred.

13
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:
Simon Kite
Statutory Auditors:
Saffery LLP
Date of audit report:
25 June 2025
14
Financial commitments, guarantees and contingent liabilities

As at 30 September 2024, HMRC hold a guarantee amounting to £324,000 with Dankse Bank. This guarantee was cancelled post year end as a result of the hive across of trade and assets to WS Audiology Limited.

Widex UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
12
15
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for its property and certain vehicles. Leases are negotiated for an average term of 5 years.

At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases as these all novated to WS Audiology Limited on 30 September 2024 as part of the hive-across of trade and assets.

2024
2023
£
£
-
341,475
16
Parent company

The immediate parent company is Sivantos GmbH.

 

The ultimate parent company is WS Audiology A/S, incorporated in Denmark. WS Audiology A/S is the only group to consolidate the financial results of this company. WS Audiology A/S registered address is Nymoellevej 6, 3540 Lynge, Denmark. There is no ultimate controlling party.

2024-09-302023-10-01false25 June 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedRobert AllenPhilip StoresRobert Allenfalsefalse070948222023-10-012024-09-30070948222024-09-30070948222023-09-3007094822core:LandBuildings2024-09-3007094822core:OtherPropertyPlantEquipment2024-09-3007094822core:LandBuildings2023-09-3007094822core:OtherPropertyPlantEquipment2023-09-3007094822core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3007094822core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3007094822core:CurrentFinancialInstruments2024-09-3007094822core:CurrentFinancialInstruments2023-09-3007094822core:ShareCapital2024-09-3007094822core:ShareCapital2023-09-3007094822core:OtherMiscellaneousReserve2024-09-3007094822core:OtherMiscellaneousReserve2023-09-3007094822core:RetainedEarningsAccumulatedLosses2024-09-3007094822core:RetainedEarningsAccumulatedLosses2023-09-3007094822bus:Director12023-10-012024-09-3007094822core:PlantMachinery2023-10-012024-09-3007094822core:FurnitureFittings2023-10-012024-09-30070948222022-10-012023-09-3007094822core:LandBuildings2023-09-3007094822core:OtherPropertyPlantEquipment2023-09-30070948222023-09-3007094822core:LandBuildings2023-10-012024-09-3007094822core:OtherPropertyPlantEquipment2023-10-012024-09-3007094822core:WithinOneYear2024-09-3007094822core:WithinOneYear2023-09-3007094822bus:PrivateLimitedCompanyLtd2023-10-012024-09-3007094822bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3007094822bus:FRS1022023-10-012024-09-3007094822bus:Audited2023-10-012024-09-3007094822bus:Director22023-10-012024-09-3007094822bus:CompanySecretary12023-10-012024-09-3007094822bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP