Company registration no. 03323318 (England and Wales)
WINMARK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WINMARK LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
WINMARK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2025.
Principal activities
During the year the company continued its principal activity which is to "Inspire the Global C-Suite to create Value for All". Winmark’s professional member networks enable C-Suite executives to learn from their peers and engage in the discussions that are transforming their business environment. The company's widely acclaimed management research provides leaders with intelligence and perspective and its education academies update, develop and empower executives across industries and functions.
The Winmark operating model was further refined through the creation of a Central Services team to ensure a consistent approach to all the C-Suite networks. This also substantially reduced costs and improved reporting and internal coordination.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J P H P Jeffcock
Financial performance
Risk, particularly economic exposure, is limited through the increased range of available networks, the evolving offering and the diverse spread of membership and clients. In the financial year ended 31 March 2025 Winmark grew revenue well ahead of GDP and remained in profit, albeit at a lower level.
Revenue - tipped over £1m and was up by 7.5%
Client NPS - up from 51% to 57%
Renewal rates - up from 73% to 79%
2025-2026 Financial focus
The company will further build on its existing business, with a particular focus on:
Revenue growth - through increasing the size and effectiveness of the sales team
Renewal rates - through new member offerings and increased value
Academies - launching new global academies with world leading universities
In the director's opinion the company remains a going concern and continues to enjoy the support of its shareholders. The director does not recommend the payment of a dividend.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J P H P Jeffcock
Director
17 July 2025
WINMARK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
2025
2024
Notes
£
£
Turnover
1,057,920
984,522
Cost of sales
(47,523)
(21,372)
Gross profit
1,010,397
963,150
Administrative expenses
(979,892)
(924,377)
Operating profit
30,505
38,773
Interest receivable and similar income
-
41
Interest payable and similar expenses
(13,945)
(10,489)
Profit before taxation
16,560
28,325
Taxation
Profit for the financial year
16,560
28,325
WINMARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,487
16,534
Current assets
Debtors
5
364,266
266,719
Cash at bank and in hand
6
6
364,272
266,725
Creditors: amounts falling due within one year
6
(351,485)
(253,159)
Net current assets
12,787
13,566
Total assets less current liabilities
32,274
30,100
Creditors: amounts falling due after more than one year
7
(137,500)
(151,886)
Provisions for liabilities
8
(15,000)
(15,000)
Net liabilities
(120,226)
(136,786)
Capital and reserves
Called up share capital
9
1,500
1,500
Share premium account
314,400
314,400
Profit and loss reserves
(436,126)
(452,686)
Total equity
(120,226)
(136,786)
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 17 July 2025
J P H P Jeffcock
Director
Company registration no. 03323318
WINMARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
1,500
314,400
(481,011)
(165,111)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
28,325
28,325
Balance at 31 March 2024
1,500
314,400
(452,686)
(136,786)
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
16,560
16,560
Balance at 31 March 2025
1,500
314,400
(436,126)
(120,226)
WINMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information
Winmark Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Berghem Mews, Blythe Road, London W14 0HN.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
In particular the financial statements have been prepared on the basis that the company continues to be a going concern. The director continues to review carefully the future trading prospects of the company and concludes that it is appropriate for the financial statements to be drawn up on the basis that the company continues to be a going concern.
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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of services supplied by the company, net of value added tax and discounts. Subscriptions are credited to the profit and loss account for the period over which they accrue.
1.3
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:
Fixtures and equipment
10% and 20% straight line
The director regularly reviews the estimates of the useful lives of the company's assets and adjusts depreciation charges accordingly.
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.
1.4
Impairment of fixed 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.
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WINMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
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 and other loans, 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.
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.
1.6
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.
1.7
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.
1.8
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.
WINMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
15
13
4
Tangible fixed assets
Fixtures and equipment
£
Cost
At 1 April 2024
499,946
Additions
8,500
At 31 March 2025
508,446
Depreciation and impairment
At 1 April 2024
483,412
Depreciation charged in the year
5,547
At 31 March 2025
488,959
Carrying amount
At 31 March 2025
19,487
At 31 March 2024
16,534
WINMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
256,970
115,760
Other debtors
107,296
150,959
364,266
266,719
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdraft
145,889
122,554
Trade creditors
4,509
5,615
Other taxation and social security
151,995
79,914
Other creditors
49,092
45,076
351,485
253,159
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
2,500
16,886
Other creditors
135,000
135,000
137,500
151,886
8
Provisions for liabilities
2025
2024
£
£
Dilapidations reserve
15,000
15,000
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,500
1,500
1,500
1,500