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Company registration number: 13667933







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


WIBE GROUP UK LIMITED




































          

 


WIBE GROUP UK LIMITED
 


 
COMPANY INFORMATION


Directors
C J Axelsson 
P B M Geisler 
Y L Skeri 




Company secretary
CSC CLS (UK) Limited



Registered number
13667933



Registered office
1 Bartholomew Lane

London

EC2N 2AX




Independent auditors
Moore Kingston Smith LLP

6th Floor

9 Appold Street

London

EC2A 2AP





 


WIBE GROUP UK LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 


WIBE GROUP UK LIMITED
REGISTERED NUMBER:13667933



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
65,715
98,571

  
65,715
98,571

Current assets
  

Debtors: amounts falling due within one year
 5 
1,248,457
1,239,249

  
1,248,457
1,239,249

Creditors: amounts falling due within one year
 6 
(275,240)
(574,419)

Net current assets
  
 
 
973,217
 
 
664,830

Total assets less current liabilities
  
1,038,932
763,401

Provisions for liabilities
  

Other provisions
 7 
(30,000)
(78,000)

Net assets
  
 
 
1,008,932
 
 
685,401


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
1,008,931
685,400

  
1,008,932
685,401


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P B M Geisler
Director

Date: 27 August 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

WIBE Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, EC2N 2AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. 
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. 
Revenue from the sale of goods is recognised when the significant 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


  
2.7

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. 
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 
2.8

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. Bank overdrafts are shown within borrowings in current liabilities. 
As part of Storskogen Group's Treasury operations, cash balances held by WIBE Group UK Limited are ultimately under the control of the Group. The net amount (as disclosed under 'amounts owed by group undertakings') as at the statement of financial position date is fully liquid with the Company retaining ability to access the cash at any time. The Company joined the cash pooling arrangement during the year.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Page 3

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.11

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.

  
2.12

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.

Page 4

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.13

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

  
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
164,284



At 31 December 2024

164,284



Amortisation


At 1 January 2024
65,713


Charge for the year
32,856



At 31 December 2024

98,569



Net book value



At 31 December 2024
65,715



At 31 December 2023
98,571

The goodwill value of £164,284 arose on the acquisition of Schneider Electric UK and relates to the Salesforce customer listing.



Page 5

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
194,151
337,610

Amounts owed by group undertakings
847,994
694,930

Other debtors
44,254
11,536

Prepayments and accrued income
162,058
133,166

Tax recoverable
-
62,007

1,248,457
1,239,249


In the prior year the Company joined the Storskogen Group’s zero-balancing cash pooling arrangement. As at 31 December 2024, the net amount of £847,994 is included in 'Amounts owed by group undertakings' (2023: £694,930). This amount is repayable on demand with the Company retaining ability to access the cash at any time, subject to Group Treasury arrangements.


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
112,182
190,033

Amounts owed to group undertakings
-
270,004

Corporation tax
3,631
-

Other taxation and social security
4,402
43,887

Other creditors
9,748
1,950

Accruals and deferred income
145,277
68,545

275,240
574,419



7.


Provisions for liabilities





Provision for liabilities

£





At 1 January 2024
78,000


Credited to profit or loss
(48,000)



At 31 December 2024
30,000

Page 6

 


WIBE GROUP UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



9.


Related party transactions

The company has taken advantage of the exemption available in FRS Section 33.1A not to disclose transactions with any fellow wholly owned group companies.


10.


Controlling party

The immediate parent company is Aktiebolaget Wibe, a company incorporated in Sweden with a registered address at Box 401, 792 27 Mora, Sweden. 
The ultimate parent undertaking and controlling party is Storskogen Group AB (publ), a company incorporated in Stockholm, Sweden. Storskogen Group AB (publ) is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Storskogen Group AB (publ) consolidated financial statements can be obtained from Storskogen Group AB (publ), Hovslagargatan 3, 6fl, 111 48, Stockholm, Sweden.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 27 August 2025 by Jamie Seaford (Senior statutory auditor) on behalf of Moore Kingston Smith LLP.

 
Page 7