Company No: SC537145 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	56,593		63,973
Tangible assets	4	978,922		881,897
Investments	5	2		2
		1,035,517		945,872
Current assets
Stocks		948,778		974,180
Debtors	6	626,954		1,012,127
Cash at bank and in hand		1,086,100		377,537
		2,661,832		2,363,844
Creditors: amounts falling due within one year	7	( 595,995)		( 843,961)
Net current assets		2,065,837		1,519,883
Total assets less current liabilities		3,101,354		2,465,755
Creditors: amounts falling due after more than one year	8	( 111,111)		( 152,778)
Provision for liabilities		( 230,144)		( 204,487)
Net assets		2,760,099		2,108,490
Capital and reserves
Called-up share capital	9	125		125
Share premium account		19,975		19,975
Profit and loss account		2,739,999		2,088,390
Total shareholder's funds		2,760,099		2,108,490

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pewag Levo UK Limited (registered number: SC537145) were approved and authorised for issue by the Board of Directors on 25 September 2025. They were signed on its behalf by:

Sarah Louise Spivey Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pewag Levo UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Lms House Claymore Drive, Aberdeen Science And Energy Park, Bridge Of Don, AB23 8GD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The company has taken advantage of the following disclosure exemptions:

- From the financial instrument disclosures, required under FRS 102 Section 11 Basic Financial
Instruments paragraphs 11.39 to 11.48A and Section 12 Other Financial Instruments paragraphs
12.26 to 12.29;
- The company has taken advantage not to disclose transactions and balances with other members of
the group.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Pewag Levo UK Limited is a 70% subsidiary of Pewag International GmbH and the results of Pewag Levo UK Limited are included in the consolidated financial statements of Pewag International GmbH which are available from the address given in note 12.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in currencies other than pound 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.

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.

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.

Revenue from contracts for the provision of professional 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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery etc.	3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes raw materials and direct labour, with stock valuation based on the estimated cost of individual components and production inputs.
At each reporting date, stock is assessed for impairment. If the carrying amount exceeds its estimated selling price less costs to complete and sell, an impairment loss is recognised in the profit and loss account. Reversals of impairment losses are recognised where appropriate.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	24		20

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	73,813		73,813
At 31 December 2024	73,813		73,813
Accumulated amortisation
At 01 January 2024	9,840		9,840
Charge for the financial year	7,380		7,380
At 31 December 2024	17,220		17,220
Net book value
At 31 December 2024	56,593		56,593
At 31 December 2023	63,973		63,973

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	71,894		1,167,991		1,239,885
Additions	1,315		282,665		283,980
Disposals	0		( 97,775)		( 97,775)
At 31 December 2024	73,209		1,352,881		1,426,090
Accumulated depreciation
At 01 January 2024	15,076		342,912		357,988
Charge for the financial year	7,319		121,111		128,430
Disposals	0		( 39,250)		( 39,250)
At 31 December 2024	22,395		424,773		447,168
Net book value
At 31 December 2024	50,814		928,108		978,922
At 31 December 2023	56,818		825,079		881,897

5. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	2		2

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	2
At 31 December 2024	2
Carrying value at 31 December 2024	2
Carrying value at 31 December 2023	2

6. Debtors

	2024		2023
	£		£
Trade debtors	473,579		742,750
Amounts owed by group undertakings	102,400		3,376
Corporation tax	0		21,601
Other debtors	50,975		244,400
	626,954		1,012,127

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	41,667		41,667
Trade creditors	274,583		706,307
Amounts owed to group undertakings	6,473		502
Corporation tax	198,115		0
Other taxation and social security	43,111		53,844
Other creditors	32,046		41,641
	595,995		843,961

The bank holds a bond and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	111,111		152,778

The bank loan is repayable in monthly instalments ending in September 2028 with interest being charged at a rate of 3.21% plus base rate.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
12,500 Ordinary shares of £ 0.01 each (2023: 125 shares of £ 1.00 each)	125		125

10. Financial commitments

Commitments

Capital commitments are as follows:

	2024		2023
	£		£
Contracted for but not provided for:
Tangible fixed assets	0		44,208

Other financial commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	97,296		176,363

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above:

11. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amounts due from related parties - Entities with control, joint control or significant influence over the company.	102,400		3,376
Amounts due to related parties - Entities with control, joint control or significant influence over the company.	6,471		500

During the year, the company invoiced sales and recharged expenses of £507,850 (2023 - £30,119) and invoiced management charges to related parties of £7,500 (2023- £7,500).

Also during the year, the company was invoiced rent expenses of £48,000 (2023 - £48,000) and was invoiced other expenses of £19,324 (2023 - £1,171)

12. Events after the Balance Sheet date

On 4 April 2025, the company acquired 100% of the shares in Aberdeen Web Limited.

13. Parent company

The company is under the control of its parent company Pewag International GmbH, a company registered in Austria.

The largest group in which the results of the company are consolidated is that headed by Pewag International GmbH incorporated in Austria. No other group financial statements include the results of the company. The consolidated accounts for Pewag International GmbH are available to the public and a copy may be obtained from Schleppe-Platz 8, 9020, Klagenfurt, Austria.

14. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Robert J C Bain MA CA CTA on behalf of Hall Morrice LLP.