ACCOUNTS - Final Accounts preparation

Company registration number: 12489791

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

COMPANY INFORMATION

Directors	M. S. Huenten
	F. Wiedei


Registered number	12489791


Registered office	2nd Floor Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 6


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED REGISTERED NUMBER:12489791

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		1,699,461		1,385,575
			1,699,461		1,385,575
Current assets
Debtors: amounts falling due after more than one year	5	1,451		18,509
Debtors: amounts falling due within one year	5	140,871		103,125
Bank and cash balances		400,700		377,998
		543,022		499,632
Creditors: amounts falling due within one year	6	(1,098,338)		(910,462)
Net current liabilities			(555,316)		(410,830)
Total assets less current liabilities			1,144,145		974,745
Creditors: amounts falling due after more than one year	7		(1,152,432)		(1,043,055)

Net liabilities			(8,287)		(68,310)

Capital and reserves
Allotted, called up and fully paid share capital	100	100
Profit and loss account	(8,387)	(68,410)
	(8,287)	(68,310)

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:

................................................ M. S. Huenten	................................................ F. Wiedei
Director	Director
Date: 29 September 2025	Date:29 September 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Miele Operations & Payment Solutions Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, registered in England and Wales. The address of its registered office is disclosed on the company information page. There is no principal place of business.

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 following principal accounting policies have been applied:

2.2

Going concern

The Company at the year ended had net current liabilities of £555,316 (2023: £410,830) and net liabilities of £8,287 (2023: £68,310).
These financial statements are prepared on a going concern basis. The Company is fully supported by its parent company Miele Operations & Payment Solutions GmbH and the directors have confirmed that this support will continue to enable the Company to continue as a going concern.
As a result of the actions described above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts with no material uncertainty.

2.3

Revenue

Students can upload cash to appWash. The point at which revenue is recognised is when the cash is used to pay for the use of a washing machine or drier.

2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.5

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.

Page 2


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

Over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost
	At 1 January 2024	1,586,327
	Additions	711,867
	Disposals	(13,240)
	At 31 December 2024	2,284,954
	Depreciation
	At 1 January 2024	200,752
	Charge for the year	386,065
	Disposals	(1,324)
	At 31 December 2024	585,493
	Net book value
	At 31 December 2024	1,699,461
	At 31 December 2023	1,385,575

The net book value of the assets held under finance lease agreements included above are £1,650,148 (2023: £1,385,575). Depreciation was charged of £372,943 (2023: £170,454) in respect of the assets held under finance lease agreements.

Page 4


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Debtors
		2024	2023
		£	£

Due after more than one year
Deferred tax asset	1,451	18,509
	1,451	18,509

					2024	2023
					£	£

Due within one year
Trade debtors	-	17,744
Amounts owed by group undertakings	28,960	-
Other debtors	3,166	3,166
Prepayments and accrued income	108,745	71,168
Tax recoverable	-	11,047
	140,871	103,125

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	120,794	113,179
Amounts owed to group undertakings	-	272,505
Other taxation and social security	65,453	59,982
Obligations under finance lease and hire purchase contracts	521,461	270,887
Accruals	390,630	193,909
	1,098,338	910,462

Obligations under finance lease are secured over the assets that they relate to.

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	1,152,432	1,043,055
	1,152,432	1,043,055

Obligations under finance lease are secured over the assets that they relate to.

Page 5


MIELE OPERATIONS & PAYMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Controlling party

The parent company of the largest and smallest group for which consolidated financial statements are drawn up is Miele Beteiligungs-GmbH, copies of which may be obtained from: Thesings Allee 21, 33332, Gütersloh, Germany.

9.	Auditor's information

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

The audit report was signed on 30 September 2025 by Miriam Hanley ACA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 6