REGISTERED NUMBER: 11168300 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EWELLIX UK LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

C S Schaller

G P Littlefair

REGISTERED OFFICE:

Suite 103

Noble House Capital Drive

Linford Wood

Milton Keynes

Buckinghamshire

MK14 6QP

REGISTERED NUMBER:

11168300 (England and Wales)

AUDITORS:

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was the global supply of linear motion and actuation solutions.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

F Silvestri - resigned 19 November 2024

B A Gresel - appointed 23 May 2024 - resigned 31 December 2024

C S Schaller - appointed 1 November 2024

G P Littlefair was appointed as a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C S Schaller - Director

29 September 2025

Opinion

We have audited the financial statements of Ewellix UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

-

Enquiry of management and those charged with governance around actual and potential litigation and claims;

-

Reviewing minutes of meetings of those charged with governance;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lucy Hatton FCCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

30 September 2025

TURNOVER

4

6,199,636

7,027,094

Cost of sales

4,730,937

5,364,940

GROSS PROFIT

1,468,699

1,662,154

Distribution costs

91,890

165,414

Administrative expenses

991,883

1,205,845

1,083,773

1,371,259

OPERATING PROFIT

7

384,926

290,895

Interest payable and similar expenses

8

62,115

15,891

PROFIT BEFORE TAXATION

322,811

275,004

Tax on profit

9

80,666

64,220

PROFIT FOR THE FINANCIAL YEAR

242,145

210,784

PROFIT FOR THE YEAR

242,145

210,784

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

242,145

210,784

FIXED ASSETS

Tangible assets

10

5,747

-

CURRENT ASSETS

Debtors

11

1,487,833

2,393,612

Cash at bank

258,318

701,474

1,746,151

3,095,086

CREDITORS

Amounts falling due within one year

12

579,208

2,658,960

NET CURRENT ASSETS

1,166,943

436,126

TOTAL ASSETS LESS CURRENT LIABILITIES

1,172,690

436,126

CREDITORS

Amounts falling due after more than one year

13

494,419

-

NET ASSETS

678,271

436,126

CAPITAL AND RESERVES

Called up share capital

18

1

1

Retained earnings

19

678,270

436,125

SHAREHOLDERS' FUNDS

678,271

436,126

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

C S Schaller - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

225,341

225,342

Changes in equity

Total comprehensive income

-

210,784

210,784

Balance at 31 December 2023

1

436,125

436,126

Changes in equity

Total comprehensive income

-

242,145

242,145

Balance at 31 December 2024

1

678,270

678,271

1.	STATUTORY INFORMATION

Ewellix UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements and functional currency of the company is the

Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of spares is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, typically on dispatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Leasehold improvements

- 5 years

Computer equipment

- 3 years

Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place.

Financial instruments

Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme for its employees. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate. A defined contribution plan is a pension scheme under which the Company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid.

Operating lease commitments

Rentals payable under operating leases are charged as an expense to the Income Statement on a straight line basis over the period of the lease.

Going concern

The financial statements have been prepared on a going concern basis as the Company has received assurances from Ewellix AB, its immediate parent undertaking, that it will provide support to the extent necessary to enable the Company to continue to trade and pay its liabilities as and when they become due for the foreseeable future.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

6,199,636

7,027,094

6,199,636

7,027,094

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

374,285

346,758

Social security costs

43,135

31,715

Other pension costs

52,802

50,257

470,222

428,730

The average number of employees during the year was as follows:

2024

2023

Manager

1

1

Inside sales

2

2

Sales

2

2

Application Engineer

1

1

6

6

6.	DIRECTORS' EMOLUMENTS

No statutory directors are remunerated via the company as they are are remunerated through other undertakings within the group.

7.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

927

14,591

Auditors' remuneration

17,600

16,700

Foreign exchange differences

6,412

14

Operating lease charges - Rent

42,260

51,770

Operating lease charges - Motor vehicles

33,060

29,501

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

3,955

16,365

Bank loan interest

52,249

-

Other interest

5,911

(474

)

62,115

15,891

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

78,766

69,720

Deferred tax

1,900

(5,500

)

Tax on profit

80,666

64,220

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

322,811

275,004

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

80,703

64,684

Effects of:

Expenses not deductible for tax purposes

-

81

Unprovided deferred tax

(37

)

(233

)

Deferred tax rate and rounding differences

-

(312

)

Total tax charge

80,666

64,220

The main rate of Corporation Tax increased to 25% with effect from 01 April 2023.

10.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 January 2024

71,959

7,345

79,304

Additions

-

6,674

6,674

At 31 December 2024

71,959

14,019

85,978

DEPRECIATION

At 1 January 2024

71,959

7,345

79,304

Charge for year

-

927

927

At 31 December 2024

71,959

8,272

80,231

NET BOOK VALUE

At 31 December 2024

-

5,747

5,747

At 31 December 2023

-

-

-

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,115,185

1,956,689

Tax

368,298

244,065

Deferred tax asset

600

2,500

Prepayments and accrued income

3,750

190,358

1,487,833

2,393,612

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 14)

-

1,012,538

Trade creditors

6,896

7,613

Amounts owed to group undertakings

320,441

1,043,914

VAT

178,114

488,599

Other creditors

8,684

25,122

Accruals and deferred income

65,073

81,174

579,208

2,658,960

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 14)

494,419

-

14.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

1,012,538

Amounts falling due between one and two years:

Bank loans - 1-2 years

494,419

-

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

52,934

48,515

Between one and five years

29,228

60,426

82,162

108,941

16.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdraft

-

1,012,538

Bank borrowings are secured by a fixed charge over all the group assets under the cashpooling arrangement.

17.	DEFERRED TAX

£

Balance at 1 January 2024

(2,500

)

Accelerated capital allowances

1,400

Other timing differences

500

Balance at 31 December 2024

(600

)

18.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

1

1

1

19.

RESERVES

Retained

earnings

£

At 1 January 2024

436,125

Profit for the year

242,145

At 31 December 2024

678,270

20.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for its employees. Contributions to the scheme during the financial period amounting to £52,802 (2023: £50,257) have been charged to the Income Statement. At the balance sheet date a balance of £nil (2023: £nil) was outstanding.

21.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

22.	ULTIMATE CONTROLLING PARTY

The smallest group in which the results of the Company are consolidated is that of Ewellix AB. Ewellix AB is the immediate parent company, a company incorporated in Sweden.

The registered office of Ewellix AB is Lilla Waterloogatan 8, 415 02 Gothenburg, Sweden from which consolidated accounts can be obtained.

The largest group in which the results of the Company are consolidated is that of Schaeffler AG. The ultimate parent of the group is INA-Holding Schaeffler GmbH & Co.KG, a company incorporated in Germany.

The registered office of Schaeffler AG is Industriestraße 1-3, 91074 Herzogenaurach, Germany from which consolidated accounts can be obtained.

The ultimate controlling party is Fran-M-E Schaeffler-Thurmann and Herr G.F.W Schaeffler.