REGISTERED NUMBER: 12936853 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

United Wheels UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S K Lam

Mr P Liu

Mr J G Tilley

REGISTERED OFFICE:

15 Doolittle Mill

Froghall Road

Ampthill

Bedfordshire

MK45 2ND

REGISTERED NUMBER:

12936853 (England and Wales)

AUDITORS:

Godfrey Laws Audit Limited

65 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

FIXED ASSETS

Tangible assets

4

78,283

85,427

CURRENT ASSETS

Stocks

2,174,733

1,215,130

Debtors

5

12,189,710

9,417,604

Cash at bank

184,122

229,377

14,548,565

10,862,111

CREDITORS

Amounts falling due within one year

6

10,339,693

4,804,466

NET CURRENT ASSETS

4,208,872

6,057,645

TOTAL ASSETS LESS CURRENT LIABILITIES

4,287,155

6,143,072

CREDITORS

Amounts falling due after more than one year

7

(11,232,649

)

(12,985,946

)

PROVISIONS FOR LIABILITIES

-

(7,016

)

NET LIABILITIES

(6,945,494

)

(6,849,890

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(6,945,495

)

(6,849,891

)

(6,945,494

)

(6,849,890

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

Mr J G Tilley - Director

1.	STATUTORY INFORMATION

United Wheels 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.The financial statements have been prepared on going concern basis. The company was able to meet its working capital requirements through loan from group undertakings.

Going Concern

After careful consideration of the factors affecting the industry and its global supply and demand and after making appropriate enquiries and review of cashflow forecasts and revenue projections for next year, the directors remains of the view that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Turnover

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

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

64,177

5,349

40,490

110,016

Additions

5,350

-

6,089

11,439

Disposals

(2,400

)

-

-

(2,400

)

At 31 December 2024

67,127

5,349

46,579

119,055

DEPRECIATION

At 1 January 2024

6,814

1,165

16,610

24,589

Charge for year

6,421

1,070

9,172

16,663

Eliminated on disposal

(480

)

-

-

(480

)

At 31 December 2024

12,755

2,235

25,782

40,772

NET BOOK VALUE

At 31 December 2024

54,372

3,114

20,797

78,283

At 31 December 2023

57,363

4,184

23,880

85,427

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade debtors

2,818,742

2,683,085

Amounts owed by group undertakings

6,832,566

5,692,219

Other debtors

2,538,402

1,042,300

12,189,710

9,417,604

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade creditors

6,459,503

1,105,936

Amounts owed to group undertakings

1,954,986

1,595,821

Taxation and social security

367,731

139,163

Other creditors

1,557,473

1,963,546

10,339,693

4,804,466

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Amounts owed to group undertakings

11,232,649

12,985,946

8.	LEASING AGREEMENTS

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

31.12.24

31.12.23

as restated

£

£

Within one year

47,500

47,500

Between one and five years

112,100

112,100

159,600

159,600

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

as restated

£

£

HSBC Invoice Finance Limited

1,370,371

1,437,091

A fixed and floating charge has been made over the assets of the company securing the above debts.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Howard Ashmore FCA (Senior Statutory Auditor)

for and on behalf of Godfrey Laws Audit Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in FRS 102 Section 33.1A whereby it has not disclosed transaction with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

12.	ULTIMATE PARENT COMPANY

Covation Holdings Limited (Cayman and HK) is the ultimate parent company. The address of its registered office is The Grand Pavilion Commercial Centre, Oleander Way, 802 West Bay Road, PO Box 32052, Grand Cayman, KY1-1208, Cayman Islands.

United Wheels ASIA Limited (HK) is the immediate parent company. Its registered office address is Room 709, Data Technology Hub, 5 Chun Cheong Street, Tseung Kwan O, New Territories, Hong Kong.

Covation Holdings Limited (Cayman and HK) is the name of the largest and smallest group preparing consolidated financial statements. The Group's financial statements can be obtained from Cayman Islands General Registry.