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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

WinCan Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Woking Business Park, Albert Drive, Woking, Surrey, GU21 5JY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 directors have assessed the company’s ability to continue as a going concern based on its financial position as at 31 December 2024 and prior performance. At that time, the company had:true

• Net assets of £2,357,007 (2023: £1,556,112).

• Cash and cash equivalents of £2,730,452, representing a significant increase from the prior year

(2023: £1,922,966).

• Positive operating performance, with profit for the financial year-end of £800,895 (2023: £633,493).

• No indication of material uncertainties that might cast significant doubt on its ability to continue as a going concern.

Accordingly, the financial statements for the year ended 31 December 2024 were prepared on a going concern basis, which the directors considered appropriate given the company’s liquidity, profitability, and access to resources at that time.

Events After the Reporting Period

However, following this assessment, the company’s operations were transferred to IDEX UK Limited on 3 November 2025 as part of an internal group reorganisation, and the company is expected to formally cease trading on 30th Jun 2026. The consideration price paid by IDEX UK Ltd for this transaction was £38,000 and is an amount equal to the market value of the business, comprising the included assets and assumed liabilities.

This decision reflects strategic changes within the wider group rather than any deterioration in the company’s financial position. On 31 October 2025 the company reported net assets of £3,324,829 and cash and cash equivalents of £3,487,389. £55,866 of the net assets were transferred to IDEX UK Ltd on 3rd Nov 2025. The new company is now assuming all liabilities of WinCan Europe Ltd. Outstanding accounts receivable will be collected and all accounts payable settled.

Subsequently, the residual assets will be transferred to the owner, WinCan AG (Switzerland). There were no reorganisation cost or redundancies associated to this change. The net assets transferred on 3rd November 2025 were not subject to any impairment or revaluation in connection with this transaction. This event has been treated as a non-adjusting post balance sheet event in accordance with FRS 102 Section 32.

Revenue represents the fair value of consideration received or receivable for goods sold and services provided in the normal course of business, net of VAT and discounts. Revenue is recognised when it is probable that economic benefits will flow to the entity and the amount can be measured reliably, in accordance with FRS 102.

Hardware Sales

Revenue from the sale of hardware is recognised when the customer takes delivery of the goods. At this point, the significant risks and rewards of ownership have transferred to the buyer, and the amount of revenue can be measured reliably.

Software Subscription

Unlimited Licence: Revenue is recognised in full at the point of sale, as the customer obtains all unlimited benefits, risks, and rewards immediately.

Limited Licence: Revenue from subscription services billed upfront (up to 12 months) is recognised on a straight‑line basis over the subscription term, reflecting continuous benefit transfer.

Support and Maintenance

Support and maintenance services are billed upfront for the agreed service period. Revenue is recognised on a straight-line basis over the service term, as services are delivered evenly without significant variation in scope or timing.

Software Licences

Initial Licence (Perpetual): Revenue from the sale of perpetual licences is recognised in full at the point of sale when the licence is granted.

Ongoing Licence (Subscription-based): Revenue from subscription-based licences is recognised on a straight-line basis over the subscription term.

Training Services

Revenue from training services is recognised in full in the month the service is delivered.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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, which include trade and other receivables 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.

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.

Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The tax expense represents the sum of the corporation tax in respect of prior periods.

Taxable profit differs from the net profit reported in the financial statements because it excludes items of income and expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. In the current year, the company has recognised an adjustment in respect of an over‑provision of corporation tax from prior years. This adjustment has been reflected in the profit and loss account only, with no corresponding balance sheet entryy. The company’s current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 non-current assets.

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

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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.

Emphasis of matter

We draw attention to Note 1.2 of the financial statements, which describes going concern the post‑balance sheet event relating to the transfer of the company’s operations on 3 November 2025 as part of a wider group reorganisation. As set out in the note, the company is expected to formally cease trading on 30 June 2026. This event has been treated as a non‑adjusting post balance sheet event in accordance with FRS 102 Section 32.

Our opinion is not modified in respect of this matter.

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

The directors consider that disclosure of related party transactions is not required by virtue of the exemptions available to small entities under FRS 102 Section 1A, paragraph 33.1.

The company's ultimate parent company is Idex Corporation, a company registered in the United States of America.

Reclassification of Wages

Wages of £173,490, Employer NI of £15,141, and Employer Pension contributions of £3,624 have been reclassified to correct the prior year’s misclassification from administrative expenses to direct costs in line with their underlying nature.

Restatement of Corporation Tax

During 2023, a tax charge and corresponding liability of £191,237 was recognised in error. Following review, it has been determined that no corporation tax was payable in prior year due to the utilisation of group losses.

Accordingly, the prior year adjustment to tax has been corrected by reversing the charge and liability as follows:

•     Credit £191,237 to the Profit and Loss account (removing the tax expense)

•     Debit £191,237 to the Tax Liability account (removing the overstated liability)

This adjustment ensures that the financial statements reflect the correct position, with no tax due for in prior year as a result of group loss relief.