G Cheetham 0 0 1 31 December 2025 25.00 25.00 101396 0 0 0 Other retail sale of new goods in specialised stores 1 January 2025 0 48388 83907 16188 25905 16188 25905 3013565 2550396 65744 66497 9806 8561 9717 9717 298010 302057 11416 2294583 1945302 335705 206846 1346415 1123859 1346415 1123859 1000 1000 608000 44858 652858 592800 39114 631914 167200 114259 62611 9560 353630 15200 5744 20944 152000 108515 62611 9560 332686 760000 153373 62611 9560 985544 760000 153373 62611 9560 985544 Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Depreciation Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.The Directors consider that the company will remain a going concern for a period of more than twelve months from the date of approval of the accounts, following continued financial support from Motovario Spa.The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).618500 719051 155320 253337 98845 101379 364335 364335 618500 719051 32949 33794 667637 778750 34723 124892 3048288 2675288 80070 87323 1621803 1464106 632914 653858 1000 Ballards LLP Hampton Lovett Unit 335 Rushock Trading Estate Rushock Droitwich Worcestershire WR9 0NR F Pacini M Boninsegna 31 December 2025 Motovario Limited Financials UK FRS 102 2026.3.0+76851 Mark Skellum Bsc (Hons) FCA on behalf of Ballards LLP.31 December 2025 unqualified 16 January 2026 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland'. 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 Profit and loss account and statement of other comprehensive income in accordance with the provisions applicable to companies subject to the small companies regime.02523314 02523314 core:RevaluationReserve 2025-12-31 02523314 core:OwnedOrFreeholdAssets core:LandBuildings 2025-12-31 02523314 bus:Audited 2025-01-01 2025-12-31 02523314 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02523314 core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 02523314 core:RetainedEarningsAccumulatedLosses 2025-12-31 02523314 core:RetainedEarningsAccumulatedLosses 2024-12-31 02523314 core:OwnedOrFreeholdAssets core:LandBuildings 2025-01-01 2025-12-31 02523314 core:OfficeEquipment 2025-12-31 02523314 bus:Director2 2025-01-01 2025-12-31 02523314 core:ShareCapital 2024-12-31 02523314 bus:Director1 2025-01-01 2025-12-31 02523314 core:ShareCapital 2025-12-31 02523314 core:CurrentFinancialInstruments 2025-12-31 02523314 core:RevaluationReserve 2024-12-31 02523314 bus:Director3 2025-01-01 2025-12-31 02523314 bus:RegisteredOffice 2025-01-01 2025-12-31 02523314 bus:FullAccounts 2025-01-01 2025-12-31 02523314 curr:PoundSterling 2025-01-01 2025-12-31 02523314 core:Non-currentFinancialInstruments 2024-12-31 02523314 core:FurnitureFittingsToolsEquipment 2024-12-31 02523314 core:PlantMachinery 2024-12-31 02523314 core:OfficeEquipment 2024-12-31 02523314 2025-01-01 02523314 core:CurrentFinancialInstruments 2024-12-31 02523314 core:FurnitureFittingsToolsEquipment 2025-12-31 02523314 core:Non-currentFinancialInstruments 2025-12-31 02523314 core:PlantMachinery 2025-12-31 02523314 1 2025-01-01 2025-12-31 02523314 bus:FRS102 2025-01-01 2025-12-31 02523314 core:OwnedOrFreeholdAssets core:PlantMachinery 2025-01-01 2025-12-31 02523314 core:OwnedOrFreeholdAssets core:LandBuildings 2024-12-31 02523314 2024-12-31 02523314 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 02523314 2025-12-31 02523314 2024-01-01 2024-12-31 02523314 2025-01-01 2025-12-31 xbrli:pure xbrli:pure iso4217:GBP iso4217:GBP

Registration number: 02523314 # Motovario Limited #### Annual Report and Financial Statements #### Information For Filing With The Registrar #### For The Year​ Ended 31 December 2025
Motovario Limited
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Motovario Limited Company Information #### ​Directors M Boninsegna G Cheetham F Pacini #### Registered office ​​Unit 335 Rushock Trading Estate​ Rushock​ ​ Droitwich​ Worcestershire​ WR9 0NR​ #### ​Independent auditors Ballards LLP​​​ Oakmoore Court​ 11c Kingswood Rd​​ Hampton Lovett​ Droitwich ​ WR9 0QH​
Motovario Limited Registered number: 02523314​ Balance sheet​ as at 31 December 2025
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Fixed assets |  |  |
Tangible fixed assets | 4 | 631,914 | 652,858
Investments | 5 | 1,000 | 1,000
|  | 632,914 | 653,858
Current assets |  |  |
Stocks | 6 | 1,346,415 | 1,123,859
Debtors: amounts falling due within one year | 7 | 1,621,803 | 1,464,106
Cash at bank and in hand |  | 80,070 | 87,323
|  | 3,048,288 | 2,675,288
Creditors: amounts falling due within one year | 8 | (3,013,565) | (2,550,396)
Net current assets |  | 34,723 | 124,892
Total assets less current liabilities |  | 667,637 | 778,750
Creditors: amounts falling due after more than one year | 9 | (16,188) | (25,905)
|  | 651,449 | 752,845
Provisions for liabilities |  |  |
Deferred taxation |  | (32,949) | (33,794)
Net assets |  | 618,500 | 719,051
Capital and reserves |  |  |
Called up share capital |  | 364,335 | 364,335
Revaluation reserve |  | 98,845 | 101,379
Profit and loss account |  | 155,320 | 253,337
Total capital and reserves |  | 618,500 | 719,051
Motovario Limited Registered number: 02523314​ Balance sheet​ as at 31 December 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland'. 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 Profit and loss account and statement of other comprehensive income in accordance with the 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: .................................. G Cheetham
Director |
Date: 16 January 2026
Motovario Limited 1. General information Motovario Limited is a private company limited by share capital, incorporated in England & Wales. The address of its registered office is Unit 335 Rushock Trading Estate​ Rushock​ ​ Droitwich​ Worcestershire​ 2. Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated. a. Basis of preparation and statement of compliance These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £. b. Going concern The Directors consider that the company will remain a going concern for a period of more than twelve months from the date of approval of the accounts, following continued financial support from Motovario Spa. The Company has managed to maintain strong gross profit margins, in line with prior periods. Sales have stayed consistent with the prior year at £6.9M, the Operating costs were well controlled, however margins have decreased, albeit by a very small percentage. Overall, the company ended the year in a net loss position. A large proportion of the decrease in financial performance from the financial year can be attributed to losses on foreign exchange transactions. In the year, losses attributed purely to foreign exchange losses equaled (£108k), compared with profits made of £101k in the prior year. The budget for 2026 predicts turnover in the financial year of £8.5M, which is roughly €9.8M (at current foreign exchange rates). The Company is in a strong position to grow in 2026 and we hope to maintain strong margins which will produce a profitable year. We had a strong final quarter in 2025, and we hope to continue this trend into the 2026 financial year
Motovario Limited 2. Accounting policies continued c. Judgements In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. d. Revenue recognition Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. e. Foreign currency transactions and balances Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. f. Tax The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. 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 taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Motovario Limited 2. Accounting policies continued f. Tax continued The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. g. Tangible assets Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. h. Depreciation Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class | Depreciation method and rate
Freehold properties | 2% on cost
Plant and machinery | 10% on cost
Computer equipment | 20% on cost
Motor vehicles | 25% on cost
Fixtures and fittings | 10% on cost
i. Investments Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable. j. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Motovario Limited 2. Accounting policies continued k. Trade debtors Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. l. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock. Cost is determined using the first-in, first-out (FIFO) method. m. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. n. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Motovario Limited 2. Accounting policies continued o. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. 3. Employees The average number of persons employed by the company (including directors) during the year, was 24 (2024 - 21). 4. Tangible fixed assets
| Freehold property £ | Plant and machinery £ | Fixtures and fittings £ | Office equipment £ | Total £
--- | --- | --- | --- | --- | ---
Cost |  |  |  |  |
At 1 January 2025 | 760,000 | 153,373 | 62,611 | 9,560 | 985,544
At 31 December 2025 | 760,000 | 153,373 | 62,611 | 9,560 | 985,544
Depreciation and impairment |  |  |  |  |
At 1 January 2025 | (152,000) | (108,515) | (62,611) | (9,560) | (332,686)
Charge for the year on owned assets | (15,200) | (5,744) | - | - | (20,944)
At 31 December 2025 | (167,200) | (114,259) | (62,611) | (9,560) | (353,630)
Net book value |  |  |  |  |
At 31 December 2025 | 592,800 | 39,114 | - | - | 631,914
At 31 December 2024 | 608,000 | 44,858 | - | - | 652,858
Motovario Limited 5. Fixed asset investments
| Invest- ments in subsidia- ries £ | Total £
--- | --- | ---
Cost or valuation |  |
At 1 January 2025 | 1,000 | 1,000
a. Details of undertakings Details of the investments (including principal place of business of unicorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking | Registered office | Holding | 2025 % | 2024 %
--- | --- | --- | --- | ---
Gorton Engineering Products Limited | Unit 11 Rushock Trading Estate, Droitwich, Worcestershire, WR9 0NR, United Kingdom | Ordinary | 100 | 100
Subsidiary undertakings Gorton Engineering Products Limited The principal activity of Gorton Engineering Products Limited is business support service activities. 6. Stocks
| 2025 £ | 2024 £
--- | --- | ---
Finished goods and goods for resale | 1,346,415 | 1,123,859
Motovario Limited 7. Debtors
| 2025 £ | 2024 £
--- | --- | ---
Due within one year |  |
Trade debtors | 1,594,617 | 1,431,548
Other debtors | 2,947 | 6,308
Prepayments and accrued income | 24,239 | 26,250
| 1,621,803 | 1,464,106
8. Creditors
| 2025 £ | 2024 £
--- | --- | ---
Trade creditors | 335,705 | 206,846
Amounts owed to undertakings | 2,294,583 | 1,945,302
Corporation tax | - | 11,416
Other taxation and social security | 298,010 | 302,057
Obligations under finance lease and hire purchase contracts | 9,717 | 9,717
Other creditors | 9,806 | 8,561
Accruals and deferred income | 65,744 | 66,497
| 3,013,565 | 2,550,396
9. Creditors
| 2025 £ | 2024 £
--- | --- | ---
Obligations under finance lease and hire purchase contracts | 16,188 | 25,905
10. Financial commitments (Section 1A) At 31 December 2025, the Company had the following financial commitments, guarantees and contingencies which are not included in the Balance sheet.
| 2025 £ | 2024 £
--- | --- | ---
Motor vehicles and office equipment | 48,388 | 83,907
Motovario Limited 11. Related party transactions 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 group companies. 12. Parent undertaking The company's immediate parent is Motovario S p A, incorporated in Italy. The ultimate parent is Teco Electric & Machinery Co.. Limited. incorporated in Taiwan. These financial statements are available upon request from 5F, No. 19-9, San Chong Rd., Nan-Kang. Taipei 11501. Taiwan. 13. Auditors' The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed by ​Mark Skellum Bsc (Hons) FCA on behalf of Ballards LLP.