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Registration number: 02050782

Indeco (UK) Limited
Filleted Financial Statements
for the Year Ended 31 December 2025

Indeco (UK) Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 10

Indeco (UK) Limited

Company Information

Directors | M A Vitulano M Gee

Company secretary | M Gee

Registered office | 12 Oasis Business Park Road One Winsford Cheshire Great Britain CW7 3RY

Auditors | McKellens Ltd Chartered Accountants & Statutory Auditor11 Riverview The Embankment Business Park Vale Road Heaton Mersey Stockport SK4 3GN

Indeco (UK) Limited

(Registration number: 02050782)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 695,863 | 642,712
Investment property | 5 | 365,000 | 315,000
Investments | 6 | 2 | 2
|  | 1,060,865 | 957,714
Current assets |  |  |
Stocks | 7 | 1,086,371 | 1,328,622
Debtors | 8 | 541,096 | 608,105
Cash at bank and in hand |  | 58,131 | 67,648
|  | 1,685,598 | 2,004,375
Creditors: Amounts falling due within one year | 9 | (1,026,886) | (1,246,229)
Net current assets |  | 658,712 | 758,146
Total assets less current liabilities |  | 1,719,577 | 1,715,860
Creditors: Amounts falling due after more than one year | 9 | (28,384) | (37,346)
Provisions for liabilities |  | (11,684) | (16,288)
Net assets |  | 1,679,509 | 1,662,226
Capital and reserves |  |  |
Called up share capital | 14 | 10,000 | 10,000
Revaluation reserve |  | 485,960 | 438,290
Retained earnings |  | 1,183,549 | 1,213,936
Shareholders' funds |  | 1,679,509 | 1,662,226

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:

M Gee Director |  |

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Oasis Business Park
Road One
Winsford
Cheshire
Great Britain
CW7 3RY

These financial statements were authorised for issue by the Board on 22 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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).

Basis of preparation

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.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 July 2026 was Paul Roper, who signed for and on behalf of McKellens Ltd.

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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises current and deferred 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses except for the leasehold property which is shown at market value less accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings Leasehold | 2% on a straight line basis
Plant and equipment | Between 15% and 33.33% straight line
Fixtures, fittings and equipment | Between 20% and 25% straight line
Motor vehicles | 25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined regularly by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 the 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.

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 6).

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2025 | 639,455 | 36,562 | 102,508 | 48,767 | 827,292
Revaluations | 5,545 | - | - | - | 5,545
Additions | - | - | 71,384 | 23,000 | 94,384
Disposals | - | - | (36,025) | (8,750) | (44,775)
At 31 December 2025 | 645,000 | 36,562 | 137,867 | 63,017 | 882,446
Depreciation
At 1 January 2025 | 61,893 | 33,669 | 47,668 | 41,351 | 184,581
Charge for the year | 13,845 | 1,188 | 19,880 | 2,809 | 37,722
Eliminated on disposal | - | - | (26,970) | (8,750) | (35,720)
At 31 December 2025 | 75,738 | 34,857 | 40,578 | 35,410 | 186,583
Carrying amount
At 31 December 2025 | 569,262 | 1,705 | 97,289 | 27,607 | 695,863
At 31 December 2024 | 577,562 | 2,894 | 54,840 | 7,416 | 642,712

Included within the net book value of land and buildings above is £569,262 (2024 - £577,562) in respect of long leasehold land and buildings.

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5 | Investment properties

| 2025 £
At 1 January | 315,000
Fair value adjustments | 50,000
At 31 December | 365,000

The investment property was valued by a qualfied surveyor on 26th February 2026

6 | Investments

| 2025 £ | 2024 £
Other investments | 2 | 2

The investment is of 2 shares in Oasis Business Park Ltd, the entity which owns the freehold to the properties on the business park and is responsible for maintaining the communal areas.

7 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 1,086,371 | 1,328,622

8 | Debtors

| 2025 £ | 2024 £
Trade debtors | 504,828 | 595,325
Prepayments | 14,594 | 12,778
Other debtors | 21,674 | 2
| 541,096 | 608,105

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 45,598 | 39,711
Trade creditors |  | 917,038 | 1,096,882
Taxation and social security |  | 35,294 | 88,487
Accruals and deferred income |  | 12,028 | 14,970
Other creditors |  | 16,928 | 6,179
|  | 1,026,886 | 1,246,229

Trade creditors include amounts owing to the company's parent company of £873,893 (2024 - £988,9880).

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 28,384 | 37,346

10 | Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

| Revaluation reserve £ | Retained earnings £ | Total £
Surplus/deficit on property, plant and equipment revaluation | 55,545 | - | 55,545
Amortisation on revalued amount | (7,875) | 7,875 | -
| 47,670 | 7,875 | 55,545

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

| Revaluation reserve £ | Retained earnings £ | Total £
Amortisation on revalued amount | (7,748) | 7,749 | 1

Indeco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,799 | 37,346
Hire purchase contracts | 25,585 | -
| 28,384 | 37,346

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 38,807 | 39,711
Hire purchase contracts | 6,791 | -
| 45,598 | 39,711

Bank borrowings

Bank loan1 has a nominal interest rate of 1.5% over bank base rate, and the final instalment is due on 1 March 2027. The carrying amount at year end is £12,896 (2024 - £25,578). Bank loan 1 is secured by legal charge over Unit 11, Business Park,Winsford,Cheshire.
Bank loan 2 has a nominal interest rate of 3% over bank base rate, and the final instalment is due on 1 March 2027. The carrying amount at year end is £28,710 (2024 - £51,479). Bank loan 2 is secured by legal charge over Unit 12, Business Park,Winsford,Cheshire.

12 | Parent and ultimate parent undertaking

The company's immediate parent is Indeco Ind SpA, incorporated in Italy.

13 | Non adjusting events after the financial period

On 9th July 2026 the whole of the share capital of Indeco Spa (the company's parent company) was acquired by Wipro Hydraulics, a company based in India.

14 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 10,000 | 10,000 | 10,000 | 10,000