REGISTERED NUMBER:
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Wandfluh UK Limited |
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Abridged Audited Financial Statements |
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for the Year Ended |
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31 December 2019 |
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REGISTERED NUMBER:
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Wandfluh UK Limited |
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Abridged Audited Financial Statements |
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for the Year Ended |
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31 December 2019 |
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Wandfluh UK Limited (Registered number: 02635311) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Wandfluh UK Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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5 Clarendon Place |
Leamington Spa |
Warwickshire |
CV32 5QL |
Wandfluh UK Limited (Registered number: 02635311) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Wandfluh UK Limited (Registered number: 02635311) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Wandfluh UK Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
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. |
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Turnover |
Turnover represents the net invoiced amount for goods supplied. |
Invoices are raised on completion and despatch of assembled units or the despatch of components. |
Revenue is recognised on delivery when the significant risks and rewards have passed to the customer. |
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Intangible fixed assets |
The intangible asset relates to software and is stated at cost. Amortisation is provided at rates calculated to write |
off the cost over the period during which the company is expected to benefit. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost , net of depreciation and any provision for impairment. |
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the |
cost, less estimated residual value, of each asset as follows. |
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Freehold Property | 10% and 2% on cost |
Plant and machinery | 25% and 20% on cost |
Fixtures and fittings | 20% on cost |
Motor vehicles | 25% on cost |
Computer equipment | 25% on cost |
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Stocks |
Stocks have been valued at the lower of cost and net realisable value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Wandfluh UK Limited (Registered number: 02635311) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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 as they |
occur. |
Forward currency contracts are accounted for in accordance with FRS 102 section 12. Forward contracts are |
recognised at fair value on initial recognition and again at the balance sheet date. Any material changes in fair |
value are recognised in the statement of income. |
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Hire purchase and leasing commitments |
Operating lease payments are charged to the profit and loss account as incurred. |
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Pension costs and other post-retirement benefits |
The company contributes to employees' personal pension schemes. Contributions payable for the year are |
charged to the profit and loss account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Wandfluh UK Limited (Registered number: 02635311) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Holding company loan |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Amounts due to group company | 233,206 | 273,968 |
Accruals |
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Wandfluh UK Limited (Registered number: 02635311) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Holding company loan due |
one to two years | 180,000 | 180,000 |
Holding company loan due two to five years | 600,000 | 600,000 |
Holding company loan due more |
than five years by instalment | 394,834 | 357,140 |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Holding company loan due more |
than five years by instalment | 394,834 | 357,140 |
394,834 | 357,140 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Holding company loans | 1,354,834 | 1,317,140 |
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The holding company loans are secured by assets owned by the company. Interest payable is charged to the |
profit and loss account in the year in which it is due. |
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The loan from the holding company is subject to an interest rate that is regarded as being a market rate of |
interest. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 300,000 | 300,000 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Wandfluh UK Limited (Registered number: 02635311) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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12. | CAPITAL COMMITMENTS |
31.12.19 | 31.12.18 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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The company is extending its facilities in Southam and the capital commitment represents the costs associated |
with this. |
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13. | OTHER FINANCIAL COMMITMENTS |
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The company enters into forward exchange contracts to mitigate the risks associated with payment of liabilities |
in foreign currency. At the year end date these contracts amounted to £186,740 for settlement of purchase ledger |
items in January and February 2020. If translated at the spot rate applicable at the year end date the difference is |
immaterial and hence no adjustment has been made to the balances in accordance with FRS 102. |
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14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
to the tax authorities and assist with the preparation of the financial statements. |
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15. | ULTIMATE CONTROLLING PARTY |
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Wandfluh Holding AG, incorporated in Switzerland, is regarded by the directors as being the company's ultimate |
parent company. Copies of group accounts can be obtained from Wandfluh Holding AG, Helkenstrasse 13, 3714 |
Frutigen, Switzerland. |
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H Wandfluh who resigned as a director of this company on 1st February 2018, continues to be regarded as the |
ultimate controlling party by virtue of his voting rights within the parent company, Wandfluh Holding AG. |