REGISTERED NUMBER: |
Wandfluh UK Limited |
Abridged Audited Financial Statements |
for the Year Ended |
31 December 2022 |
REGISTERED NUMBER: |
Wandfluh UK Limited |
Abridged Audited Financial Statements |
for the Year Ended |
31 December 2022 |
Wandfluh UK Limited (Registered number: 02635311) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Wandfluh UK Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5 Clarendon Place |
Leamington Spa |
Warwickshire |
CV32 5QL |
Wandfluh UK Limited (Registered number: 02635311) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 |
Wandfluh UK Limited (Registered number: 02635311) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Wandfluh UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. |
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. |
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. |
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 |
Stocks |
Stocks have been valued at the lower of cost and net realisable value. |
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. |
Wandfluh UK Limited (Registered number: 02635311) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
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. |
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. |
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. |
Hire purchase and leasing commitments |
Operating lease payments are charged to the profit and loss account as incurred. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Wandfluh UK Limited (Registered number: 02635311) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Holding company loan |
Trade creditors |
Corporation tax |
Social security and other taxes |
Amounts due to group company | 692,798 | 612,207 |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
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 |
Wandfluh UK Limited (Registered number: 02635311) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Holding company loan due more |
than five years by instalment | 2,038,739 | 1,902,969 |
2,038,739 | 1,902,969 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Holding company loans | 2,998,739 | 2,862,969 |
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. |
The loan from the holding company is subject to an interest rate that is regarded as being a market rate of interest. |
10. | PROVISIONS FOR LIABILITIES |
31.12.22 | 31.12.21 |
£ | £ |
Deferred tax | 123,806 | 122,897 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Accelerated capital allowances | 909 |
Balance at 31 December 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 300,000 | 300,000 |
Wandfluh UK Limited (Registered number: 02635311) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CAPITAL COMMITMENTS |
31.12.22 | 31.12.21 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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. |
16. | ULTIMATE CONTROLLING PARTY |
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. |
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. |