Registered number:
FOR THE YEAR ENDED
31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
COMPANY INFORMATION
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WN VTECH HOLDINGS LIMITED
CONTENTS
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors present their strategic report and financial statements for the year ended 31 December 2021. The prior period results are for the year ended 31 December 2020.
TDuring the period the Group’s turnover was £77.5 million (2020 - £82.0 million) with the reduction in sales mainly attributable to supply chain constraints, notably in the supply of base vehicles due to the Worldwide semi-conductor shortages and other critical component supply. Despite this reduction Operating profit remained strong at £6.6 million (2020 - £4.3 million).
The Group was still able to generate cash in the period despite the supply chain challenges with Net cash generated from operating cashflows of £3.4 million (2020 - £10.8 million) and showed strong sales demand in all divisions with the Group order book growing 97.0% in the year to finish at £86.6 million (2020 - £44.0 million). The Directors are pleased with how well the business has performed through this difficult period with record order book for the Group at the year end and an acceleration of product development that will form a basis for strong growth over the coming years. The Directors consider the Company’s financial position to be strong.
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Automotive supply chain constraints
The risk of continued Automotive supply chain issues, notably of base vehicles, is being managed through our excellent long standing relationships with Vehicle Manufacturers (OEM’s) and the diversification we have across the Group using a number of different OEM’s and vehicle types. Other Risks The Directors believe that apart from risks associated with Automotive supply chain issues the main risks of the business are • The continued impact from COVID 19 • The cost of funding increases due to • Lack of demand in key markets • Loss of key customers • The failure of key suppliers • Fluctuations in the Groups working capital requirements and funding requirements The Group has taken a number of measures to protect the welfare of its employees from the COVID 19 Pandemic and although the threat has currently reduced we remain prudent and diligent in monitoring COVID levels around all our plants and following and acting on all relevant Government guidelines. Lack of demand in key markets is managed by having a diversified portfolio of products. Loss of key customers is managed by developing and continuing good working relationships and providing excellent service and quality at competitive costs. The risk of failure in key suppliers is managed by developing long term relationships with our key suppliers, that are predominantly UK based. Risks identified resulting from the Group’s working capital requirements are mitigated by entering into a range of banking facilities where required and operating a diversified portfolio of businesses with different working capital cycles.
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This section aims to address the responsibility of the Directors of the Company acting in good faith, to be promoting the success for the benefit of its members as its whole. The Directors and Senior management of WN VTech Holdings Limited give careful consideration to the factors set out below in discharging their duties.
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Decision making:
Decision making within the business is always taken with promoting the success of the business in mind from a Director and Senior Management level to all employees in the Company. Performance of the Company is reviewed internally by Directors, frequently through financial reporting and non financial metrics as well as corporate reviews taking place multiple times throughout the fiscal year. Budgeting from a 5 year level takes place to ensure the long term planning of the company is set and strategic direction taken, as well as short term quarterly forecasting in order to ensure targets are met. All of this is done in line with corporate management to ensure accordance with the firms strategy and delivery of plans agreed by the Company Board and Senior Management. Employees: Employees are central to the long term success of any company and the same is true of WN VTech Holdings Limited. We have a diverse skill base and range of experience across our UK and International sites and recognise that maintaining and growing this is key to the business’ future. The business has apprentice programs to ensure that a pipeline of development is always in existence, and also offers a variety of programs of training across all areas. Employee welfare is a critical component of our relationship with our employees, and this has been illustrated by the reaction to the COVID 19 pandemic, where the business promoted isolation if required, working from home for relevant staff, and stricter internal hygiene measures throughout. Suppliers and Customers: Creating and maintaining relationships with our supplier and customer base is key to the nature of our industry. The majority of our commercial arrangements with customers cover repeat long term business and this is reflected in how we manage our supply base – through long term relationships with experienced and skilled Sales and Procurement teams that foster and develop close relationships with our key businesses to ensure that we grow successfully together. Impact on community and environment: Impact on the environment is an important factor in all business decision making, especially in the automotive industry. Woodall Nicholson businesses hold ISO 14001 2015 environmental management system accreditation, all aspects of environmental controls are managed through the EMS, including compliance obligations, legal requirements, objectives, operational planning and control. This is used in conjunction with internal, corporate and external BSI audits to ensure we adhere to environmental regulations.
In line with the Streamlined Energy and Carbon Reporting (SECR) requirements we have reported on the underlying energy use.
In 2020 the Company undertook preliminary audits to identify opportunities to improve energy efficiency and reduce energy consumption. The business has already followed some of the recommendations with an estimated saving of 270,818 kWh per year from switching the Westhoughton site from Oil to Natural gas in 2020 and in the period of the report has switched part of the Westhoughton site to LED lighting saving 89,856 with the opportunity to roll this out to further sites in 2022. We are also targeting moving to an electric only vehicle policy for company vehicles and intend to switch to a part at least renewable energy source supplier at our next renewal in December 2022.
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Conversion factors
All conversion factors that have been used are taken from the 2019 “UK Government GHG” Conversion Factors for Company Reporting” document. Utilities Invoices from electricity and natural gas suppliers were provided, with energy consumption expressed in kilowatt hours. Emissions were calculated using the average UK mix. Fuel consumption is recorded by fuel cards, expressed in litres. Energy consumption and emissions were calculated using the average forecourt mineral blend of fuels.
This report was approved by the board on 31 May 2022
and signed on its behalf.
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WN VTECH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors present their report and the financial statements for the year ended 31 December 2021.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year
. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
5,015,467
(2020 -
£
2,236,489
)
.
Dividends amounting to £Nil (2020 - £93,493) were paid during the year. The Directors do not recommend any further dividends for the year.
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WN VTECH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors who served during the year were:
The Directors are satisfied with the results for the period and are positive for the future, based on ongoing improvement and product development initiatives within the business.
The Group has expended approximately £2,069k (2020 - £1,020k) on development and improvement to the Group's range of products during the year.
The Group supports the employment of disabled people wherever possible, both in recruitment and by retention of those who become disabled during their employment.
Appropriate steps are taken to inform and consult employees regarding matters affecting them and the Group. The Group's policy regarding health and safety is to ensure that, as far as is reasonably practicable, there is a working environment which will minimise the risk to health and safety of employees and those persons who are authorised to be on its premises.
Creating and maintaining relationships with our supplier and customer base is key to the nature of our industry. The majority of our commercial arrangements with customers cover repeat long term business and this is reflected in how we manage our supply base – through long term relationships with an experienced and skilled Sales and Procurement teams that foster and develop close relationships with our key businesses to ensure that we grow successfully together.
A business review, principal risks and uncertainties, financial key performance indicators, statement of compliance with S172 of the Companies Act and Streamlined Energy and Carbon Reporting are disclosed in the Strategic Report.
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WN VTECH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The company changed its name from Woodall Nicholson Holdings Limited to WN VTech Holdings Limited on 3 May 2022.
Under section 487(2) of the Companies Act 2006, Langtons Professional Services Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on 31 May 2022 and signed on its behalf.
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WN VTECH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WN VTECH HOLDINGS LIMITED
We have audited the financial statements of WN VTech Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Income Statement, the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group and Company Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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WN VTECH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WN VTECH HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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WN VTECH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WN VTECH HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's Report.
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WN VTECH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WN VTECH HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
The Plaza
100 Old Hall Street
L3 9QJ
31 May 2022
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WN VTECH HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
REGISTERED NUMBER:
08381707
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
REGISTERED NUMBER:
08381707
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2022
.
The notes on pages 22 to 47 form part of these financial statements.
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WN VTECH HOLDINGS LIMITED
REGISTERED NUMBER:
08381707
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
REGISTERED NUMBER:
08381707
COMPANY STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2022
.
The notes on pages 22 to 47 form part of these financial statements.
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WN VTECH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The entity is a private limited liability company, limited by shares registered in England and Wales within the United Kingdom. The registered office and company number can be found on the Company Information page.
These consolidated financial statements include both group and company results.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. The consolidated financial statements do not, however, include the three parent entities. A separate consolidated set of financial statements are available from the ultimate parent entity. As a result, balances and transactions with other group entities are not eliminated in full as this consolidated set of financial statements does not include all group entities.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors have concluded that it is appropriate to prepare the accounts on a going concern basis as the Group had adequate cash resources and financial projections indicate that the Group will continue to trade within its existing bank facilities.
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Negative goodwill arose on the acquisition of a business when the fair value of the separable assets and liabilities acquired exceeded the fair value of the consideration paid. Negative goodwill is capitalised and amortised through the Consolidated Statement of Comprehensive Income in the period in which the non-monetary assets acquired are recovered. In the case of fixed assets this is the period over which they are depreciated.
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Consolidated Statement of Income during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the Consolidated Statement of Income.
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Income.
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Page 26
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
A provision is made for the three year warranty claims that are anticipated to be made over the life of the Group's products. This provision is based on historic sales of vehicles and the provision is included within accruals.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Page 29
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The whole of the turnover is attributable to the principal activity of the Group.
Analysis of turnover by country of destination:
Page 30
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 31
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 32
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 33
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 34
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
13.
Taxation (continued)
There were no factors that may affect future tax charges.
Page 35
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 36
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
16.
Intangible assets (continued)
Page 37
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 38
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
17.
Tangible fixed assets (continued)
Page 39
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
17.
Tangible fixed assets (continued)
Page 40
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 41
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 42
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Obligations under finance lease and hire purchase contracts are secured on demonstrator stock held
within finished goods.
Page 43
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 44
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 45
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Profit and loss account
The Company has entered into a cross guarantee with its parent company such that it will guarantee the lending of its parent should it be unable to meet its liabilities as and when they fall due. At 31 December 2021, the maximum potential exposure is £93,568,186 (2020 - £88,740,487).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totalling £82,951 (2020 - £84,514) were payable to the fund at the reporting date and are included in creditors.
Page 46
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WN VTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
33.
Other financial commitments
The Group has provided a bond of £54,000 (2020 - £54,000) to HM Revenue & Customs.
The immediate parent company is Trinity Bidco Limited, a company incorporated in England and Wales.
The ultimate parent company is Trinity Topco Limited, a company incorporated in England and Wales. Tinity Topco Limited prepare consolidated financial statements and these are available from Companies House. The directors consider that Rutland Partners LLP are the controlling party of the company.
The directors consider that the group is entitled to exemption from the requirement to have an audit of its subsidiary undertakings under the provisions of section 479A of the Companies Act 2006 ("the Act") and members have not required any of the subsidiaries to obtain an audit for the year in question in accordance with section 476 of the Act.
Villmount Limited (NI604140), Treka Bus Limited (04063157), Promech Solutions Limited (09691800), JM Engineering (Scarborough) Limited (06429273) and Vehicle Conversion Specialists Limited (07214183) have taken advantage of this exemption.
Page 47
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