|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audited Financial Statements |
|
for the Year Ended 31st December 2018 |
|
for |
|
Wanner International Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audited Financial Statements |
|
for the Year Ended 31st December 2018 |
|
for |
|
Wanner International Limited |
Wanner International Limited (Registered number: 01784976) |
|
Contents of the Financial Statements |
for the Year Ended 31st December 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Wanner International Limited |
|
Company Information |
for the Year Ended 31st December 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Certified Accountants |
& Statutory Auditor |
Sovereign House |
155 High Street |
Aldershot |
Hampshire |
GU11 1TT |
Wanner International Limited (Registered number: 01784976) |
|
Balance Sheet |
31st December 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements |
for the Year Ended 31st December 2018 |
|
|
1. | STATUTORY INFORMATION |
|
Wanner International Limited is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Wanner International Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated 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 is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for goods supplied and services rendered, stated net of discounts and of Value |
Added Tax. |
|
The company recognises revenue when the amount of revenue can be measured reliably, when it is |
probable that future economic benefits will flow to the entity and when specific criteria have been met |
for the company’s activities. |
|
Tangible fixed assets |
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment |
losses. |
|
On disposal, the difference between the net disposal proceeds and the carrying amount of the item |
sold is recognised in profit or loss, and included in other operating income. |
|
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, |
over their estimated useful lives as follows: |
|
Long leasehold improvements | - | Straight line over the life of the lease |
Fixtures and fittings | - | 20% on cost and Straight line over 3 years |
Computer equipment | - | 33% on cost |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2018 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are measured at the lower of cost and selling price less cost to complete and sell. Cost is |
calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other |
costs incurred in bringing the stocks to their present location and condition. |
|
Income tax |
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the |
reporting period. |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior |
years. |
|
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect |
of transactions and events recognised in the financial statements of current and previous periods. |
|
Deferred tax arises from timing differences that are differences between taxable profits and total |
comprehensive income as stated in the financial statements. Timing differences result from the |
inclusion of income and expenses in tax assessments in periods different from those in which they are |
recognised in the financial statements. |
|
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. |
Unrelieved tax losses and other deferred tax assets are only recognised to the extent that 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 differences. |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
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 a daily spot |
rate of exchange with exchange differences being recognised on settlement. Exchange differences are |
taken into account in arriving at the operating result. |
|
Leases |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to |
ownership. All other leases are classified as operating leases |
|
The rights of use and obligations under finance leases are initially recognised as assets and liabilities |
at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum |
lease payments. |
|
Minimum lease payments are apportioned between the finance charge and the reduction in the |
outstanding liability using the effective interest rate method. The finance charge is allocated to each |
period during the lease so as to produce a constant periodic rate of interest on the remaining balance |
of the liability. |
|
Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If |
there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset |
is depreciated over the lower of the lease term and its useful life. |
|
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2018 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
|
Going concern |
The company is dependant upon its parent company, WEC Inc., for supplies of the pumps and |
accessories that it assembles and distributes. WEC Inc. have confirmed that they will continue to |
supply the company for the foreseeable future & these accounts have therefore been prepared on a |
going concern basis. |
|
Financial instruments |
The company 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 non-puttable ordinary shares. |
|
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 profit or loss. |
|
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 the best estimate, which is an approximation, of |
the amount that the company 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. |
|
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property |
and equipment, are reviewed to determine whether there is an indication that an asset may be |
impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group |
of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated |
and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the |
asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit |
or loss. |
|
Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of |
stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an |
item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less |
costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
|
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related |
assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount |
that would have been determined had no impairment loss been recognised for the asset or group of |
related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or |
loss. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2018 |
|
|
5. | TANGIBLE FIXED ASSETS |
Long | Fixtures |
leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2018 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) | ( |
) | ( |
) |
At 31st December 2018 |
|
|
|
|
DEPRECIATION |
At 1st January 2018 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) |
At 31st December 2018 |
|
|
|
|
NET BOOK VALUE |
At 31st December 2018 |
|
|
|
|
At 31st December 2017 |
|
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2018 |
and 31st December 2018 |
|
PROVISIONS |
At 1st January 2018 |
and 31st December 2018 | 646,516 |
NET BOOK VALUE |
At 31st December 2018 |
|
At 31st December 2017 |
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2018 |
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
11. | CONTINGENT LIABILITIES |
|
Together with its fellow subsidiaries, the company has provided guarantees in support of the following |
Credit Facilities entered into by the company's parent company with Venture Bank in America: |
|
i) | $10.00 million loan facilities. |
|
ii) | $3.10 million term loan. |
|
iii) | $1.03 million real estate term loan. |
|
|
The item detailed in ii) above is due to expire in August 2022 and iii) is due to expire in April 2020 and |
to date, no liability has arisen from either of these arrangements. |
|
The company has a contingent liability in respect of a bank guarantee provided to H M Revenue & |
Customs for up to £200,000 |
|
The company also has a contingent liability in respect of a bank guarantee provided to Hal Offshore |
Limited for up to $66,660. |
|
The company has also provided a Guarantee to Natwest Bank plc for £50,000 securing all the liabilities |
of Wanger Enterprises Limited. |
|
Natwest Bank plc also has a debenture secured on all the assets of the company. |
Wanner International Limited (Registered number: 01784976) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2018 |
|
|
12. | ULTIMATE CONTROLLING PARTY |
|
The company is exempt from the requirement to prepare group accounts because it is itself a |
subsidiary undertaking. |
|
The directors consider WEC Inc., a company incorporated in the United States of America, to be the |
ultimate parent company and they draw up group accounts. |
|
The registered office of WEC Inc. is at 1204 Chestnut Avenue, Minneapolis, MN 55403, USA. |