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REGISTERED NUMBER: 04199432 (England and Wales)



















WAS VEHICLES (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


WAS VEHICLES (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Mr A O Ploeger



SECRETARY: Mr A O Ploeger



REGISTERED OFFICE: C/o Johnson Tidsall
81 Burton Road
Derby
Derbyshire
DE1 1TJ



BUSINESS ADDRESS: Augusta House
Hawkins Lane
BURTON ON TRENT
Staffordshire
DE14 1PT



REGISTERED NUMBER: 04199432 (England and Wales)



AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ



BANKERS: Commerzbank
30 Gresham Street
London
EC2P 2XY

WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,749,340 2,847,129
Tangible assets 5 36,411 24,650
Investments 6 1 1
2,785,752 2,871,780

CURRENT ASSETS
Stocks 7 427,078 791,675
Debtors 8 796,503 873,595
Cash at bank 179,547 409,467
1,403,128 2,074,737
CREDITORS
Amounts falling due within one year 9 1,199,500 2,278,484
NET CURRENT ASSETS/(LIABILITIES) 203,628 (203,747 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,989,380 2,668,033

CREDITORS
Amounts falling due after more than one year 10 (2,454,347 ) (2,437,037 )

PROVISIONS FOR LIABILITIES (5,220 ) (3,624 )
NET ASSETS 529,813 227,372

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 528,813 226,372
SHAREHOLDERS' FUNDS 529,813 227,372

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 director and authorised for issue on 11 July 2022 and were signed by:





Mr A O Ploeger - Director


WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

WAS Vehicles (UK) Limited is a private company, limited by shares , registered in England and 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about WAS Vehicles (UK) 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.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The following judgements have been made in the process of applying the company's accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Depreciation - the useful economic lives of fixed assets can vary. Management review the policies and determine their appropriateness based on historic experience and the current expectations of useful life

Amortisation - management review the policy and determine its appropriateness based on historic experience and the current expectations of useful life

Recoverability of amounts owed by customers - amounts owed by customers are reviewed weekly for collectability and a reserve is recorded if, in the Directors' judgement, the collectability of the balance is uncertain.

Work in progress - recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the costs of work performed to date, including an hourly labour rate.

Carrying value of stock - when calculating the stock provision, management considers the nature and condition of stock, together with the age of stock, and sales activity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of vehicle chassis and vehicle parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from warranty services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the costs of work performed to date, including an hourly labour rate.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The Customer Base intangible asset is being amortised evenly over its useful economic life of 30 years.

WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs. They are subsequently measured at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 2,933,665
AMORTISATION
At 1 January 2021 86,536
Charge for year 97,789
At 31 December 2021 184,325
NET BOOK VALUE
At 31 December 2021 2,749,340
At 31 December 2020 2,847,129

The other intangible assets represent the Customer Base in respect of the purchase of VIA Limited in February 2020.

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2021 4,850 83,300 22,846 18,058 129,054
Additions - 1,190 - 28,530 29,720
Disposals - - - (18,058 ) (18,058 )
At 31 December 2021 4,850 84,490 22,846 28,530 140,716
DEPRECIATION
At 1 January 2021 970 63,421 21,955 18,058 104,404
Charge for year 485 9,524 817 7,133 17,959
Eliminated on disposal - - - (18,058 ) (18,058 )
At 31 December 2021 1,455 72,945 22,772 7,133 104,305
NET BOOK VALUE
At 31 December 2021 3,395 11,545 74 21,397 36,411
At 31 December 2020 3,880 19,879 891 - 24,650

WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 1
NET BOOK VALUE
At 31 December 2021 1
At 31 December 2020 1

7. STOCKS
2021 2020
£    £   
Finished goods 427,078 791,675

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 710,987 796,611
Amounts owed by group undertakings 43,882 43,015
Other debtors 7,286 7,286
VAT 65 -
Prepayments and accrued income 34,283 26,683
796,503 873,595

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 5,770 -
Trade creditors 167,741 1,223,778
Amounts owed to group undertakings 747,870 850,809
Corporation tax 92,315 51,620
Social security and other taxes 8,381 8,299
VAT - 28,289
Other creditors 13,447 10,334
Accruals and deferred income 163,976 105,355
1,199,500 2,278,484

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 17,310 -
Amounts owed to group undertakings 2,437,037 2,437,037
2,454,347 2,437,037

WAS VEHICLES (UK) LIMITED (REGISTERED NUMBER: 04199432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


11. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 23,080 -

The hire purchase contract is secured against the motor vehicle in fixed assets.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 Ordinary £1 1,000 1,000

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Mellor FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

14. OTHER FINANCIAL COMMITMENTS

As at 31 December 2021 the company had financial commitments under operating leases of £29,262 (2020: £58,524) in relation to property and £NIL (2020: £1,001) in relation to other assets.

As at 31 December 2021 the company had financial commitments under hire purchase agreements of £23,080 (2020: £NIL) in relation to motor vehicles included in fixed assets.

15. RELATED PARTY DISCLOSURES

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.

WAS Vehicles (UK) Limited is a wholly owned subsidiary of Wietmarscher Ambulanz- und Sonderfahrzeug GMBH registered in Germany. Consolidated financial statements, of which WAS Vehicles (UK) Limited forms a part, are publicly available at Darwinstr 11 48488 Emsburen Germany.

The loan owing to Wietmarscher Ambulanz- und Sonderfahrzeug GMBH in note number 10 is repayable by 7 February 2030.

16. ULTIMATE PARENT COMPANY

Fahrzeug-Werke LUEG AG, incorporated in Germany, is regarded by the director as being the company's ultimate parent company.