Company registration number 08175543 (England and Wales)
WALA UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
WALA UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
WALA UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,913
18,626
Current assets
Stocks
437,823
622,059
Debtors
5
382,671
717,242
Cash at bank and in hand
1,106,430
1,284,119
1,926,924
2,623,420
Creditors: amounts falling due within one year
6
(3,721,711)
(3,695,749)
Net current liabilities
(1,794,787)
(1,072,329)
Total assets less current liabilities
(1,775,874)
(1,053,703)
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
(1,825,874)
(1,103,703)
Total equity
(1,775,874)
(1,053,703)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 April 2023 and are signed on its behalf by:
C A Beardsall
Director
Company Registration No. 08175543
WALA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
50,000
(1,232,926)
(1,182,926)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
129,223
129,223
Balance at 31 December 2021
50,000
(1,103,703)
(1,053,703)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(722,171)
(722,171)
Balance at 31 December 2022
50,000
(1,825,874)
(1,775,874)
WALA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
WALA UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Beaumont Street, Oxford, OX1 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts, VAT and other sales related taxes. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
12 year straight line
Plant and machinery
10% to 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for impairment losses on obsolete and slow moving items. Impairment losses are recognised in profit or loss.
WALA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ and section 12 ‘Other financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets include debtors and cash and bank balances. Debtors and cash and bank balances which are basic financial assets are measured at transaction price less any impairment. Debtors and cash and bank balances in foreign currencies are initially recorded at transaction price and subsequently at fair value less any impairment. Any changes in fair value are recognised in the profit or loss. Financial assets are assessed for indicators of impairment at each reporting end date.
Financial liabilities includes creditors and debt instruments. Creditors and debt instruments which are basic financial liabilities are measured at transaction price. Creditors and debt instruments in foreign currencies are initially recorded at transaction price and subsequently at fair value. Any changes in fair value are recognised in the profit or loss.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of them lease.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities.
Estimates and underlying assumptions are reviewed on an ongoing basis.
WALA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2021 - 20).
2022
2021
Number
Number
Total
23
20
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
9,224
100,410
109,634
Additions
6,038
6,038
At 31 December 2022
9,224
106,448
115,672
Depreciation and impairment
At 1 January 2022
4,999
86,009
91,008
Depreciation charged in the year
769
4,982
5,751
At 31 December 2022
5,768
90,991
96,759
Carrying amount
At 31 December 2022
3,456
15,457
18,913
At 31 December 2021
4,225
14,401
18,626
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
290,176
622,547
Other debtors
40,275
41,425
Prepayments and accrued income
52,220
53,270
382,671
717,242
WALA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
27,163
36,685
Amounts owed to group undertakings
3,480,768
3,402,802
Taxation and social security
136,045
178,885
Other creditors
3,527
3,027
Accruals and deferred income
74,208
74,350
3,721,711
3,695,749
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Suzanne Freeda BA FCA
Statutory Auditor:
F M C B
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
465,137
327,008
WALA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
10
Parent company
The parent undertaking of the smallest group of undertakings of which the company is a member is WALA Heilmittel GmbH, a company incorporated in Germany. Group financial statements are not prepared.
The parent company of the largest group of undertakings of which the company is a member is WALA Stiftung, a foundation incorporated in Germany. Group accounts are available to the public at www.unternehmensregister.de
The immediate controlling party is WALA Heilmittel GmbH.
In the opinion of the directors there is no ultimate controlling party.