Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
COMPANY INFORMATION
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their strategic report of the company for the year ended 30 September 2023. The principal activity of the company continued to be that of a metal service centre. The company is part of the Wieland Group, a global supplier of copper and copper alloy products.
The company's results for the year and the balance sheet position as at 30 September 2023 are considered satisfactory, despite the ongoing challenging economic environment.
The company's sector was impacted by a fall in demand which resulted in a decrease in tonnage sold and consequently a reduction in revenue. Turnover for the year ended 30 September 2023 amounted to £48,308,022, a decrease of 10.4% when compared to the turnover generated in the prior year of £53,933,840. Notwithstanding the lower revenue the company's profitability was maintained in line with prior year levels. This is a result of careful cost management and price increases which were implemented in the year to pass on increased purchasing costs experienced by the company. As a result of the above, operating profit amounted to £3,060,112 compared to a profit of £2,899,100 in the previous year. The company’s financial position continues to be strong. Net current assets as at 30 September 2023 amounted to £14,153,650 (2022: £12,265,397) and total net assets to £15,741,260 (2022: £13,792,894). The most significant balance sheet movement is the increase in cash at bank and in hand from £2,721,655 at 30 September 2022 to £5,479,468 as at 30 September 2023. The increase is primarily a result of cash generated from operations. Trade debtors at 30 September 2023 were £4,543,939 compared to £6,300,937 at 30 September 2022, with the reduction being due to effective credit control coupled with reduced sales.
Economic and geopolitical climate
The current economic and geopolitical climate presents the principal risk to the company. Whilst the challenging economic environment in the UK and general worldwide economic uncertainty is inevitably going to have an impact on the company, the directors believe the company and the group are financially and operationally well placed and have implemented appropriate mitigation strategies to manage the impact of reduced demand and rising costs. Price risk The company is exposed to the movement in base metal prices. Whilst the company no longer manages its exposure to metal price movements at a local level, Wieland Werke AG hedges the price risk at a Group level by entering into derivative contracts. Credit risk The company manages its exposure to counter party credit risk by establishing credit limits for customers and where possible making arrangements for its trade debtors to be covered by credit insurance. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Future developments
The directors view the future with cautious optimism. The company’s performance during the year ended 30 September 2023 was positive, given the challenging trading environment during the year which saw a general economic slowdown affecting most industries, coupled with continued inflationary pressures. The directors believe that the company is well placed to overcome the challenging market conditions due to its solid financial position, strong customer relationships and the ongoing support of the global Wieland group.
The directors are required to act in the way they consider would be most likely to promote the success of the company for the benefit of its members, as a whole, with regards to the following matters:
a) The likely consequences of any decision in the long-term As a board we have always taken decisions for the long-term, with key strategic decisions being taken in conjunction with the management team of Wieland Werke AG, our parent company. The directors regularly review capital investment decisions to promote sustainable and long-term success of the company. Collectively and individually our aim is always to uphold the highest standards of conduct. Similarly, we understand that our business can only grow and prosper over the long-term if we understand and respect the views and needs of our customers, colleagues, and the communities in which we operate, as well as our suppliers, the environment, and the shareholders to whom we are accountable. b) The interests of the company's employees Our employees are one of our greatest assets and their interests are always considered when decisions are made. We have high expectations of our workforce and actively encourage their advancement. Our goals can only be achieved with motivated and qualified employees working in close collaboration in an environment of trust and openness. We are committed to continual improvement and protecting our employees against injuries and diseases and promoting well-being. All management and board meetings are opened with health and safety topics and health and safety performance is measured globally throughout the group. c) The need to foster the company's business relationships with suppliers, customers and others Customer satisfaction is key to our company’s success and the directors work closely with customers to build long-term relationships. We are also conscious of our responsibility to our employees as well as to the environment and to society. We aim to work in partnership with our suppliers and have built strong relationships over the years. d) The impact of the company's operations on the community and environment The core business at Wieland Nemco of processing copper alloys and other metals is, in itself, of moderate energy intensity and impact to the community and environment. The manufacture of copper alloys which originate predominantly from our group companies is energy intensive but by committing to using recycled materials we, as a group, aim to be a key part of the circular economy. Wieland group is committed to continual improvement of its manufacturing processes and the protection of the environment; including reducing pollution such as emissions and waste, and actively pursuing energy efficiency in all processes to minimise the impact of our activities. e) The desirability of the company maintaining a reputation for high standards of business conduct The directors believe it is vital to maintain a reputation for high standards. The directors are committed to meeting legal requirements, fulfilling contracts, and meeting the requirements of certified management systems. The company holds the latest international quality standard ISO 9001:2015. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
f) The need to act fairly as between members of the company
Wieland Nemco Ltd is a wholly owned subsidiary of Wieland Werke AG and the directors have regular and open dialogue with its representatives.
This report was approved by the board and signed on its behalf.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The profit for the year, after taxation, amounted to £2,448,366 (2022: £2,363,919).
A dividend of £500,000 (2022: £nil) was declared in the financial year.
The directors who served during the year were:
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report)
Regulations 2018 the company's energy use and greenhouse gas (GHG) emissions are set out below. The data relates to the 12-month period from 1 October 2022 to 30 September 2023: Total energy consumption: 1,593,741 kWh Emissions from combustion of gas (scope 1): 58 tCO2e Emissions from combustion of fuel for the purposes of transport (scope 1): 281 tCO2e Refrigerants (scope 1): 0 tCO2e Emissions from purchased electricity (scope 2): 35 tCO2e Total gross emissions: 374 tCO2e Intensity ratio: 7.75 tCO2e/£M Sales Comparison to the prior year: Total energy consumption: 1,628,037 kWh Emissions from combustion of gas (scope 1): 54 tCO2e Emissions from combustion of fuel for the purposes of transport (scope 1): 291 tCO2e Refrigerants (scope 1): 0 tCO2e Emissions from purchased electricity (scope 2): 39 tCO2e Total gross emissions: 383 tCO2e Intensity ratio: 7.10 tCO2e/tonne Primary energy efficiency measures implemented In the year ended 30 September 2023 the business completed the installation of a solar array on the main warehouse roof. This has resulted in generation of enough electricity to not require any grid electricity on sunny days. Overall it is anticipated that 70% of the electricity requirement will be self-generated with any excess exported to the grid. Replacement of gas fuelled forklift truck with electric was also completed. Projects that will be investigated or implemented in the near future are: Improvements to space heating / cooling in office areas; replacement of gas boilers to heat warehouse/workshop areas with environmentally friendlier alternatives. The company commit to upgrading the fleet of vehicles with plug in hybrid for cars and fuel efficient trucks. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Streamlined Energy and Carbon Reporting (SECR) (continued)
Methodology
The methodology used in the creation of this SECR report is consistent with the Greenhouse Gas (GHG) Protocol. Organisational boundaries and scoping of greenhouse gas emissions are based on this protocol while the primary energy efficiency measures highlighted qualitatively have been created upon energy management best practice.
UK Government GHG Conversion Factors for Company Reporting for the year 2023 have been utilised for combustion gas, location-based electricity, and transport carbon calculations as the majority of utilities were consumed within the year 2023.
The sales factor used to calculate the intensity ratio is our published sales value for the period in question.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved by the board and signed on its behalf.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors are responsible for preparing the strategic report, the directors' report and the 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company'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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIELAND NEMCO LTD
FOR THE YEAR ENDED 30 SEPTEMBER 2023
We have audited the financial statements of Wieland Nemco Ltd (the 'company') for the year ended 30 September 2023, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes 1 to 22, 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 company 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 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIELAND NEMCO LTD (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIELAND NEMCO LTD (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 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:
∙the engagement partner ensure that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowedge and experience of the company's sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIELAND NEMCO LTD (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Auditor's responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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
16 Great Queen Street
Covent Garden
WC2B 5AH
Date: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The company's principal activity is that of a metal service centre.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH and the address of its principal place of business is 5 Pennard Close, Brackmills, Northampton, NN4 7BE. The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
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 company is included in the consolidated financial statements of Wieland-Werke AG for the year ended 30 September 2023 and these financial statements may be obtained from https://www.unternehmensregister .de.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosure of key management personnel compensation).
The following principal accounting policies have been applied:
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of at least twelve months from the date these financial statements were approved. In reaching this conclusion, the directors have taken account of the continued support of the Wieland group. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company 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 company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss 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, using the straight-line method.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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 in the profit and loss account. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.
Functional and presentation currency
Transactions and balances
Ordinary shares are classified as equity.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
The company operates a defined contribution plan for the benefit of its employees. The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods difference from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Analysis of turnover by country of destination:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9.Taxation (continued)
From 1 April 2023 the corporation tax rate increased to 25% for companies with profits of over £250,000.
Deferred taxes at the balance sheet date have been measured using this rate.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11.Tangible fixed assets (continued)
The net book value of assets held under finance leases or hire purchase contracts at 30 September 2023 was £nil (2022: £nil).
The depreciation charged to the financial statements in the year in respect of such assets amounted to £nil (2022: £24,576). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Profit and loss account
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIELAND NEMCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Wieland-Werke AG, whose registered office is at Graf-Arco-Straße 36, 89079 Ulm, Germany. Copies of these group financial statements are available from https://www.unternehmensregister .de.
The directors regard Schwenk Donau GmbH & Co. KG, a company incorporated in Germany, as being the ultimate parent company. Group financial statements are not prepared. The directors regard the Schleicher family as the ultimate controlling party. |