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REGISTERED NUMBER: 01784976 (England and Wales)













Audited Financial Statements

for the Year Ended 31st December 2023

for

Wanner International Limited

Wanner International Limited (Registered number: 01784976)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wanner International Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: P Davis
J Grewe
W F Wanner Jnr





SECRETARY: P Davis





REGISTERED OFFICE: Units 8 & 9
Fleet Business Park
Sandy Lane
Church Crookham
Hampshire
GU52 8BF





REGISTERED NUMBER: 01784976 (England and Wales)





AUDITORS: Whiteleys
Chartered Certified Accountants
& Statutory Auditor
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Wanner International Limited (Registered number: 01784976)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 124,741 57,135
Investments 6 1,274,585 1,274,585
1,399,326 1,331,720

CURRENT ASSETS
Stocks 5,280,691 2,921,159
Debtors 7 1,907,288 2,864,102
Cash at bank and in hand 1,210,710 1,469,709
8,398,689 7,254,970
CREDITORS
Amounts falling due within one year 8 3,653,344 3,579,247
NET CURRENT ASSETS 4,745,345 3,675,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,144,671

5,007,443

PROVISIONS FOR LIABILITIES 30,864 13,058
NET ASSETS 6,113,807 4,994,385

CAPITAL AND RESERVES
Called up share capital 900,000 900,000
Retained earnings 5,213,807 4,094,385
SHAREHOLDERS' FUNDS 6,113,807 4,994,385

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 Board of Directors and authorised for issue on 13th March 2024 and were signed on its behalf by:





P Davis - Director


Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

Wanner International 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The directors believe that despite current trading conditions, the company and overall group are well placed to manage business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 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 assessed the overall group position and forecasts and have confirmed that they will continue to supply the company for the foreseeable future & these financial statements have therefore been prepared on a going concern basis of accounting.

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.

Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


3. ACCOUNTING POLICIES - continued

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.

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.


Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


3. ACCOUNTING POLICIES - continued

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.

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.

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.

Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


3. ACCOUNTING POLICIES - continued

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 25 (2022 - 20 ) .

5. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1st January 2023 116,162 184,156 29,417 329,735
Additions - 67,194 40,166 107,360
At 31st December 2023 116,162 251,350 69,583 437,095
DEPRECIATION
At 1st January 2023 97,811 145,372 29,417 272,600
Charge for year 6,539 29,934 3,281 39,754
At 31st December 2023 104,350 175,306 32,698 312,354
NET BOOK VALUE
At 31st December 2023 11,812 76,044 36,885 124,741
At 31st December 2022 18,351 38,784 - 57,135

Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 1,921,101
PROVISIONS
At 1st January 2023
and 31st December 2023 646,516
NET BOOK VALUE
At 31st December 2023 1,274,585
At 31st December 2022 1,274,585

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,527,547 2,339,365
Other debtors 379,741 524,737
1,907,288 2,864,102

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 162,745 246,405
Amounts owed to group undertakings 2,693,743 2,432,067
Taxation and social security 174,448 249,038
Other creditors 622,408 651,737
3,653,344 3,579,247

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 321,600 203,938
Between one and five years 1,234,770 102,224
1,556,370 306,162

Wanner International Limited (Registered number: 01784976)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


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

The Report of the Auditors was unqualified.

Neil Dennis Hollingshead FCCA (Senior Statutory Auditor)
for and on behalf of Whiteleys

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 Choice Financial Group in America:

i) $24 million loan facilities

ii) $8.211 million total real estate term loans

iii) $3.896 million equipment loan

The item detailed in i) above is due to expire on 30 June 2025, the items detailed in ii) above are due to expire between the date range of 30 June 2024 to 31 December 2026 and the item detailed in iii) above is due to expire on 30 August 2030. At the present date, no liability has arisen from any of these arrangements.

The company also has a contingent liabilities in respect of bank guarantees provided to Hal Offshore for up to $37,950, Oil India for up to $21,300, to Sopan for up to $58,800, Tenova for up to $3,350 and Vedanta for up to $293,355

Included in cash at bank is the sum of $414,755 in escrow in respect of a customer deposit received and disclosed as part of trade creditors at the financial year end.

Natwest Bank plc and Barclays Bank plc also have legal charges and debentures secured on all the assets of the company.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. 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.