The directors present their annual report and financial statements for the year ended 31 December 2022.
The principal activity of the company continued to be that of provision of strategic communications and public relations services.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Waggener Edstrom Worldwide Limited is a private company limited by shares incorporated in England and Wales. The registered office is One New Change, London, England, EC4M 9AF.
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 £.
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.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
There were accrued pension contributions at the year end of £1,825 (2021: £nil).
On 21 December 2021, Waggener Edstrom Worldwide, Inc. purchased a further 4,500,000 ordinary shares of £1.00 each. This was done via capitalisation of a £4,000,000 intercompany loan, and a £500,000 cash injection.
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.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The company derived £3,001,036 (2021: £1,325,869) in commission income and made purchases of £2,107,098 (2021: £nil) from Waggener Edstrom Worldwide, Inc. a company incorporated in the USA, the parent undertaking. At the year end, the company owed a total loan amount of £128,267 (2021: £536,786) to Waggener Edstrom Worldwide, Inc. This balance is included within creditors falling due after more than one year. The company was charged interest of £5,829 (2021: £106,626) on the loan. At the year end, the company owed £117,896 (2021: £536,786) to Waggener Edstrom Worldwide, Inc within creditors due after one year.
During the year, the company had made sales of £754,083 (2021: £373,685) and purchases of £758,243 (2021: £523,544) with Waggener Edstrom Worldwide GmbH, a company incorporated in Germany, and a subsidiary of Waggener Edstrom Worldwide, Inc. At the year end, the company owed £295,578 (2021: £nil) to Waggener Edstrom Worldwide GmbH.
During the year, the company had made sales of £180,727 (2021: £nil) and purchases of £111,157 (2021: £19,415l) with Waggener Edstrom Worldwide (Proprietary) Limited, a company incorporated in South Africa, and a subsidiary of Waggener Edstrom Worldwide, Inc. At the year end, the company owed £78,040 (2021: £1,362) to Waggener Edstrom Worldwide (Proprietary) Limited.
During the year, the company had made sales of £30,706 (2021: £18,904) and purchases of £22,148 (2021: £9,140) with Buchan Consulting Pty Ltd, a company incorporated in Australia and a subsidiary of Waggener Edstrom Worldwide, Inc.
During the year, the company had made sales of £375 (2021: £nil) from Red Bridge Communications (Shanghai) Ltd., a company incorporated in China, and a subsidiary of Waggener Edstrom Worldwide, Inc.
During the year, the company had made sales of £nil (2021: £17,850) from Waggener Edstrom Worldwide Singapore Pte. Ltd., a company incorporated in Singapore and a subsidiary of Waggener Edstrom Worldwide, Inc.
At the year end, the company was owed £42,679 (2021: - £1,338) from Avian Media Private Limited, a company incorporated in India and a subsidiary of Waggener Edstrom Worldwide, Inc.
At the year end, the company was owed £12,750 (2021: £nil) from Wagener Edstrom Worldwide Communications, a company incorporated in Beijing and a subsidiary of Waggener Edstrom Worldwide, Inc.
All of the above transactions were at arm's length.
No guarantees have been given or received.
The company is a subsidiary undertaking of Waggener Edstrom Worldwide, Inc. a company incorporated in the United States of America.
The address of Waggener Edstrom Worldwide, Inc. is as follows;
Civica North Tower
225 108th Avenue NE, Suite 600
Bellevue
WA 98004-5737
United States of America
Waggener Edstrom Worldwide, Inc. is the head of the largest and smallest group within which the results of the company are consolidated. The results of Waggener Edstrom Worldwide, Inc. are not available to the public.