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Registered number: 04524830









WANSTOR LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WANSTOR LIMITED
 
 
COMPANY INFORMATION


Directors
Peter James Lukes 
Francesca Emily Florence Lukes 
Manmit Singh Rai 




Registered number
04524830



Registered office
First Floor
Bridgegate House

124-126 Borough High Street

London

SE1 1LB




Independent auditors
Barnes Roffe LLP
Chartered Accountants

First Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
WANSTOR LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 28


 
WANSTOR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 30 September 2023.
Principal activity
The principal activity of the company is that of provision of IT services.
Fair review of the business
This report provides an overview of the performance, position, and prospects of Wanstor during the financial year ended on September 2023. We are pleased to report that our financial results for the year were positive with growth in revenue of 13%.

Page 1

 
WANSTOR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Business review
 
Wanstor is a leading Managed IT Services business. Our strategy is centred around being the end-to-end strategic technology partner for growing businesses. We support ambitious and growing businesses maximise their investments in technology, from end user support and productivity to infrastructure, security, and data & analytics. Our approach to serving clients has been highly successful, enabling us to deliver strong organic growth through long-lasting customer retention and a high proportion of long-term contracted revenue. 
Despite the challenging macro-economic conditions, we have delivered a robust financial performance, with a 13% increase in revenue to £22.5m. We have also achieved a significant milestone by clearing our external debt early, which was incurred to fund our management buyout in 2021. This demonstrates our resilience, agility, and commitment to sustainable growth.
Achievements
We have continued to expand our customer base and strengthen our relationships with existing clients, delivering high-quality services and solutions across various sectors. Some of our notable achievements in the past year include:
• Securing contracts with leading hospitality brands, not for profits, and a global professional services business, adding to our portfolio of blue-chip customers.
• Launching a new IT service management (ITSM) platform, which will enable us to automate and optimise our processes, enhance our customer experience, and leverage artificial intelligence and machine learning capabilities.
• Investing in our people and culture, fostering a collaborative and inclusive environment, and being recognised as one of the top companies to work for in the UK by Best Companies.
Challenges
While we are proud of our achievements, we also acknowledge the challenges and risks that we faced and continue to face in the dynamic and competitive IT services market. Some of the key challenges that we encountered in the past year include:
• The uncertainty and volatility caused by the Covid-19 pandemic and the Brexit transition, and ongoing geo-political tensions which affected the demand and supply of IT services, as well as the operational and financial stability of our customers and suppliers.
• The high interest rates and inflation, which increased our borrowing costs and reduced our profitability margins.
• The continued shortage of skilled IT talent, which increases the competition to recruit and retain the best people for our business.
We have implemented various measures to mitigate these challenges, such as diversifying our revenue streams, managing our cash flow, enhancing our security and compliance, and investing in our people and technology. We also monitor the external factors that may affect our business and adjust our strategy accordingly.
Risks and mitigations
In addition to the challenges that we faced in the past year, we have identified some of the potential risks that may affect our future performance and prospects, and the actions that we have taken or plan to take to manage them. These include:
• The risk of cyber-attacks, data breaches, or system failures, which could compromise our reputation, customer trust, and service quality. To mitigate this risk, we have invested in our IT infrastructure, security systems, and backup solutions, and we have implemented robust policies and procedures to prevent, detect, and respond to any incidents. We also conduct regular audits and tests to ensure our compliance with the relevant standards and regulations.
• The risk of losing our competitive edge, customer loyalty, or market share, due to the rapid changes in technology, customer expectations, and industry trends. To mitigate this risk, we have adopted a customer-centric and innovation-driven approach, where we seek to understand the needs and preferences of our customers and deliver solutions that add value and differentiation. We also monitor the market developments and the activities of our competitors, and we invest in research and development, training, and partnerships to enhance our capabilities and offerings.
• The risk of continued economic uncertainty in 2024, due to the ongoing impact of the COVID-19
Page 2

 
WANSTOR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

pandemic, Brexit, and geopolitical tensions, which could affect our customers' demand, spending, and payment behaviour. To mitigate this risk, we have implemented prudent financial management, cost optimisation, and cash flow monitoring measures, and we have diversified our revenue sources and secured long-term contracts with our key customers. We also maintain close communication with our stakeholders and adapt our operations and strategies to the changing market conditions.
Future plans
Looking ahead, we are confident that we have a solid foundation and a clear strategy to achieve our vision of becoming the preferred partner for managed IT services in the UK. Our future plans include:
• Continuing to diversify our service offerings and customer segments, focusing on emerging technologies and high-growth sectors.
• Enhancing our operational efficiency and quality standards, leveraging our new ITSM platform and investing in innovation and automation.
• Strengthening our financial position and cash flow, pursuing growth opportunities, and delivering value to our shareholders.
• Developing our people and culture, attracting and retaining the best talent, and fostering a culture of excellence, collaboration, and social responsibility.
We would like to thank our customers, suppliers, employees, and shareholders for their continued support and trust in Wanstor. We look forward to working with you in the next year and beyond.
Social and Environmental Impact:
As an medium sized enterprise, we recognise our responsibility to operate in a socially and environmentally responsible manner. We are committed to reducing our environmental impact by implementing initiatives to reduce waste, improve energy efficiency, and reduce carbon emissions. We are pleased to report that we have accounted for our carbon emissions and offset for this financial year by 110%, making this financial year carbon neutral. We also support local communities through charitable donations and volunteering.
 


This report was approved by the board on 3 April 2024 and signed on its behalf.



Francesca Emily Florence Lukes
Director

Page 3

 
WANSTOR LIMITED
 
 
 
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.

Directors' responsibilities statement

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;

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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,583,261 (2022 - £1,565,961).



Directors

The directors who served during the year were:

Peter James Lukes 
Francesca Emily Florence Lukes 
Manmit Singh Rai 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
WANSTOR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 April 2024 and signed on its behalf.
 





Francesca Emily Florence Lukes
Director

Page 5

 
WANSTOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED
 

Opinion


We have audited the financial statements of Wanstor Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' 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.


Conclusions relating to going concern


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.


Page 6

 
WANSTOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WANSTOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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:
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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:
The engagement partner ensured 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 anagement, and from our commercial knowledge and experience of the sector in which the company operates;
-We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety 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 and the team remained alert to instances of non-compliance throughout the audit.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.
To address the risk of fraud in relation to revenue recognition, we:
- Performed detailed substantive testing to address completeness and accuracy of sales;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.
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 journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- Investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
Page 8

 
WANSTOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)




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 Auditors' report.


Use of our 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 2006Our 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 Auditors' 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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
First Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

3 April 2024
Page 9

 
WANSTOR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,549,169
19,985,691

Cost of sales
  
(16,971,740)
(15,010,880)

Gross profit
  
5,577,429
4,974,811

Administrative expenses
  
(3,606,531)
(3,162,950)

Operating profit
 5 
1,970,898
1,811,861

Interest receivable and similar income
  
-
40

Interest payable and similar expenses
  
(2,235)
(13)

Profit before tax
  
1,968,663
1,811,888

Tax on profit
 9 
(385,402)
(245,927)

Profit for the financial year
  
1,583,261
1,565,961

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
WANSTOR LIMITED
REGISTERED NUMBER: 04524830

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
35,223
54,915

Tangible assets
 11 
301,286
330,358

  
336,509
385,273

Current assets
  

Stocks
 12 
13,786
165,251

Debtors: amounts falling due within one year
 13 
10,186,577
9,219,399

Cash at bank and in hand
 14 
375,756
777,023

  
10,576,119
10,161,673

Creditors: amounts falling due within one year
 15 
(3,058,267)
(3,414,360)

Net current assets
  
 
 
7,517,852
 
 
6,747,313

Total assets less current liabilities
  
7,854,361
7,132,586

Creditors: amounts falling due after more than one year
 16 
(40,972)
-

Provisions for liabilities
  

Deferred tax
 18 
(49,084)
(56,430)

Other provisions
 19 
(48,978)
(48,978)

  
 
 
(98,062)
 
 
(105,408)

Net assets
  
7,715,327
7,027,178


Capital and reserves
  

Called up share capital 
 20 
100
100

Capital redemption reserve
  
25
25

Profit and loss account
  
7,715,202
7,027,053

  
7,715,327
7,027,178


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2024.



Francesca Emily Florence Lukes
Director

The notes on pages 14 to 28 form part of these financial statements.
Page 11

 
WANSTOR LIMITED
REGISTERED NUMBER: 04524830
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


Page 12

 
WANSTOR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
100
25
7,027,053
7,027,178



Profit for the year
-
-
1,583,261
1,583,261

Dividends
-
-
(895,112)
(895,112)


At 30 September 2023
100
25
7,715,202
7,715,327



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
100
25
5,461,092
5,461,217



Profit for the year
-
-
1,565,961
1,565,961


At 30 September 2022
100
25
7,027,053
7,027,178


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Wanstor Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 in the countries where the Company operates and generates income.

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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Long-term leasehold property
-
3 years
Motor vehicles
-
25%
straight-line method
Fixtures and fittings
-
25%
straight-line method
Other fixed assets
-
33%
straight-line method

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 profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies.
The company has also made key assumptions regarding settlement credits. An estimate is made for the value of cases at the year end which will result in a credit against the fee charged to the customer. There is a degree of estimation uncertainty when providing for such credits (reflecting the incidence of cancelled cases, customer terms and timing of such credits). The aggregate amount of such credits is included within other creditors. 

Page 18

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
2,119,922
2,414,927

Support
15,842,549
13,226,720

Service
4,560,323
4,309,969

Carriage and expenses
26,375
34,075

22,549,169
19,985,691


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,549,169
19,985,691

22,549,169
19,985,691



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
2,046
2,885

Other operating lease rentals
342,873
277,603


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,725
11,500

Page 19

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:




2023
2022
£
£

Wages and salaries
10,527,454
9,510,130

Social security costs
1,183,025
1,086,548

Cost of defined contribution scheme
304,416
185,162

12,014,895
10,781,840


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrative and Support
12
9



Sales, marketing and distribution
12
15



Technical
216
193

240
217


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
391,131
295,200

Company contributions to defined contribution pension schemes
3,339
4,330

394,470
299,530


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £180,383 (2022 - £145,209).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,018 (2022 - £2,201).

Page 20

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
392,748
388,394

Adjustments in respect of previous periods
-
(123,612)

Total current tax
392,748
264,782

Deferred tax


Origination and reversal of timing differences
(7,346)
(18,855)

Total deferred tax
(7,346)
(18,855)


Tax on profit
385,402
245,927
Page 21

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 19/ 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,968,663
1,811,888


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
472,587
344,259

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(30,227)
17,972

Capital allowances for year in excess of depreciation
15,691
26,164

Increase in UK and foreign current tax from adjustedment for prior periods
(56,320)
10,206

Short-term timing difference leading to an increase (decrease) in taxation
(16,329)
(18,855)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(133,819)

Total tax charge for the year
385,402
245,927


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Intangible assets




Patents

£



Cost


At 1 October 2022
149,512


Additions
54,989



At 30 September 2023

204,501



Amortisation


At 1 October 2022
94,597


Charge for the year
74,681



At 30 September 2023

169,278



Net book value



At 30 September 2023
35,223



At 30 September 2022
54,915



Page 23

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
55,447
14,149
625,917
1,460,892
2,156,405


Additions
-
-
165,813
-
165,813


Disposals
-
(14,149)
-
-
(14,149)



At 30 September 2023

55,447
-
791,730
1,460,892
2,308,069



Depreciation


At 1 October 2022
-
14,147
472,767
1,339,133
1,826,047


Charge for the year
-
-
105,357
89,526
194,883


Disposals
-
(14,147)
-
-
(14,147)



At 30 September 2023

-
-
578,124
1,428,659
2,006,783



Net book value



At 30 September 2023
55,447
-
213,606
32,233
301,286



At 30 September 2022
55,447
2
153,150
121,759
330,358




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
55,447
55,447

55,447
55,447


Page 24

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
13,786
165,251

13,786
165,251



13.


Debtors

2023
2022
£
£


Trade debtors
4,473,668
4,910,983

Amounts owed by group undertakings
5,088,287
3,851,669

Other debtors
9,070
19,424

Prepayments and accrued income
615,552
437,323

10,186,577
9,219,399



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
375,756
777,023

375,756
777,023



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,462,224
1,076,726

Corporation tax
396,477
201,150

Other taxation and social security
726,448
1,309,430

Obligations under finance lease and hire purchase contracts
54,630
-

Other creditors
48,372
155,967

Accruals and deferred income
370,116
671,087

3,058,267
3,414,360


Page 25

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
40,972
-

40,972
-


Secured creditors
The bank has a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 26 February 2021.


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
54,630
-

Between 1-5 years
40,972
-

95,602
-

Page 26

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Deferred taxation




2023
2022


£

£






At beginning of year
(56,430)
(75,285)


Charged to profit or loss
7,346
18,855



At end of year
(49,084)
(56,430)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(49,084)
(56,430)

(49,084)
(56,430)


19.


Provisions




Other provision 1

£





At 1 October 2022
48,978



At 30 September 2023
48,978


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £304,416 (2022: £185,162). Contributions totalling £nil (2022: £119,536) were payable to the fund at the balance sheet date and are included in other creditors due within one year

Page 27

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
148,269
148,269

Later than 1 year and not later than 5 years
120,488
120,488

268,757
268,757


23.


Controlling party

The immediate and ultimate parent company is Wanstor Group Limited and its registered address is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB.

 
Page 28