Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31true322022-01-01falseNo description of principal activity21truefalse 06521624 2022-01-01 2022-12-31 06521624 2021-01-01 2021-12-31 06521624 2022-12-31 06521624 2021-12-31 06521624 2021-01-01 06521624 c:Director1 2022-01-01 2022-12-31 06521624 d:PlantMachinery 2022-01-01 2022-12-31 06521624 d:PlantMachinery 2022-12-31 06521624 d:PlantMachinery 2021-12-31 06521624 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:FurnitureFittings 2022-01-01 2022-12-31 06521624 d:FurnitureFittings 2022-12-31 06521624 d:FurnitureFittings 2021-12-31 06521624 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:OfficeEquipment 2022-01-01 2022-12-31 06521624 d:OfficeEquipment 2022-12-31 06521624 d:OfficeEquipment 2021-12-31 06521624 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:ComputerEquipment 2022-01-01 2022-12-31 06521624 d:ComputerEquipment 2022-12-31 06521624 d:ComputerEquipment 2021-12-31 06521624 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 06521624 d:OtherPropertyPlantEquipment 2022-12-31 06521624 d:OtherPropertyPlantEquipment 2021-12-31 06521624 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06521624 d:CurrentFinancialInstruments 2022-12-31 06521624 d:CurrentFinancialInstruments 2021-12-31 06521624 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06521624 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06521624 d:ShareCapital 2022-01-01 2022-12-31 06521624 d:ShareCapital 2022-12-31 06521624 d:ShareCapital 2021-01-01 2021-12-31 06521624 d:ShareCapital 2021-12-31 06521624 d:ShareCapital 2021-01-01 06521624 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 06521624 d:OtherMiscellaneousReserve 2022-12-31 06521624 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 06521624 d:OtherMiscellaneousReserve 2021-12-31 06521624 d:OtherMiscellaneousReserve 2021-01-01 06521624 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06521624 d:RetainedEarningsAccumulatedLosses 2022-12-31 06521624 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06521624 d:RetainedEarningsAccumulatedLosses 2021-12-31 06521624 d:RetainedEarningsAccumulatedLosses 2021-01-01 06521624 c:FRS102 2022-01-01 2022-12-31 06521624 c:Audited 2022-01-01 2022-12-31 06521624 c:FullAccounts 2022-01-01 2022-12-31 06521624 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06521624 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06521624 6 2022-01-01 2022-12-31 06521624 d:JointVenture1 2022-01-01 2022-12-31 06521624 d:JointVenture1 1 2022-01-01 2022-12-31 06521624 e:PoundSterling 2022-01-01 2022-12-31 06521624 f:Malaysia 2022-01-01 2022-12-31 06521624 f:HongKong 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 06521624










WASCO COATINGS UK LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022



 
WASCO COATINGS UK LTD
REGISTERED NUMBER: 06521624

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
785,051
821,300

Investments
 5 
1,059,958
1,059,958

  
1,845,009
1,881,258

Current assets
  

Debtors: amounts falling due within one year
 6 
506,700
847,343

Cash at bank and in hand
 7 
189,091
66,429

  
695,791
913,772

Creditors: amounts falling due within one year
 8 
(5,199,340)
(3,030,982)

Net current liabilities
  
 
 
(4,503,549)
 
 
(2,117,210)

Total assets less current liabilities
  
(2,658,540)
(235,952)

  

Net liabilities
  
(2,658,540)
(235,952)


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
8,138,576
8,138,576

Profit and loss account
  
(10,797,117)
(8,374,529)

  
(2,658,540)
(235,952)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Ramanathan P R Singaram
Director

Date: 23 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
WASCO COATINGS UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1
8,138,576
(8,374,529)
(235,952)


Comprehensive income for the year

Loss for the year
-
-
(2,422,588)
(2,422,588)
Total comprehensive income for the year
-
-
(2,422,588)
(2,422,588)


Total transactions with owners
-
-
-
-


At 31 December 2022
1
8,138,576
(10,797,117)
(2,658,540)


The notes on pages 3 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021
1
8,138,576
(7,521,617)
616,960


Comprehensive income for the year

Loss for the year
-
-
(852,912)
(852,912)
Total comprehensive income for the year
-
-
(852,912)
(852,912)


Total transactions with owners
-
-
-
-


At 31 December 2021
1
8,138,576
(8,374,529)
(235,952)


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Wasco Coatings UK Ltd is a limited liability company incorporated in England and Wales. The address of its registered office is 8th Floor, Reading Bridge House, George Street, Reading, England, RG1 8LS.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss pre tax of £2,352,134 (2021: £852,912) during the year and at the year end had net liabilities of -£2,658,640 (2021:- £235,952). The Company is fully dependent on the continued support of the parent company. The Directors have no reason to believe that this support will not continue for the forseeable future and the accounts have therefore been prepared on a going concern basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services provided during the year, exclusive of Value Added Tax and trade discounts. The following criteria must also be met before revenue is recognised:

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 stafe of completion of the contract when all 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

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 3

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

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.

Page 4

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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.

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:

Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Tools and Equipment
-
10% straight line
Computer equipment
-
20% straight line
Capital WIP
-
No depreciation

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.

No depreciation charged on capital work in progress assets due to the fact they are capital work-in-progress and are not going to be used until the next financial year.

 
2.9

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment. 

 
2.10

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.

 
2.11

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.

 
2.12

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 5

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

  
2.14

Foreign currency translation

Money assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. 
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of transaction.
Exchange gains and losses are recognised in the profit and loss account.

  
2.15

Taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. 
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. 
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. 
Deferred tax assets and liabilities are discounted.

Page 6

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2021 - 21).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Tools and equipment
Computer equipment
Capital WIP
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
322,681
3,110
-
10,190
497,463
833,444


Additions
59,674
-
4
1,499
-
61,177


Transfers between classes
486,023
-
11,440
-
(497,463)
-



At 31 December 2022

868,378
3,110
11,444
11,689
-
894,621



Depreciation


At 1 January 2022
8,346
26
-
3,772
-
12,144


Charge for the year on owned assets
92,773
311
1,272
3,070
-
97,426



At 31 December 2022

101,119
337
1,272
6,842
-
109,570



Net book value



At 31 December 2022
767,259
2,773
10,172
4,847
-
785,051



At 31 December 2021
314,335
3,084
-
6,418
497,463
821,300

Page 7

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in jointly controlled entity

£



Cost or valuation


At 1 January 2022
2,241,116



At 31 December 2022

2,241,116



Impairment


At 1 January 2022
1,181,158



At 31 December 2022

1,181,158



Net book value



At 31 December 2022
1,059,958



At 31 December 2021
1,059,958


Jointly controlled entity


The following was a joint venture of the Company:


Name

Registered office

Principal activity

Holding

Bayou Wasco Insulation, LLC
USA
Thermal insulation coating services
49%


6.


Debtors

2022
2021
£
£


Trade debtors
-
426,349

Amounts owed by joint ventures and associated undertakings
330,542
125,128

Other debtors
55,148
197,377

Prepayments and accrued income
121,010
98,489

506,700
847,343


Page 8

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
189,091
66,429

Less: bank overdrafts
-
(58)

189,091
66,371



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
-
58

Trade creditors
125,737
-

Amounts owed to group undertakings
4,739,085
2,460,236

Other taxation and social security
75,848
-

Other creditors
43,366
442,352

Accruals and deferred income
215,304
128,336

5,199,340
3,030,982



9.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 section 33.1A from disclosing related party transactions with other wholly owned group companies.
During the year the Company loaned money to it's jointly controlled entity, Bayou Wasco Insulation LLC, in which it has a 49% shareholding. At the year end Bayou Wasco Insulation LLC owed the Company £326,492 (2021: £125,127). 

Page 9

 
WASCO COATINGS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Controlling party

The ultimate parent company at the balance sheet date is Wah Seong Corporation Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad.
The parent of the smallest group for which group accounts including Wasco Coatings UK Ltd are drawn up is Wasco Coatings Limited, a company incorporated in Hong Kong. 
The parent of the largest group for which group account including Wasco Coatings UK Ltd are drawn up in Wah Seong Corporation Berhad.
Copies of group accounts can be obtained from:
Suite 19.01
Level 19
The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200
Kuala Lumpur
Malaysia


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 23 February 2024 by Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 10