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REGISTERED NUMBER: 04724570 (England and Wales)













Audited Financial Statements

for the Year Ended 31st December 2023

for

Wanger Enterprises Limited

Wanger Enterprises Limited (Registered number: 04724570)

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


Wanger Enterprises Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: W F Wanner Jnr
J Grewe
P Davis





SECRETARY: P Davis





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





REGISTERED NUMBER: 04724570 (England and Wales)





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

Wanger Enterprises Limited (Registered number: 04724570)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,169,400 1,180,200

CURRENT ASSETS
Cash at bank 74,124 89,896

CREDITORS
Amounts falling due within one year 6 82,251 85,955
NET CURRENT (LIABILITIES)/ASSETS (8,127 ) 3,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,161,273

1,184,141

CREDITORS
Amounts falling due after more than one
year

7

591,590

651,789
NET ASSETS 569,683 532,352

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 569,583 532,252
SHAREHOLDERS' FUNDS 569,683 532,352

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


Wanger Enterprises Limited (Registered number: 04724570)

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


1. STATUTORY INFORMATION

Wanger Enterprises 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 and these financial statements have therefore been prepared on a going concern basis of accounting.

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 fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net 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 activity described above.

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:

Freehold property-1.33%on cost


Wanger Enterprises Limited (Registered number: 04724570)

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


3. ACCOUNTING POLICIES - continued
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.

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.

Wanger Enterprises Limited (Registered number: 04724570)

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.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory 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 3 (2022 - 3 ) .

5. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1st January 2023
and 31st December 2023 1,245,000
DEPRECIATION
At 1st January 2023 64,800
Charge for year 10,800
At 31st December 2023 75,600
NET BOOK VALUE
At 31st December 2023 1,169,400
At 31st December 2022 1,180,200

Included in cost of land and buildings is freehold land of £ 432,812 (2022 - £ 432,812 ) which is not depreciated.

Wanger Enterprises Limited (Registered number: 04724570)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 62,978 63,474
Taxation and social security 19,273 22,481
82,251 85,955

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 591,590 651,789

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 654,568 715,263

The bank loan is secured by way of a legal charge on the freehold properties and a debenture on all assets.

The loan has a carrying value of £654,568 and is due to be repaid by September 2026. Interest is paid at a Floating Rate Basis, under which the interest rate will never be less than the Margin (2.45%).

9. 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

Wanger Enterprises Limited (Registered number: 04724570)

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


10. 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.

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

11. 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.

12. ULTIMATE CONTROLLING PARTY

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.