REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31st December 2023 |
for |
Wanger Enterprises Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
5. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Taxation and social security |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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. |
for and on behalf of |
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. |