Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
COMPANY INFORMATION
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WANSTOR LIMITED
CONTENTS
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WANSTOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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%.
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WANSTOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The profit for the year, after taxation, amounted to £1,583,261 (2022 - £1,565,961).
The directors who served during the year were:
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WANSTOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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WANSTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED
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 policies. The 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).
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.
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.
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WANSTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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WANSTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
First Floor
73-81 Southwark Bridge Road
SE1 0NQ
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WANSTOR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
REGISTERED NUMBER: 04524830
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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WANSTOR LIMITED
REGISTERED NUMBER: 04524830
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
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WANSTOR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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
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:
Functional and presentation currency
Transactions and balances
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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.
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (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:
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.
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Analysis of turnover by country of destination:
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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
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WANSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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.
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