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Registered number: 13057479









WANSTOR GROUP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WANSTOR GROUP LTD
 
 
COMPANY INFORMATION


Directors
Francesca Emily Florence Lukes 
Peter  James  Lukes 
Manmit Singh Rai 




Registered number
13057479



Registered office
Bridgegate House
124-126 Borough High Street

London

SE1 1LB




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
WANSTOR GROUP LTD
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Notes to the financial statements
 
18 - 34


 
WANSTOR GROUP LTD
 
 
GROUP 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 group is that of the 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 30 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 GROUP LTD
 

GROUP 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 customercentric 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 pandemic,
Page 2

 
WANSTOR GROUP LTD
 

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

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.
Governance and Risk:
We are committed to maintaining high standards of corporate governance, and we have a robust governance
structure in place to ensure this. We have a board of directors, which provides oversight and direction to the
company. We also have a range of policies and procedures in place to mitigate risks and ensure compliance
with relevant legislation.
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 GROUP LTD
 
 
 
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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £577,064 (2022 - £571,790).



Directors

The directors who served during the year were:

Francesca Emily Florence Lukes 
Peter  James  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 and the Group'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 and the Group's auditors are aware of that information.

Page 4

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

Post balance sheet events

There have been no significant events affecting the Group 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 GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR GROUP LTD
 

Opinion


We have audited the financial statements of Wanstor Group Ltd (the 'Company') for the year ended 30 September 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2023 and of the Group's 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 Group 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 Group's or the parent 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 GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR GROUP LTD (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WANSTOR GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WANSTOR GROUP LTD (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 Group 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:
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 management, 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.


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.


Page 8

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


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 & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

3 April 2024
Page 9

 
WANSTOR GROUP LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
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
  
(4,537,773)
(4,095,417)

Operating profit
 4 
1,039,656
879,394

Interest receivable and similar income
 8 
-
40

Interest payable and similar expenses
 9 
(77,190)
(78,637)

Profit before tax
  
962,466
800,797

Tax on profit
 10 
(385,402)
(229,007)

Profit for the financial year
  
577,064
571,790

Profit for the year attributable to:
  

Owners of the parent company
  
(577,064)
(571,790)

  
(577,064)
(571,790)

Total comprehensive income attributable to:
  

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

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

The notes on pages 18 to 34 form part of these financial statements.

Page 10

 
WANSTOR GROUP LTD
REGISTERED NUMBER: 13057479

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
6,873,682
7,815,413

Tangible assets
 12 
301,286
330,358

  
7,174,968
8,145,771

Current assets
  

Stocks
  
13,786
165,251

Debtors: amounts falling due within one year
 15 
5,121,725
5,397,593

Cash at bank and in hand
 16 
375,809
777,076

  
5,511,320
6,339,920

Creditors: amounts falling due within one year
 17 
(4,747,196)
(5,184,280)

Net current assets
  
 
 
764,124
 
 
1,155,640

Total assets less current liabilities
  
7,939,092
9,301,411

Creditors: amounts falling due after more than one year
 18 
(1,627,369)
(3,559,406)

Provisions for liabilities
  

Deferred tax
  
(49,084)
(56,430)

Other provisions
  
(48,978)
(48,978)

  
 
 
(98,062)
 
 
(105,408)

Net assets
  
6,213,661
5,636,597


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Share premium account
  
4,794,037
4,794,037

Profit and loss account
  
1,418,624
841,560

  
6,213,661
5,636,597


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 18 to 34 form part of these financial statements.
Page 11

 
WANSTOR GROUP LTD
REGISTERED NUMBER: 13057479
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


Page 12

 
WANSTOR GROUP LTD
REGISTERED NUMBER: 13057479

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
13,830,471
13,830,471

  
13,830,471
13,830,471

Current assets
  

Debtors: amounts falling due within one year
  
23,435
29,863

Cash at bank and in hand
 16 
53
53

  
23,488
29,916

Creditors: amounts falling due within one year
  
(6,777,216)
(5,621,589)

Net current liabilities
  
 
 
(6,753,728)
 
 
(5,591,673)

Total assets less current liabilities
  
7,076,743
8,238,798

  

Creditors: amounts falling due after more than one year
  
(1,586,397)
(3,559,406)

  

Net assets
  
5,490,346
4,679,392


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Share premium account
  
4,794,037
4,794,037

Profit and loss account brought forward
  
(115,645)
(43,513)

Profit/(loss) for the year
  
810,954
(72,132)

Profit and loss account carried forward
  
695,309
(115,645)

  
5,490,346
4,679,392


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 18 to 34 form part of these financial statements.

Page 13

 
WANSTOR GROUP LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
1,000
4,794,037
841,560
5,636,597



Profit for the year
-
-
577,064
577,064


At 30 September 2023
1,000
4,794,037
1,418,624
6,213,661



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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
1,000
4,794,037
269,770
5,064,807



Profit for the year
-
-
571,790
571,790


At 30 September 2022
1,000
4,794,037
841,560
5,636,597


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
WANSTOR GROUP LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
1,000
4,794,037
(115,645)
4,679,392



Profit for the year
-
-
810,954
810,954


At 30 September 2023
1,000
4,794,037
695,309
5,490,346



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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
1,000
4,794,037
(43,513)
4,751,524



Loss for the year
-
-
(72,132)
(72,132)


At 30 September 2022
1,000
4,794,037
(115,645)
4,679,392


The notes on pages 18 to 34 form part of these financial statements.

Page 15

 
WANSTOR GROUP LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
577,064
571,790

Adjustments for:

Amortisation of intangible fixed assets
996,720
943,207

Depreciation of tangible fixed assets
194,883
304,347

Loss on disposal of tangible fixed assets
2
-

Interest paid
77,190
78,637

Interest received
-
(40)

Taxation charge
(7,346)
229,007

Decrease/(increase) in stocks
151,465
(139,065)

Decrease/(increase) in debtors
275,868
(1,595,795)

Decrease in amounts owed by groups
-
2,417,711

(Decrease)/increase in creditors
(598,718)
872,946

Increase/(decrease)) in amounts owed to groups
-
(2,417,711)

Corporation tax received
195,327
-

Net cash generated from operating activities

1,862,455
1,265,034


Cash flows from investing activities

Purchase of intangible fixed assets
(54,989)
(65,786)

Purchase of tangible fixed assets
(165,813)
(164,842)

Interest received
-
40

HP interest paid
(1,225)
-

Net cash from investing activities

(222,027)
(230,588)

Cash flows from financing activities

Repayment of loans
(2,061,332)
(1,349,774)

Repayment of/new finance leases
95,602
(133,988)

Interest paid
(75,965)
(78,637)

Net cash used in financing activities
(2,041,695)
(1,562,399)

Net (decrease) in cash and cash equivalents
(401,267)
(527,953)

Cash and cash equivalents at beginning of year
777,076
1,305,029

Cash and cash equivalents at the end of year
375,809
777,076

Page 16

 
WANSTOR GROUP LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2023
2022

£
£


 
 
 
Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
375,809
777,076

375,809
777,076


The notes on pages 18 to 34 form part of these financial statements.

Page 17

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

1.


General information

Wanstor Group Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Bridgegate House 124-126 Borough High Street, London, England, SE1 1LB. The principal activity of the company during the year has been that of Information technology consultancy activities.

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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 24 February 2021.

Page 18

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

2.Accounting policies (continued)

 
2.3

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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.

 
2.5

Operating leases: the Group 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.

 
2.6

Interest income

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

 
2.7

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 20

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

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 21

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

 
2.12

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:

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.

Page 22

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

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.15

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.

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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 23

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

2.Accounting policies (continued)

 
2.18

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.


3.


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



4.


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

Page 24

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

5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
2,075
1,500

Fees payable to the Company's auditors and their associates in respect of:

All Other services
750
2,500


6.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
10,484,779
9,470,139
-
-

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

Cost of defined contribution scheme
304,416
185,162
-
-

11,972,220
10,741,849
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration and support
12
9
-
-



Sales, marketing and distribution
12
15
3
3



Other departments
216
193
-
-

240
217
3
3

Page 25

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

7.


Directors' remuneration




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


8.


Interest receivable

2023
2022
£
£


Other interest receivable
-
40

-
40


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
75,965
71,158

Other loan interest payable
-
7,479

Finance leases and hire purchase contracts
1,225
-

77,190
78,637

Page 26

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

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
392,748
371,474

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


Total current tax
392,748
247,862

Deferred tax


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

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


Tax on profit
385,402
229,007

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2022 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

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

11.


Intangible assets

Group and Company





Patents
Goodwill
Total

£
£
£



Cost


At 1 October 2022
149,512
9,220,393
9,369,905


Additions
54,989
-
54,989



At 30 September 2023

204,501
9,220,393
9,424,894



Amortisation


At 1 October 2022
94,597
1,459,895
1,554,492


Charge for the year on owned assets
74,681
922,039
996,720



At 30 September 2023

169,278
2,381,934
2,551,212



Net book value



At 30 September 2023
35,223
6,838,459
6,873,682



At 30 September 2022
54,915
7,760,498
7,815,413



Page 28

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

12.


Tangible fixed assets

Group






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 on owned assets
-
-
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 29

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

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
13,830,471



At 30 September 2023
13,830,471





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Wanstor Limited
124-126 Borough High Street First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB
Ordinary
100%


14.


Stocks

2023
2022
£
£

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

13,786
165,251


Page 30

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

15.


Debtors

2023
2022
£
£


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

Other debtors
26,612
36,966

Prepayments and accrued income
621,445
449,644

5,121,725
5,397,593



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
375,809
777,076
53
53

375,809
777,076
53
53



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,671,264
1,759,587

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
387,781
681,420

4,747,196
5,184,280


Page 31

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

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,586,397
3,559,406

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

1,627,369
3,559,406



19.


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
-


20.


Deferred taxation


Group





2023


£






At beginning of year
(56,430)


Charged to profit or loss
7,346



At end of year
(49,084)

Page 32

 
WANSTOR GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
20.Deferred taxation (continued)

Company




2023






At end of year
-
Group
Group
2023
2022
£
£

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

(49,084)
(56,430)

Page 33

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

21.


Provisions


Group





Other provisions

£





At 1 October 2022
48,978



At 30 September 2023
48,978


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



65,000 (2022 - 65,000) Ordinary shares of £0.01 each
650
650
35,000 (2022 - 35,000) "A" Ordinary shares of £0.01 each
350
350

1,000

1,000



23.


Pension commitments


24.


Commitments under operating leases

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

2023
2022
Group
£
£


Not later than 1 year
54,630
-

Later than 1 year and not later than 5 years
40,972
-

95,602
-


25.


Controlling party

The directors are the ultimate controlling party of the company by virtue of their shareholdings.

 
Page 34