IRIS Accounts Production v24.1.9.2 02931730 Board of Directors 1.1.23 31.12.23 31.12.23 31/7/2024 false true false false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029317302022-12-31029317302023-12-31029317302023-01-012023-12-31029317302021-12-31029317302022-01-012022-12-31029317302022-12-3102931730ns15:EnglandWales2023-01-012023-12-3102931730ns14:PoundSterling2023-01-012023-12-3102931730ns10:Director12023-01-012023-12-3102931730ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102931730ns10:SmallEntities2023-01-012023-12-3102931730ns10:Audited2023-01-012023-12-3102931730ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102931730ns10:FullAccounts2023-01-012023-12-310293173012023-01-012023-12-3102931730ns10:OrdinaryShareClass12023-01-012023-12-3102931730ns10:Director22023-01-012023-12-3102931730ns10:RegisteredOffice2023-01-012023-12-3102931730ns5:CurrentFinancialInstruments2023-12-3102931730ns5:CurrentFinancialInstruments2022-12-3102931730ns5:Non-currentFinancialInstruments2023-12-3102931730ns5:Non-currentFinancialInstruments2022-12-3102931730ns5:ShareCapital2023-12-3102931730ns5:ShareCapital2022-12-3102931730ns5:RetainedEarningsAccumulatedLosses2023-12-3102931730ns5:RetainedEarningsAccumulatedLosses2022-12-3102931730ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102931730ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3102931730ns5:PlantMachinery2023-01-012023-12-3102931730ns5:FurnitureFittings2023-01-012023-12-3102931730ns5:MotorVehicles2023-01-012023-12-3102931730ns5:ComputerEquipment2023-01-012023-12-3102931730ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3102931730ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3102931730ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3102931730ns5:PlantMachinery2022-12-3102931730ns5:FurnitureFittings2022-12-3102931730ns5:MotorVehicles2022-12-3102931730ns5:ComputerEquipment2022-12-3102931730ns5:PlantMachinery2023-12-3102931730ns5:FurnitureFittings2023-12-3102931730ns5:MotorVehicles2023-12-3102931730ns5:ComputerEquipment2023-12-3102931730ns5:PlantMachinery2022-12-3102931730ns5:FurnitureFittings2022-12-3102931730ns5:MotorVehicles2022-12-3102931730ns5:ComputerEquipment2022-12-3102931730ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3102931730ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3102931730ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102931730ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102931730ns5:CurrentFinancialInstruments2023-01-012023-12-3102931730ns5:HirePurchaseContractsns5:WithinOneYear2023-12-3102931730ns5:HirePurchaseContractsns5:WithinOneYear2022-12-3102931730ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3102931730ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3102931730ns5:HirePurchaseContracts2023-12-3102931730ns5:HirePurchaseContracts2022-12-3102931730ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102931730ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102931730ns5:WithinOneYear2023-12-3102931730ns5:WithinOneYear2022-12-3102931730ns5:BetweenOneFiveYears2023-12-3102931730ns5:BetweenOneFiveYears2022-12-3102931730ns5:AllPeriods2023-12-3102931730ns5:AllPeriods2022-12-3102931730ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 02931730 (England and Wales)















WENZEL UK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WENZEL UK LTD (REGISTERED NUMBER: 02931730)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WENZEL UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P R Martin
Dr H Wenzel





REGISTERED OFFICE: Unit 9 Apollo Court
Vulcan Way
Coalville
Leicestershire
LE67 3FD





REGISTERED NUMBER: 02931730 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

WENZEL UK LTD (REGISTERED NUMBER: 02931730)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 80,456 57,561
80,456 57,561

CURRENT ASSETS
Stocks 20,616 15,907
Debtors 6 266,736 323,186
Cash at bank 24,498 119,178
311,850 458,271
CREDITORS
Amounts falling due within one year 7 2,164,341 2,251,246
NET CURRENT LIABILITIES (1,852,491 ) (1,792,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,772,035

)

(1,735,414

)

CREDITORS
Amounts falling due after more than one year 8 30,732 -
NET LIABILITIES (1,802,767 ) (1,735,414 )

CAPITAL AND RESERVES
Called up share capital 10 706,606 706,606
Retained earnings (2,509,373 ) (2,442,020 )
SHAREHOLDERS' FUNDS (1,802,767 ) (1,735,414 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr P R Martin - Director


WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Wenzel UK Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and 12.5% on cost
Fixtures and fittings - 36.5% on cost and 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Notwithstanding net liabilities of £1,852,491 the financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment alongside the financial support provided by the company's parent company, Wenzel International AG.

The parent company has indicated its intention to continue to make available such funds as are needed by the company for a period or at least 12 months from the date of signed accounts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its
liabilities as they fall due for at least 12 months from the date of approval of the financial statements and
therefore the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023
and 31 December 2023 15,274
AMORTISATION
At 1 January 2023
and 31 December 2023 15,274
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 92,132 21,886 56,479 22,407 192,904
Additions - 1,499 47,795 902 50,196
Disposals - - (56,479 ) (1,025 ) (57,504 )
At 31 December 2023 92,132 23,385 47,795 22,284 185,596
DEPRECIATION
At 1 January 2023 57,751 19,062 46,321 12,209 135,343
Charge for year 8,446 2,155 3,388 2,912 16,901
Eliminated on disposal - - (46,523 ) (581 ) (47,104 )
At 31 December 2023 66,197 21,217 3,186 14,540 105,140
NET BOOK VALUE
At 31 December 2023 25,935 2,168 44,609 7,744 80,456
At 31 December 2022 34,381 2,824 10,158 10,198 57,561

WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 47,795
At 31 December 2023 47,795
DEPRECIATION
Charge for year 3,186
At 31 December 2023 3,186
NET BOOK VALUE
At 31 December 2023 44,609

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 248,540 291,387
Other debtors 18,196 31,799
266,736 323,186

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 5,650 -
Trade creditors 37,232 21,283
Amounts owed to group undertakings 2,028,811 1,919,309
Taxation and social security 65,726 99,237
Other creditors 26,922 211,417
2,164,341 2,251,246

Finance leases are secured on the assets to which they relate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 30,732 -

WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 8,818 -
Between one and five years 42,348 -
51,166 -

Finance charges repayable:
Within one year 3,168 -
Between one and five years 11,616 -
14,784 -

Net obligations repayable:
Within one year 5,650 -
Between one and five years 30,732 -
36,382 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,304 18,741
Between one and five years 9,653 24,957
24,957 43,698

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
706,606 Ordinary £1 706,606 706,606

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr John Hegney (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

WENZEL UK LTD (REGISTERED NUMBER: 02931730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. ULTIMATE CONTROLLING PARTY

The controlling party is Wenzel International AG.

The ultimate controlling party is Wenzel Group GmbH & Co. KG, a company incorporated in Germany.

The registered office address of the controlling part Wenzel International AG is Rheinfelsstrasse 1, CH-7007 Chur, Switzerland.