Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3118Designing and manufacturing impedance measuring instruments for the electronics industry.true2023-01-01false16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04198428 2023-01-01 2023-12-31 04198428 2022-01-01 2022-12-31 04198428 2023-12-31 04198428 2022-12-31 04198428 c:Director4 2023-01-01 2023-12-31 04198428 d:PlantMachinery 2023-01-01 2023-12-31 04198428 d:PlantMachinery 2023-12-31 04198428 d:PlantMachinery 2022-12-31 04198428 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04198428 d:MotorVehicles 2023-01-01 2023-12-31 04198428 d:FurnitureFittings 2023-01-01 2023-12-31 04198428 d:FurnitureFittings 2023-12-31 04198428 d:FurnitureFittings 2022-12-31 04198428 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04198428 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04198428 d:Goodwill 2023-01-01 2023-12-31 04198428 d:Goodwill 2023-12-31 04198428 d:Goodwill 2022-12-31 04198428 d:CurrentFinancialInstruments 2023-12-31 04198428 d:CurrentFinancialInstruments 2022-12-31 04198428 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04198428 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04198428 d:ShareCapital 2023-12-31 04198428 d:ShareCapital 2022-12-31 04198428 d:RetainedEarningsAccumulatedLosses 2023-12-31 04198428 d:RetainedEarningsAccumulatedLosses 2022-12-31 04198428 c:FRS102 2023-01-01 2023-12-31 04198428 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04198428 c:FullAccounts 2023-01-01 2023-12-31 04198428 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04198428 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04198428










WAYNE KERR ELECTRONICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WAYNE KERR ELECTRONICS LIMITED
REGISTERED NUMBER: 04198428

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,870
22,204

  
15,870
22,204

Current assets
  

Stocks
 6 
641,044
726,056

Debtors: amounts falling due within one year
 7 
184,001
189,897

Cash at bank and in hand
  
118,972
56,448

  
944,017
972,401

Creditors: amounts falling due within one year
 8 
(452,150)
(497,989)

Net current assets
  
 
 
491,867
 
 
474,412

Total assets less current liabilities
  
507,737
496,616

  

Net assets
  
507,737
496,616


Capital and reserves
  

Called up share capital 
  
910,979
910,979

Profit and loss account
  
(403,242)
(414,363)

  
507,737
496,616


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Yeong-Chang Luke Lien
Director
Page 1

 
WAYNE KERR ELECTRONICS LIMITED
REGISTERED NUMBER: 04198428
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

Date: 30 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wayne Kerr Electronics Limited is a private company, limited by shares, incorporated in England and Wales, registration number 04198428. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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 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'.

Page 3

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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

 
2.4

Pensions

Defined contribution pension plan

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

Page 4

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.6

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 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 Statement of Comprehensive Income over its useful economic life.

 
2.7

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.

Page 5

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
over 3-5 years
Motor vehicles
-
over 3-5 years
Fixtures and fittings
-
over 3-5 years

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.

 
2.8

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 weighted average 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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes
Page 6

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 7

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 18).


4.


Intangible assets




Goodwill

£





At 1 January 2023
220,638


Disposals
(220,638)



At 31 December 2023

-





At 1 January 2023
220,638


On disposals
(220,638)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 8

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
111,627
103,595
215,222



At 31 December 2023

111,627
103,595
215,222



Depreciation


At 1 January 2023
91,562
101,456
193,018


Charge for the year on owned assets
4,459
1,875
6,334



At 31 December 2023

96,021
103,331
199,352



Net book value



At 31 December 2023
15,606
264
15,870



At 31 December 2022
20,065
2,139
22,204


6.


Stocks

2023
2022
£
£

Raw materials and consumables
563,018
632,323

Finished goods and goods for resale
78,026
93,733

641,044
726,056



7.


Debtors

2023
2022
£
£


Trade debtors
148,739
100,570

Other debtors
18,802
68,414

Prepayments and accrued income
16,460
20,913

184,001
189,897


Page 9

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
98,408
128,365

Other taxation and social security
11,226
22,971

Other creditors
244,316
255,279

Accruals and deferred income
98,200
91,374

452,150
497,989



9.


Contingent liabilities

A guarantee in favour of HM Revenue & Customs under a VAT deferment scheme amounts to £50,000 (2022: £50,000).
The company has given its bankers a fixed and a floating charge over its assets as security to its overdraft and future loan facilities.


10.


Pension commitments

The Company operates a defined contributions 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 £22,449 (2022 - £23,263). Contributions totalling £3,545. (2022 - £3,222) were payable to the fund at the balance sheet date.


11.


Related party transactions

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned. 
As at 31 December 2023, the company owed £231,148 (2022: £231,148) to a director of the company. The loan is interest free and repayable on demand. 
At the balance sheet date the following amounts were owed by/(due to) related parties. 


2023
2022
£
£

A company related by common control
(5,453)
(16,998)
A company related by common control
19,958
(34,404)
14,505
(51,402)

 This balance with related parties are interest free and repayable on demand. 

Page 10

 
WAYNE KERR ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

The company is wholly controlled by Cyberwell Inc. which is incorporated in Samoa. Cyberwell Inc is wholly controlled by a director's close family member. 

 
Page 11