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Registered number: 10590753









WENSLEYDALE W & G LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WENSLEYDALE W & G LIMITED
 
 
COMPANY INFORMATION


Directors
G P Wallace 
S Hakami 
M W Fagerberg  




Registered number
10590753



Registered office
Unit 4 Central Boulevard
Blythe Valley Park

Solihull

West Midlands

B90 8AW




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

B3 2HB




Bankers
Yorkshire Bank
Temple Point

1 Temple Row

Birmingham

B5 5YB





 
WENSLEYDALE W & G LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19


 
WENSLEYDALE W & G LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activities of the Company continue to be that of a holding company, and is an intermediate holding company for Salvatio Holding Limited. Evac Chair International, a subsidiary of Wensleydale W&G, continued in the principal activity of manufacture, sale and service of emergency evacuation chairs, medical equipment and related service and training, both in the UK and the rest of the world.

Business review
 
The results for the company are disclosed on page 8 of the financial statements and show a pre-tax loss of £18,588 (2022 - £122,275 profit). The profit in 2022 is mainly driven by the receipt of dividend income, as compared to no dividend income in 2023.
Administrative expenses reduced by 55.3% to £16,313 (
2022 - £36,482);
At the Year-End, the Group had Net Assets of £537,195 (
2022 - £551,415).
In October 2023, the Group acquired Promove Limited, who distribute slings and accessories used to transfer a disabled or incapacitated individual from one position or location to another seated position. The acquisition provides a complementary range of products to our evacuation chairs with multiple synergies and supports our growth plans.
The Company has not identified any key performance indicators due to the nature of its operations as a holding company and as described in the Introduction above.

Principal risks and uncertainties
 
The Company is not exposed to any significant risks or uncertainties in its role as a holding company within the Group.


This report was approved by the board on 24 April 2024 and signed on its behalf.



G P Wallace
Director

Page 1

 
WENSLEYDALE W & G LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £14,220 (2022 - profit £81,275).

The total distribution of dividends for the year was £nil (2022 - £136,542

Directors

The directors who served during the year were:

G P Wallace 
S Hakami 
M W Fagerberg 

Future developments

Comments on future developments are disclosed in the Company's strategic report.

Page 2

 
WENSLEYDALE W & G LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





G P Wallace
Director

Page 3

 
WENSLEYDALE W & G LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED
 

Opinion


We have audited the financial statements of Wensleydale W & G Limited (the 'Company') for the year ended 31 December 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 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 Company's affairs as at 31 December 2023 and of its loss 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 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.


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 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 4

 
WENSLEYDALE W & G LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED (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 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.


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 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.


Matters on which we are required to report by exception
 

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
WENSLEYDALE W & G LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED (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 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:
Based on our understanding of the Company and industry in which it operates, key laws and regulations we identified included:

Companies Act;
Tax legislation;
Health and safety legislation; and
Employment legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of control;
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:

Enquiry of management and those charged with governance and review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud:
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations:
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure
that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the
prevention and detection of fraud.


 

 




 




 
Page 6

 
WENSLEYDALE W & G LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED (CONTINUED)


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.


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.





Stephen Newman (Senior statutory auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
158 Edmund Street
Birmingham
B3 2HB

9 May 2024
Page 7

 
WENSLEYDALE W & G LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(16,313)
(36,482)

Operating loss
 4 
(16,313)
(36,482)

Income from shares in group undertakings
  
-
136,542

Interest receivable and similar income
 6 
1,071
1,258

Interest payable and similar expenses
 7 
(3,346)
(179,043)

Exceptional interest payable and similar items
 7 
-
200,000

(Loss)/profit before taxation
  
(18,588)
122,275

Tax on (loss)/profit
 8 
4,368
(41,000)

(Loss)/profit for the financial year
  
(14,220)
81,275

  

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 
WENSLEYDALE W & G LIMITED
REGISTERED NUMBER: 10590753

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments

 10 

8,538,922
8,538,922

Current assets
  

Cash at bank and in hand

 11 

1,719
1,719

Creditors: amounts falling due within one year
 12 
(7,999,250)
(7,987,226)

Net current liabilities
  
 
 
(7,997,531)
 
 
(7,985,507)

Total assets less current liabilities
  
541,391
553,415

Provisions for liabilities
  

Accruals and deferred income
 14 
(4,196)
(2,000)

Net assets
  
537,195
551,415


Capital and reserves
  

Called up share capital 
 15 
358,700
358,700

Profit and loss account
 16 
178,495
192,715

  
537,195
551,415


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



G P Wallace
Director

Date: 24 April 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 
WENSLEYDALE W & G LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
358,700
247,982
606,682



Profit for the year
-
81,275
81,275

Dividends
-
(136,542)
(136,542)



At 1 January 2023
358,700
192,715
551,415



Loss for the year
-
(14,220)
(14,220)


At 31 December 2023
358,700
178,495
537,195


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wensleydale W&G Limited is a private company, limited by shares incorporated in the England, United Kingdom. The company's registered number is 10590753. The address of the registered office is given in the company information of these financial statements. The principal activities of the Company is that of a parent company.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Salvatio Holding Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The financial statements contain information about Wensleydale W & G Limited as an individual Company and do not contain consolidated financial information as a parent Company. The Company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by a full consolidation in the consolidated financial statements of Salvatio Holding Limited, a Company incorporated in England, United Kingdom, with a registered office address at 73 Cornhill, London, England, EC3V 3QQ.

Page 11

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including, current trading results, forecast future cash flows and support from its parent group. In relation to the net current liability position shown on the Company’s own balance sheet at 31 December 2023, the Directors have received confirmation that the Company's parent undertaking, Salvatio Holding Limited, will not request repayment unless the Company is in a position to make repayment without prejudice to its working capital requirements. Based on these assessments and having regard to the resources available to the entity as at the date of approval of these financial statements, the directors have concluded that there is no material uncertainty regarding the Group and Company’s ability to meet its liabilities as they fall due, and hence that it is appropriate to prepare these financial statements on a going concern basis. 

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

  
2.7

Borrowing costs

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

Page 12

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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;
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 Company 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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

 
2.13

Financial instruments

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.
 
Page 13

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Debt instruments that are payable or received within one year, typically trade debtors and creditors and short term bank loans, are measured, initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. 
If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The directors consider there are no estimates and judgements likely to have a significant effect on the amounts recognised in the financial statements.


4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
1,000
1,750


5.


Directors and employees

None of the directors received any emoluments in respect of their services to the company. The remuneration of G P Wallace are disclosed in the financial statements of Evac+Chair International Limited.The company had no employees during the year (2022 - none). 





Page 14

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Interest receivable

2023
2022
£
£


Other interest receivable
1,071
1,258


7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
13,457

Other loan interest payable
3,346
165,586

3,346
179,043

Exceptional item
During the prior year as part of the acquisition of the group by Salvatio Limited, accrued interest on loan notes in the amount of £200,000 was waived by the loan note holder. This amount is shown as an exceptional item on the face of the Statement of Comprehensive income on page 9.


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(4,368)
(118,000)


Total current tax
(4,368)
(118,000)

Deferred tax


Origination and reversal of timing differences
-
159,000

Total deferred tax
-
159,000


Taxation on (loss)/profit on ordinary activities
(4,368)
41,000
Page 15

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(18,588)
122,275


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(4,368)
23,232

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
5,786

Dividends from UK companies
-
(25,943)

Adjustment to deferred tax charge for changes in rate
-
38,134

Other differences leading to an increase (decrease) in the tax charge
-
(209)

Total tax (credit) / charge for the year
(4,368)
41,000


9.


Dividends

2023
2022
£
£


'A' Ordinary dividends
-
98,308


'B' Ordinary dividends
-
38,234

-
136,542

Page 16

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
8,538,922



At 31 December 2023
8,538,922





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Evac + Chair International Limited
Unit 4 Central Boulevard, Blythe Valley Park, Solihull, West Midlands, England, B90, 8AW
Manufacture, sale and service of emergency evacuation chairs, medical equipment and related service and training
Ordinary A and Ordinary B
100%
Parevac Inc
51 Little Falls Drive, Wilmington, Delaware DE 19808, USA
Sale and service of emergency evacuation chairs, medical equipment and related services
Common stock
100%
Promove UK Limited*
Unit 4 Central Boulevard, Blythe Valley Park, Solihull, West Midlands, England, B90 8AW.
Manufacture of fabricated metal products
Ordinary
100%

*denotes that the Company holds an indirect control of the business, via its investment in Evac + Chair International Limited.
The company's investments in its subsidiary undertakings are subject to a fixed charge to secure certain bank borrowings of fellow group undertakings. See note 17 for further information.


11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,719
1,719


Page 17

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
7,999,250
7,987,226

7,999,250
7,987,226



13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at transaction price
1,719
1,719


Financial liabilities


Financial assets that are debt instruments measured at transaction price
8,003,446
7,989,226


Financial assets measured at transaction price through statement of comprehensive income comprise cash at bank and in hand.


Financial liabilities measured at transaction price comprise accruals and amounts owed to group undertakings.


14.


Accruals and deferred income

2023
2022
£
£

Amounts falling due within one year
4,196
2,000



15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



198,182 (2022 - 198,182) "A" Ordinary shares of £1.00 each
198,182
198,182
106,713 (2022 - 106,713) "B" Ordinary shares of £1.00 each
106,713
106,713
53,805 (2022 - 53,805) "C" Ordinary shares of £1.00 each
53,805
53,805

358,700

358,700


Page 18

 
WENSLEYDALE W & G LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.Share capital (continued)

Ordinary shares are not redeemable and carry equal rights to vote, the directors have the ability to declare different dividends on Ordinary 'A', 'B' and 'C' shares.


16.


Reserves

Profit and loss account

This reserve records the accumulation of the profits in the current and prior periods in the normal course of business.


17.


Contingent liabilities

The Company is a member of a VAT group and is jointly and severally liable for the amount of VAT owed by it's subsidiary company, Evac + Chair International Limited. At the balance sheet date the amounts guaranteed in this respect were £156,741 (2022 - £154,296).
The Company has provided a guarantee to secure certain bank borrowings of its fellow group undertaking, SG Accessibility AB. The amounts guaranteed in this way at the balance sheet date were £5,678,948 and US$7,061,052 (
2022 - £6,500,000).


18.


Related party transactions

The Company has taken advantage of the exemption in section 33.1A of FRS102 from the requirement to disclose transactions with wholly owned members of the group.
Director / shareholders received dividends of £nil (
2022 - £136,542).


19.


Ultimate parent company and controlling party

The Company's immediate parent company is Salvatio Holding Limited, a company incorporated in England, United Kingdom, whose registered office is 73 Cornhill, London, EC3V 3QQ. The Company's ultimate parent company is Systematic Group AB, incorporated in Sweden whose registered office is Riddargatan 7A, SE-114 35 Stockholm, Sweden.
Salvatio Holding Limited heads the largest and smallest group within which the Company belongs and for which group financial statements are prepared. Copies of the group financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party at 31 December 2023 was A Pouya by virtue of his shareholding in the ultimate parent company.

 
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