Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
COMPANY INFORMATION
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WENSLEYDALE W & G LIMITED
CONTENTS
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WENSLEYDALE W & G LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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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.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The 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
The directors who served during the year were:
Comments on future developments are disclosed in the Company's strategic report.
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WENSLEYDALE W & G LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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WENSLEYDALE W & G LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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WENSLEYDALE W & G LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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WENSLEYDALE W & G LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENSLEYDALE W & G LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
158 Edmund Street
B3 2HB
9 May 2024
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WENSLEYDALE W & G LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
REGISTERED NUMBER: 10590753
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 19 form part of these financial statements.
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WENSLEYDALE W & G LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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. The directors consider there are no estimates and judgements likely to have a significant effect on the amounts recognised in the financial statements.
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8.Taxation (continued)
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WENSLEYDALE W & G LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.Share capital (continued)
Profit and loss account
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).
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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