REGISTERED NUMBER: |
WIREMASTERS UK LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
24TH MAY 2023 TO 31ST DECEMBER 2023 |
REGISTERED NUMBER: |
WIREMASTERS UK LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
24TH MAY 2023 TO 31ST DECEMBER 2023 |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
WIREMASTERS UK LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
BANKERS: |
25 Bank Street |
Canary Wharf |
London |
E14 5JP |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
The company is a private company limited by shares. registered in England and Wales. The company's registered number is 14890788. The registered office address is Dorcan 100 Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
During the period the company commenced trading and in doing so have utilised their loan facility with JPMorgan Chase Bank. This loan facility is cross guaranteed by the members of the Wiremasters Group. |
The company has support from its parent and ultimate parent company along with access to future drawdowns on the Group's revolving loan facility with JPMorgan Chase Bank. The directors have produced management accounts to date and formal budgets and forecasts prepared which show the company being profitable in the future. |
As a result of all these factors the directors believe the company is a going concern and the accounts have been prepared on this basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period. |
- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis. |
- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis. |
- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease. |
Turnover |
Revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods have been passed to the buyer, whereby the terms are determined upon sales of the goods. |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Financial instruments |
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. |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the period 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. |
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 period 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31st December 2023 |
DEPRECIATION |
Charge for period |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans - 2-5 years |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
WIREMASTERS UK LIMITED (REGISTERED NUMBER: 14890788) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 24TH MAY 2023 TO 31ST DECEMBER 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
The above loan is secured by a cross guarantee by Wiremasters GmbH and Wiremasters Inc. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1,000 |
1,000 Ordinary shares of £1 each were allotted and fully paid for |
11. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 31st December 2023 | ( |
) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | POST BALANCE SHEET EVENTS |
On 1 January 2024 the company entered into an asset purchase agreement with its immediate parent company, Wiremasters GmbH & Co. As a result the assets from Wiremasters GmbH & Co's UK branch were sold to Wiremasters UK Limited. This comprised of fixed assets valued at €4,686, customer lists valued at €241,078 and the transfer of the UK staff under TUPE. |
14. | ULTIMATE CONTROLLING PARTY |
WireMasters Europe GmbH (incorporated in Germany) is the company's immediate parent company, with David C. Hill being the ultimate controlling party. |
The address from where financial statements can be obtained is; |
1788 North Point Rd |
Columbia |
TN 38401 |