IRIS Accounts Production v24.2.0.383 14890788 Board of Directors Board of Directors 24.5.23 31.12.23 31.12.23 26.9.24 0 false true false false true false Auditors Opinion Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh148907882023-05-23148907882023-12-31148907882023-05-242023-12-31148907882023-05-2314890788ns15:EnglandWales2023-05-242023-12-3114890788ns14:PoundSterling2023-05-242023-12-3114890788ns10:Director12023-05-242023-12-3114890788ns10:Director22023-05-242023-12-3114890788ns10:PrivateLimitedCompanyLtd2023-05-242023-12-3114890788ns10:SmallEntities2023-05-242023-12-3114890788ns10:Audited2023-05-242023-12-3114890788ns10:SmallCompaniesRegimeForDirectorsReport2023-05-242023-12-3114890788ns10:SmallCompaniesRegimeForAccounts2023-05-242023-12-3114890788ns10:FullAccounts2023-05-242023-12-3114890788ns10:OrdinaryShareClass12023-05-242023-12-3114890788ns10:OrdinaryShareClass112023-05-242023-12-3114890788ns10:Director32023-05-242023-12-3114890788ns10:Director42023-05-242023-12-3114890788ns10:Director52023-05-242023-12-3114890788ns10:Director62023-05-242023-12-3114890788ns10:RegisteredOffice2023-05-242023-12-3114890788ns5:CurrentFinancialInstruments2023-12-3114890788ns5:Non-currentFinancialInstruments2023-12-3114890788ns5:ShareCapital2023-12-3114890788ns5:RetainedEarningsAccumulatedLosses2023-12-3114890788ns5:LeaseholdImprovements2023-05-242023-12-3114890788ns5:PlantMachinery2023-05-242023-12-3114890788ns5:FurnitureFittings2023-05-242023-12-3114890788ns5:PlantMachinery2023-12-3114890788ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3114890788ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3114890788ns5:WithinOneYear2023-12-3114890788ns5:BetweenOneFiveYears2023-12-3114890788ns5:AllPeriods2023-12-3114890788ns5:Secured2023-12-3114890788ns10:OrdinaryShareClass12023-12-3114890788ns5:RetainedEarningsAccumulatedLosses2023-05-242023-12-311489078812023-05-242023-12-31
REGISTERED NUMBER: 14890788 (England and Wales)















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: Mr N Aubrey
Mr D C Hill
Mr C T Rector
Mr B Hill
Mr D B Hill
Mr P Ullinger



REGISTERED OFFICE: Dorcan 100 Murdock Road
Dorcan
SWINDON
Wiltshire
SN3 5HY



REGISTERED NUMBER: 14890788 (England and Wales)



AUDITORS: Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: JPMorgan Chase Bank
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 40,593

CURRENT ASSETS
Stocks 174,251
Debtors 5 119,504
Cash at bank 450,358
744,113
CREDITORS
Amounts falling due within one year 6 243,672
NET CURRENT ASSETS 500,441
TOTAL ASSETS LESS CURRENT
LIABILITIES

541,034

CREDITORS
Amounts falling due after more than
one year

7

611,751
NET LIABILITIES (70,717 )

CAPITAL AND RESERVES
Called up share capital 10 1,000
Retained earnings 11 (71,717 )
SHAREHOLDERS' FUNDS (70,717 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2024 and were signed on its behalf by:




Mr C T Rector - Director



Mr N Aubrey - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on reducing balance

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 43,146
At 31st December 2023 43,146
DEPRECIATION
Charge for period 2,553
At 31st December 2023 2,553
NET BOOK VALUE
At 31st December 2023 40,593

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 64,369
Amounts owed by group undertakings 1,000
VAT 39,802
Prepayments and accrued income 14,333
119,504

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 223,947
Other creditors 337
Accruals and deferred income 19,388
243,672

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans - 2-5 years 611,751

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 7,280
Between one and five years 13,065
20,345

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 611,751

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: £   
1,000 Ordinary £1 1,000

1,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

11. RESERVES
Retained
earnings
£   

Deficit for the period (71,717 )
At 31st December 2023 (71,717 )

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

The Report of the Auditors was unqualified.

Jenna Lauren Wheeler (Senior Statutory Auditor)
for and on behalf of Morris Owen

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