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Registered number: 00795535









WANIS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
WANIS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr K Wadhwani 
Mr A J Reader 
Mr M G A Ameer 




Registered number
00795535



Registered office
Golden House
Golden Business Park

Leyton

London

E10 7FE




Independent auditor
Barnes Roffe LLP
Chartered Accountants

Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
WANIS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 29


 
WANIS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
Wanis Limited’s ("the Company") principal activities continue to be that of a specialist international foods distributor, together with the operation of a cash and carry centre for international and general foods.

Business review
 
The Directors are satisfied with results for the year in the face of tough trading conditions. Turnover rose for a number of factors including the impact of the food inflation, new product launches and increased distribution. The company also faced ongoing challenges including global supply chain availability and exchange rate volatility.. The Company maintained a similar gross margin to the prior year, which remains in-line with expectations.

Principal risks and uncertainties
 
The principal risks faced by the business continue to be the global economic climate and the fluctuations in the commodity and currency markets. However, the Directors believe with their careful management there will continue to be opportunities to grow the business. The global economic climate and the fluctuations in the commodity and currency markets continue to provide opportunities if managed correctly.
We will carefully monitor the company’s trading results over the course of the next financial year, together with the business risks with aim of providing stability and ensuring growth.
The Directors recognise that the grocery market place is very competitive and price sensitive and that the Company must consistently adapt and improve its supply chain and internal processes to meet the needs of customers to maintain presence and a broad market space.

Financial key performance indicators
 
The Directors monitor the success of the Company by its ability to achieving a controlled increase in sales that delivers sufficient gross profit to cover operating costs and it also ensures that it generates cash flow from managing working capital to enable it to invest in new resources for the future.
The Company’s KPIs are Turnover, Gross Profit, Net Profit and Cash Conversion Cycle.

Page 1

 
WANIS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Other key performance indicators
 
The 3 key resources of the business are its customers, its suppliers and its staff.
The Directors review statistics to measure customer retention, volume of activity with suppliers and measures to ensure long term retention of the skilled and trained workforce.

Section 172 (1) statement
As the Directors of Wanis Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders and in doing so must have regard to the following:
• the likely consequences of any decision in the long term,
• the interests of the company’s employees,
• the need to foster the company’s business relationships with suppliers, customers and others,
• the impact of the company’s operations on the community and the environment,
• the desirability of the company maintaining a reputation for high standards of business conduct, and
• the need to act fairly between members of the company.
Our key stakeholders, and the ways in which we engage with them, are as follows:
Employees
Our business success is strongly linked to the skills and qualifications of its management and employees and this is reflected in the high levels of service that we provide.
To ensure that we maintain these high standards, the well-being and development of our employees is critical and we therefore provide appropriate levels of training and support.
Regular updates are provided to employees on all aspects of company business including performance, employee events and opportunities. Employee opinions and suggestions are encouraged at staff meetings and suggestions boxes are placed in the company’s premises. The Board welcomes ideas and comments from all employees and operates an informal open- door policy.
Customers and Suppliers
We are aware that that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.
Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
Community
As a company we are active in the local communities where we operate and support local charities and not-for-profit organisations. We participate in charity-organised events as well as those what we organise ourselves.
This year we have continued to be particularly focused on food-bank charities and local authorities.
Environment
The Company continues to monitor its impact in the fields of climate protection, energy management and waste avoidance. In the coming years Wanis will continue to work to further reduce or compensate for the effects and influences of its economic activities.
 
Page 2

 
WANIS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Standards of Business Conduct
The Company is committed to conduct business with the highest integrity and the compliance with the law and have Standards in place which must be adhered to by everyone who represents the Company. These Standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the Company's policies but also with laws and regulations applicable.


This report was approved by the board on 21 March 2025 and signed on its behalf.



Mr A J Reader
Director

Page 3

 
WANIS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 profit for the year, after taxation, amounted to £10,536,874 (2023 - £8,151,238).

During the year the company declared dividends of £5,400,000 (2023 - £8,300,000).
The Directors’ do not recommend payment of a final dividend.

Directors

The Directors who served during the year were:

Mr K Wadhwani 
Mr A J Reader 
Mr M G A Ameer 

Future developments

The Directors' aim is to maintain the management policies which have resulted in the Company's sustainability and growth in recent years.

Page 4

 
WANIS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are 1,487,513 Kwh (2023 - 1,511,696 Kwh), 68,823 litres (2023 - 63,242 litres) and associated greenhouse gas emissions for the year are 308,189 CO2 (2023 - 313,183 Kg CO2).

The usage was calculated from third party billing information received in the year.

CO2 per £'000 revenue amounted to 2.21Kg/CO2 £'000 (2023 - 2.49Kg/CO2 £'000).

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 March 2025 and signed on its behalf.
 





Mr A J Reader
Director

Page 5

 
WANIS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED
 

Opinion


We have audited the financial statements of Wanis Limited (the 'Company') for the year ended 30 June 2024, 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 30 June 2024 and of its profit 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 Auditor's 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 6

 
WANIS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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 4, 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 7

 
WANIS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED (CONTINUED)


Auditor's 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 Auditor's 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:

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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
- We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards;
- We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and 
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify and unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
- Investigated the rationale behind significant or unusual transactions.
 
Page 8

 
WANIS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.


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 Auditor's 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 Auditor's 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.





Simon Liggins (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

21 March 2025
Page 9

 
WANIS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
                                                                                                                Note
£
£

  

Turnover
 4 
139,597,543
126,136,063

Cost of sales
  
(108,513,633)
(100,539,709)

Gross profit
  
31,083,910
25,596,354

Administrative expenses
  
(17,041,960)
(15,432,225)

Other operating income
 5 
131,172
129,264

Operating profit
 6 
14,173,122
10,293,393

Interest receivable and similar income
  
83,915
82,977

Interest payable and similar expenses
 10 
(168,880)
(124,816)

Profit before tax
  
14,088,157
10,251,554

Tax on profit
 11 
(3,551,283)
(2,100,316)

Profit for the financial year
  
10,536,874
8,151,238

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
WANIS LIMITED
REGISTERED NUMBER: 00795535

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
                                                               Note
£
£
£
£

Fixed assets
  

Intangible assets
 12 
48,624
48,520

Tangible assets
 13 
2,935,917
3,059,685

Investments
 14 
15,000
15,000

  
2,999,541
3,123,205

Current assets
  

Stocks
 15 
24,187,942
22,062,429

Debtors: amounts falling due within one year
 16 
13,297,526
13,853,361

Cash at bank and in hand
 17 
5,408,373
4,423,131

  
42,893,841
40,338,921

Creditors: amounts falling due within one year
 18 
(15,891,527)
(18,590,602)

Net current assets
  
 
 
27,002,314
 
 
21,748,319

Total assets less current liabilities
  
30,001,855
24,871,524

Provisions for liabilities
  

Deferred tax
 20 
(486,626)
(493,169)

  
 
 
(486,626)
 
 
(493,169)

Net assets
  
29,515,229
24,378,355


Capital and reserves
  

Called up share capital 
 21 
10,000
10,000

Profit and loss account
 23 
29,505,229
24,368,355

  
29,515,229
24,378,355


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.




Mr A J Reader
Director

The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
WANIS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£        
£        
£        


At 1 July 2022
10,000
24,517,117
24,527,117



Profit for the year
-
8,151,238
8,151,238

Dividends: Equity capital
-
(8,300,000)
(8,300,000)



At 1 July 2023
10,000
24,368,355
24,378,355



Profit for the year
-
10,536,874
10,536,874

Dividends: Equity capital
-
(5,400,000)
(5,400,000)


At 30 June 2024
10,000
29,505,229
29,515,229


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Wanis Limited (the "Company") is a private company limited by shares, incorporated in England and Wales. The business address is Golden House, Golden Business Park, Leyton, London, E10 7FE.
The principal activity of the company, which remained unchanged from last year, was that of a specialist international foods distributor, together with the operation of a cash and carry centre for international and general foods.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company meets its day-to-day working capital requirements through careful management of working capital positions. After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

  
2.3

Revenue

Revenue shown in the profit and loss account represents amounts receivable for goods and management income provided during the year in the normal course of business, net of discounts, VAT and other sales and related taxes.
Sale of goods
Revenue for the sale of all goods is recognised once the customer takes delivery as this is the point at which the significant risks and rewards are transferred from the Company to the customer. Sales invoices are raised when an order is received and processed. Occasionally a customer will take delivery of the goods subsequently. Accordingly, an adjustment is made to ensure that sales are recognised within the correct accounting period (i.e. the period in which the customer takes delivery).
Rental income
Rental income is recognised on a monthly basis in advance of the services provided. Revenue is recognised in the accounting period in which the services are rendered.
With the exception of cash sales, sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the treatment of revenue.

Page 13

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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 Sara (EU) Limited as at 30 June 2024 and these financial statements may be obtained from Golden House, Golden Business
Park, Leyton, London, E10 7FE.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
33.3% reducing balance

 
2.6

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 14

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual basis:.


Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33.3% straight line

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.

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
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.
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.

Page 15

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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 and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Derivatives, including forward exchange contracts, are not basic financial instruments.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss account in administrative expenses or income as appropriate.

 
2.12

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.

Page 16

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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'.

 
2.14

Finance costs

Finance costs are charged to profit or loss 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.

 
2.15

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

The Company enters into forward foreign currency exchange contracts, see note 22 for details of these contracts. The forward foreign currency exchange contracts are measured at fair value.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


  
2.21

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.

  
2.22

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 18

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.23

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the entity’s accounting policies
No critical accounting judgments have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 2.6 for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors.
(iii) Taxation
The Company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 11.

Page 19

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the Company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
128,923,669
111,234,237

Rest of World
10,673,874
14,901,826

139,597,543
126,136,063



5.


Other operating income

2024
2023
£
£

Rental income
101,172
99,264

Management charges receivable
30,000
30,000

131,172
129,264



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
553,134
560,788

(Profit)/loss on disposal of tangible fixed assets
(10,234)
43,726

Amortisation of intangible fixed assets
23,949
23,898

Stock recognised as an expense
100,459,883
92,403,645

Exchange differences
41,380
118,912

Other operating lease rentals
3,248,898
3,003,320

Page 20

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
28,400
28,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

The only employees were the three directors (2023 - 3).

2024
2023



Directors
3
3


9.


Directors' remuneration

Amounts were paid to Wanis Management Services LLP. It is not possible to quantify the amount paid to Wanis Management Services LLP which relate specifically to making available the services of certain LLP members/employees who are also directors of the Company.





10.


Interest payable and similar charges

2024
2023
£
£


Bank interest payable
52,825
64,389

On overdue tax
116,055
60,427

168,880
124,816

Page 21

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,557,826
2,165,435


3,557,826
2,165,435


Total current tax
3,557,826
2,165,435

Deferred tax


Origination and reversal of timing differences
(6,543)
(65,119)

Total deferred tax
(6,543)
(65,119)


Taxation on profit on ordinary activities
3,551,283
2,100,316

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
14,088,157
10,251,554


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
3,522,039
2,101,569

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
20,732
1,391

Depreciation for the year in excess of capital allowances
8,512
(2,644)

Total tax charge for the year
3,551,283
2,100,316


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets




Software

       £       



Cost


At 1 July 2023
143,500


Additions
24,053



At 30 June 2024

167,553



Amortisation


At 1 July 2023
94,980


Charge for the year on owned assets
23,949



At 30 June 2024

118,929



Net book value



At 30 June 2024
48,624



At 30 June 2023
48,520



Page 23

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Furniture, fittings and office equipment
Total

    £         
    £        
   £      
    £        
    £        



Cost or valuation


At 1 July 2023
3,043,544
2,201,148
582,754
1,624,310
7,451,756


Additions
9,172
362,145
44,490
48,827
464,634


Disposals
-
(43,370)
(76,000)
(29,502)
(148,872)



At 30 June 2024

3,052,716
2,519,923
551,244
1,643,635
7,767,518



Depreciation


At 1 July 2023
2,155,580
822,588
349,977
1,063,926
4,392,071


Charge for the year on owned assets
110,832
261,117
68,791
112,394
553,134


Disposals
-
(29,430)
(72,790)
(11,384)
(113,604)



At 30 June 2024

2,266,412
1,054,275
345,978
1,164,936
4,831,601



Net book value



At 30 June 2024
786,304
1,465,648
205,266
478,699
2,935,917



At 30 June 2023
887,964
1,378,560
232,777
560,384
3,059,685

Page 24

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments





Other fixed asset investments

£         



Cost or valuation


At 1 July 2023
15,000



At 30 June 2024
15,000




Other investments
Unlisted investments amounting to £15,000 (2023 - £15,000) relate to the Company's shareholding in a trade association. In the Directors' opinion, the market value of the investment at the year end, on a fair value basis, is not materially different to the book value as stated above.


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
24,187,942
22,062,429



16.


Debtors

2024
2023
£
£


Trade debtors
11,664,350
12,141,118

Other debtors
753,056
934,420

Prepayments and accrued income
880,120
777,823

13,297,526
13,853,361


Page 25

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,408,373
4,423,131

Less: bank overdrafts
(73,773)
(810,141)

5,334,600
3,612,990



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
73,773
810,141

Trade creditors
9,905,206
9,431,682

Amounts owed to group undertakings
3,244,502
6,328,810

Corporation tax
2,290,035
1,625,607

Other taxation and social security
-
29,706

Other creditors
2,150
6,379

Accruals and deferred income
375,861
358,277

15,891,527
18,590,602


Bank overdrafts of £73,773 (2023 - £810,141) are secured by a legal charge over the assets of the company.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 26

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Financial instruments

2024
2023
£
£

Financial assets


Fixed asset investments
15,000
15,000

Financial assets that are debt instruments measured at amortised cost
12,319,080
13,075,538

12,334,080
13,090,538


Financial liabilities


Financial liabilities measured at amortised cost
(13,527,719)
(16,532,379)


Financial assets measured at fair value through profit or loss comprise of the company's investments.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and amounts owed to group undertakings.


20.


Deferred taxation




2024
2023


      £   

                £         






At beginning of year
(493,169)
(558,288)


Credited to profit or loss
6,543
65,119



At end of year
(486,626)
(493,169)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(486,626)
(493,169)

Page 27

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,000 (2023 - 9,000) "A" Ordinary shares of £1.00 each
9,000
9,000
1,000 (2023 - 1,000) "B" Ordinary shares of £1.00 each
1,000
1,000

10,000

10,000



22.


Provisions

At 30 June 2024 the Company did not have any outstanding commitments or obligations related to foreign currency exchange contracts.


23.


Reserves

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


24.


Commitments under operating leases - lessee

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,524,828
2,524,828

Later than 1 year and not later than 5 years
7,548,627
8,882,271

Later than 5 years
2,386,383
3,584,484

12,459,838
14,991,583

Page 28

 
WANIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Income under operating leases - lessor

At 30 June 2024 the Company had future minimum lease income under non-cancellable operating leases as follows:

2024
2023
£
£
Not later than 1 year

100,000

100,000
 
Later than 1 year and not later than 5 years

68,219

168,493
 
Later than 5 years

-

-
 
168,219

268,493
 


26.


Related party transactions

The Company occupies a property owned by a Limited Liability Partnership ("the LLP"), in which a Director and certain shareholders of the ultimate parent company are members. The LLP charged the Company rent of 1,901,772 (2023 - £1,823,672) during the year. At the year end the Company owed the LLP £344,000 (2023 - £4,229).
During the year the Company charged management fees to the LLP of £30,000 
(2023 - £30,000).
The Company entered into a lease on 28 June 2021 for a property owned by a company in which a shareholder of the ultimate parent company is also a shareholder. At the year end Wanis Limited owed £119,483 (
2023 - £Nil) in respect of rent and other rent related expenses to that company. During the year the company was charged rent of £1,196,312 (2023 - £1,127,378).
The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with group entities which are wholly owned by Sara (EU) Limited, the ultimate parent company.


27.


Lease of assets

The company received rental income in relation to operating leases amounting to £100,000 (2023 - £100,000).


28.


Controlling party

The Company is a 100% subsidiary of Sara (EU) Limited, its ultimate parent undertaking. The Company is included in the consolidated accounts prepared by Sara (EU) Limited, and copies of those accounts can be obtained from the registered office detailed on the Company information page.
There is no ultimate controlling party.

 
Page 29