Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
COMPANY INFORMATION
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WANIS LIMITED
CONTENTS
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WANIS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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.
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.
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WANIS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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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.
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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 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.
The Directors who served during the year were:
The Directors' aim is to maintain the management policies which have resulted in the Company's sustainability and growth in recent years.
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WANIS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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).
The auditor, Barnes Roffe LLP, 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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WANIS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED
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 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 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.
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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WANIS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS LIMITED (CONTINUED)
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 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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WANIS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANIS 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 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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA
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WANIS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
REGISTERED NUMBER: 00795535
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 29 form part of these financial statements.
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WANIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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:
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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (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:.
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.
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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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 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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The whole of the turnover is attributable to the one principal activity of the Company.
Analysis of turnover by country of destination:
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The only employees were the three directors (2023 - 3).
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
At 30 June 2024 the Company did not have any outstanding commitments or obligations related to foreign currency exchange contracts.
Profit and loss account
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WANIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
The company received rental income in relation to operating leases amounting to £100,000 (2023 - £100,000).
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.
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