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Registered number: 04524830









WANSTOR LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
WANSTOR LIMITED
 
 
COMPANY INFORMATION


Directors
Peter James Lukes 
Francesca Emily Florence Lukes 
Manmit Singh Rai 




Registered number
04524830



Registered office
First Floor
Bridgegate House

124-126 Borough High Street

London

SE1 1LB




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
WANSTOR 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 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 27


 
WANSTOR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors are pleased to present our strategic report for the year ended 30 September 2024, which highlights our performance, progress, and prospects as a leading provider of managed IT services in the UK.
Principal activity
The principal activity of the company is that of provision of IT services.
Fair review of the business
This report provides an overview of the performance, position, and prospects of Wanstor during the financial year ended on September 2024. 

Business review
 
Wanstor is a leading Managed IT Services business. Our strategy is centred around being the end-to-end strategic technology partner for growing businesses. We support ambitious and growing businesses maximise their investments in technology, from managing their technology operations, to Cyber Security services, and transforming their businesses through Data & AI projects. Our proactive approach to serving clients has been highly successful, enabling us to deliver strong organic growth through long-lasting customer retention and a high proportion of long-term contracted revenue. 
Our financial year ending September 2024 was transformative for our organisation as we invested heavily in embedding leading technologies, automation and artificial intelligence into our service operations. Our EBITDA position reflects the investment in this period and is expected to recover significantly in the next financial year. 
Achievements
We have continued to expand our customer base and strengthen our relationships with existing clients, delivering high-quality services and solutions across various sectors. Some of our notable achievements in the past year include:
• 
Growth & Service Diversification: We have continued to delight customers, securing long term renewals from a significant proportion of our customer base, as well as onboarding exciting new brands. We have improved our recurring revenue to 75% driven by growth across our Managed Services, Security and Modern Workplace propositions. Security, Public Cloud & Data and AI solutions now account for 20% of Wanstor’s revenue. 
• 
Innovation: Our Service Desk operations have transformed through the implementation of ServiceNow, Introduction of our Service Centre of Excellence and delivery towards the SDI 4*   globally recognised Service Desk Certification. Our weekly deployments of new automations and functionality have resulted in us driving a 20% reduction  in overall case volume  and 45% reduction in time to resolution for customers. 
• 
Partnerships: We have built stronger relationships with our key partners, achieving multiple new specialisations with Microsoft and doubling our revenue with them, enabling us to unlock and deliver funded initiatives for clients.
• 
Leadership & Culture: We have strengthened our leadership team with the introduction of a Chief Revenue Officer role, responsible for redefining our sales & marketing approach to have a greater impact in the market. Our leadership team is now 50:50 gender balanced, a rarity in the Managed IT Service sector. We have fostered a collaborative and inclusive environment and have been recognised as one of the top companies to work for in the UK by Best Companies.
• 
Sustainability: Our carbon footprint per employee has reduced by 4.6% over the last financial year and
Page 1

 
WANSTOR LIMITED
 

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

we are proud to continue to be a certified Carbon Neutral organisation. 
Challenges
While we are proud of our achievements, we acknowledge the challenges and risks that we face in the dynamic and competitive IT services market. Some of the key challenges that we encountered in the past year include:
• The announcement of the UK general election had a notable impact on corporate IT spending across the country. With many businesses adopting a cautious approach, delaying significant investments and projects. This hesitation was evident in the services sector, encompassing IT, finance, communications, and business services, where growth decelerated to a seven-month low in June 2024. 
• The changing technology landscape requires a diversification of our product and service mix.
• The high interest rates and inflation, which increased our borrowing costs and reduced our profitability margins.
• The continued shortage of skilled IT talent, which increases the competition to recruit and retain the best people for our business.
We have implemented various measures to mitigate these challenges, such as diversifying our revenue streams, managing our cash flow, enhancing our security and compliance, and investing in our people and technology. We also monitor the external factors that may affect our business and adjust our strategy accordingly.
Risks and mitigations
In addition to the challenges that we faced in the past year, we have identified some of the potential risks that may affect our future performance and prospects, and the actions that we have taken or plan to take to manage them. These include:
• The risk of cyber-attacks, data breaches, or system failures, which could compromise our reputation, customer trust, and service quality. To mitigate this risk, we have invested in our IT infrastructure, security systems, and backup solutions, and we have implemented robust policies and procedures to prevent, detect, and respond to any incidents. We also conduct regular audits and tests to ensure our compliance with the relevant standards and regulations.
• The risk of losing our competitive edge, customer loyalty, or market share, due to the rapid changes in technology, customer expectations, and industry trends. To mitigate this risk, we have adopted a customer-centric and innovation-driven approach, where we seek to understand the needs and preferences of our customers and deliver solutions that add value and differentiation. We have invested heavily in our tooling and processes to ensure we are at the leading edge and will drive the competition. We also monitor the market developments and the activities of our competitors, and we invest in research and development, training, and partnerships to enhance our capabilities and offerings.
• The risk of continued economic uncertainty in 2025, due to the long-term impact of the COVID-19 pandemic, Brexit, and increasing geopolitical tensions, which could affect our customers' demand, spending, and payment behaviour. The latest UK budget in 2024 for example will place strain on one our key markets; hospitality & retail.  To mitigate this risk, we have implemented prudent financial management, cost optimisation, and cash flow monitoring measures, and we have diversified our revenue sources and secured long-term contracts with our key customers. We also maintain close communication with our stakeholders and adapt our operations and strategies to the changing market conditions, enabling them to realise efficiencies through technology. 


 
Page 2

 
WANSTOR LIMITED
 

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

Future plans
Looking ahead, we are confident that we have a solid foundation and a clear strategy to achieve our vision of becoming the preferred partner for managed IT services in the UK. Our future plans include:
• Delivering a world-class customer experience to our customers by fostering a culture of excellence and innovating across our services, 
• Developing and delivering leading Security and Data & AI capabilities for our customers,
• Maximising our operational efficiency through automation, process improvement, and innovation so we can deliver the best and most competitive services to customers,
• Transforming our brand and market positioning to become famous for solving business challenges through technology for our customers. 
We would like to thank our customers, partners, employees, and shareholders for their continued support and trust in Wanstor. We look forward to working with you in the next year and beyond.
Social and Environmental Impact
As an medium sized enterprise, we recognise our responsibility to operate in a socially and environmentally responsible manner. We are committed to reducing our environmental impact by implementing initiatives to reduce waste, improve energy efficiency, and reduce carbon emissions. We are pleased to report that we have accounted for our carbon emissions and offset for this financial year by 110%, making this financial year carbon neutral. We also support local communities through charitable donations and volunteering.
 


This report was approved by the board on 16 June 2025 and signed on its behalf.




Francesca Emily Florence Lukes
Director

Page 3

 
WANSTOR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 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;

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 £1,542,596 (2023 - £1,583,261).

Directors

The directors who served during the year were:

Peter James Lukes 
Francesca Emily Florence Lukes 
Manmit Singh Rai 

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 
WANSTOR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 

This report was approved by the board on 16 June 2025 and signed on its behalf.
 





Francesca Emily Florence Lukes
Director

Page 5

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

Opinion


We have audited the financial statements of Wanstor Limited (the 'Company') for the year ended 30 September 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 September 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

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

 
WANSTOR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANSTOR 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud 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 anagement, and from our commercial knowledge and experience of the sector in which the company operates;
-We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
-We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.
To address the risk of fraud in relation to revenue recognition, we:
- Performed detailed substantive testing to address completeness and accuracy of sales;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any 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;
- Investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
Page 8

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




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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

16 June 2025
Page 9

 
WANSTOR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
24,119,957
22,549,169

Cost of sales
  
(18,478,555)
(16,971,740)

Gross profit
  
5,641,402
5,577,429

Administrative expenses
  
(3,585,600)
(3,606,531)

Operating profit
 5 
2,055,802
1,970,898

Interest payable and similar expenses
  
(28,483)
(2,235)

Profit before tax
  
2,027,319
1,968,663

Tax on profit
 9 
(484,723)
(385,402)

Profit for the financial year
  
1,542,596
1,583,261

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 14 to 27 form part of these financial statements.

Page 10

 
WANSTOR LIMITED
REGISTERED NUMBER: 04524830

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
28,502
35,223

Tangible assets
 11 
194,107
301,286

  
222,609
336,509

Current assets
  

Stocks
 12 
6,721
13,786

Debtors: amounts falling due within one year
 13 
11,079,953
10,186,577

Cash at bank and in hand
 14 
718,238
375,756

  
11,804,912
10,576,119

Creditors: amounts falling due within one year
 15 
(3,325,832)
(3,058,267)

Net current assets
  
 
 
8,479,080
 
 
7,517,852

Total assets less current liabilities
  
8,701,689
7,854,361

Creditors: amounts falling due after more than one year
 16 
-
(40,972)

Provisions for liabilities
  

Deferred tax
 18 
(45,631)
(49,084)

Other provisions
 19 
(48,978)
(48,978)

  
 
 
(94,609)
 
 
(98,062)

Net assets
  
8,607,080
7,715,327


Capital and reserves
  

Called up share capital 
 20 
100
100

Capital redemption reserve
  
25
25

Profit and loss account
  
8,606,955
7,715,202

  
8,607,080
7,715,327


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 June 2025.



Francesca Emily Florence Lukes
Director

The notes on pages 14 to 27 form part of these financial statements.
Page 11

 
WANSTOR LIMITED
REGISTERED NUMBER: 04524830
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024


Page 12

 
WANSTOR LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
100
25
7,715,202
7,715,327



Profit for the year
-
-
1,542,596
1,542,596

Dividends
-
-
(650,843)
(650,843)


At 30 September 2024
100
25
8,606,955
8,607,080



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
100
25
7,027,053
7,027,178



Profit for the year
-
-
1,583,261
1,583,261

Dividends
-
-
(895,112)
(895,112)


At 30 September 2023
100
25
7,715,202
7,715,327


The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Wanstor Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB. 

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

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'.

Page 14

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

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.

Page 15

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 16

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
3 years
Motor vehicles
-
25%
straight-line method
Fixtures and fittings
-
25%
straight-line method
Other fixed assets
-
33%
straight-line method

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.

 
2.10

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 first in, first out 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 17

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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

a) Critical judgements in applying the company's accounting policies
No significant judgements have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.9 of the accounting policies.
The company has also made key assumptions regarding settlement credits. An estimate is made for the value of cases at the year end which will result in a credit against the fee charged to the customer. There is a degree of estimation uncertainty when providing for such credits (reflecting the incidence of cancelled cases, customer terms and timing of such credits). The aggregate amount of such credits is included within other creditors. 

Page 18

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
1,602,468
2,119,922

Support
18,334,256
15,842,549

Service
4,081,195
4,560,323

Carriage and expenses
102,038
26,375

24,119,957
22,549,169


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
24,119,957
22,549,169

24,119,957
22,549,169



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
1,865
2,046

Other operating lease rentals
268,572
342,873


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,725
16,725

Page 19

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
10,647,319
10,527,454

Social security costs
1,245,305
1,183,025

Cost of defined contribution scheme
709,904
304,416

12,602,528
12,014,895


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative and Support
12
12



Sales, marketing and distribution
12
12



Technical
218
216

242
240


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
406,415
391,131

Company contributions to defined contribution pension schemes
3,522
3,339

409,937
394,470


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £254,444 (2023 - £180,383).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,201 (2023 - £2,018).

Page 20

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
526,019
392,748

Adjustments in respect of previous periods
(37,843)
-

Total current tax
488,176
392,748

Deferred tax


Origination and reversal of timing differences
(3,453)
(7,346)

Total deferred tax
(3,453)
(7,346)


Tax on profit
484,723
385,402

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
2,027,319
1,968,663


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
506,830
472,587

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(5,378)
(30,227)

Capital allowances for year in excess of depreciation
24,567
15,691

Increase in UK and foreign current tax from adjustedment for prior periods
-
(56,320)

Short-term timing difference leading to an increase (decrease) in taxation
(3,453)
(16,329)

Prior year R&D claim
(37,843)
-

Total tax charge for the year
484,723
385,402


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Intangible assets




Patents

£



Cost


At 1 October 2023
204,501


Additions
3,821



At 30 September 2024

208,322



Amortisation


At 1 October 2023
169,278


Charge for the year
10,542



At 30 September 2024

179,820



Net book value



At 30 September 2024
28,502



At 30 September 2023
35,223



Page 22

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 October 2023
55,447
791,730
1,460,892
2,308,069


Additions
-
21,670
41,313
62,983



At 30 September 2024

55,447
813,400
1,502,205
2,371,052



Depreciation


At 1 October 2023
-
578,124
1,428,659
2,006,783


Charge for the year
18,482
114,239
37,441
170,162



At 30 September 2024

18,482
692,363
1,466,100
2,176,945



Net book value



At 30 September 2024
36,965
121,037
36,105
194,107



At 30 September 2023
55,447
213,606
32,233
301,286




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
36,965
55,447

36,965
55,447



12.


Stocks

2024
2023
£
£

Finished goods and goods for resale
6,721
13,786

6,721
13,786


Page 23

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Debtors

2024
2023
£
£


Trade debtors
4,872,304
4,473,668

Amounts owed by group undertakings
5,650,514
5,088,287

Other debtors
10,327
9,070

Prepayments and accrued income
546,808
615,552

11,079,953
10,186,577



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
718,238
375,756

718,238
375,756



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,483,396
1,462,224

Corporation tax
531,011
396,477

Other taxation and social security
756,176
726,448

Obligations under finance lease and hire purchase contracts
40,972
54,630

Other creditors
32,781
48,372

Accruals and deferred income
481,496
370,116

3,325,832
3,058,267


Page 24

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
40,972

-
40,972


Secured creditors
The bank has a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 26 February 2021.


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
40,972
54,630

Between 1-5 years
-
40,972

40,972
95,602

Page 25

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(49,084)
(56,430)


Charged to profit or loss
3,453
7,346



At end of year
(45,631)
(49,084)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(45,631)
(49,084)

(45,631)
(49,084)


19.


Provisions




Other provision

£





At 1 October 2023
48,978



At 30 September 2024
48,978


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £709,904 (2023: £304,416). Contributions totalling £7,085 (2023: £Nil) were payable to the fund at the balance sheet date and are included in other creditors due within one year

Page 26

 
WANSTOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Commitments under operating leases

At 30 September 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
250,000
148,269

Later than 1 year and not later than 5 years
562,500
120,488

812,500
268,757


23.


Controlling party

The immediate and ultimate parent company is Wanstor Group Limited and its registered address is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB.

 
Page 27