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Registration number: 14301158

WAI Global Holdings UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

WAI Global Holdings UK Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 20

 

WAI Global Holdings UK Limited

Company Information

Directors

Mr R A Welland

Mr S Moul

Mr R Moul

Mr D Moul

Company secretary

Mr R A Welland

Registered office

Sovereign House
Christie Place
Durban Road
Bognor Regis
West Sussex
PO22 9RT

Auditors

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

WAI Global Holdings UK Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the supply of automotive products to the aftermarket within the UK and EMEA.

Fair review of the business

The directors of WAI Global Holdings UK Ltd would like to present an overview for the period from 01 January 2024 to 31 December 2024.

The company has experienced continued growth within the UK Aftermarket via a number of new initiatives including the expansion of our existing New Rotating Electrics range into a number of significant customers.

Investments have been made into Inventory along with our product management and sales teams. Availablility and range optimization have been key drivers of the company's continued success along with the extension of existing supply agreements.

WAI has developed a number of EV (Electric Vehicle) products, principally EV cables and Charging stations that have become a market leaders within the UK.

The company uses Like for Like sales as an ongoinog measure of performance comparing sales revenue for the company for the full 12 months in the current and comparative periods. Like for like sales increased by 20.5% compared to the previous 12 months. The directors put this down to significant business wins, improved product availability and the desire for customers to move from Remanufactured products to New.

WAI is now seen as the UK's leading brand for Rotating Electrics and based on the success of this, we are introducing new product lines to the customers. These include EV, Engine Management, Wiper Motors, and Window Regulators.

Principal risks and uncertainties

The principal risks facing the business remain around the freight and costs related because of the war in the Ukraine and Middle East. Costs of raw materials continue to fluctuate along with potential tariffs on certain goods produced in China. While the economic situation remains, cars are an important part of life, and such require continued maintenance.
The company supplies essential parts for the car that are not luxury items and require immediate replacement when they fail. As the economic climate remains harsh the company can expect to see sales continue to trend upwards as consumers require competitive well-made replacement parts.
The directors continue to maintain the operational cost of the business.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
Mr R A Welland
Company secretary and director

 

WAI Global Holdings UK Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R A Welland - Company secretary and director

Mr S Moul

Mr R Moul

Mr D Moul

Financial instruments

Objectives and policies

The directors have reviewed the financial risk management objectives and policies of the company. They do not believe there to be any significant risks in this area. The company does not enter into any hedging instruments as there are not believed to be any material exposures. It does not enter into any financial instruments for speculative purposes.

Appropriate trade terms are negociated with suppliers and customers. Management reviews these terms, the relationships with suppliers and customers and manages any exposure on normal trade terms. The company prepares regular forecasts of cash flow and liquidity with which the directors assess the ongoing cash commitments of the company as part of a strict cash flow management program.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that acheives a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by poliicies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business is a lessee in respect of operating leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet these payments.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
Mr R A Welland
Company secretary and director

 

WAI Global Holdings UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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 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.

 

WAI Global Holdings UK Limited

Independent Auditor's Report to the Members of WAI Global Holdings UK Limited

Opinion

We have audited the financial statements of WAI Global Holdings UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 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 UK, including the FRC’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.

Other Matter
This was the company's first year of existence therefore, these financial statements do not contain any comparative figures.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

WAI Global Holdings UK Limited

Independent Auditor's Report to the Members of WAI Global Holdings UK Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [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.

Auditor 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 mistatements 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:

We identified the laws and regulations applicable to the company through discussions with management and those charged with governance, and from our commercial knowledge and experience of the company's sector and activities.

We focused on the specific laws and regulations which we considered may have a direct material effect on the financial statements, including Companies Act 2006, FRS102, employment law, data protection and health & safety.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and consideration of breaches throughout our testing.

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 enquiries 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 the risks of fraud and non-compliance with laws and regulations.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

WAI Global Holdings UK Limited

Independent Auditor's Report to the Members of WAI Global Holdings UK Limited

agreeing financial statement disclosures to underlying supporting documentation.

enquiring of management as to actual and potential litigation or claims.

performing audit work over the risk of management override of controls, such as reviewing journals in the year.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

A further description of our responsibilities is available 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 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.

......................................
James O'Rourke FCA (Senior Statutory Auditor)
For and on behalf of Blue Spire Limited, Statutory Auditor
 Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

16 June 2025

 

WAI Global Holdings UK Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

19,418,345

16,107,842

Cost of sales

 

(17,006,808)

(13,752,620)

Gross profit

 

2,411,537

2,355,222

Administrative expenses

 

(1,953,938)

(2,018,540)

Other operating income

4

-

602,792

Operating profit

5

457,599

939,474

Interest payable and similar expenses

6

(542,764)

(416,677)

(Loss)/profit before tax

 

(85,165)

522,797

Tax on (loss)/profit

10

37,058

(124,252)

(Loss)/profit for the financial year

 

(48,107)

398,545

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

WAI Global Holdings UK Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

(Loss)/profit for the year

(48,107)

398,545

Total comprehensive income for the year

(48,107)

398,545

 

WAI Global Holdings UK Limited

(Registration number: 14301158)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

55,176

64,992

Current assets

 

Stocks

12

4,901,281

3,623,368

Debtors

13

5,931,527

3,733,429

Cash at bank and in hand

 

941,836

932,858

 

11,774,644

8,289,655

Creditors: Amounts falling due within one year

15

(8,378,743)

(2,335,655)

Net current assets

 

3,395,901

5,954,000

Net assets

 

3,451,077

6,018,992

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

3,100,539

5,620,347

Retained earnings

350,438

398,545

Shareholders' funds

 

3,451,077

6,018,992

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
Mr R A Welland
Company secretary and director

 

WAI Global Holdings UK Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2024

100

5,620,347

398,545

6,018,992

Loss for the year

-

-

(48,107)

(48,107)

Other share premium reserve movements

-

(2,519,808)

-

(2,519,808)

At 31 December 2024

100

3,100,539

350,438

3,451,077

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Profit for the year

-

-

398,545

398,545

New share capital subscribed

100

5,620,347

-

5,620,447

At 31 December 2023

100

5,620,347

398,545

6,018,992

 

WAI Global Holdings UK Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(48,107)

398,545

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

14,354

13,120

Finance costs

6

431,324

359,472

Income tax expense

10

(37,058)

124,252

 

360,513

895,389

Working capital adjustments

 

Increase in stocks

12

(1,277,913)

(3,623,368)

Increase in trade debtors

13

(2,167,527)

(3,733,429)

Increase in trade creditors

15

6,182,604

2,196,139

(Decrease)/increase in deferred income, including government grants

 

(15,264)

15,264

Cash generated from operations

 

3,082,413

(4,250,005)

Income taxes paid

10

(117,765)

-

Net cash flow from operating activities

 

2,964,648

(4,250,005)

Cash flows from investing activities

 

Acquisitions of tangible assets

(4,539)

(78,112)

Cash flows from financing activities

 

Interest paid

6

(431,324)

(359,472)

Proceeds from issue of ordinary shares, net of issue costs

 

-

5,620,447

Reduction of share premium

 

(2,519,808)

-

Net cash flows from financing activities

 

(2,951,132)

5,260,975

Net increase in cash and cash equivalents

 

8,977

932,858

Cash and cash equivalents at 1 January

 

932,858

-

Cash and cash equivalents at 31 December

 

941,835

932,858

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sovereign House
Christie Place
Durban Road
Bognor Regis
West Sussex
PO22 9RT

These financial statements were authorised for issue by the Board on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

5 years straight line

Fixtures and fittings

7 years straight line

Motor vehicles

5 years straight line

Office equipment

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

19,401,065

16,096,046

Rental income

17,280

11,796

19,418,345

16,107,842

The analysis of the company's turnover for the year by class of business is as follows:

2024
£

2023
£

Sale of car parts

19,401,065

16,096,046

Rental income

17,280

11,796

19,418,345

16,107,842

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

9,168,407

9,636,973

Europe

664,109

486,716

Rest of world

9,585,829

5,984,153

19,418,345

16,107,842

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

-

602,792

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,354

13,120

Operating lease expense - plant and machinery

39,319

-

Operating lease expense - other

35,154

-

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

13

Foreign exchange losses

111,440

57,205

Other finance costs

431,324

359,459

542,764

416,677

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

786,192

592,205

Social security costs

107,910

40,056

Pension costs, defined contribution scheme

73,953

129,212

Other employee expense

15,801

13,926

983,856

775,399

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Warehouse

9

9

Office

9

9

18

18

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

200,039

135,383

Contributions paid to money purchase schemes

53,648

41,323

253,687

176,706

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2024
£

2023
£

Remuneration

200,039

135,383

Company contributions to money purchase pension schemes

53,648

41,323

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,750

9,750


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(37,058)

124,252

Deferred tax

There has been no provision for deferred tax has not been included because of it immateraility and likleyhood of being reversed in the forseeable future.

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

73,778

4,333

78,111

Additions

4,539

-

4,539

At 31 December 2024

78,317

4,333

82,650

Depreciation

At 1 January 2024

12,120

1,000

13,120

Charge for the year

13,354

1,000

14,354

At 31 December 2024

25,474

2,000

27,474

Carrying amount

At 31 December 2024

52,843

2,333

55,176

At 31 December 2023

61,659

3,333

64,992

12

Stocks

2024
£

2023
£

Finished goods and goods for resale

5,204,250

3,865,729

Provision for slow moving & obsolete stock

(302,969)

(242,361)

4,901,281

3,623,368

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

5,735,691

3,484,429

Amounts owed by related parties

19

8,322

120,134

Other debtors

 

90,414

78,538

Prepayments

 

48,826

50,328

Deferred tax assets

10

17,703

-

Income tax asset

10

30,571

-

   

5,931,527

3,733,429

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

94

93

Cash at bank

941,742

932,765

941,836

932,858

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,637,570

842,136

Social security and other taxes

 

30,948

28,168

Outstanding defined contribution pension costs

 

26,281

20,275

Other payables

 

3,402,795

4,157

Accruals

 

2,281,149

1,301,403

Income tax liability

10

-

124,252

Deferred income

 

-

15,264

 

8,378,743

2,335,655

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £34,785 (2023 - £129,212).

Contributions totalling £26,281 (2023 - £20,275) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.50 (2023 - £1) each

200

100

100

100

       

18

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

163,164

164,871

Later than one year and not later than five years

322,207

486,195

485,371

651,066

The amount of non-cancellable operating lease payments recognised as an expense during the year was £164,871 (2023 - £105,757).

 

WAI Global Holdings UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Related party transactions

Summary of transactions with subsidiaries

The company has taken advantage of exemption, under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK', not to disclose related party transactions or balances with wholly owned subsidiaries within the group.

20

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Wetherill Enterprises Inc, incorporated in USA.

The address of Wetherill Enterprises Inc is:
2841 Corporate Way, Miramar, Florida, United States of America, FL 33025.