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Registered number: 08772200
WAGNER ASIA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WAGNER ASIA GROUP LIMITED
COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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WAGNER ASIA GROUP LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Profit or Loss
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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WAGNER ASIA GROUP 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.
The principal activities of the Company are sales of equipment through a Mongolian Permanent Establishment and holding investments in companies selling and servicing equipment in the Mongolian mining industry.
The directors who served during the year were:
The profit for the year, after taxation, amounted to $10,361,079 (2023 - loss $2,684,902).
The Company paid no dividends during the year (2023: $Nil).
The Company made no political contributions during the year (2023: $Nil).
Research and development activities
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The Company did not undertake any research and development activities within the year or prior year.
Future developments and post balance sheet events
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As of 31 December 2024, the group is continuing to make progress in the winding down and liquidation of the subsidiary business entities. The liquidation of Wagner Asia Financial Institution LLC was completed in April 2024. West End Yard LLC, which is a subsidiary of Wagner Asia Spin LLC was transferred to the buyer (Mongolyn Alt LLC) in April 2024. At the year end, Wagner Asia Spin LLC is the only entity that remains active in Mongolia and the liquidation had commenced in July 2024 and was completed in 6 January 2025. As of this date, Wagner Asia Group Limited does not have any subsidiaries in Mongolia or elsewhere.
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WAGNER ASIA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
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 the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Disclosure of information to auditors
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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 auditors are 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 auditors are aware of that information.
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WAGNER ASIA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Small companies' exemption note
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WAGNER ASIA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAGNER ASIA GROUP LIMITED
We have audited the financial statements of Wagner Asia Group Limited for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 15. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
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 profit for the year then ended;
∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 auditors' 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.
Emphasis of matter - financial statements prepared on a basis other than going concern
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We draw attention to note 4.1 in the financial statements, which explains that the directors intend to cease trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' 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.
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WAGNER ASIA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAGNER ASIA GROUP LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has 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 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; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement on page 2, 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 determines 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.
Auditors' 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 auditors' 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.
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WAGNER ASIA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAGNER ASIA GROUP LIMITED (CONTINUED)
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 responsible individual 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 management, and from our commercial knowledge and experience;
∙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 taxation 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 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 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 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; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, 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 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 than those that arise from error 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 auditors' report.
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WAGNER ASIA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAGNER ASIA GROUP LIMITED (CONTINUED)
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 auditors' 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.
Edward Wallis ACA (Senior Statutory Auditor)
for and on behalf of
ZEDRA Corporate Reporting Services (UK) Limited
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU
Date: 29 August 2025
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WAGNER ASIA GROUP LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Income from investments in subsidiaries
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Profit/(loss) for the year
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There was no other comprehensive income for the year (2023: $Nil).
The notes on pages 13 to 22 form part of these financial statements.
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WAGNER ASIA GROUP LIMITED
REGISTERED NUMBER: 08772200
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Investments in subsidiaries
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 8 to 22 were approved and authorised for issue by the board of directors and were signed on its behalf by:
The notes on pages 13 to 22 form part of these financial statements.
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WAGNER ASIA GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Total comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 22 form part of these financial statements.
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WAGNER ASIA GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Profit/(loss) for the year
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Movements in working capital:
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(Increase)/decrease in trade and other receivables
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(Decrease)/increase in trade and other payables
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Cash generated from operations
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Net cash from/(used in) operating activities
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Cash flows from investing activities
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Net cash from investing activities
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Cash flows from financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 13 to 22 form part of these financial statements.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Wagner Asia Group Limited (the 'Company') is a limited company incorporated in the United Kingdom and registered in England and Wales. The Company's registered office is at Birchin Court, 5th Floor, 19-25 Birchin Lane, London, United Kingdom, EC3V 9DU. The Company's principal activities are the sale of equipment through a Mongolian Permanent Establishment and the holding of investments in companies involved in selling and servicing equipment for the Mongolian mining industry.
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs).
Details of the Company's accounting policies, including changes during the year, are included in note 4.
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
The financial statements have been prepared on the historical cost basis.
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2.2 Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 January 2024
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There are no relevant standards or amendments issues by IASB or endorsed by the UK that are effective at the date of these financial statements being authorised for issue which would have a material impact on the Company.
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New standards, interpretations and amendments not yet effective
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The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements:
∙Classification of liabilities as current or non-current (Amendments to IAS 1)
∙Lease liability in a Sale and Leaseback (amendments to IFRS 16)
∙Non-current liabilities with covenants (Amendments to IAS 1)
∙Supplier finance arrangements (Amendments to IAS 7 and IFRS 7)
∙Sale or contribution of assets between an investor and its associate or joint venture (Amendments to
IAS 10 and IAS 28
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Basis of preparation (continued)
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ii) New standards, interpretations and amendments not yet effective (continued)
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As the Company expects to dissolve, these standards are not expected to have any impact for the Company in future periods.
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Functional and presentation currency
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These financial statements are presented in US dollars, which is the Company's functional currency. All amounts have been rounded to the nearest US dollar, unless otherwise indicated.
4.Accounting policies
It is the intention of the directors to wind down operations in all subsidiaries of the group and the Company in the coming years. The directors do not consider the going concern basis to be appropriate and therefore these financial statements have not been prepared on that basis.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Dividend income is recognised when the right to receive payment is established.
Interest income is recognised in profit or loss using the effective interest method.
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 reporting date in the countries where the Company operates and generates income.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4.Accounting policies (continued)
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured initially at cost. No interest is charged as these are repayable on demand.
Debtors which are financial assets are measured initially at fair value plus any attributable transaction costs. There are subsequently measured at amortised cost using the effective interest method.
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Amounts owed to group undertakings are intercompany loans measured at cost, no interest is charged as these are repayable on demand.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4.Accounting policies (continued)
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
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Financial liabilities and equity instruments
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All financial liabilities are subsequently measured at amortised cost using the effective interest method or at fair value through profit and loss (FVTPL).
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.
Financial liabilities subsequently measured at amortised cost
Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the 'finance income' or 'finance expense' line item, for gains and losses respectively, in profit or loss for financial liabilities that are not part of a designated hedging relationship.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Accounting estimates and judgements
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5.1 Judgement
The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below. The accounting policies have been applied consistently with the prior year other than where new policies have been adopted.
Impairment of investments
Judgements in relation to the impairment of investments are based on historical experience and various other factors, including the performance and financial position of the subsidiaries, that are believed to be reasonable under the circumstances.
The Company has no employees other than the directors, who did not receive any remuneration through the UK entity (2023 - $Nil).
The remuneration of key management personnel of the Company is borne by another group entity and not recharged. Management believe that it is not possible to make a reasonable apportionment of the compensation of key management personnel in respect of the Company. As such their compensation is not recognised in these financial statements.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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7.1 Income tax recognised in profit or loss
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Profit/(loss) for the year
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Profit/(loss) before income taxes
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Tax using the Company's domestic tax rate of 25% (2023: 23.52%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Movement in deferred tax not recognised
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Adjustments to tax charge in respect of prior periods
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Details of the Company's material subsidiaries at the end of the reporting period are as follows:
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Place of incorporation and operation
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Proportion of ownership interest and voting power held by the Company (%)
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Facilitate the sale of remaining assets owned within the group.
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Investment in subsidiary companies
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Trade and other receivables
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Receivables from related parties
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Total trade and other receivables
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The Company only has receivables from group companies and as such, there are no expected credit losses. Management's judgement is that 100% of the balance will be recoverable.
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Payables to related parties
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Total trade and other payables
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Ordinary shares of $1.00 each
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At 1 January and 31 December
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium
The share premium account represents the total amounts paid for the purchase of the Company's shares over the nominal value of the share capital.
Retained earnings
The retained earnings represents accumulated profits.
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Financial instruments - fair values and risk management
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13.1 Accounting classifications and fair values
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The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
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Financial assets not measured at fair value
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Trade and other receivables
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Cash and cash equivalents
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Financial instruments - fair values and risk management (continued)
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13.1 Accounting classifications and fair values (continued)
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Financial assets not measured at fair value
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Trade and other receivables
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Financial liabilities not measured at fair value
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13.2 Credit risk management
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The Company's credit risk is deemed to be low as the only amounts owed to the Company is the loan due from the parent entity. As such, no specific credit risk management steps are taken.
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13.3 Liquidity risk management
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Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.
The Company's approach to managing liquidity is to ensure that it has sufficient cash to meet its liabilities,
facilitated by financing from its parent entity.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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14.1 Loans to related parties
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14.2 Loans from related parties
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Wagner International, LLC
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Short term balances both due from and payable to the group are unsecured, interest free and repayable on demand.
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14.3 Other related party transactions
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The Company received £10,239,629 during the year from its subsidiary company, Wagner Asia Spin LLC. Of this amount, £7,042,810 was a result of the write off of the intercompany loan balance owed to the subsidiary. The remaining £3,196,819 were cash distributions received from the subsidiary, being the return of capital as the subsidiary was wound down during the year.
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First time adoption of IFRS
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The Company has previously reported under FRS 101, applying all the relevant disclosures and principles of IFRS. In the current year, the Company is no longer a qualifying entity, as such there are no material adjustments required to the opening balances, and therefore no opening balance sheet has been presented.
Wagner International, LLC is the parent of the smallest and largest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 18000 Smith Road, Aurora, CO 80011-3511, USA.
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WAGNER ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Events after the reporting date
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The liquidation of Wagner Asia Spin LLC had commenced in July 2024 and was completed in 6 January 2025. This was a non-adjusting post balance sheet event.
There were no adjusting or other non-adjusting events occurring between the end of the reporting period and the date of these financial statements were approved.
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