Registration number:
for the
Year Ended 31 December 2024
Wahl (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Wahl (UK) Limited
Company Information
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Directors |
M R Smith D M Goodman K T Wahl |
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Company secretary |
K J Harding |
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Registered office |
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Bankers |
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Auditors |
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Wahl (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 that of the import, sale, service, pack and distribution of electrical appliances for the UK market.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £35,541,253 (2023 - £37,642,651) and an operating profit of £3,405,516 (2023 - £8,341,213). At 31 December 2024, the company had net assets of £24,573,857 (2023 - £42,111,940). The directors consider the performance for the year and the financial position at the year end to be satisfactory.
The board uses a range of financial and non-financial performance indicators, including standard accounting ratios, budget variance analysis and operational activities.
Future developments
The company is focused on continuous improvements in efficiency and building on the company's already established brand in the market place. This should ensure the company achieves improved/consistent levels of turnover and profitability in 2025.
The volatility of the pound versus the major currencies the company trades in continues to be a focus with strategies deployed to minimise exposure.
2025 is expected to see the company continue on its growth path gaining market share in what is likely to remain a very competitive market. The Wahl brand remains strong.
Section 172(1) statement
The directors of the company must act in accordance with the duties detailed in Section 172 of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term.
The directors have acted in a way in which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its stakeholders. The company is headed by an effective Board of Directors who bring a wealth of experience which drives the strategy of the company. The business plan has been approved by the directors which focuses the company on a growth initiative for the future.
b) The interests of the company’s employees.
Our employees are a key resource. The directors are focused on recruiting, retaining and developing employees to ensure the company have the necessary high-level resources for the future. Our employees actively pursue opportunities for personal development and career progression with the support from management; a culture of inclusion and diversity; compensation and benefits; and the ability to make a difference.
c) The need to foster the company’s business relationships with suppliers, customers, and others.
The directors consider it necessary to ensure that strong relationships are harnessed with customers, suppliers and others to allow the company to facilitate delivery of product to the market. The company has several valuable long term customer and supplier relationships.
d) The impact of the company’s operations on the community and the environment.
The directors consider the impact of the company’s operations on both the community and environment whenever decisions are made.
e) The desirability of the company maintaining a reputation for high standards of business conduct.
The director’s intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for our business. There is a low appetite for reputational risk given the presence of the company name in the marketplace.
f) The need to act fairly between members of the company.
As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
Other major stakeholder groups include the company’s insurers, bankers, advisors, auditors, regulators and HMRC. With all these stakeholder groups, the directors maintain regular and open dialogue to ensure that all parties are kept informed. The directors believe this is essential to building strong working relationships.
Wahl (UK) Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The key business risks and uncertainties are considered to relate to competition from both national and international retailers, established and new to the market competitors, coupled with the support of suppliers. The wider group adapts accordingly to changes in the marketplace.
Exchange rate risk and uncertainty is constantly reviewed and discussed both locally and globally with senior management.
Approved by the
Director
Wahl (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:
Information included in the Strategic Report
Information on engagement with suppliers, customers and others is included in the Strategic Report in the s172(1) statement. The company's business environment and risks, together with details of monitoring undertaken by the Directors and future developments are dealt with elsewhere in the Strategic Report.
Financial instruments
Objectives and policies
The company's financial instruments comprise cash and liquid resources, and various other items such as trade debtors, trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of these financial instruments means that they are not subject to price or liquidity risk.
Credit risk and cash flow risk
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The company makes sales on credit terms to a number of its customers. However, before such terms are agreed an assessment of the customers credit rating is undertaken to ensure that the customer does not represent a major credit risk to the company. Credit limits are then set accordingly, therefore reducing the company's exposure to credit risk.
Cash flow risk
Cash flow risk is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day-to-day operations of the company. The company manages cash flow by careful negotiation of terms with customers and supplies to maintain available funds to meet its liabilities as they fall due.
Going concern
Forecasts have been prepared which take into account estimates of future performance based on changes in the economic environment. These forecasts indicate that the company will continue to operate within their existing facilities. At 31 December 2024, the company had net assets of £24,573,857 (2023 - £42,111,940) and access to cash reserves of £5,790,777 (2023 - £19,416,457). Based on the forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.
Directors' liabilities
The Company has indemnified, by means of directors' and officers' liability insurance, the Directors of the Company against liability in respect of proceedings brought by third parties, subject to conditions set out in section 234 of the Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors' Report.
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.
Wahl (UK) Limited
Directors' Report for the Year Ended 31 December 2024
Approved by the
Director
Wahl (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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Wahl (UK) Limited
Independent Auditor's Report to the Members of Wahl (UK) Limited
Opinion
We have audited the financial statements of Wahl (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, 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 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 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.
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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Wahl (UK) Limited
Independent Auditor's Report to the Members of Wahl (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 6, 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’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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
Wahl (UK) Limited
Independent Auditor's Report to the Members of Wahl (UK) Limited
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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 this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Wahl (UK) Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Administrative expenses - exceptional |
(3,499,371) |
- |
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Operating profit |
3,405,516 |
8,341,213 |
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Other interest receivable and similar income |
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|
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Profit before tax |
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|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Wahl (UK) Limited
(Registration number: 02184515)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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|
Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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|
|
|
|
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||
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Current assets |
|||
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Stocks |
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|
|
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Debtors |
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|
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Investments |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
30,000 |
30,000 |
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Profit and loss account |
24,543,857 |
42,081,940 |
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Total equity |
24,573,857 |
42,111,940 |
Approved and authorised by the
Director
Wahl (UK) Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
|
At 31 December 2024 |
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|
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|
Share capital |
Profit and loss account |
Total |
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At 1 January 2023 |
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
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At 31 December 2023 |
30,000 |
42,081,940 |
42,111,940 |
Wahl (UK) Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
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Loss on disposal of intangible assets |
- |
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Finance income |
( |
( |
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Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
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Decrease in trade debtors |
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|
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Increase in trade creditors |
|
|
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Cash generated from operations |
|
|
|
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Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Deposit in current asset investment |
|
( |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
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Dividends paid |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
5,790,777 |
19,416,457 |
|
Wahl (UK) Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
19,416,457 |
(13,625,680) |
5,790,777 |
|
|
( |
|
|
|
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Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Name of parent of company
These financial statements are consolidated in the financial statements of Wahl Clipper Corporation.
The financial statements of Wahl Clipper Corporation may be obtained from P.O. Box 578, Sterling, IL61081.
Going concern
Forecasts have been prepared which take into account estimates of future performance based on changes in the economic environment. These forecasts indicate that the company will continue to operate within their existing facilities. At 31 December 2024, the company had net assets of £24,573,857 (2023 - £42,111,940) and access to cash reserves of £5,790,777 (2023 - £19,416,457). Based on the forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
An intercompany loan with a carrying value at the balance sheet date of £3,499,371 (2023 - £3,282,415) has been provided against in full. The provision has been shown as an exceptional cost in the year.
Stocks are written down when selling price less costs to complete and sell are estimated to be lower than carrying value. The carrying value of the provision is £214,722 (2023 - £248,501). The stock provision is estimated taking into account various factors, including the most recent sales profile of the stock and losses associated with slow moving stock lines.
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
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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
|
Freehold property |
3% straight line |
|
Plant and machinery |
15 - 25% straight line |
|
Motor vehicles |
20 - 25% straight line |
|
Fixtures and fittings and equipment |
15 - 25% straight line |
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Intangible assets
Website development costs are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Amortisation is only charged once the asset is brought into use.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website development costs |
3 years straight line |
Investments
Current asset investments comprise investments which mature within 12 months of the accounting period end, and are therefore included at the undiscounted cost of cash expected to be received. These are convertible to cash at the end of their maturity period.
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 goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Foreign exchange gains |
( |
( |
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Gain/loss on disposal of intangible assets |
- |
20,000 |
|
Exceptional items |
|
2024 |
2023 |
|
|
Provision against intercompany loan |
3,499,371 |
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on group loans |
82,067 |
86,318 |
|
Interest income on bank deposits |
|
|
|
Other interest income |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
385,403 |
286,202 |
Of the 3 directors (2023 - 3), 2 directors (2023 - 2) accrued benefits under a money purchase pension scheme.
Remuneration expensed to the highest director in the year totalled £171,234 (2023 - £113,645) and company contributions to the director's pension scheme totalled £88,252 (2023 - £104,753)
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(2,983) |
- |
|
Total deferred taxation |
|
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax decrease arising from group relief |
( |
- |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
- |
|
Tax decrease from other tax effects |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets
|
2024 |
Liability |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
( |
|
2023 |
Asset |
|
Fixed asset timing differences |
( |
|
Losses and other deductions |
|
|
Short term timing differences |
|
|
|
|
Intangible assets |
|
Website development costs |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Additions acquired separately |
|
|
At 31 December 2024 |
|
|
Amortisation |
|
|
At 1 January 2024 |
- |
|
Amortisation charge |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Freehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
Disposals |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
- |
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
- |
|
|
|
Corporation tax asset |
|
|
|
|
Loans owed by group undertakings |
- |
3,282,415 |
|
|
|
|
||
|
Less non-current portion |
- |
( |
|
|
|
|
Details of non-current trade and other debtors
£Nil (2023 - £3,282,415) of loans owed by group undertakings is classified as non current.
The loan is interest bearing, with interest charged at 2.15%.
|
Current asset investments |
|
2024 |
2023 |
|
|
Other investments |
|
|
Other investments of £3,750,000 (2023 - £4,000,000) relates to treasury bonds held with Barclays bank.
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
- |
|
Accrued expenses |
|
|
|
|
|
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions |
|
Deferred tax |
Warranty provision |
Total |
|
|
At 1 January 2024 |
( |
|
( |
|
Decrease in existing provisions |
- |
( |
( |
|
Increase in existing provisions |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|||
Warranty provision
The company make provision for warranty claims on their products based on historical performance. The carrying amount of the provision is £20,992 (2023 - £30,770).
|
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
30,000 |
|
30,000 |
|
Reserves |
Called up share capital
Represents the issued equity share capital of the company.
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments.
|
Dividends |
|
2024 |
2023 |
|
|
Dividends paid |
20,000,000 |
9,579,242 |
Wahl (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements, which include the results of Wahl (UK) Limited is
|
Financial instruments |
Items of income, expense, gains or losses
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
1,115,631 |
- |
- |
- |
|
2023 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
1,191,912 |
- |
- |
- |