REGISTERED NUMBER: 14890788 (England and Wales)

WIREMASTERS UK LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

Mr N Aubrey

Mr D C Hill

Mr C T Rector

Mr B Hill

Mr D B Hill

Mr P Ullinger

REGISTERED OFFICE:

Dorcan 100 Murdock Road

Dorcan

SWINDON

Wiltshire

SN3 5HY

REGISTERED NUMBER:

14890788 (England and Wales)

AUDITORS:

Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

JPMorgan Chase Bank

25 Bank Street

Canary Wharf

London

E14 5JP

FIXED ASSETS

Intangible assets

4

185,714

-

Tangible assets

5

99,901

40,593

285,615

40,593

CURRENT ASSETS

Stocks

1,625,420

174,251

Debtors

6

988,853

119,504

Cash at bank

698,161

450,358

3,312,434

744,113

CREDITORS

Amounts falling due within one year

7

1,934,362

243,672

NET CURRENT ASSETS

1,378,072

500,441

TOTAL ASSETS LESS CURRENT LIABILITIES

1,663,687

541,034

CREDITORS

Amounts falling due after more than one year

8

1,947,508

611,751

NET LIABILITIES

(283,821

)

(70,717

)

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

(284,821

)

(71,717

)

SHAREHOLDERS' FUNDS

(283,821

)

(70,717

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

Mr C T Rector - Director

Mr N Aubrey - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares. registered in England and Wales. The company's registered number is 14890788. The registered office address is Dorcan 100 Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The year ended 31 December 2024 was the company's first full year of trade. The net liabilities of £283,821 (2023: £70,717) include £1,585,981 (2023: £214,314) owed to other companies within the Group for trade purchases. The company also has a loan facility that is cross guaranteed by the members of the Wiremasters Group. The company has support from its parent and ultimate parent company along with access to future drawdowns on the Group's revolving loan facility with JPMorgan Chase Bank.

The directors have produced management accounts to date and formal budgets and forecasts prepared which show the company being profitable in the future. As a result of all these factors the directors believe the company is a going concern and the accounts have been prepared on this basis.

Related party exemption

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

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover

Revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods have been passed to the buyer, whereby the terms are determined upon sales of the goods.

Goodwill

Goodwill, being the amount paid for the Customer Base as part of an Intercompany Purchase Agreement in 2024, is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after make due allowance for obsolete and slow moving items. The cost of inventories is measured using the average costs basis.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

206,349

At 31st December 2024

206,349

AMORTISATION

Charge for year

20,635

At 31st December 2024

20,635

NET BOOK VALUE

At 31st December 2024

185,714

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2024

43,146

Additions

79,034

Reclassification/transfer

2

At 31st December 2024

122,182

DEPRECIATION

At 1st January 2024

2,553

Charge for year

19,728

At 31st December 2024

22,281

NET BOOK VALUE

At 31st December 2024

99,901

At 31st December 2023

40,593

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

467,651

64,369

Amounts owed by group undertakings

323,555

1,000

Other debtors

20,000

-

VAT

83,554

39,802

Prepayments and accrued income

94,093

14,333

988,853

119,504

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,838,358

223,947

Other creditors

13,219

337

Accruals and deferred income

82,785

19,388

1,934,362

243,672

Included within trade creditors is £1,585,981 (2023: £214,314) that relate to trade balances owed for other companies within the group.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

1,947,508

611,751

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

92,280

7,280

Between one and five years

345,785

13,065

In more than five years

340,000

-

778,065

20,345

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,947,508

611,751

The above loan is secured by a cross guarantee by Wiremasters GmbH and Wiremasters Inc.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

25,421

-

Deferred tax losses

(25,421

)

-

-

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1st January 2024

(71,717

)

Deficit for the year

(213,104

)

At 31st December 2024

(284,821

)

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jenna Lauren Probets (Senior Statutory Auditor)

for and on behalf of Morris Owen

15.	ULTIMATE CONTROLLING PARTY

WireMasters Europe GmbH (incorporated in Germany) is the company's immediate parent company, with David C. Hill being the ultimate controlling party.

The address from where financial statements can be obtained is;

1788 North Point Rd

Columbia

TN 38401