Caseware UK (AP4) 2023.0.135 2023.0.135 Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor 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 their 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. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related with data protection requirements in the jurisdictions in which the Company operates and holds data and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; inspection and review of minutes of directors' meetings during the year to corroborate inquiries made; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; challenging assumptions and judgements made by management in their significant accounting estimates, including their impairment assessment of trade and other debtors; review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.When preparing the financial statements, management makes a number of estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management estimates in applying the accounting policies of the Company that have the most significant effect on the financial statements:false2024-01-01true87truefalsefalse 12735993 2024-01-01 2024-12-31 12735993 2023-01-01 2023-12-31 12735993 2024-12-31 12735993 2023-12-31 12735993 2023-01-01 12735993 1 2024-01-01 2024-12-31 12735993 d:CompanySecretary1 2024-01-01 2024-12-31 12735993 d:Director1 2024-01-01 2024-12-31 12735993 d:Director2 2024-01-01 2024-12-31 12735993 d:Director3 2024-01-01 2024-12-31 12735993 d:RegisteredOffice 2024-01-01 2024-12-31 12735993 d:Agent1 2024-01-01 2024-12-31 12735993 c:PlantMachinery 2024-01-01 2024-12-31 12735993 c:PlantMachinery 2024-12-31 12735993 c:PlantMachinery 2023-12-31 12735993 c:CurrentFinancialInstruments 2024-01-01 2024-12-31 12735993 c:CurrentFinancialInstruments 2024-12-31 12735993 c:CurrentFinancialInstruments 2023-12-31 12735993 c:UKTax 2024-01-01 2024-12-31 12735993 c:UKTax 2023-01-01 2023-12-31 12735993 c:ShareCapital 2024-01-01 2024-12-31 12735993 c:ShareCapital 2024-12-31 12735993 c:ShareCapital 2023-12-31 12735993 c:ShareCapital 2023-01-01 12735993 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12735993 c:RetainedEarningsAccumulatedLosses 2024-12-31 12735993 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12735993 c:RetainedEarningsAccumulatedLosses 2023-12-31 12735993 c:RetainedEarningsAccumulatedLosses 2023-01-01 12735993 d:OrdinaryShareClass1 2024-01-01 2024-12-31 12735993 d:OrdinaryShareClass1 2023-01-01 2023-12-31 12735993 d:OrdinaryShareClass1 2024-12-31 12735993 d:OrdinaryShareClass1 2023-12-31 12735993 d:OrdinaryShareClass2 2024-01-01 2024-12-31 12735993 d:OrdinaryShareClass2 2023-01-01 2023-12-31 12735993 d:OrdinaryShareClass2 2023-12-31 12735993 d:FRS102 2024-01-01 2024-12-31 12735993 d:Audited 2024-01-01 2024-12-31 12735993 d:FullAccounts 2024-01-01 2024-12-31 12735993 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12735993 c:WithinOneYear 2024-12-31 12735993 c:WithinOneYear 2023-12-31 12735993 c:BetweenOneFiveYears 2024-12-31 12735993 c:BetweenOneFiveYears 2023-12-31 12735993 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

img6318.png






Financial Statements
RWL Advanced Solutions UK Limited
For the financial year ended 31 December 2024





































Registered number: 12735993
 
RWL Advanced Solutions UK Limited
 

Company Information


Directors
Sean Kirby 
Robert Walsh 
Kevin Quinn 




Company secretary
Oakwood Corporate Secretary Limited



Registered number
12735993



Registered office
3rd Floor
1 Ashley Road

Altrincham

Cheshire

WA14 2DT

United Kingdom




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Ireland




Bankers
Barclays Bank
1 Churchill Place

Canary Wharf

London E14 5HP B

United Kingdom




Solicitors
Pellys Solicitors Limited
18 The Causeway

Bishop's Stortford

London CM23 2EJ

United Kingdom




 
RWL Advanced Solutions UK Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19

 
RWL Advanced Solutions UK Limited
 
 
Directors' report
For the financial year ended 31 December 2024

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

Principal activity and business review

The Company's core business is the supply of Data and Telecom specialist equipment. The objective is to grow RWL in a productive way while spreading our risk to a new diversified customer base. Having refocused the business, the directors have now introduced a cost structure to compliment same.

Results and dividends

The profit for the financial year, after taxation, amounted to £10,126 (2023: £250,747).

The directors paid a dividend of £Nil (2023: £Nil).

Directors, secretary and their interests

The the directors and the Company secretary who served during the financial year and their interests in the Company's issued share capital were:

Ordinary shares
of £1 each

31/12/24

1/1/24


Sean Kirby 
-
-
Robert Walsh 
-
-
Kevin Quinn 
-
-


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1
 
RWL Advanced Solutions UK Limited
 

Directors' report (continued)
For the financial year ended 31 December 2024


Small companies note

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.
 





Kevin Quinn
Director

Date: 24 September 2025

Page 2
 
RWL Advanced Solutions UK Limited
 

Directors' responsibilities statement
For the financial year ended 31 December 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;


∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.

On behalf of the board:




Kevin Quinn
Director

Date: 24 September 2025
Page 3
 
 
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Independent auditor's report to the members of RWL Advanced Solutions UK Limited
 

Opinion


We have audited the financial statements of RWL Advanced Solutions UK Limited which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2024, and the related notes to the financial statements, including a summary of  significant accounting policies.  

The financial reporting framework that has been applied in the 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, RWL Advanced Solutions UK Limited's financial statements:


∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 4
 
 
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Independent auditor's report to the members of RWL Advanced Solutions UK Limited (continued)


Other information


Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 we have 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 take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 5
 
 
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Independent auditor's report to the members of RWL Advanced Solutions UK Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related with data protection requirements in the jurisdictions in which the Company operates and holds data and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6
 
 
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Independent auditor's report to the members of RWL Advanced Solutions UK Limited (continued)


Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection and review of minutes of directors' meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including their impairment assessment of trade and other debtors;
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.

 
 
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13 -18 City Quay
Dublin 2
 
Date: 24 September 2025
Page 7
 
RWL Advanced Solutions UK Limited
 

Statement of comprehensive income
For the financial year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
  
7,560,669
7,162,194

Cost of sales
  
(6,207,314)
(5,670,936)

Gross profit
  
1,353,355
1,491,258

Distribution costs
  
(122,285)
(141,915)

Administrative expenses
  
(1,200,979)
(1,012,857)

Operating profit
 4 
30,091
336,486

Tax on profit
 7 
(19,965)
(85,739)

Profit for the financial year
  
10,126
250,747

All amounts relate to continuing operations.
There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 11 to 19 form part of these financial statements.

Page 8
 
RWL Advanced Solutions UK Limited
Registered number:12735993

Statement of financial position
As at 31 December 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 8 
4,308
8,495

  
4,308
8,495

Current assets
  

Stocks
 9 
587,044
783,636

Debtors: amounts falling due within one year
 10 
1,435,110
1,711,812

Cash at bank and in hand
 11 
1,337,346
1,060,274

  
3,359,500
3,555,722

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(2,843,096)
(3,053,631)

Net current assets
  
 
 
516,404
 
 
502,091

  

Net assets
  
520,712
510,586


Capital and reserves
  

Share capital
 13 
120
120

Profit and loss account
 14 
520,592
510,466

Shareholders' funds
  
520,712
510,586


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Kevin Quinn
Director

Date: 24 September 2025

The notes on pages 11 to 19 form part of these financial statements.

Page 9
 
RWL Advanced Solutions UK Limited
 

Statement of changes in equity
For the financial year ended 31 December 2024


Share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
120
510,466
510,586


Comprehensive income for the financial year

Profit for the financial year
-
10,126
10,126


At 31 December 2024
120
520,592
520,712



Statement of changes in equity
For the financial year ended 31 December 2023


Share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
120
259,719
259,839


Comprehensive income for the financial year

Profit for the financial year
-
250,747
250,747


At 31 December 2023
120
510,466
510,586


The notes on pages 11 to 19 form part of these financial statements.

Page 10
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

1.


General information

RWL Advanced Solutions UK Limited ("the Company") is a private company limited by shares. The Company is incorporated in the United Kingdom with a registered office of 3rd Floor 1 Ashley Road, Altrincham Cheshire, WA14 2DT, United Kingdom.

The principal activity of the Company is to supply data and telecom specialist equipment to its customers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

  
2.3

Operating leases: the Company as lessee

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

 
2.4

Pensions

Defined contribution pension plan

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

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

Page 11
 
RWL Advanced Solutions UK Limited
 

Notes to the financial statements
For the financial year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Taxation

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

The estimated useful lives range as follows:

Plant and machinery
-
2 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12
 
RWL Advanced Solutions UK Limited
 

Notes to the financial statements
For the financial year ended 31 December 2024

2.Accounting policies (continued)

  
2.7

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

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

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

 Creditors

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

Page 13
 
RWL Advanced Solutions UK Limited
 

Notes to the financial statements
For the financial year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Estimates in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management makes a number of estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Significant management estimates
The following are significant management estimates in applying the accounting policies of the Company that have the most significant effect on the financial statements:
Page 14
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

3.Estimates in applying accounting policies (continued)

Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Estimating allowance for slow-moving and obsolete stocks
Stocks are stated at the lower of cost or net realizable value. Management evaluates the realisability of its stocks on a case-by-case basis and makes adjustments to the stocks provision based on management’ estimates of expected losses.

Allowance for impairment of trade and other debtors
The Company estimates the allowance for doubtful trade and other debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
4,187
738

Operating lease costs
109,304
101,557

113,491
102,295


5.


Employees

2024
2023
£
£

Wages and salaries
442,148
351,106

Social security costs
109,772
47,139

Pension costs
20,160
13,481

572,080
411,726


Capitalised employees costs during the financial year amounted to £Nil (2023: £Nil).

The average monthly number of employees, including directors, during the financial year was 7 (2023 - 8).

Page 15
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

6.


Directors' remuneration


In 2024 and 2023, the remuneration of the directors was paid by the parent company, of which a portion amounting to £173,472 (2023: £177,841) was recharged to the Company through management fees. 


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
19,965
85,739



Taxation on profit on ordinary activities
19,965
85,739

Factors affecting tax charge for the financial year

The tax assessed for the financial year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023: 23% from 1 April 2023, until that date 19%. The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
30,091
336,486


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25% from 1 April 2023, until that date: 19%)
7,523
79,074

Effects of:


Expenses not deductible for tax purposes
11,894
7,099

Capital allowances for financial year in excess of depreciation
548
(434)

Total tax charge for the financial year
19,965
85,739


Factors that may affect future tax charges

The standard rate of UK Corporation Tax remained at 19% until 31 March 2023. In accordance with the Finance Act 2021, the tax rate was increased to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. The 19% tax rate continues to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. The 23.5% rate used in 2023 reflects 9 months of the new rate of 25% and 3 months of the previous rate of 19%.
There were no factors that may affect future tax charges.

Page 16
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

8.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 January 2024
11,086



At 31 December 2024

11,086



Depreciation


At 1 January 2024
2,591


Charge for the financial year
4,187



At 31 December 2024

6,778



Net book value



At 31 December 2024
4,308



At 31 December 2023
8,495


9.


Stocks

2024
2023
£
£

Finished goods and goods for resale
587,044
783,636



10.


Debtors: Amounts falling due within one year

2024
2023
£
£


Trade debtors
1,435,110
1,706,272

Amounts owed by group companies
-
4,051

Prepayments
-
1,489

1,435,110
1,711,812


Trade debtors are receivables at various dates over the coming months in accordance with the usual and customary credit terms. 
Amounts owed by group company is unsecured, interest free and repayable on demand. 

Page 17
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,337,346
1,060,274

Less: bank overdrafts (Note 12)
-
(5,504)

1,337,346
1,054,770



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,504

Trade creditors
1,264,419
915,122

Amounts owed to group undertakings
1,308,715
1,793,068

Corporation tax
20,102
85,739

PAYE/NI
17,145
33,381

VAT
99,582
85,277

Accruals
133,133
135,540

2,843,096
3,053,631


Trade and other creditors, including accruals, are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Amounts owed to group company is unsecured, interest free and repayable on demand. 

Corporation tax, PAYE/NI and VAT are payable at various dates over the coming months in accordance with applicable statutory provisions. 


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120 (2023: 100) Ordinary shares of £1.00 each
120
100
Nil (2023: 20) B Redeemable Ordinary shares of £1.00 each
-
20

120

120

In 2024, the Company changed the designation of all existing B redeemable ordinary shares to ordinary shares.

Page 18
 
RWL Advanced Solutions UK Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2024

14.


Reserves

Share capital

The share capital represents the nominal value of shares that have been issued.

Profit and loss account

This includes all current period retained profits.


15.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Within one year
70,000
74,800

Between one and five years
66,000
40,000

136,000
114,800


16.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1 A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly owned by such a member.


17.


Events since the end of the financial year

There have been no significant events affecting the Company since the period end and the directors do not envisage any substantial changes to the nature of the business in the foreseeable future.

18.


Immediate and ultimate parent company

The Company is a wholly owned subsidiary of RWL Advanced Solutions Limited, a company incorporated and registered in Ireland. RWL Advanced Solutions Limited is a subsidiary of Genuine Cable Group UK Limited, a company incorporated and with registered address of 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, United Kingdom. Genuine Cable Group UK Limited is a subsidiary of GCG Holdco, LLC (GCG). 

GCG is a holding company headquartered in Chicago, Illinois, formed in 2021, to separately operate Genuine Cable Group, LLC and its subsidiaries, which are under ultimate ownership of Audax Private Equity.

The financial results of RWL Advanced Solutions Limited and the other 100% owned operating subsidiaries are consolidated in the financial statements of Genuine Cable Group UK Limited.These consolidated financial statements may be obtained from Companies House at Crown Way, Cardiff, CF14 3UZ, United Kingdom.

Page 19