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Registered number: 06521624 WASCO COATINGS UK LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
WASCO COATINGS UK LTD REGISTERED NUMBER: 06521624 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,444,736 |  | 1,212,569
Investments | 5 |  | 1,059,958 |  | 1,059,958
|  |  | 5,504,694 |  | 2,272,527
Current assets |  |  |  |  |
Stocks |  | 2,386,150 |  | 1,621,435 |
Debtors: amounts falling due within one year | 6 | 9,645,665 |  | 7,361,267 |
Cash at bank and in hand | 7 | 1,817,740 |  | 163,929 |
|  | 13,849,555 |  | 9,146,631 |
Creditors: amounts falling due within one year | 8 | (29,065,399) |  | (16,654,221) |
Net current liabilities |  |  | (15,215,844) |  | (7,507,590)
Total assets less current liabilities |  |  | (9,711,150) |  | (5,235,063)
Net liabilities |  |  | (9,711,150) |  | (5,235,063)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Other reserves |  |  | 8,138,576 |  | 8,138,576
Profit and loss account |  |  | (17,849,727) |  | (13,373,640)
|  |  | (9,711,150) |  | (5,235,063)
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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Ramanathan P R Singaram
Director
Date: 1 November 2025
The notes on pages 3 to 10 form part of these financial statements. Page 1
WASCO COATINGS UK LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1 | 8,138,576 | (13,373,640) | (5,235,063)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (4,476,087) | (4,476,087)
Total comprehensive income for the year | - | - | (4,476,087) | (4,476,087)
Total transactions with owners | - | - | - | -
At 31 December 2024 | 1 | 8,138,576 | (17,849,727) | (9,711,150)
| The notes on pages 3 to 10 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 1 | 8,138,576 | (10,797,117) | (2,658,540)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (2,576,523) | (2,576,523)
Total comprehensive income for the year | - | - | (2,576,523) | (2,576,523)
Total transactions with owners | - | - | - | -
At 31 December 2023 | 1 | 8,138,576 | (13,373,640) | (5,235,063)
| The notes on pages 3 to 10 form part of these financial statements.
Page 2
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Wasco Coatings UK Ltd is a limited liability company incorporated in England and Wales. The address of its registered office is Pipecoating Plant Tata Works, Brenda Road, Hartlepool, Durham, TS25 2EG. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The Company made a loss pre tax of £4,476,087 (2023: £2,576,525) during the year and at the year end had net liabilities of £9,711,150 (2023: £5,253,063). The Company is fully dependent on the continued support of the parent company. The Directors have no reason to believe that this support will not continue for the forseeable future and the accounts have therefore been prepared on a going concern basis.
| 2.3 | Turnover
Turnover comprises revenue recognised by the company in respect of services provided during the year, exclusive of Value Added Tax and trade discounts. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with production reports showing progress to date: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably.
| 2.4 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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. 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. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% straight line
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Tools and Equipment | - | 10% straight line
|  |  |  | Computer equipment | - | 20% straight line
|  |  |  | Capital WIP | - | No depreciation
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. No depreciation charged on capital work in progress assets due to the fact they are capital work-in-progress and are not going to be used until the next financial year.
| 2.7 | Valuation of investments
Investments held as fixed assets are shown at cost less provision for impairment.
| 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 balance sheet 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, net 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. Page 4
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Foreign currency translation
Money assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of transaction. Exchange gains and losses are recognised in the profit and loss account.
| 2.13 | Taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are discounted.
3. | Employees
| The average monthly number of employees, including directors, during the year was 68 (2023 - 32).
Page 5
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Other fixed assets
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 1,100,534 | 3,110 | 11,444 | 22,245 | 294,275
| Additions | 4,552,237 | 31,775 | - | 4,731 | -
| Transfers between classes | - | - | - | - | (294,275)
| At 31 December 2024 | 5,652,771 | 34,885 | 11,444 | 26,976 | -
| Depreciation |  |  |  |  |
| At 1 January 2024 | 204,301 | 648 | 2,543 | 11,547 | -
| Charge for the year on owned assets | 1,053,497 | 2,164 | 1,272 | 5,368 | -
| At 31 December 2024 | 1,257,798 | 2,812 | 3,815 | 16,915 | -
| Net book value |  |  |  |  |
| At 31 December 2024 | 4,394,973 | 32,073 | 7,629 | 10,061 | -
| At 31 December 2023 | 896,233 | 2,462 | 8,901 | 10,698 | 294,275
Page 6
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 January 2024 | 1,431,608
| Additions | 4,588,743
| Transfers between classes | (294,275)
| At 31 December 2024 | 5,726,076
| Depreciation |
| At 1 January 2024 | 219,039
| Charge for the year on owned assets | 1,062,301
| At 31 December 2024 | 1,281,340
| Net book value |
| At 31 December 2024 | 4,444,736
| At 31 December 2023 | 1,212,569
Page 7
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Fixed asset investments
|  | Investments in jointly controlled entity
|  | £
| Cost or valuation |
| At 1 January 2024 | 2,241,116
| At 31 December 2024 | 2,241,116
| Impairment |
| At 1 January 2024 | 1,181,158
| At 31 December 2024 | 1,181,158
| Net book value |
| At 31 December 2024 | 1,059,958
| At 31 December 2023 | 1,059,958
| Jointly controlled entity
| The following was a joint venture of the Company:
| Name | Registered office | Principal activity | Holding
| Bayou Wasco Insulation, LLC | USA | Thermal insulation coating services | 49%
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,978,322 | 590,396
| Amounts owed by group undertakings | 4,856,223 | 4,546,575
| Amounts owed by joint ventures and associated undertakings | 635,402 | 511,581
| Other debtors | 1,025,967 | 1,078,508
| Prepayments and accrued income | 149,751 | 634,207
|  | 9,645,665 | 7,361,267
Page 8
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,817,740 | 163,929
|  | 1,817,740 | 163,929
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,939,255 | 1,155,043
| Amounts owed to group undertakings | 19,985,419 | 8,546,525
| Corporation tax | 119,001 | -
| Other taxation and social security | 136,701 | 64,608
| Other creditors | 20,817 | 26,014
| Accruals and deferred income | 6,864,206 | 6,862,031
|  | 29,065,399 | 16,654,221
9. | Related party transactions
| The Company has taken advantage of the exemption available under FRS102 section 33.1A from disclosing related party transactions with other wholly owned group companies. During the year the Company loaned money to it's jointly controlled entity, Bayou Wasco Insulation LLC, in which it has a 49% shareholding. At the year end Bayou Wasco Insulation LLC owed the Company £645,111 (2023: £530,647).
Page 9
WASCO COATINGS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Controlling party
The ultimate parent company at the balance sheet date is Wasco Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad. The parent of the smallest group for which group accounts including Wasco Coatings UK Ltd are drawn up is Wasco Coatings Limited, a company incorporated in Hong Kong. The parent of the largest group for which group account's including Wasco Coatings UK Ltd are drawn up in Wasco Berhad. Copies of group accounts can be obtained from: Suite 19.01 Level 19 The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia
11. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 7 November 2025 by Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 10