WPS United Kingdom Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04211140 (England and Wales)

WPS UNITED KINGDOM LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

Mrs L L Legg

Mr R J Boultbee

Mr R Ashburner

REGISTERED OFFICE:

Unit 5, Hillmead Industrial Estate

Marshall Road

Hillmead

SWINDON

Wiltshire

SN5 5FZ

REGISTERED NUMBER:

04211140 (England and Wales)

AUDITORS:

Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

FIXED ASSETS

Tangible assets

4

17,000

8,602

Investments

5

-

-

17,000

8,602

CURRENT ASSETS

Stocks

342,019

454,448

Debtors

6

931,635

817,372

Cash at bank and in hand

125,947

146,958

1,399,601

1,418,778

CREDITORS

Amounts falling due within one year

7

2,492,293

2,250,479

NET CURRENT LIABILITIES

(1,092,692

)

(831,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,075,692

)

(823,099

)

CREDITORS

Amounts falling due after more than one year

8

(365,638

)

(373,161

)

PROVISIONS FOR LIABILITIES

(55,000

)

(55,000

)

NET LIABILITIES

(1,496,330

)

(1,251,260

)

CAPITAL AND RESERVES

Called up share capital

10

1,950,000

1,950,000

Retained earnings

(3,446,330

)

(3,201,260

)

SHAREHOLDERS' FUNDS

(1,496,330

)

(1,251,260

)

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st March 2024 and were signed on its behalf by:

Mr R J Boultbee - Director

1.	STATUTORY INFORMATION

WPS United Kingdom Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04211140. The registered office address and place of business is

Unit 5, Hillmead Industrial Estate

Marshall Road

Hillmead

Swindon

Wiltshire

SN5 5FZ

The presentational currency of the financial statements is in Pound Sterling (£) rounded to the nearest pound.

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 directors have received a letter of support from the parent undertaking stating that the company will be provided with adequate financial resources by its immediate parent undertaking to continue in operations for the foreseeable future. Further to this, the directors continue to assess future trading forecasts and expected cash flow requirements. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

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 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 years.

Critical judgements in applying the Company's accounting policies

There are not deemed to be any critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

Revenue recognition: The estimates and associated assumptions around the outcome of construction contracts are based on historical experience and other factors that are considered to be relevant such as a regular and ongoing contract review processes. Actual results may differ from these estimates. These are reviewed monthly to monitor any delay in completion times and action taken to mitigate delays.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Plant and machinery

-

33% to 50% straight line and 10% to 20% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Impairment of assets

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.

Non-financial assets

An 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.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

Amounts payable on contract are included in creditors and represent payments on account in excess of turnover recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st January 2023

302,174

Additions

20,235

At 31st December 2023

322,409

DEPRECIATION

At 1st January 2023

293,572

Charge for year

11,837

At 31st December 2023

305,409

NET BOOK VALUE

At 31st December 2023

17,000

At 31st December 2022

8,602

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2023

and 31st December 2023

46,157

PROVISIONS

At 1st January 2023

and 31st December 2023

46,157

NET BOOK VALUE

At 31st December 2023

-

At 31st December 2022

-

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Universal Parking Systems Ltd

Registered office: Unit 5, Hillmead Industrial Estate Marshall Road, Hillmead, Swindon, England, SN5 5FZ.

Nature of business: Non-trading

%

Class of shares:

holding

Ordinary

100.00

Universal Parking Systems Limited was dissolved on 30 January 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

687,897

601,678

Amounts recoverable on contract

8,576

69,786

Other debtors

235,162

145,908

931,635

817,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

133,491

260,372

Amounts owed for intercompany charges

1,099,195

599,821

Social security and other taxes

39,964

61,046

VAT

124,567

110,840

Amounts payable on contracts

241,088

85,006

Accrued expenses

243,861

588,278

Deferred income

610,127

545,116

2,492,293

2,250,479

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Amounts owed to other group companies

365,638

373,161

9.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

144,524

88,655

Between one and five years

207,009

32,927

351,533

121,582

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,950,000

Ordinary

1

1,950,000

1,950,000

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

The Report of the Auditors was unqualified.

Ian Sumbler (Senior Statutory Auditor)

for and on behalf of Morris Owen

12.	ULTIMATE CONTROLLING PARTY

On 17 April 2023, the company along with fellow group companies WPS Parking Systems BV, WPS USA Corp, WPS Canada Inc and WPS Belgium NV was acquired by Certina Solutions AG, located at Robert-Koch-Str. 5 a, 82031 Grünwald, Germany.

The immediate parent company is WPS Group BV, a company registered in The Netherlands.