WAM_ENGINEERING_LIMITED - Accounts
WAM_ENGINEERING_LIMITED - Accounts
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Wam Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3A, Delta Drive, Tewkesbury Business Park, Tewkesbury, GL20 8HB.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
On 30 October 2020 the company moved premises and entered into a new 10 year lease with a 5 year review and break clause. The below financial commitments represents payment due within 5 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
No guarantees have been given or received.
Wam Engineering is controlled by Wamgroup S.p.A a company registered in Italy. A number of companies throughout Europe also share the same parent company, Wam engineering purchased and sold goods from and to these related parties, the balances owed to these companies as trade balances at the year end were:
Wam Industriale S.p.A £459,947 (2022 - £403,104)
Wam Product £138,841 (2022 - £76,620)
Torex £134,613 (2022 - £169,137)
Wam Romania £198,230 (2022 - £157,864)
Wamgroup S.p.A £169,513 (2022 - £167,503)
Tecno CM £76,836 (2022 - £45,037)
Flitech £6,491 (2022 - £17,647))
Roncuzzi £14,400 (2022 - £1,828)
Purchases made during the period amounted to:
Wam Industriale S.p.A £1,762,960 (2022 - £1,812,111)
Wam Product £463,341 (2022 - £485,752)
Torex £649,802 (2022 - £596,795))
Roncuzzi £140,034 (2022 - £111,810)
Wam Romania £576,069 (2022 - £514,512)
Wamgroup S.p.A £1,961 (2022 - £167,940)
Tecno CM £239,725 (2022 - £208,702)
Flitech £73,588 (2022 - £50,659)
WAM Eurasia £Nil (2022 -£12,832)
Balances owed by related companies at the year end:
Saveco Environmental £182 (2022 - £27,724)
Sales made during the period amounted to:
Saveco Environmental £18,760 (2022 - £43,768)
Dividends were paid to the company shareholders as follows:
Wamgroup S.p.A £719,566 (2022 - £Nil)