Wire Belt is a leading manufacturer of stainless steel conveyor belts with manufacturing plants in the UK, America and Germany and distributors across the globe. The UK operation, Wire Belt Company Ltd, is based in Sittingbourne, Kent with a dedicated production facility employing over 60 people.
The open mesh steel belts produced are used in industries ranging from food processing and printing to pharmaceuticals and engineering. Clients include some of the most well known names in the food industry from frozen food specialists to makers of luxury chocolates.
Paul Winter, UK Managing Director at Wire Belt explained “We have worked with Kreston Reeves since 2004. They handle our audit, accounts and corporate tax and provide ad hoc business, tax and VAT advice whenever we need it.”
A change in accounting law meant that Wire Belt had to submit their first set of Consolidated Accounts in 2010. Alan Munday, Financial Controller at Wire Belt commented “Kreston Reeves worked with our auditors in Germany to produce our Consolidated Accounts. Everything had been well planned but inevitably, there was some additional work required to establish the initial position for group reporting….and we still had an immovable date for the AGM at which the accounts were to be signed. Kreston Reeves proved their professionalism by rising to the challenge and meeting the deadline as they had promised. The accounts were signed off on time – good going for the first ever set of Consolidated Accounts in Wire Belt Company Ltd’s history.”
Despite the challenges presented by the current economic environment, Wire Belt has managed to maintain trading volumes. Over 60% of the company’s turnover is due to exports with particularly significant sales to America and France.
Paul Winter added “At Wire Belt we are always looking to the future, constantly improving our products and everything about our business. One current objective is to generate up to 50% of our own electricity using a roof mounted array of solar panels at our Sittingbourne factory. This will improve both efficiency and reduce our environmental impact, especially as electricity will be sent back to the grid when Wire Belt is not in production. The benefit of working with Kreston Reeves is that their forward thinking approach ensures we receive the best possible advice over how large projects like this are financially organised.”
For more information on Wire Belt please visit www.wirebelt.co.uk/