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Registration number: 00653089

F, F, & P. Walker Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

F, F, & P. Walker Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

F, F, & P. Walker Limited

Company Information

Directors

Mrs E Walker

Mr P Walker

Company secretary

Mrs E Walker

Registered office

16 Green Lane
Ockbrook
Derby
Derbyshire
DE72 3SE

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

F, F, & P. Walker Limited

(Registration number: 00653089)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

89,102

64,607

Investments

5

150,000

150,000

 

239,102

214,607

Current assets

 

Stocks

6

20,933

13,637

Debtors

7

138,304

131,425

Cash at bank and in hand

 

211,244

234,017

 

370,481

379,079

Creditors: Amounts falling due within one year

8

(144,689)

(153,577)

Net current assets

 

225,792

225,502

Total assets less current liabilities

 

464,894

440,109

Provisions for liabilities

(16,929)

(12,275)

Net assets

 

447,965

427,834

Capital and reserves

 

Called up share capital

9

6,000

6,000

Share premium reserve

200

200

Retained earnings

441,765

421,634

Shareholders' funds

 

447,965

427,834

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 August 2022 and signed on its behalf by:
 

.........................................

Mrs E Walker
Company secretary and director

 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Green Lane
Ockbrook
Derby
Derbyshire
DE72 3SE

These financial statements were authorised for issue by the Board on 16 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance basis

Motor vehicles

33% on reducing balance basis

Computer equipment

33.33% on straight line basis

Land and buildings

Leasehold property over remaining lease term

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial instruments

Recognition and measurement
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2021 - 14).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

107,879

263,592

371,471

Additions

-

44,476

44,476

At 31 March 2022

107,879

308,068

415,947

Depreciation

At 1 April 2021

107,879

198,985

306,864

Charge for the year

-

19,981

19,981

At 31 March 2022

107,879

218,966

326,845

Carrying amount

At 31 March 2022

-

89,102

89,102

At 31 March 2021

-

64,607

64,607

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings.
 

5

Investments

2022
£

2021
£

Other investments

150,000

150,000

 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Other investments

The market value of the listed investments at 31 March 2022 was £173,613 (2021 - £152,575).

6

Stocks

2022
£

2021
£

Finished goods and goods for resale

20,933

13,637

7

Debtors

2022
£

2021
£

Trade debtors

103,577

95,335

Prepayments

34,727

36,090

138,304

131,425

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

95,878

80,990

Taxation and social security

12,515

35,943

Accruals and deferred income

6,425

6,759

Other creditors

29,871

29,885

144,689

153,577

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

6,000

6,000

6,000

6,000

         
 

F, F, & P. Walker Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £147,495 (2021 - £117,504).