Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-05-022022-12-312022-01-01Civil engineering consultancy servicesfalse117109falsefalse 02339267 2022-01-01 2022-12-31 02339267 2021-01-01 2021-12-31 02339267 2022-12-31 02339267 2021-12-31 02339267 2021-01-01 02339267 2 2021-01-01 2021-12-31 02339267 5 2022-01-01 2022-12-31 02339267 5 2021-01-01 2021-12-31 02339267 d:CompanySecretary1 2022-01-01 2022-12-31 02339267 d:Director1 2022-01-01 2022-12-31 02339267 d:Director2 2022-01-01 2022-12-31 02339267 d:Director3 2022-01-01 2022-12-31 02339267 d:Director4 2022-01-01 2022-12-31 02339267 d:Director5 2022-01-01 2022-12-31 02339267 d:Director6 2022-01-01 2022-12-31 02339267 d:Director7 2022-01-01 2022-12-31 02339267 d:Director7 2022-12-31 02339267 d:RegisteredOffice 2022-01-01 2022-12-31 02339267 e:Buildings e:LongLeaseholdAssets 2022-01-01 2022-12-31 02339267 e:Buildings e:LongLeaseholdAssets 2022-12-31 02339267 e:Buildings e:LongLeaseholdAssets 2021-12-31 02339267 e:OfficeEquipment 2022-01-01 2022-12-31 02339267 e:OfficeEquipment 2022-12-31 02339267 e:OfficeEquipment 2021-12-31 02339267 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02339267 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02339267 e:CurrentFinancialInstruments 2022-12-31 02339267 e:CurrentFinancialInstruments 2021-12-31 02339267 e:Non-currentFinancialInstruments 2022-12-31 02339267 e:Non-currentFinancialInstruments 2021-12-31 02339267 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02339267 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 02339267 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 02339267 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 02339267 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 02339267 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-12-31 02339267 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 02339267 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-12-31 02339267 e:UKTax 2022-01-01 2022-12-31 02339267 e:UKTax 2021-01-01 2021-12-31 02339267 e:ShareCapital 2022-12-31 02339267 e:ShareCapital 2021-12-31 02339267 e:ShareCapital 2021-01-01 02339267 e:SharePremium 2022-12-31 02339267 e:SharePremium 2021-12-31 02339267 e:SharePremium 2021-01-01 02339267 e:SharePremium 2 2021-01-01 2021-12-31 02339267 e:CapitalRedemptionReserve 2022-12-31 02339267 e:CapitalRedemptionReserve 2021-12-31 02339267 e:CapitalRedemptionReserve 2021-01-01 02339267 e:CapitalRedemptionReserve 2 2021-01-01 2021-12-31 02339267 e:OtherMiscellaneousReserve 2022-12-31 02339267 e:OtherMiscellaneousReserve 2021-12-31 02339267 e:OtherMiscellaneousReserve 2021-01-01 02339267 e:OtherMiscellaneousReserve 2 2021-01-01 2021-12-31 02339267 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02339267 e:RetainedEarningsAccumulatedLosses 2022-12-31 02339267 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 02339267 e:RetainedEarningsAccumulatedLosses 2021-12-31 02339267 e:RetainedEarningsAccumulatedLosses 2021-01-01 02339267 e:RetainedEarningsAccumulatedLosses 2 2021-01-01 2021-12-31 02339267 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02339267 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-01-01 2022-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-01-01 2022-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-12-31 02339267 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2021-12-31 02339267 d:OrdinaryShareClass1 2022-01-01 2022-12-31 02339267 d:OrdinaryShareClass1 2022-12-31 02339267 d:OrdinaryShareClass1 2021-12-31 02339267 d:FRS102 2022-01-01 2022-12-31 02339267 d:Audited 2022-01-01 2022-12-31 02339267 d:FullAccounts 2022-01-01 2022-12-31 02339267 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 02339267 e:WithinOneYear 2022-12-31 02339267 e:WithinOneYear 2021-12-31 02339267 e:BetweenOneFiveYears 2022-12-31 02339267 e:BetweenOneFiveYears 2021-12-31 02339267 e:MoreThanFiveYears 2022-12-31 02339267 e:MoreThanFiveYears 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02339267









WALSH ASSOCIATES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
WALSH ASSOCIATES LIMITED
 
 
COMPANY INFORMATION


Directors
T M Finbow 
P Modarres 
B Ransom 
A Stanford 
I Welsh 
G Joyce 
R J Ball 




Company secretary
T M Finbow



Registered number
02339267



Registered office
The Clove
First Floor

4 Maguire Street

London

SE1 2NQ




Independent auditors
Barnes Roffe LLP
Chartered Accountants and Statutory Auditor

 1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
WALSH ASSOCIATES LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 29

 
WALSH ASSOCIATES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present the strategic report for the year ended 31 December 2022.

Business review
 
During 2022 we aggregated  our three offices in Shad Thames into a new site office in the clove building adjacent. Walsh also opened a new Geotechnical Department headed by Richard Ball. The turnover for the business rose in line with expectations however exceptional costs due to the office move eroded profit. New commissions secured in the year rose and should support further growth in 2023, however, numerous projects face delays due to Gateway 1 & 2 changes brought in by the new building safety act. 

Principal risks and uncertainties
 
Inflation pressures on construction costs remain a challenge for clients, however the introduction of Gateway 1 under the building safety act has delayed many projects. Gateway 1 required a number our secured projects replanned around additional staircases and means of escape. This required new planning applications and viability assessments therefore delaying the bulk of our commission. In 2023 we have begun to see some of these progress through planning into RIBA stage 3, however, Gateway 2 is due to come into force in 2023 which will delay building work until building regulations are approved. This change will require the vast bulk of our consultancy work to have been approved prior to commencement on site. This should reduce risk on future projects.   
The company does not have any financing arrangements on which it has drawn to manage the company's exposure to liquidity and finance risks. The company has normal trade debtors and creditors and cash balances arising directly from the company’s operations which the directors monitor and use to finance the requirements of the company. The directors seek to ensure enough cash reserves are maintained to ensure that liabilities are met as they fall due. There are limited balances and transactions conducted in foreign currencies and as such the company’s exposure to currency risk is limited. The company is also exposed to a degree of credit risk associated with trade debtors. This is managed through a diversified customer base and the directors are proactive in ensuring fees are billed and collected in accordance with agreed billing schedules.

Financial key performance indicators
 
The directors monitor turnover levels and contract profitability as the Company's KPIs. Performance is monitored against the prior year’s performance and secured workload.  Turnover and secured new commissions were on target, however, the office move and associated costs eroded profitability. Given the one off costs the directors are satisfied with the company’s underlying performance given the market conditions. 


This report was approved by the board and signed on its behalf.



T M Finbow
Director

Date: 25 September 2023
Page 1

 
WALSH ASSOCIATES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £52,091 (2021 - profit £579,186).

Dividends paid in the year amounted to £73,523 (2021: £162,084).

Directors

The directors who served during the year were:

T M Finbow 
P Modarres 
B Ransom 
A Stanford 
I Welsh 
G Joyce 
R J Ball (appointed 2 May 2022)

Future developments

2023 has started well with Q1 secured sales tracker above target, however, continuing delays in projects has reduced Q1 overall turnover below target levels. Q2 has started to see an uplift in inquires and also the recommencement of some delayed projects. Turnover is projected to rise over the summer and overall sales to match 2022.  

Page 2

 
WALSH ASSOCIATES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T M Finbow
Director

Date: 25 September 2023
Page 3

 
WALSH ASSOCIATES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED
 

Opinion


We have audited the financial statements of Walsh Associates Limited (the 'company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
WALSH ASSOCIATES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
WALSH ASSOCIATES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
  o Companies Act 2006.
  o FRS102
  o ISO 9001 & 14001 standards
  o Health and Safety legislation
  o Building Safety Act 2022
  o Employment legislation
  o Tax legislation 
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes, vouching certificates of accreditation and inspecting   legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and 
 We assessed the susceptibility of the company’s financial statements to material misstatement, including   obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    including work in progress, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 6

 
WALSH ASSOCIATES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls;
• Revenue recognition; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants and Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

26 September 2023
Page 7

 
WALSH ASSOCIATES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
11,180,284
9,839,646

Cost of sales
  
(6,533,963)
(5,808,148)

Gross profit
  
4,646,321
4,031,498

Administrative expenses
  
(4,798,629)
(3,699,749)

Other operating income
 5 
2,494
21,116

Operating (loss)/profit
 6 
(149,814)
352,865

Interest receivable and similar income
 10 
2,659
21

Interest payable and similar expenses
 11 
(5,493)
(293)

(Loss)/profit before tax
  
(152,648)
352,593

Tax on (loss)/profit
 12 
100,557
226,593

(Loss)/profit for the financial year
  
(52,091)
579,186

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 15 to 29 form part of these financial statements.
Page 8

 
WALSH ASSOCIATES LIMITED
REGISTERED NUMBER: 02339267

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 14 
701,494
371,525

Current assets
  

Debtors: amounts falling due after more than one year
 15 
343,431
-

Debtors: amounts falling due within one year
 15 
5,338,480
4,434,221

Cash at bank and in hand
 16 
608,341
1,047,699

  
6,290,252
5,481,920

Creditors: amounts falling due within one year
 17 
(2,991,861)
(1,830,981)

Net current assets
  
 
 
3,298,391
 
 
3,650,939

Total assets less current liabilities
  
3,999,885
4,022,464

Creditors: amounts falling due after more than one year
  
(192,042)
-

Provisions for liabilities
  

Deferred tax
 20 
-
(18,075)

Other provisions
 21 
(145,868)
(216,800)

  
 
 
(145,868)
 
 
(234,875)

Net assets
  
3,661,975
3,787,589


Capital and reserves
  

Called up share capital 
 22 
2,228
2,228

Share premium account
  
2,404
2,404

Capital redemption reserve
  
100
100

Other reserves
  
(381,568)
(381,568)

Profit and loss account
  
4,038,811
4,164,425

  
3,661,975
3,787,589

Page 9

 
WALSH ASSOCIATES LIMITED
REGISTERED NUMBER: 02339267
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T M Finbow
Director

Date: 25 September 2023

The notes on pages 15 to 29 form part of these financial statements.
Page 10

 
WALSH ASSOCIATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 January 2022
2,228
2,404
100
(381,568)
4,164,425
3,787,589



Loss for the year
-
-
-
-
(52,091)
(52,091)

Dividends
-
-
-
-
(73,523)
(73,523)


At 31 December 2022
2,228
2,404
100
(381,568)
4,038,811
3,661,975



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 January 2021
2,228
2,404
100
(271,568)
3,747,323
3,480,487



Profit for the year
-
-
-
-
579,186
579,186

Dividends
-
-
-
-
(162,084)
(162,084)

Movement in EBT
-
-
-
(110,000)
-
(110,000)


At 31 December 2021
2,228
2,404
100
(381,568)
4,164,425
3,787,589


The notes on pages 15 to 29 form part of these financial statements.
Page 11

 
WALSH ASSOCIATES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(52,091)
579,186

Adjustments for:

Depreciation of tangible fixed assets
82,365
80,448

Loss on disposal of tangible fixed assets
21,898
2,253

5,493
293

Interest received
(2,659)
(21)

Taxation charge
(100,557)
(226,593)

(Increase) in debtors
(1,360,581)
(503,002)

Increase/(decrease) in creditors
1,088,292
(288,190)

(Decrease) in provisions
(70,932)
(225,000)

Corporation tax received
195,373
12,045

Net cash generated from operating activities

(193,399)
(568,581)


Cash flows from investing activities

Purchase of tangible fixed assets
(434,232)
(90,749)

Interest received
2,659
21

Net cash from investing activities

(431,573)
(90,728)
Page 12

 
WALSH ASSOCIATES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


2022
2021

£
£



Cash flows from financing activities

New secured loans
264,630
-

Dividends paid
(73,523)
(162,084)

Interest paid
(5,493)
(293)

Other reserve movement
-
(110,000)

Net cash used in financing activities
185,614
(272,377)

Net (decrease) in cash and cash equivalents
(439,358)
(931,686)

Cash and cash equivalents at beginning of year
1,047,699
1,979,385

Cash and cash equivalents at the end of year
608,341
1,047,699


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
608,341
1,047,699

608,341
1,047,699


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
WALSH ASSOCIATES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022




At 1 January 2022
Cash flows
At 31 December 2022
£

£

£

Cash at bank and in hand

1,047,699

(439,358)

608,341

Debt due after 1 year

-

-

-

Debt due within 1 year

(39,539)

-

(39,539)


1,008,160
(439,358)
568,802

The notes on pages 15 to 29 form part of these financial statements.
Page 14

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Walsh Associates Limited is a private company limited by shares and incorporated in England and Wales. The registered office is The Clove Building, 4 Maguire St, London SE1 2NQ. The principal activity of the company continued to be that of providing structural and civil engineering consultancy services to property developers, building contractors and associated parties in the property sector.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has continued to deal with the coronavirus pandemic and the associated measures that governments, customers and suppliers put in place to deal with it. While the company will undoubtedly suffer adverse impacts from this in the short term, the directors are confident that we can work through the disruption and that the business plans are robust even in the current situation. On the basis of the above the accounts have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.4

Turnover

Turnover represents sales of professional and engineering services, excluding value added tax, generated solely in the United Kingdom.
Turnover on long term contracts is recognised on a basis that is appropriate to the stage of completion, and when the outcome of the contract can be assessed with reasonable certainty. The stage of completion is calculated by comparing costs incurred mainly in relation to hourly staff rates as a proportion of total costs. Where the outcome cannot be estimated reliably turnover is only recognised to the extent of expenses recognised that are recoverable. 
Long term contracts
Long term contracts are assessed on a contract by contract basis and reflected in the statement of comprehensive income by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract and measured by reference to the value of work done in comparison to the total contract value. Credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which the turnover exceeds payments on account is classified as "amounts recoverable on contracts" and is included in debtors; to the extent that payments on account exceed relevant turnover on long term contracts balances, the excess is included as a creditor. Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense as soon as it is foreseen.

 
2.5

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.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

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 16

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

Page 17

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
In accordance with the lease term
Office equipment
-
20%

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.

 
2.12

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.

 
2.13

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 18

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.18

Share options

n prior years, the company granted share options ("equity-settled share-based payments") to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined on the grant date is expensed on a straight-line basis over the vestign period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. 

  
2.19

Employee share ownership plan

The company operates an Employee Benefit Trust and has de facto control of the shares held by the trust and bears their benefits and risks. The company records assets and liabilities of the trust as its own. Consideration paid by the EBT scheme for shares of the company is deducted from equity. Finance costs and administration expenses incurred by the company in relation to the EBT are recognised on an accruals basis.

Page 19

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Key accounting estimates and assumptions
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, if the revision affects only that period. If the revision affects both current and future periods then the revision is recognised in the current and future periods.
Critical judgements in applying the company's accounting policies:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Provisions
The company has recognised provisions for impairment of trade debtors, employee bonuses, income tax, dilapidations and claims that have been initiated but not yet settled in its financial statements which requires management to make judgements.
Employee Benefit Trust
The company must determine on an ongoing basis whether the Employment Benefit Trust (EBT) should be considered to be under the control or de facto control of the parent company. The judgement that the parent company does exert de facto control has resulted in the EBT's assets and liabilities being recognised on the parent company balance sheet. 
Long term contracts
The company accounts for turnover on long term contracts on a basis that is appropriate to the stage of completion and when the outcome of the contract can be assessed with reasonable certainty.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£
£

Other operating income
2,494
21,116

2,494
21,116


Page 20

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2022
2021
£
£

Depreciation
82,365
80,448

Exchange differences
569
1,468

Other operating lease rentals
757,587
500,541

Pension contributions
212,293
201,237

886,946
619,862


7.


Auditors' remuneration

2022
2021
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
14,275
13,725

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
5,934,425
5,595,683

Social security costs
658,628
629,639

Cost of defined contribution scheme
212,293
201,237

6,805,346
6,426,559


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
7
6



Fee earning staff
102
94



Administration
8
9

117
109

Page 21

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
874,321
790,386

Company contributions to defined contribution pension schemes
32,379
28,517

906,700
818,903


During the year retirement benefits were accruing to 7 directors (2021 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £153,334 (2021 - £156,565).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,664 (2021 - £5,487).


10.


Interest receivable

2022
2021
£
£


Other interest receivable
2,659
21

2,659
21


11.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
5,493
2

Other interest payable
-
291

5,493
293

Page 22

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
-
65,882

Adjustments in respect of previous periods
(82,482)
(299,418)


Total current tax
(82,482)
(233,536)

Deferred tax


Origination and reversal of timing differences
(18,075)
6,943

Total deferred tax
(18,075)
6,943


Taxation on loss on ordinary activities
(100,557)
(226,593)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


(Loss)/profit on ordinary activities before tax
(152,648)
352,593


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(29,003)
66,993

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,878
4,882

Capital allowances for year in excess of depreciation
(42,928)
(5,993)

Adjustments to tax charge in respect of prior periods
(82,482)
(299,418)

Deferred tax movement
(18,075)
6,943

Unrelieved tax losses carried forward
65,053
-

Total tax charge for the year
(100,557)
(226,593)
Page 23

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors that may affect future tax charges

The company has taxable losses carried forward to future years amounting to £342,225.
The UK corporate tax rate is increasing from 19% to 25% (effective 1 April 2023).  The increase will therefore increase future tax charges accordingly, including deferred tax.
 


13.


Dividends

2022
2021
£
£


Dividends declared
73,523
162,084

73,523
162,084

Page 24

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Tangible fixed assets





Long-term leasehold improvements
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
376,223
699,810
1,076,033


Additions
383,875
50,357
434,232


Disposals
(161,837)
(440,066)
(601,903)



At 31 December 2022

598,261
310,101
908,362



Depreciation


At 1 January 2022
142,947
561,561
704,508


Charge for the year
30,366
51,999
82,365


Disposals
(139,939)
(440,066)
(580,005)



At 31 December 2022

33,374
173,494
206,868



Net book value



At 31 December 2022
564,887
136,607
701,494



At 31 December 2021
233,276
138,249
371,525

Page 25

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
343,431
-

343,431
-


2022
2021
£
£

Due within one year

Trade debtors
3,660,770
3,097,525

Amounts owed by group undertakings
100
100

Other debtors
197,886
319,512

Prepayments and accrued income
207,740
191,909

Amounts recoverable on long-term contracts
1,271,984
825,175

5,338,480
4,434,221



16.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
608,341
1,047,699

608,341
1,047,699



17.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
72,588
-

Payments received on account
1,002,114
723,155

Trade creditors
605,310
144,056

Other taxation and social security
751,639
757,149

Other creditors
73,710
97,075

Accruals and deferred income
486,500
109,546

2,991,861
1,830,981


Page 26

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
192,042
-

192,042
-



19.


Loans

Bank loan is secured by way of a fixed and floating charge over the assets of the company. 



Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
72,588
-

Amounts falling due 1-2 years

Bank loans
74,940
-

Amounts falling due 2-5 years

Bank loans
117,102
-


264,630
-



20.


Deferred taxation




2022
2021


£

£






At beginning of year
(18,075)
(11,132)


Charged to profit or loss
18,075
(6,943)



At end of year
-
(18,075)

Page 27

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
20.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
-
18,075

-
18,075


21.


Provisions




PI claims
Dilapidation provision
Total

£
£
£





At 1 January 2022
125,000
91,800
216,800


Charged to profit or loss
-
(19,598)
(19,598)


Utilised in year
-
(51,334)
(51,334)



At 31 December 2022
125,000
20,868
145,868


22.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



222,796 (2021 - 222,796) Ordinary shares shares of £0.01 each
2,228
2,228

At the year end, a total of 55,699 (2021: 55,699) Ordinary £0.01 shares were held by the Employee Benefit Trust, Walsh Group Trust Limited.
The company's ordinary shares which carry no right to fixed income, each carry the right to one vote at general meetings of the company.



23.


Pension commitments

The company contributes into a defined contribution pension scheme for a number of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £212,293 (2021: £201,237). Contributions totalling £45,189 (2021: £44,965) were payable to the fund at the year end, and are included in other creditors.

Page 28

 
WALSH ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

24.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
314,548
314,548

Later than 1 year and not later than 5 years
674,192
674,192

Later than 5 years
675,200
837,248

1,663,940
1,825,988


25.


Related party transactions

The company rents two properties from a pension provider to a shareholder and a former director of Walsh Associates Limited. The lease period for the property is 20 years at an annual rent of £104,000 (2021: £104,000)
The company rents a further property from two additional pension providers to the directors of Walsh Associates Limited. The lease period for the property is 15 years at an annual rent of £162,048
 (2021: £162,048).
At the year end the company owed a total of £66,959 
(2021: £39,539) to the directors of the company. This is included in other creditors falling due within one year.


26.


Controlling party

There is no one ultimate controlling party.
 
Page 29