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Registration number: 08623257

Walkerbridge Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2023

 

Walkerbridge Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

 

Walkerbridge Limited

Company Information

Directors

Mr H R Pilkington

Mr J K Dodgeon

Registered office

Walker House
Bridge Street Industrial Estate
Church
Accrington
Lancashire
BB5 4HU

Bankers

National Westminster Bank Plc
Preston
Bolton Customer Service Centre
PO Box 2027 Parklands
De Havilland Way
Horwich
Lancashire
BL6 4YU

Auditors

Howard & Co
Chartered Accountants & Statutory Auditor
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

 

Walkerbridge Limited

Strategic Report for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

Principal activity

The principal activity of the group is that of a holding company. The company owns 100% of the issued share capital of Walkersteel Limited and Walkersteel Engineering Services Limited whose principal activities are that of metal processing and steel stockholding and engineering services for the steel industry respectively. The company also owns 90% of the issued share capital of Flavour Industries Limited whose principal activity is the manufacture of e-cigarette fluids and associated products. The company also owns 32.5% of the voting rights of Walkersteel Laser Services Limited whose principal activity is laser cutting services for the steel industry.

Fair review of the business

Trading conditions in the market as a whole have been far more difficult this year. The gap between the demand of steel and the supply available in the market has now closed meaning that commodity prices have now returned to pre-pandemic levels. The supply of materials has increased due to the lifting of shipping restrictions from the Far East which were imposed as a result of the global Covid-19 pandemic experienced in 2020 and 2021, the effects of which are still felt today.

Overall, the directors and shareholders are happy with the performance of the group and continue to target further manageable organic growth. Capital expenditure has been funded within the period to enhance our operations in line with our growth. Our review is consistent with the size and nature of the business and is written in the context of uncertainties we face. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole; being turnover, gross profit, operating profit and return on capital employed.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£

21,551,753

31,216,348

Gross Profit

£

3,170,309

6,929,261

Operating profit

£

79,101

3,723,064

Profit before tax

£

1,957

3,605,182

Shareholders funds

£

4,050,528

4,626,529

Turnover has decreased by 30.96% with its gross margin reducing from the previous period's 22.19% to 14.71% culminating in an decrease of £3,758,952 at gross profit level.

Operating profit has decreased to £79,101 (0.37%) in comparison to the previous period's £3,273,064 (10.48%) resulting in a profit before tax of £1,957 (2022 – profit of £3,605,182).

Return on capital employed has reduced to 1.57% (2022 - 62.80%). Return on capital employed is calculated as operating profit divided by capital employed. Capital employed is calculated as total assets less current liabilities.

During the year reserves have reduced by £576,001 (2022 - £2,122,705).

Dividends totalling £588,080 (2022 - £1,320,000) were paid to shareholders in the current financial year.

The results of the group are set out in the financial statements.

 

Walkerbridge Limited

Strategic Report for the Year Ended 30 April 2023

Principal risks and uncertainties

Current principal risks and uncertainties include uncertainty over the UK's economic recovery, the effects of Britain's withdrawal from the European Union and the current situation in Ukraine, not only on our own operations but on the operations of key members of our supply chain. Despite the effects of the Covid-19 pandemic having reduced significantly, we remain conscious that a further spike in cases could once again cause significant disruption to business.

The group undertakes regular reviews of the principal risks facing the business and wherever possible, processes are put into place to monitor and minimise such risks.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr J K Dodgeon
Director

 

Walkerbridge Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the for the year ended 30 April 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr H R Pilkington

Mr J K Dodgeon

Financial instruments

Objectives and policies

The group uses a variety of financial instruments including cash, borrowings, and various items such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide working capital for its operations.

The directors are of the view that the main risks arising from the group’s financial instruments are liquidity risk, cash flow risk, price risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies remain unchanged from previous years.

Price risk, credit risk, liquidity risk and cash flow risk

The group has some moderate exposure to a level of price risk, credit risk, liquidity risk and cash flow risk. The group manages these risks through maintaining and building strong relationships with leading steel suppliers, long term customers and finance partners.

Liquidity risk and cash flow risk
The group seeks to manage these risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Price risk
The group is exposed to price risk associated with the commodity price of steel at any given time. These fluctuations in steel prices are reviewed on a regular basis and taken into consideration when placing orders and setting the selling price of the goods and services that it supplies.

Credit risk
The group’s principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr J K Dodgeon
Director

 

Walkerbridge Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

 

Walkerbridge Limited

Independent Auditor's Report to the Members of Walkerbridge Limited

Opinion

We have audited the financial statements of Walkerbridge Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and the parent company's affairs as at 30 April 2023 and of the group's profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

In our evaluation of the directors’ conclusions, we considered the inherent risks to the company’s business model, including the impact of Brexit and the current Covid-19 global pandemic, and analysed how these risks might impact the company’s financial resources and ability to continue to adopt the going concern basis of accounting for a period of twelve months from the date when the financial statements are authorised for use. Our evaluation concluded that these risks were not significant enough for us to perform additional audit procedures.

 

Walkerbridge Limited

Independent Auditor's Report to the Members of Walkerbridge Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 Statement of Directors' Responsibilities [set out on page 5], 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.

 

Walkerbridge Limited

Independent Auditor's Report to the Members of Walkerbridge Limited

Auditor 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 auditor’s 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.

Extent to which the audit was considered capable of detective irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of laws and regulations that affect the group, focusing on those that had a direct effect on on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, health and safety regulations, occupational health and employment legislation.

We enquired of the directors, reviewed correspondence with HMRC and enquired with the directors in order to gain evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We gained an understanding of the controls that the directors have in place to prevent and detect for fraud. We enquired about any instances of fraud that have taken place in the accounting period.

The risk of fraud and non-compliance with laws and regulations was discussed with the audit team and tests were planned and performed to address these risks.

We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

We enquired of the directors about actual and potential litigation claims.

We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

 

Walkerbridge Limited

Independent Auditor's Report to the Members of Walkerbridge Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our 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 auditor’s 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.

......................................
Mr Neil Howard FCA (Senior Statutory Auditor)
For and on behalf of Howard & Co, Statutory Auditor
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

10 October 2023

 

Walkerbridge Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2023

Note

Total
2023
£

Total
2022
£

Turnover

3

21,551,753

31,216,348

Cost of sales

 

(18,381,444)

(24,287,087)

Gross profit

 

3,170,309

6,929,261

Administrative expenses

 

(3,091,208)

(3,670,744)

Other operating income

4

-

14,547

Operating profit

6

79,101

3,273,064

Gain on financial assets at fair value through profit and loss

 

-

400,000

Interest payable and similar expenses

7

(136,800)

(114,584)

   

(136,800)

285,416

Share of profit of equity accounted investees

 

59,656

46,702

Profit before tax

 

1,957

3,605,182

Tax on profit

11

10,122

(104,450)

Profit for the financial year

 

12,079

3,500,732

Profit/(loss) attributable to:

 

Owners of the company

 

12,079

3,495,860

Minority interests

 

-

4,872

 

12,079

3,500,732

The group has no recognised gains or losses for the year other than the results above.

 

Walkerbridge Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2023

2023
£

2022
£

Profit for the year

12,079

3,500,732

Total comprehensive income for the year

12,079

3,500,732

Total comprehensive income attributable to:

Owners of the company

12,079

3,495,860

Minority interests

-

4,872

12,079

3,500,732

 

Walkerbridge Limited

(Registration number: 08623257)
Consolidated Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

969,139

1,226,723

Investment property

14

2,198,262

2,000,000

Investments

15

160,261

100,515

 

3,327,662

3,327,238

Current assets

 

Stocks

16

2,287,543

3,398,303

Debtors

17

7,172,297

9,413,326

Cash at bank and in hand

 

254,864

301,407

 

9,714,704

13,113,036

Creditors: Amounts falling due within one year

19

(8,002,659)

(10,511,390)

Net current assets

 

1,712,045

2,601,646

Total assets less current liabilities

 

5,039,707

5,928,884

Creditors: Amounts falling due after more than one year

19

(825,800)

(1,149,276)

Provisions for liabilities

(163,379)

(153,079)

Net assets

 

4,050,528

4,626,529

Capital and reserves

 

Called up share capital

21

108,887

108,887

Retained earnings

3,941,641

4,517,642

Equity attributable to owners of the company

 

4,050,528

4,626,529

Shareholders' funds

 

4,050,528

4,626,529

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr H R Pilkington
Director

.........................................
Mr J K Dodgeon
Director

 

Walkerbridge Limited

(Registration number: 08623257)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

49,001

-

Investment property

14

2,198,262

2,000,000

Investments

15

109,022

108,932

 

2,356,285

2,108,932

Current assets

 

Stocks

16

-

17,451

Debtors

17

600,484

631,669

Cash at bank and in hand

 

32,367

81,006

 

632,851

730,126

Creditors: Amounts falling due within one year

19

(1,509,115)

(756,477)

Net current liabilities

 

(876,264)

(26,351)

Total assets less current liabilities

 

1,480,021

2,082,581

Creditors: Amounts falling due after more than one year

19

(690,360)

(728,122)

Provisions for liabilities

(130,142)

(121,812)

Net assets

 

659,519

1,232,647

Capital and reserves

 

Called up share capital

21

108,887

108,887

Retained earnings

550,632

1,123,760

Shareholders' funds

 

659,519

1,232,647

The company made a profit after tax for the financial year of £14,952 (2022 - profit of £1,758,028).

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr H R Pilkington
Director

.........................................
Mr J K Dodgeon
Director

 

Walkerbridge Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2023
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 1 May 2022

108,887

4,517,642

4,626,529

4,626,529

Profit for the year

-

12,079

12,079

12,079

Total comprehensive income

-

12,079

12,079

12,079

Dividends

-

(588,080)

(588,080)

(588,080)

At 30 April 2023

108,887

3,941,641

4,050,528

4,050,528

Share capital
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 May 2021

108,887

2,341,782

2,450,669

53,155

2,503,824

Profit for the year

-

3,495,860

3,495,860

4,872

3,500,732

Dividends

-

(1,320,000)

(1,320,000)

-

(1,320,000)

Decrease in ownership interests in subsidiaries that do not result in a loss of control

-

-

-

(58,027)

(58,027)

At 30 April 2022

108,887

4,517,642

4,626,529

-

4,626,529

 

Walkerbridge Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2022

108,887

1,123,760

1,232,647

Profit for the year

-

14,952

14,952

Total comprehensive income

-

14,952

14,952

Dividends

-

(588,080)

(588,080)

At 30 April 2023

108,887

550,632

659,519

Share capital
£

Retained earnings
£

Total
£

At 1 May 2021

108,887

685,732

794,619

Profit for the year

-

1,758,028

1,758,028

Dividends

-

(1,320,000)

(1,320,000)

At 30 April 2022

108,887

1,123,760

1,232,647

 

Walkerbridge Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

12,079

3,500,732

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

326,722

299,186

Changes in fair value of investment property

14

-

(400,000)

Profit on disposal of tangible assets

5

(12,412)

(12,500)

Profit from disposals of subsidiary undertakings

5

-

(56,715)

Finance costs

7

136,800

114,584

Share of profit/loss of equity accounted investees

 

(59,656)

(46,702)

Income tax expense

11

(10,122)

104,450

 

393,411

3,503,035

Working capital adjustments

 

Decrease/(increase) in stocks

16

1,110,760

(1,565,152)

Decrease/(increase) in trade debtors

17

2,287,930

(1,684,459)

(Decrease)/increase in trade creditors

19

(2,512,981)

1,081,971

Cash generated from operations

 

1,279,120

1,335,395

Income taxes paid

11

(88,370)

(51,238)

Net cash flow from operating activities

 

1,190,750

1,284,157

Cash flows from investing activities

 

Acquisitions of tangible assets

(219,219)

(495,717)

Proceeds from sale of tangible assets

 

111,630

21,127

Acquisition of investment properties

14

(147,399)

-

Acquisition of investments in joint ventures and associates

15

(90)

-

Net cash flows from investing activities

 

(255,078)

(474,590)

Cash flows from financing activities

 

Interest paid

7

(136,800)

(114,584)

Repayment of bank borrowing

 

(190,026)

(1,083,204)

Proceeds from other borrowing draw downs

 

-

135,085

Payments to finance lease creditors

 

(272,522)

(105,497)

Dividends paid

(588,080)

(1,320,000)

Net cash flows from financing activities

 

(1,187,428)

(2,488,200)

Net decrease in cash and cash equivalents

 

(251,756)

(1,678,633)

Cash and cash equivalents at 1 May

 

(3,431,729)

(1,753,096)

Cash and cash equivalents at 30 April

 

(3,683,485)

(3,431,729)

 

Walkerbridge Limited

Statement of Cash Flows for the Year Ended 30 April 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

14,952

1,758,028

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

6,999

-

Changes in fair value of investment property

14

-

(400,000)

Profit from disposals of investments

5

-

(49,925)

Finance income

-

(1,320,000)

Finance costs

38,781

21,303

Income tax expense

11

(9,377)

63,239

 

51,355

72,645

Working capital adjustments

 

Decrease in stocks

16

17,451

9,302

Decrease/(increase) in trade debtors

17

44,226

(203,300)

Increase in trade creditors

19

778,795

19,916

Cash generated from operations

 

891,827

(101,437)

Income taxes (paid)/received

11

(23,802)

597

Net cash flow from operating activities

 

868,025

(100,840)

Cash flows from investing activities

 

Interest received

-

1,320,000

Acquisition of subsidiaries

15

(90)

-

Proceeds from sale of investments

 

-

200,001

Acquisitions of tangible assets

(56,000)

-

Acquisition of investment properties

(198,262)

-

Net cash flows from investing activities

 

(254,352)

1,520,001

Cash flows from financing activities

 

Interest paid

(38,781)

(21,303)

Proceeds from bank borrowing draw downs

 

(35,451)

-

Repayment of bank borrowing

 

-

(38,211)

Dividends paid

(588,080)

(1,320,000)

Net cash flows from financing activities

 

(662,312)

(1,379,514)

Net (decrease)/increase in cash and cash equivalents

 

(48,639)

39,647

Cash and cash equivalents at 1 May

 

81,006

41,359

Cash and cash equivalents at 30 April

 

32,367

81,006

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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:
Walker House
Bridge Street Industrial Estate
Church
Accrington
Lancashire
BB5 4HU
England

These financial statements were authorised for issue by the Board on 10 October 2023.

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 for the year ended 30th April 2023 of Walkerbridge Limited are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in sterling which is the functional currency of the company and group, rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

In application of the group'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 considered to be relevant. Actual results may vary 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 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors there are no critical accounting judgements that require further disclosure.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- The group's investment property is carried at fair value determined by the directors. This fair value is based on a valuation carried out by qualified professionals carried out no more than three years ago.

- Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determination of the recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the debt is not fully recoverable.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Government grants

Government grants are recognised at the fair value of the asset received when there is a reasonable assurance that the grant conditions will be received.

The government grant is released to the profit and loss account in line with the depreciation of the associated asset.

The company has received a revenue grant in the form of the Job Retention Scheme in respect of furloughed staff. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at dates of transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

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 group operates and generates taxable income.

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Other property, plant and equipment

Between 6.67% and 33% straight line

Motor vehicles

25% straight line

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years straightline

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Stock
 

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 group 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Dividends

Dividend distribution to the group’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 group 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.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which employees' services are received.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

21,259,742

31,034,549

Rendering of services

230,511

120,299

Rental income from investment property

61,500

61,500

21,551,753

31,216,348

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

14,547

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of property, plant and equipment

12,412

12,500

Gain from disposals of investments

-

56,715

12,412

69,215

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

326,722

299,186

Operating lease expense - plant and machinery

11,361

31,054

Profit on disposal of property, plant and equipment

(12,412)

(12,500)

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

53,968

54,065

Interest on obligations under finance leases and hire purchase contracts

2,792

11,880

Interest expense on other finance liabilities

348

2,813

Other finance costs

79,692

45,826

136,800

114,584

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,765,576

2,947,122

Social security costs

87,822

227,295

Pension costs, defined contribution scheme

121,405

124,703

Other employee expense

17,158

32,542

1,991,961

3,331,662

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

19

21

Other departments

44

92

63

113

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

186,528

302,170

Contributions paid to money purchase schemes

24,374

26,376

210,902

328,546

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

22,600

22,600

Other fees to auditors

All other assurance services

3,803

7,000


 

11

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

(3,554)

55,347

UK corporation tax adjustment to prior periods

(12,468)

(36,564)

(16,022)

18,783

Deferred taxation

Arising from origination and reversal of timing differences

5,900

85,667

Tax (receipt)/expense in the income statement

(10,122)

104,450

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,957

3,605,182

Corporation tax at standard rate

372

684,985

Effect of tax losses

(61,167)

(568,995)

Deferred tax expense from unrecognised tax loss or credit

-

9,667

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

1,999

(36,564)

Tax increase from effect of capital allowances and depreciation

44,750

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

3,924

15,357

Total tax (credit)/charge

(10,122)

104,450

The group has estimated losses of £1,449,740 (2022 - £1,726,588) available to carry forward against future trading profits.

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

41,567

Fair value adjustment on investment property

-

121,812

Deferred tax asset

60,000

-

60,000

163,379

2022

Asset
£

Liability
£

Accelerated capital allowances

-

31,267

Fair value adjustment on investment property

-

121,812

Deferred tax asset

55,600

-

55,600

153,079

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

35,669

35,669

At 30 April 2023

35,669

35,669

Amortisation

At 1 May 2022

35,669

35,669

At 30 April 2023

35,669

35,669

Carrying amount

At 30 April 2023

-

-

13

Tangible assets

Group

Motor vehicles
 £

Assets under construction
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

26,255

63,043

2,689,326

2,778,624

Additions

48,250

-

170,969

219,219

Disposals

-

-

(157,652)

(157,652)

Transfers

-

-

(50,863)

(50,863)

At 30 April 2023

74,505

63,043

2,651,780

2,789,328

Depreciation

At 1 May 2022

26,255

-

1,525,646

1,551,901

Charge for the year

1,608

-

325,114

326,722

Eliminated on disposal

-

-

(58,434)

(58,434)

At 30 April 2023

27,863

-

1,792,326

1,820,189

Carrying amount

At 30 April 2023

46,642

63,043

859,454

969,139

At 30 April 2022

-

63,043

1,163,680

1,226,723

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Other property, plant and equipment

19,704

347,286

     

Company

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

26,255

-

26,255

Additions

-

56,000

56,000

At 30 April 2023

26,255

56,000

82,255

Depreciation

At 1 May 2022

26,255

-

26,255

Charge for the year

-

6,999

6,999

At 30 April 2023

26,255

6,999

33,254

Carrying amount

At 30 April 2023

-

49,001

49,001

14

Investment properties

Group

2023
£

At 1 May 2020

2,000,000

Additions

147,399

Transfers to and from inventories

50,863

At 30 April 2021

2,198,262

The group's investment property is included in the accounts at a fair value determined by the directors.

Had this asset been measured on a historical cost basis, the carrying amount would have been £1,557,149 (2022 - £1,358,887).

There has been no valuation of investment property by an independent valuer.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

2023
£

At 1 May 2020

2,000,000

Additions

198,262

At 30 April 2021

2,198,262

The company's investment property is included in the accounts at a fair value determined by the directors.

Had this asset been measured on a historical cost basis, the carrying amount would have been £1,557,149 (2022 - £1,358,887).

There has been no valuation of investment property by an independent valuer.

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Joint ventures

Walkersteel Laser Services Limited

Walkersteel Limited
Walker House
Bridge Street
Accrington
Lancashire
BB5 4HU

Ordinary Shares

33.7%

33.7%

 

England

     

The principal activity of Walkersteel Laser Services Limited is that of laser related services for the steel industry.

Aggregate financial information of joint ventures

2023
£

2022
£

Group's share of profit or loss in joint ventures

59,656

46,702

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

2023
£

2022
£

Investments in subsidiaries

108,977

108,887

Investments in joint ventures

45

45

109,022

108,932

Subsidiaries

£

Cost or valuation

At 1 May 2022

108,887

Additions

90

At 30 April 2023

108,977

Carrying amount

At 30 April 2023

108,977

At 30 April 2022

108,887

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Walkersteel Limited

Walker House
Bridge Street Industrial Estate
Church, Accrington
Lancashire, BB5 4HU

England

Ordinary shares

100%

100%

Walkersteel Engineering Limited

Walker House
Bridge Street Industrial Estate
Church, Accrington
Lancashire, BB5 4HU

England

Ordinary shares

100%

100%

Flavour Industries Ltd

Walker House
Bridge Street Industrial Estate
Church, Accrington
Lancashire, BB5 4HU

England and Wales

Ordinary shares

90%

0%

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Subsidiary undertakings

Walkersteel Limited

The principal activity of Walkersteel Limited is metal processing and steel stockholders.

Walkersteel Engineering Limited

The principal activity of Walkersteel Engineering Limited is engineering services for the steel industry.

Flavour Industries Ltd

The principal activity of Flavour Industries Ltd is manufacture of e-cigarette fluids and associated products.

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

1,800,281

2,980,945

-

-

Work in progress

28,041

27,670

-

-

Other inventories

459,221

389,688

-

17,451

2,287,543

3,398,303

-

17,451

17

Debtors

Details of non-current trade and other debtors

Group

£Nil (2022 - £27,800) of the deferred tax asset is classified as non current.

The majority of the trade debtors are financed under an invoice discounting arrangement with the Royal Bank of Scotland plc.
 

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

5,746,873

8,228,125

90,571

79,198

Amounts owed by related parties

23

-

-

45,617

104,871

Other debtors

 

1,108,979

959,426

447,776

447,600

Prepayments

 

114,173

70,404

3,480

-

Deferred tax assets

11

60,000

55,600

-

-

Income tax asset

11

142,272

99,771

13,040

-

   

7,172,297

9,413,326

600,484

631,669

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

-

1,964

-

-

Cash at bank

254,864

299,443

32,367

81,006

254,864

301,407

32,367

81,006

Bank overdrafts

(3,938,349)

(3,733,136)

-

-

Cash and cash equivalents in statement of cash flows

(3,683,485)

(3,431,729)

32,367

81,006

Included within bank overdrafts is an amount due to The Royal Bank of Scotland plc under an invoice discounting facility amounting to £3,938,349 (2022 - £3,733,136) which is secured by fixed and floating charges over the assets of the company.

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

22

4,060,362

3,994,221

38,621

36,310

Trade creditors

 

3,629,668

5,774,922

5,942

7,772

Amounts due to related parties

23

-

-

1,438,592

651,443

Social security and other taxes

 

149,900

212,148

22,780

26,395

Outstanding defined contribution pension costs

 

-

876

-

-

Other payables

 

199

5,670

199

108

Accruals

 

162,530

461,662

2,981

5,980

Income tax liability

11

-

61,891

-

28,469

 

8,002,659

10,511,390

1,509,115

756,477

Due after one year

 

Loans and borrowings

22

825,800

1,149,276

690,360

728,122

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £121,405 (2022 - £124,703).

Contributions totalling £Nil (2022 - £876) were payable to the scheme at the end of the year and are included in creditors.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

'A' ordinary of £1 each

108,877

108,877

108,877

108,877

'B' ordinary of £0.01 each

1,000

10

1,000

10

 

109,877

108,887

109,877

108,887

22

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

825,800

928,554

690,360

728,122

Obligations under finance leases and hire purchase contracts

-

220,722

-

-

825,800

1,149,276

690,360

728,122

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

103,613

190,885

38,621

36,310

Bank overdrafts

3,938,349

3,733,136

-

-

Obligations under finance leases and hire purchase contracts

18,400

70,200

-

-

4,060,362

3,994,221

38,621

36,310

Included within bank overdrafts is an amount due to The Royal Bank of Scotland plc under an invoice discounting facility amounting to £3,938,349 (2021 - £3,733,136) which is secured by fixed and floating charges over the assets of the company.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Group

Bank borrowings

Bank loan - mortgage borrowings is denominated in sterling with a nominal interest rate of 2.42% over base %, and the final instalment is due on 1 May 2023. The carrying amount at year end is £728,981 (2022 - £764,432).

The bank loan - mortgage borrowings are secured by way of a legal charge on a property known as Walker House, Bridge Street, Accrington, BB2 4PL and also over all assets of the company.

 

Walkerbridge Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

23

Related party transactions

Group

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr H R Pilkington

Director's loan account

158,841

21,498

(8,736)

171,603

         
       

Mr J K Dodgeon

Director's loan account

349,247

120,764

(10,407)

459,604

         
       

 

2022

At 1 May 2021
£

Repayments by director
£

At 30 April 2022
£

Mr H R Pilkington

Director's loan account

167,167

(8,326)

158,841

       
     

Mr J K Dodgeon

Director's loan account

358,544

(9,297)

349,247

       
     

 

No fixed repayment terms were in force and no interest was charged.