Registration number:
Walkersteel Limited
for the Year Ended 30 April 2023
Walkersteel Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Walkersteel Limited
Company Information
Directors |
Mr HR Pilkington Mr J K Dodgeon |
Registered office |
|
Bankers |
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Auditors |
|
Walkersteel 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 company is metal processing and steel stockholding.
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 company 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 company as a whole; being turnover, gross profit, operating profit and return on capital employed.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
Turnover |
£ |
18,493,735 |
25,610,056 |
Gross Profit |
£ |
2,210,066 |
5,569,319 |
Operating profit |
£ |
57,128 |
2,912,967 |
Profit before tax |
£ |
(38,392) |
2,825,333 |
Shareholders funds |
£ |
3,122,754 |
3,156,746 |
Return on capital employed |
% |
2 |
82 |
Turnover has decreased by 27.79% with its gross margin reducing from the previous period's 21.75% to 11.95% culminating in an decrease of £3,359,253 at gross profit level.
Reductions in turnover and gross profit are as a result of the reducing commodity prices which have occurred due to the market being flooded with materials. Increased material supply is as a result of the lifting of shipping restrictions on goods from the Far East which have were imposed as a result of the Covid-19 pandemic which continues to be problematic for businesses on a global scale. This problem has been exacerbated somewhat by the ongoing situation in Ukraine which has continued to affect the global economy throughout the year.
Operating profit has reduced to £57,128 (0.03%) in comparison to the previous period's £2,912,967 (11.37%) resulting an overall loss before tax to £38,392 (2022 - profit of £2,825,333). Dividends of £nil (2022 - £1,320,000) were paid during the year.
Return on capital employed has decreased to 1.75% (2022 - 81.83%). Return on capital employed is calculated as operating profit divided by capital employed. Capital employed is calculated as total assets less current liabilities.
The results of the company are set out in the financial statements.
Walkersteel 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 company 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
......................................... |
Walkersteel Limited
Directors' Report for the Year Ended 30 April 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company 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 company’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 Company has some moderate exposure to a level of price risk, credit risk, liquidity risk and cash flow risk. The company 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 company 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 company is exposed to foreign transaction exchange risk. Transaction exposures are minimised wherever possible by careful review of market rates. Fluctuations in metal 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 company’s principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors.
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
Walkersteel Limited
Directors' Report for the Year Ended 30 April 2023
......................................... |
Walkersteel 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 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 and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Walkersteel Limited
Independent Auditor's Report to the Members of Walkersteel Limited
Opinion
We have audited the financial statements of Walkersteel Limited (the 'company') for the year ended 30 April 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 April 2023 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 auditor 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 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 company'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.
Walkersteel Limited
Independent Auditor's Report to the Members of Walkersteel 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, 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 Statement of Directors' Responsibilities [set out on page 6], 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.
Walkersteel Limited
Independent Auditor's Report to the Members of Walkersteel Limited
Auditor’s 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 detecting 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 company, focusing on those that had a
|
• |
We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes
|
• |
We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We
|
• |
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and
|
• |
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance
|
• |
We enquired of the directors about actual and potential litigation and claims. |
• |
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate
|
• |
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness
|
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.
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 auditor's report.
Walkersteel Limited
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.
......................................
For and on behalf of
10-12 Wellington Street
(St Johns)
Lancashire
BB1 8AG
Walkersteel Limited
Profit and Loss Account for the Year Ended 30 April 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
57,128 |
2,912,967 |
|
Interest payable and similar expenses |
( |
( |
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
- |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Walkersteel Limited
Statement of Comprehensive Income for the Year Ended 30 April 2023
2023 |
2022 |
|
(Loss)/profit for the year |
( |
|
Total comprehensive income for the year |
( |
|
Walkersteel Limited
(Registration number: 03704025)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
465,913 |
465,913 |
|
Retained earnings |
2,656,841 |
2,690,833 |
|
Shareholders' funds |
3,122,754 |
3,156,746 |
Approved and authorised by the
......................................... |
Walkersteel Limited
Statement of Changes in Equity for the Year Ended 30 April 2023
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 April 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2022 |
|
|
|
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
The principal activities of the company are detailed in the Strategic Report on page two of these financial statements.
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 Walkersteel Limited have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 are rounded to the nearest pound.
Summary of disclosure exemptions
In accordance with FRS 102 Section 1.12 the company as a qualifying entity, has taken advantage of the exemptions from the following disclosure requirements:
Section 7 'Statement of Cash Flows' - Presentation of a Cash Flow and related notes and disclosures.
Going concern
The accounts have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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, or in the period of revision and future periods if the revision affects both 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 company'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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
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
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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% straightline |
Tenant improvements |
20% straightline |
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 company will not be able to collect all amounts due according to the original terms of the receivables.
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised 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 company 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.
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which employee’s services are received.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain/(loss) on disposal of property, plant and equipment |
|
|
Operating profit |
Arrived at after charging/(crediting)
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
|
Depreciation expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Other finance costs |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
36,482 |
35,039 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other assurance services |
|
|
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
- |
- |
- |
- |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
- |
Tax receipt in the income statement |
( |
- |
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
The differences are reconciled below:
2023 |
2022 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
- |
Total tax credit |
( |
- |
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
The company has estimated losses of £1,210,517 (2022 - £1,500,554) available to carry forward against future trading profits.
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Deferred tax asset |
|
- |
|
- |
2022 |
Asset |
Liability |
Deferred tax asset |
|
- |
|
- |
Tangible assets |
Tenant improvements |
Asset under construction |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 May 2022 |
|
|
|
|
Additions |
- |
- |
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2023 |
|
|
|
|
Depreciation |
||||
At 1 May 2022 |
|
- |
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2023 |
|
- |
|
|
Carrying amount |
||||
At 30 April 2023 |
|
|
|
|
At 30 April 2022 |
|
|
|
|
Assets held under hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under hire purchase contracts:
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
|
Other property, plant and equipment |
- |
307,634 |
During the year ended 30th April 2023 an amount of £nil (2022 - £59,340) was charged in respect of depreciation on these assets.
Stocks |
2023 |
2022 |
|
Raw materials and consumables |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
Income tax asset |
|
|
|
|
|
Details of non-current trade and other debtors
£35,000 (2022 - £27,800) of the deferred tax asset is classified as non-current.
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
- |
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
(3,311,901) |
(2,899,222) |
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £nil (2022 - £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
465,913 |
|
465,913 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
- |
|
|
|
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Invoice discounting facility |
|
|
Hire purchase contracts |
- |
|
|
|
Included within loans and borrowings is an amount due to The Royal Bank of Scotland plc under an invoice discounting facility amounting to £3,507,141 (2022 - £3,109,097) which is secured by fixed and floating charges over the assets of the company. Hire purchase contracts included within loans and borrowings are secured on the assets to which they relate.
Obligations under leases and hire purchase contracts |
Hire purchase contracts
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
- |
|
Later than one year and not later than five years |
- |
|
- |
|
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
|||
Interim dividend of £Nil (2022 - £ |
- |
|
||
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Related party transactions |
Transactions with directors |
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
Mr J K Dodgeon |
||||
Director's loan account |
|
|
( |
|
Mr HR Pilkington |
||||
Director's loan account |
|
|
( |
|
No fixed repayment terms were in force and no interest was charged in respect of Directors Loans.
2022 |
At 1 May 2021 |
Repayments by director |
At 30 April 2022 |
Mr J K Dodgeon |
|||
Director's loan account |
|
( |
|
Mr HR Pilkington |
|||
Director's loan account |
|
( |
|
Summary of transactions with parent
No fixed repayment terms were in force and no interest was charged.
Walkersteel Limited also gave an unlimited guarantee against bank borrowings of Walkerbridge Limited.
Summary of transactions with entities with joint control or significant interest
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Flavour Industries Limited (a company controlled by Walkerbridge Limited) - Intercompany loan operated with this company with no interest charged and no set dates for repayment.
Walkersteel Laser Services Limited (a joint venture involving Walkersteel Limited) - sales and purchases of goods and year end trade debtor and creditor. Intercompany loan also operated with no interest charged and no set dates for repayment.
Income and receivables from related parties
2023 |
Entities with joint control or significant influence |
Sale of goods |
|
Amounts receivable from related party |
|
|
2022 |
Entities with joint control or significant influence |
Sale of goods |
|
Amounts receivable from related party |
|
|
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Expenditure with and payables to related parties
2023 |
Parent |
Entities with joint control or significant influence |
Purchase of goods |
- |
|
Rendering of services |
|
- |
Leases |
|
- |
|
|
|
Amounts payable to related party |
|
|
|
2022 |
Parent |
Entities with joint control or significant influence |
Purchase of goods |
|
|
Rendering of services |
|
- |
Leases |
|
- |
|
|
|
Amounts payable to related party |
|
|
|
Loans to related parties
2023 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
- |
( |
At end of period |
|
|
|
|
Walkersteel Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2022 |
Parent |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
|
|
|
|
Advanced |
|
- |
- |
|
Repaid |
( |
( |
- |
( |
Impairment |
- |
- |
( |
( |
At end of period |
|
|
- |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is