Grant Walker Engineering Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 & 2 The Barn Oldwick, West Stoke Road, Lavant, Chichester, West Sussex, England, PO18 9AA.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
During the year the company entered into the following transactions with related parties:
The company is a wholly owned subsidiary of Grant Walker Group Limited.
During the year the company paid expenses on behalf of Grant Walker Group Limited totalling £3,241 (2022: £5,583). In addition, the company loaned Grant Walker Group Limited £35,251 (2022: £243,895) and Grant Walker Group Limited made payments to the company of £265,000 (2022: £500,000).
The company also declared dividends to Grant Walker Group Limited of £1,120,080 (2022: £715,000). Grant Walker Group Limited raised a management charge to the company of £27,000 (2022: £Nil).
At the year end the balance outstanding to Grant Walker Group Limited from the company was £207,837 (2022: the balance outstanding to the company from Grant Walker Group Limited was £179,670) which is shown in other creditors (2022: other debtors), within the notes to the financial statements.
RK Infrastructure Limited is a company under common control.
During the year RK Infrastructure Limited raised purchase invoices to the company of £337,924 (2022: £348,613). The company raised sales invoices to RK Infrastructure Limited for shared services of £14,765 (2022: £48,492).
In addition, the company paid expenses on behalf of RK Infrastructure Limited totalling £1,785 (2022: £Nil).
RK Infrastructure Limited repaid the company £25,249 and £3,155 was written off by the company. Therefore, at the year end the balance outstanding to the company from RK Infrastructure Limited was £39,193 (2022: £65,812) which is shown in other debtors, within the notes to the financial statements.
Graphene Recruitment Group Limited is a company under common control.
During the year Graphene Recruitment Group Limited raised purchase invoices to the company for agency services totalling £2,155,508 (2022: £800,713). The company raised sales invoices to Graphene Recruitment Group Limited for shared services totalling £30,385 (2022: £30,835).
In addition, the company loaned Graphene Recruitment Group Limited £Nil (2022: £56,400).
At the year end the balance outstanding to the company from Graphene Recruitment Group Limited was £56,400 (2022: £56,400) which is shown in other debtors, within the notes to the financial statements.