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Company registration number: 3927163
Walton Robinson Limited
Pages for filing with Registrar
30 April 2023
Walton Robinson Limited
Contents
Statement of financial position
Notes to the financial statements
Walton Robinson Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 14,997 19,997
Tangible assets 7 137,915 93,164
_______ _______
152,912 113,161
Current assets
Debtors 8 1,593,077 1,456,182
Cash at bank and in hand 177,396 305,230
_______ _______
1,770,473 1,761,412
Creditors: amounts falling due
within one year 9 ( 157,859) ( 142,663)
_______ _______
Net current assets 1,612,614 1,618,749
_______ _______
Total assets less current liabilities 1,765,526 1,731,910
Creditors: amounts falling due
after more than one year 10 ( 33,019) ( 49,791)
Provisions for liabilities ( 4,830) ( 17,701)
_______ _______
Net assets 1,727,677 1,664,418
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,727,575 1,664,316
_______ _______
Shareholders funds 1,727,677 1,664,418
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
M A Walton
Director
Company registration number: 3927163
Walton Robinson Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 Percy Street, Newcastle upon Tyne, Tyne and Wear, NE1 7RY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors of the company are satisfied that there are no material uncertainties concerning the company's ability to continue trading for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - straight line over the life of the lease
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Website development - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2022: 36 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 28,777 20,228
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 12,871) 13,572
_______ _______
Tax on profit 15,906 33,800
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 April 2023 99,997 99,997
_______ _______
Amortisation
At 1 May 2022 80,000 80,000
Charge for the year 5,000 5,000
_______ _______
At 30 April 2023 85,000 85,000
_______ _______
Carrying amount
At 30 April 2023 14,997 14,997
_______ _______
At 30 April 2022 19,997 19,997
_______ _______
7. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Website development Total
£ £ £ £ £
Cost
At 1 May 2022 28,350 200,690 95,732 35,005 359,777
Additions 5,924 6,829 41,798 31,305 85,856
_______ _______ _______ _______ _______
At 30 April 2023 34,274 207,519 137,530 66,310 445,633
_______ _______ _______ _______ _______
Depreciation
At 1 May 2022 28,350 179,325 23,933 35,005 266,613
Charge for the year 1,185 7,048 28,399 4,473 41,105
_______ _______ _______ _______ _______
At 30 April 2023 29,535 186,373 52,332 39,478 307,718
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2023 4,739 21,146 85,198 26,832 137,915
_______ _______ _______ _______ _______
At 30 April 2022 - 21,365 71,799 - 93,164
_______ _______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 41,909 47,255
Other debtors 1,551,168 1,408,927
_______ _______
1,593,077 1,456,182
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 30,815 32,350
Corporation tax 28,777 20,228
Social security and other taxes 32,862 49,057
Other creditors 65,405 41,028
_______ _______
157,859 142,663
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 33,019 49,791
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
M A Walton 239,436 - - 239,436
R P Ponton 100,000 - ( 100,000) -
_______ _______ _______ _______
339,436 - ( 100,000) 239,436
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
M A Walton 250,000 - ( 10,564) 239,436
R P Ponton - 100,000 - 100,000
_______ _______ _______ _______
250,000 100,000 ( 10,564) 339,436
_______ _______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Michigan Investments Limited ( 10,409) 10,800 811,668 822,077
Westlands Acquisitions Limited - Other debtors - (145) 17,714 17,714
Westlands Acquisitions Limited - Dividends paid 53,142 57,500 - -
_______ _______ _______ _______
M A Walton is a Director and shareholder in Michigan Investments Limited. Walton Robinson Limited is a wholly owned subsidiary of Westlands Acquisitions Limited.
13. Ultimate parent undertaking
The company is a wholly owned subsidiary undertaking of Westlands Aquisitions Limited, registered in England and Wales. The ultimate controlling party are the directors of Westlands Acquisitions Limited.