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REGISTERED NUMBER: 03788464 (England and Wales)















G. Walters (Leasing) Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 28 February 2023






G. Walters (Leasing) Limited (Registered number: 03788464)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


G. Walters (Leasing) Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S C Llewellyn
M E R Llewellyn



SECRETARY: S C Llewellyn



REGISTERED OFFICE: Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taff
CF44 9UL



REGISTERED NUMBER: 03788464 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR



SOLICITORS: Hugh James
Two Central Square
Cardiff
CF10 1FS

G. Walters (Leasing) Limited (Registered number: 03788464)

Strategic Report
for the Year Ended 28 February 2023

The directors present their strategic report for the year ended 28 February 2023.

REVIEW OF BUSINESS
The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.

G Walters (Leasing) Limited continually monitors group requirements for plant and machinery and vehicles and invests in the fleet accordingly. The company has no borrowings and both liquidity and reserves are very strong. Together with good relationships with customers and suppliers, this puts the company in an excellent position to make the most of business opportunities that arise in the new financial year.

Key financial highlights
The key financial highlights are as follows:

2023 2022 2021 2020

Gross profit margin 77.53% 32.06% 36.87% 43.93%
Profit before tax 82.16% 30.14% 34.26% 41.04%
Gearing ratio 0% 0% 0% 0%

PRINCIPAL RISKS AND UNCERTAINTIES
During the financial year the worldwide economy has had a period of sustained instability as a consequence of Russia's invasion of Ukraine. All areas of the economy have been affected with significant inflationary pressures having long term impacts.

Whilst the company continues to monitor and control key cost inputs it should be noted that all margins are affected by these wider inflationary pressures. The company continues to look for new commercial opportunities but the evaluation, procurement and cost management of new asset additions will be vital to sustain long-term profitability. More than ever the company continually monitors its existing commitments and potential opportunities to ensure it does not over commit itself.

ON BEHALF OF THE BOARD:





M E R Llewellyn - Director


13 October 2023

G. Walters (Leasing) Limited (Registered number: 03788464)

Report of the Directors
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the leasing of assets and purchase and sale of equipment.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

S C Llewellyn
M E R Llewellyn

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise of bank balances, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Financial support from parent and other subsidiary undertakings is provided and available to support financing the company's operations. Finance leases on assets to a group undertaking has a fixed interest rate implicit in the lease.

DIRECTORS' LIABILITY INSURANCE
A liability insurance policy was in force during the financial year for the benefit of the directors of the company.

FUTURE DEVELOPMENTS
The company continues to have a strong secured pipeline of work. Major UK Government infrastructure projects are sustaining the strong demand for large scale construction plant and equipment. Early contractor involvement and long-standing partnering arrangements, developed over many years, provides the directors with good visibility on future opportunities. The directors are confident that this pipeline of opportunities, coupled with the reputation and the company's financial standing, ensure G Walters (Leasing) Limited is well placed to achieve ongoing financial and operational success.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

G. Walters (Leasing) Limited (Registered number: 03788464)

Report of the Directors
for the Year Ended 28 February 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M E R Llewellyn - Director


13 October 2023

Report of the Independent Auditors to the Members of
G. Walters (Leasing) Limited

Opinion
We have audited the financial statements of G. Walters (Leasing) Limited (the 'company') for the year ended 28 February 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 28 February 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 three, 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 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.

Report of the Independent Auditors to the Members of
G. Walters (Leasing) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their
policies and procedures relating to:
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
G. Walters (Leasing) 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 a Report of the Auditors 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.




Lewis Van Emden (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

16 October 2023

G. Walters (Leasing) Limited (Registered number: 03788464)

Statement of Comprehensive
Income
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

TURNOVER 3 10,412,524 15,251,105

Cost of sales 2,339,771 10,361,097
GROSS PROFIT 8,072,753 4,890,008

Administrative expenses 415,761 361,509
7,656,992 4,528,499

Other operating income 500 4,750
OPERATING PROFIT 5 7,657,492 4,533,249

Interest receivable and similar income 906,019 63,952
8,563,511 4,597,201

Interest payable and similar expenses 6 8,101 -
PROFIT BEFORE TAXATION 8,555,410 4,597,201

Tax on profit 7 1,657,190 1,123,360
PROFIT FOR THE FINANCIAL YEAR 6,898,220 3,473,841

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

6,898,220

3,473,841

G. Walters (Leasing) Limited (Registered number: 03788464)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 36,831,321 50,232,358

CURRENT ASSETS
Debtors 9 14,338,827 12,215,700
Cash at bank 47,811,694 28,491,178
62,150,521 40,706,878
CREDITORS
Amounts falling due within one year 10 2,415,608 1,483,392
NET CURRENT ASSETS 59,734,913 39,223,486
TOTAL ASSETS LESS CURRENT LIABILITIES 96,566,234 89,455,844

PROVISIONS FOR LIABILITIES 12 4,955,790 4,743,620
NET ASSETS 91,610,444 84,712,224

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 14 91,610,442 84,712,222
SHAREHOLDERS' FUNDS 91,610,444 84,712,224

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





M E R Llewellyn - Director


G. Walters (Leasing) Limited (Registered number: 03788464)

Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 March 2021 2 81,238,381 81,238,383

Changes in equity
Total comprehensive income - 3,473,841 3,473,841
Balance at 28 February 2022 2 84,712,222 84,712,224

Changes in equity
Total comprehensive income - 6,898,220 6,898,220
Balance at 28 February 2023 2 91,610,442 91,610,444

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

G. Walters (Leasing) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been 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. The financial statements have been prepared under the historical cost convention.

The directors have carefully considered the impact of Covid-19 on the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly throughout the Covid-19 pandemic and the directors believe that it is experiencing good levels of sales and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of G Walters (Holdings) Limited. These consolidated financial statements are available from its registered office, Hirwaun House, Hirwaun Industrial Estate, Hirwaun, Aberdare, CF44 9UL.

Significant judgements and estimates
In the application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 the revision and future periods if the revision affects both current and future periods.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profit on a straight line basis over the lease term.

Hire purchase and finance lease income is recognised in the profit and loss account using the sum of digits method, to give a period rate of return on the net cash investment over the period of the agreement.

Sales of plant equipment is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and it is probable that future economic benefits will flow to the entity.

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of accumulated depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost less their residual values over their useful lives on the following basis:

All motor vehicles, plant & equipment are leased out under operating leases and so their cost less residual values are written off over their useful economic life. This leads to depreciation rates of 33.33% for motor vehicles and between 10% and 25% for plant and machinery.

At each balance sheet date, the company reviews the carrying amounts of its plant and equipment to determine whether there is any indication that any items of plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised fo the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Assets leased out under operating leases, that are included in tangible fixed assets, are depreciated over their useful lives.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. TURNOVER

The turnover and profit before taxation are derived from the principal ordinary activities of the company, net of VAT.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 28 February 2023 nor for the year ended 28 February 2022.

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
28.2.23 28.2.22

Directors 2 2

28.2.23 28.2.22
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

28.2.23 28.2.22
£    £   
Operating lease income (10,412,524 ) (15,148,674 )
Finance lease income - (6,674 )
Depreciation - owned assets 7,525,416 9,352,220
(Profit)/loss on disposal of fixed assets (5,405,646 ) 906,605
Auditors' remuneration 10,650 10,150
Foreign exchange differences (540 ) 411
Sales of plant equipment - (102,431 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
28.2.23 28.2.22
£    £   
Other interest 8,101 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
28.2.23 28.2.22
£    £   
Current tax:
UK corporation tax 1,464,571 631,867
Under/(over) provision in prior year (19,551 ) -
Total current tax 1,445,020 631,867

Origination and reversal of timing differences 212,170 491,493
Tax on profit 1,657,190 1,123,360

UK corporation tax has been charged at 19% (2022 - 19%).

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

28.2.23 28.2.22
£    £   
Profit before tax 8,555,410 4,597,201
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 - 19%) 1,625,528 873,468

Effects of:
Adjustments to tax charge in respect of previous periods (19,551 ) -
Adjustments to tax charge in respect of previous period - deferred tax 6,978 20,147
Other tax adjustments, reliefs and transfers (123,055 ) -
Chargeable gains/(losses) 118,044 -
values
Remeasurements of deferred tax changes for changes in tax rates 49,246 1,138,469
Group relief surrendered/(claimed) - (908,724 )
Total tax charge 1,657,190 1,123,360

During the year the UK corporation tax rate remain static at 19%.

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022 90,282,909 4,982,625 95,265,534
Additions 3,908,000 2,048,635 5,956,635
Disposals (29,404,711 ) (884,296 ) (30,289,007 )
At 28 February 2023 64,786,198 6,146,964 70,933,162
DEPRECIATION
At 1 March 2022 42,630,097 2,403,079 45,033,176
Charge for year 6,813,376 712,040 7,525,416
Eliminated on disposal (17,936,779 ) (519,972 ) (18,456,751 )
At 28 February 2023 31,506,694 2,595,147 34,101,841
NET BOOK VALUE
At 28 February 2023 33,279,504 3,551,817 36,831,321
At 28 February 2022 47,652,812 2,579,546 50,232,358

All of the assets above are leased to third parties under operating leases.

9. DEBTORS
28.2.23 28.2.22
£    £   
Amounts falling due within one year:
Trade debtors 475,170 994,734
Amounts owed by group undertakings 6,997,538 4,566,125
Amounts receivable in respect
of finance leases - 450,000
Other debtors 540,000 -
Prepayments and accrued income 229,739 2,157,588
8,242,447 8,168,447

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. DEBTORS - continued
28.2.23 28.2.22
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 6,096,380 4,047,253

Aggregate amounts 14,338,827 12,215,700

Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. Amounts owed by group undertakings after more than one year accrue interest at 2% above Barclays base rate.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts (see note 11) - 2
Trade creditors 306 3,302
Amounts owed to group undertakings 180,445 10,150
Tax 1,165,001 331,867
VAT 140,045 477,914
Other creditors 269,154 -
Accrued expenses 660,657 660,157
2,415,608 1,483,392

11. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2

12. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax 4,955,790 4,743,620

Deferred
tax
£   
Balance at 1 March 2022 4,743,620
Provided during year 205,192
Adjustments in respect of
prior periods 6,978
Balance at 28 February 2023 4,955,790

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
2 Ordinary £1 2 2

G. Walters (Leasing) Limited (Registered number: 03788464)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

14. RESERVES
Retained
earnings
£   

At 1 March 2022 84,712,222
Profit for the year 6,898,220
At 28 February 2023 91,610,442

15. ULTIMATE PARENT COMPANY

The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in England and Wales.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company both sold to and purchased services from various fellow subsidiaries and other related parties during the year. All transactions were on an arms length basis and the total values of these transactions were as follows:

28.02.23 28.02.22
Sales Purchases Sales Purchases
Gorrel Equipment Solutions Limited 21,800 - 18,160 150,240
Walters UK Limited 1,031,450 395 885,300 -
Walters Plant Hire Limited 11,317,274 166,331 13,996,503 12,031
Walters Environmental Limited 78,000 - 81,000 -
All Terrain Tyres Limited 10,000 - 12,000 -
G Walters (Consultancy) Limited - 100,000 - 100,000


Balances due at year end: 28.02.23 28.02.22
Debtor Creditor Debtor Creditor
Gorrel Equipment Solutions Limited 2,167,291 - 4,051,045 -
Walters UK Limited 210,780 395 178,200 -
Topshore Enterprises pty Limited 9,713 - 9,713 -
Walters Plant Hire Limited 10,699,234 166,332 4,355,820 10,150
Walters Environmental Ltd 6,900 18,600 -
All Terrain Tyres Limited - - 2,400 -

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited.

18. GUARANTEES

At 28th February 2023, the company and its fellow subsidiaries had active contract bonds of £1,891,201 (2022: £1,168,291). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G Walters (Holdings) Limited, the ultimate parent undertaking, Walters UK Limited, G Walters (Leasing) Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Environmental Limited, Walters Land Limited and Headaway (Europe) Limited. It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited.