Registered number
06796427
David L Walker Limited
Filleted Accounts
31 January 2023
CLH Accounting
Masons Business Centre
159a Wellgate
Rotherham
S60 2NN
David L Walker Limited
Registered number: 06796427
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 144,000 168,000
Tangible assets 4 139,518 139,162
283,518 307,162
Current assets
Debtors 5 224,901 177,897
Cash at bank and in hand 148,262 276,288
373,163 454,185
Creditors: amounts falling due within one year 6 (214,631) (265,364)
Net current assets 158,532 188,821
Total assets less current liabilities 442,050 495,983
Creditors: amounts falling due after more than one year 7 (10,034) (30,485)
Net assets 432,016 465,498
Capital and reserves
Called up share capital 100 100
Profit and loss account 431,916 465,398
Shareholders' funds 432,016 465,498
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David L Walker
Director
Approved by the board on 5 October 2023
David L Walker Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% on cost
Plant and machinery 33% on cost
Fixtures, fittings, tools and equipment 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 480,000
At 31 January 2023 480,000
Amortisation
At 1 February 2022 312,000
Provided during the year 24,000
At 31 January 2023 336,000
Net book value
At 31 January 2023 144,000
At 31 January 2022 168,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 158,480 29,906 188,386
Additions - 6,660 6,660
Disposals - (8,098) (8,098)
At 31 January 2023 158,480 28,468 186,948
Depreciation
At 1 February 2022 21,821 27,403 49,224
Charge for the year 3,170 3,129 6,299
On disposals - (8,093) (8,093)
At 31 January 2023 24,991 22,439 47,430
Net book value
At 31 January 2023 133,489 6,029 139,518
At 31 January 2022 136,659 2,503 139,162
5 Debtors 2023 2022
£ £
Trade debtors 196,983 149,802
Deferred tax asset 962 1,770
Other debtors 26,956 26,325
224,901 177,897
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,487 24,232
Trade creditors 10,005 11,035
Taxation and social security costs 153,144 135,668
Other creditors 19,995 94,429
214,631 265,364
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,034 30,485
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 32,492 52,943
The bank loan is secured on the freehold property.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 35,826 12,820
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D L Walker
Unsecured interest free loan - 842 - 842
- 842 - 842
11 Controlling party
The company is wholly controlled by D L Walker, P A Clarke, D Walker and M Walker who are the only shareholders.
12 Other information
David L Walker Limited is a private company limited by shares and incorporated in England. Its registered office is:
Albion House
89 Station Road
Sheffield
South Yorkshire
S21 4FW
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