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Registration number: 01619932

Walkpad Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Walkpad Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Walkpad Limited

Company Information

Director

Mr Richard C Woolstencroft

Registered office

Wards End Farm
Glazebury
Warrington
Cheshire
WA3 5NZ

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Walkpad Limited

(Registration number: 01619932)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

70,067

82,572

Current assets

 

Debtors

5

23,485

34,570

Cash at bank and in hand

 

137,144

124,957

 

160,629

159,527

Creditors: Amounts falling due within one year

6

(46,075)

(56,983)

Net current assets

 

114,554

102,544

Total assets less current liabilities

 

184,621

185,116

Creditors: Amounts falling due after more than one year

6

(42,431)

(50,432)

Provisions for liabilities

(13,313)

(15,689)

Net assets

 

128,877

118,995

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

128,777

118,895

Shareholders' funds

 

128,877

118,995

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Walkpad Limited

(Registration number: 01619932)
Balance Sheet as at 30 April 2023

Approved and authorised by the director on 5 October 2023
 

.........................................
Mr Richard C Woolstencroft
Director

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wards End Farm
Glazebury
Warrington
Cheshire
WA3 5NZ
England

These financial statements were authorised for issue by the director on 5 October 2023.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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

Government grants relating to thesupport provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

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.

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Land and buildings

5% straight line

Fixtures and fittings

10% straight line

Office equipment

10% straight line

Motor vehicles

25% straight line

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.

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.

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 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.

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.

Financial instruments

Classification
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

 

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

20,369

43,734

157,555

221,658

Additions

-

9,493

38,358

47,851

Disposals

-

-

(57,400)

(57,400)

At 30 April 2023

20,369

53,227

138,513

212,109

Depreciation

At 1 May 2022

20,369

34,855

83,862

139,086

Charge for the year

-

1,929

29,927

31,856

Eliminated on disposal

-

-

(28,900)

(28,900)

At 30 April 2023

20,369

36,784

84,889

142,042

Carrying amount

At 30 April 2023

-

16,443

53,624

70,067

At 30 April 2022

-

8,879

73,693

82,572

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

17,779

28,226

Prepayments

5,606

6,244

Other debtors

100

100

 

23,485

34,570

 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

18,727

14,834

trade creditors

 

448

998

Amounts owed to related parties

8,140

13,406

Taxation and social security

 

15,501

24,157

Accruals and deferred income

 

3,150

3,375

Other creditors

 

109

213

 

46,075

56,983

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

42,431

50,432

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Walkpad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,923

39,690

Hire purchase contracts

12,508

10,742

42,431

50,432

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,767

9,526

Hire purchase contracts

8,960

5,308

18,727

14,834

Hire purchase contracts are secured against the assets to which they relate.

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 2 March 2028. The carrying amount at year end is £39,690 (2022 - £49,217).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in March 2021. It is repayable over 6 years and interest is charged at 2.5% per annum for the duration of the loan. No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan as a Business Interruption Payment.