Registered number
05300837
Walker Tex Limited
Filleted Accounts
31 March 2023
Walker Tex Limited
Registered number: 05300837
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 54,000 63,000
Tangible assets 4 8,413 9,989
Investments 5 20,000 20,000
82,413 92,989
Current assets
Stocks 32,950 22,203
Debtors 6 81,005 118,735
Cash at bank and in hand 6,502 6,004
120,457 146,942
Creditors: amounts falling due within one year 7 (124,815) (161,668)
Net current liabilities (4,358) (14,726)
Total assets less current liabilities 78,055 78,263
Provisions for liabilities (468) (767)
Net assets 77,587 77,496
Capital and reserves
Called up share capital 100 100
Profit and loss account 77,487 77,396
Shareholders' funds 77,587 77,496
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.
Mr G J Robinson
Director
Approved by the board on 23 October 2023
Walker Tex Limited
Notes to the Accounts
for the year ended 31 March 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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 90,000
At 31 March 2023 90,000
Amortisation
At 1 April 2022 27,000
Provided during the year 9,000
At 31 March 2023 36,000
Net book value
At 31 March 2023 54,000
At 31 March 2022 63,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 51,245 8,850 60,095
Additions 401 - 401
At 31 March 2023 51,646 8,850 60,496
Depreciation
At 1 April 2022 45,445 4,661 50,106
Charge for the year 930 1,047 1,977
At 31 March 2023 46,375 5,708 52,083
Net book value
At 31 March 2023 5,271 3,142 8,413
At 31 March 2022 5,800 4,189 9,989
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 20,000
At 31 March 2023 20,000
6 Debtors 2023 2022
£ £
Trade debtors 80,525 118,255
Other debtors 480 480
81,005 118,735
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 72,553 116,251
Taxation and social security costs 18,268 13,334
Other creditors 33,994 32,083
124,815 161,668
8 Related party transactions
The directors are related parties to the company. The following balances were owed by the company to the related parties in loans that are interest free, unsecured and repayable upon demand.
2023 2022
£ £
Directors' Loan Account (30,000) (30,000)
9 Controlling party
Mr D S McMaster is the controlling party by virtue of his majority shareholding in the company.
10 Other information
Walker Tex Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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