Registered number
05812237
Waltar Limited
Unaudited Filleted Accounts
31 December 2022
Waltar Limited
Registered number: 05812237
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 10,310 10,992
Current assets
Stocks 4,450 3,500
Debtors 4 9,064 2,889
Cash at bank and in hand 8,912 41,226
22,426 47,615
Creditors: amounts falling due within one year 5 (52,120) (36,934)
Net current (liabilities)/assets (29,694) 10,681
Total assets less current liabilities (19,384) 21,673
Creditors: amounts falling due after more than one year 6 (171,713) (198,788)
Net liabilities (191,097) (177,115)
Capital and reserves
Called up share capital 100 100
Profit and loss account (191,197) (177,215)
Shareholder's funds (191,097) (177,115)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Ashik Ali
Director
Approved by the board on 30 September 2023
Waltar Limited
Notes to the Accounts
for the year ended 31 December 2022
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.
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:
Leasehold land and buildings over ten years
Fixtures and fittings over five years
Motor vehicles over five years
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.
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. 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 2022 2021
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Leasehold land and buildings Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 100,000 54,344 2,200 156,544
Additions - 1,770 - 1,770
At 31 December 2022 100,000 56,114 2,200 158,314
Depreciation
At 1 January 2022 100,000 43,852 1,700 145,552
Charge for the year - 2,452 - 2,452
At 31 December 2022 100,000 46,304 1,700 148,004
Net book value
At 31 December 2022 - 9,810 500 10,310
At 31 December 2021 - 10,492 500 10,992
4 Debtors 2022 2021
£ £
Trade debtors 297 986
Other debtors 8,767 1,903
9,064 2,889
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 15,559 8,925
Trade creditors 16,259 13,650
Taxation and social security costs 17,182 12,289
Other creditors 3,120 2,070
52,120 36,934
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 29,260 40,335
Other creditors 142,453 158,453
171,713 198,788
7 Other information
Waltar Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Coach House
Headgate
Colchester
Essex
CO3 3BT
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