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Registration number: 04583843

Walters Land Limited

Annual Report and Financial Statements

for the Year Ended 28 February 2023

 

Walters Land Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Walters Land Limited

Company Information

Directors

Mr M E R Llewellyn

Mrs S C Llewellyn

Company secretary

Mr M E R Llewellyn

Registered office

Hirwaun House 13th Avenue
Hirwaun Industrial Estate
Aberdare
Rhondda Cynon Taf
CF44 9UL

Solicitors

Hugh James
Two Central Square
Cardiff
CF10 1FS

Auditors

Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors
Highdale House
7 Centre Court
Main Avenue
Pontypridd
CF37 5YR

 

Walters Land Limited

(Registration number: 04583843)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,734,418

2,740,760

Investment property

6

8,740,183

7,699,128

 

11,474,601

10,439,888

Current assets

 

Stocks

7

9,679,409

28,929,606

Debtors

8

8,111,921

9,008,444

Cash at bank and in hand

 

22,332,381

2,966,048

 

40,123,711

40,904,098

Creditors: Amounts falling due within one year

9

(3,862,571)

(1,333,848)

Net current assets

 

36,261,140

39,570,250

Total assets less current liabilities

 

47,735,741

50,010,138

Creditors: Amounts falling due after more than one year

9

-

(32,971,095)

Provisions for liabilities

-

(2,627)

Net assets

 

47,735,741

17,036,416

Capital and reserves

 

Called up share capital

10

100

100

Other reserves

(688,769)

(688,769)

Retained earnings

48,424,410

17,725,085

Shareholders' funds

 

47,735,741

17,036,416

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 and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Mr M E R Llewellyn
Company secretary and director

 

Walters Land Limited

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

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 March 2022

100

(688,769)

17,725,085

17,036,416

Profit for the year

-

-

30,699,325

30,699,325

At 28 February 2023

100

(688,769)

48,424,410

47,735,741

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 March 2021

100

(1,321,769)

17,317,259

15,995,590

Profit for the year

-

-

1,040,826

1,040,826

Other comprehensive income

-

633,000

(633,000)

-

Total comprehensive income

-

633,000

407,826

1,040,826

At 28 February 2022

100

(688,769)

17,725,085

17,036,416

 

Walters Land Limited

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

1

General information

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

The address of its registered office is:
Hirwaun House 13th Avenue
Hirwaun Industrial Estate
Aberdare
Rhondda Cynon Taf
CF44 9UL

These financial statements were authorised for issue by the Board on 6 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.

The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

Income from the sale of land and property which is subject to a contract of sale is recognised on completion of that contract. Turnover in respect of service contracts is recognised as the company obtains the right to consideration.

Rents receivable on investment properties are recognised on a straight line basis in relation to the period.

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.

Current or deferred taxation assets and liabilities are not discounted.

 

Walters Land Limited

Notes to the Financial Statements for the Year Ended 28 February 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 that have originated but not reversed at the balance sheet 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.

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

Assets under construction

not provided

Furniture and fittings

10% straight line

Freehold land

not provided

Freehold property

2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Walters Land Limited

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

3

Disclosure under Section 444 (5b) of the Companies Act 2006

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 October 2023 was Lewis Van Emden, who signed for and on behalf of Xeinadin Audit Limited.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 March 2022

2,528,178

167,522

250,788

2,946,488

Additions

46,200

-

-

46,200

At 28 February 2023

2,574,378

167,522

250,788

2,992,688

Depreciation

At 1 March 2022

102,402

50,538

52,788

205,728

Charge for the year

35,790

16,752

-

52,542

At 28 February 2023

138,192

67,290

52,788

258,270

Carrying amount

At 28 February 2023

2,436,186

100,232

198,000

2,734,418

At 28 February 2022

2,425,776

116,984

198,000

2,740,760

Included within the net book value of land and buildings above is £2,436,186 (2022 - £2,425,775) in respect of freehold land and buildings.
 

 

Walters Land Limited

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

6

Investment properties

2023
£

At 1 March 2022

7,699,128

Additions

1,041,055

At 28 February 2023

8,740,183


 

Investment properties are held at fair value. They were valued by external valuers Jones Battye as at 28th February 2022 using a market value basis. The directors consider the fair value to be the same at 28th February 2023.

7

Stocks

2023
£

2022
£

Work in progress

1,575,565

2,597,133

Other inventories

8,103,844

26,332,473

9,679,409

28,929,606

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

184,449

186,221

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

14,331

105,768

Prepayments

 

1,896

1,748

Other debtors

 

7,911,245

8,714,707

 

8,111,921

9,008,444

Details of non-current trade and other debtors

£4,780,331 (2022 -£6,364,842) of Other debtors is classified as non current.

 

Walters Land Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

57,459

47,536

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

134,814

627,721

Taxation and social security

 

3,133,247

-

Other creditors

 

537,051

658,591

 

3,862,571

1,333,848

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities
Amounts owed to group undertakings

-

32,971,095

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £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 parent undertaking, Walters Land Limited and its fellow subsidiary undertakings: G Walters (Leasing) Limited, Walters UK Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Environmental Limited and Headaway (Europe) Limited. The indemnity was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited.

 

Walters Land Limited

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

12

Related party transactions

Summary of transactions with other related parties

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 the parent and wholly owned subsidiaries within the group.

Walters Land Limited operates rent free from premises owned by fellow subsidiary Walters Plant Hire Limited.

Regarding fellow subsidiaries not wholly owned, and associates to the group:

 

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

166,428

2022

Other related parties
£

Receipt of services

142,041

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

733,004

2022

Other related parties
£

Purchase of goods

533,238

13

Parent and ultimate parent undertaking

The company's immediate parent is G Walters (Holdings) Limited, incorporated in the United Kingdom.

 The most senior parent entity producing publicly available financial statements is G Walters (Holdings) Limited. These financial statements are available upon request from the registered office of Walters Land Limited.

 The ultimate controlling party is the trustees: Mr G Walters, Mrs S C Llewellyn, Mr R Walters and Mr P Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited.