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Registration number: 07409693

Walker Lahive Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Walker Lahive Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Walker Lahive Limited

Company Information

Directors

Mr GR Kinchin

Mr WA Lahive

Registered office

92 Devonport Road
Stoke
Plymouth
Devon
PL3 4DF

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Walker Lahive Limited

(Registration number: 07409693)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

53,209

79,816

Tangible assets

5

886

1,484

 

54,095

81,300

Current assets

 

Debtors

6

282,609

218,424

Cash at bank and in hand

 

70,683

6,467

 

353,292

224,891

Creditors: Amounts falling due within one year

7

(126,173)

(118,672)

Net current assets

 

227,119

106,219

Total assets less current liabilities

 

281,214

187,519

Creditors: Amounts falling due after more than one year

7

(22,420)

(32,565)

Net assets

 

258,794

154,954

Capital and reserves

 

Called up share capital

1,110

1,110

Retained earnings

257,684

153,844

Shareholders' funds

 

258,794

154,954

 

Walker Lahive Limited

(Registration number: 07409693)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................

Mr GR Kinchin

Director

.........................................

Mr WA Lahive

Director

 

Walker Lahive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
92 Devonport Road
Stoke
Plymouth
Devon
PL3 4DF

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the legal 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.

Tax

The tax expense for the period comprises current 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.

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.

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.

 

Walker Lahive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Walker Lahive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

332,582

332,582

At 31 March 2023

332,582

332,582

Amortisation

At 1 April 2022

252,766

252,766

Amortisation charge

26,607

26,607

At 31 March 2023

279,373

279,373

Carrying amount

At 31 March 2023

53,209

53,209

At 31 March 2022

79,816

79,816

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

22,525

22,525

Additions

1,035

1,035

At 31 March 2023

23,560

23,560

Depreciation

At 1 April 2022

21,041

21,041

Charge for the year

1,633

1,633

At 31 March 2023

22,674

22,674

Carrying amount

At 31 March 2023

886

886

At 31 March 2022

1,484

1,484

 

Walker Lahive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

13,795

5,517

Prepayments

4,065

5,203

Other debtors

264,749

207,704

282,609

218,424

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,080

9,935

Trade creditors

 

14,038

8,404

Taxation and social security

 

93,796

92,365

Accruals and deferred income

 

5,408

5,959

Other creditors

 

2,851

2,009

 

126,173

118,672

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,420

32,565

 

Walker Lahive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,420

32,565

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,080

9,935

9

Related party transactions

During the year the company made advances totalling £237,407 (2022: £190,959) to the directors. This amount was partly repaid during the year and the balance outstanding at the year end was £240,424 (2022: £192,308). This amount is included in debtors due within one year. The maximum overdrawn balance was £315,414 (2022: £304,193). 2.00% interest is charged on overdrawn balances which totalled £4,711 (2022: £4,000) in the year.