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Company No: 07016439 (England and Wales)

WALKER SMITH WAY LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 December 2022

WALKER SMITH WAY LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

WALKER SMITH WAY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
WALKER SMITH WAY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTORS E S Comley
N I Stoesser
REGISTERED OFFICE First Floor
Lee House
90 Great Bridgewater Street
Manchester
M1 5JW
England
United Kingdom
COMPANY NUMBER 07016439 (England and Wales)
WALKER SMITH WAY LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2022
WALKER SMITH WAY LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2022

The directors present their annual report on the affairs of the Company, together with the financial statements, for the financial year ended 31 December 2022.

PRINCIPAL ACTIVITIES

The Company has been dormant as defined in Section 1169 of the Companies Act 2006 throughout the current financial year and prior year. It is anticipated that the Company will remain dormant for the foreseeable future.

GOING CONCERN

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Given the Company is dormant and has no external liabilities, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

REVIEW OF THE BUSINESS

The Company did not trade during the current financial year or the preceding financial year.

The net current asset position of the Company as at the financial year end amounted to £2,584,356 (2021: net current asset £2,584,356).

The net asset position of the Company as at the financial year end amounted to £2,584,356 (2021: net asset £2,584,356).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

E S Comley (Appointed 08 February 2022)
N I Stoesser (Appointed 01 July 2022)
D J L Whitmore (Resigned 01 July 2022)
A L Wilford (Resigned 31 January 2022)

EXEMPTION FROM PREPARING A STRATEGIC REPORT

The Company has taken advantage of the exemption in Section 414 A(2) of the Companies Act 2006 from the requirement to prepare a Strategic Report and in preparing the Directors' Report on the basis that it would be entitled to prepare financial statements for the year in accordance with the small companies regime but for being a member of an ineligible group.



Approved by the Board of Directors and signed on its behalf by:

N I Stoesser
Director
First Floor
Lee House
90 Great Bridgewater Street
Manchester
M1 5JW
England
United Kingdom

01 February 2024

WALKER SMITH WAY LIMITED

BALANCE SHEET

As at 31 December 2022
WALKER SMITH WAY LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Current assets
Debtors 3 2,584,356 2,584,356
2,584,356 2,584,356
Net current assets 2,584,356 2,584,356
Total assets less current liabilities 2,584,356 2,584,356
Net assets 2,584,356 2,584,356
Capital and reserves 4
Called-up share capital 53,200 53,200
Share premium account 249,600 249,600
Profit and loss account 2,281,556 2,281,556
Total shareholder's funds 2,584,356 2,584,356

Walker Smith Way Limited (registered number: 07016439) did not trade during the current financial year and has made neither profit nor loss, nor any other comprehensive income. There have been no movements in shareholders’ funds during the current financial year and therefore no Statement of Changes of Equity has been included. For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors’ responsibilities:

The financial statements of Walker Smith Way Limited (registered number: 07016439) were approved and authorised for issue by the Board of Directors on 01 February 2024. They were signed on its behalf by:

N I Stoesser
Director
WALKER SMITH WAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
WALKER SMITH WAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Walker Smith Way Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006. Previously the financial statements were prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101"). The Company transitioned to Financial Reporting Standard 102 ("FRS 102") for the year ended 31 December 2022. The transition date was 1 January 2021, being the first day of the comparative period included in these financial statements, and no transition adjustments have been required.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The Company's ultimate parent undertaking, Slater and Gordon UK Holdings Limited includes the Company in its consolidated financial statements, see note 8 for further details. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:

- Reconciliation of the number of shares outstanding from the beginning to end of the period;
- Cash Flow Statement and related notes; and
- Key Management Personnel compensation.

Going concern

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Given the Company is dormant and has no external liabilities, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

3. Debtors

2022 2021
£ £
Amounts owed by related parties (note 6) 2,584,356 2,584,356

Amounts owed by related parties do not attract interest and are repayable on demand.

4. Called-up share capital and reserves

2022 2021
£ £
Allotted, called-up and fully-paid
6,250 A Ordinary shares of £ 1.00 each 6,250 6,250
6,250 B Ordinary shares of £ 1.00 each 6,250 6,250
6,250 C Ordinary shares of £ 1.00 each 6,250 6,250
6,250 D Ordinary shares of £ 1.00 each 6,250 6,250
6,250 G Ordinary shares of £ 1.00 each 6,250 6,250
6,250 H Ordinary shares of £ 1.00 each 6,250 6,250
6,250 I Ordinary shares of £ 1.00 each 6,250 6,250
6,250 J Ordinary shares of £ 1.00 each 6,250 6,250
3,200 K Ordinary shares of £ 1.00 each 3,200 3,200
53,200 53,200
Presented as follows:
Called-up share capital presented as equity 53,200 53,200

The Company has one class of Ordinary Shares of £1 each which carries no right to fixed income and has no authorised share capital limit.

The Company's other reserves are as follows:

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

5. Contingencies

Contingent liabilities

The Company was previously party to a debenture dated 22 December 2017 (the "Debenture"), amended 14 December 2021, pursuant to which the Company (together with other UK Group Companies) did covenant with GLAS Trust Corporation Limited (acting as Security Trustee for itself and the Secured Parties (as defined in the Debenture), which are all shareholders of Slater and Gordon UK Holdings Limited, the ultimate parent company) that it would on demand pay all liabilities outstanding under the SSFA (and associated finance documents) when they were due and payable and granted security over all of its assets in favour of GLAS Trust Corporation Limited (acting as Security Trustee for itself and the Secured Parties). This debenture was satisfied on 20 October 2022 and there are no contingent liabilities in place at the year end.

6. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

No directors' remuneration was paid during the current or prior year.

7. Controlling party

The immediate and ultimate parent undertaking and controlling party is Slater and Gordon UK Holdings company incorporated in England and Wales and is both the smallest and largest parent company preparing group financial statements. Copies of the consolidated accounts of Slater and Gordon UK Holdings Limited can be obtained from First Floor Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW.