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12168686







WALDENS ENGINEERING LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2022

































WALDENS ENGINEERING LIMITED
REGISTERED NUMBER:12168686

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,784
13,045

Current assets
  

Debtors: amounts falling due within one year
 5 
32,795
59,792

Cash at bank and in hand
  
7
1,101

  
32,802
60,893

Creditors: amounts falling due within one year
 6 
(367,347)
(129,827)

Net current liabilities
  
 
 
(334,545)
 
 
(68,934)

Total assets less current liabilities
  
(324,761)
(55,889)

  

Net liabilities
  
(324,761)
(55,889)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(324,861)
(55,989)

  
(324,761)
(55,889)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S. E. Bishop
T. J. Bishop
Director
Director


Date: 30 January 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

1.


General information

Waldens Engineering Limited ('the Company') is a private limited company domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

Page 2

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the director have reached their conclusion.
The Company ceased working on new contracts around the previous year-end, and worked through existing contracts during 2022 with continued financial support from the parent company, Watch It Come Down, and the group subsidiaries. At 30 September 2022, the Company has net liabilities totalling £325k (2021: £56k). Continued financial support has been confirmed by the Watch It Come Down group at the date of these financial statements being approved, as existing contracts wind down.
At 30 September 2021, the Group headed by Watch It Come Down Limited breached its bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022.
Subsequent to the year-end, the Group breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. 
In November 2023, the main trading company in the group, Pinden Limited, arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a payment arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the financial statements have been approved.
The directors believe it is appropriate, to prepare the financial statements to 30 September 2022 on a going concern basis. 
The directors are expecting to agree a new Working capital facility for the Group imminently, but acknowledge that long-term bank facilities are not yet in place, and Group property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the group and Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited amounting to £15m, together with further group tangible assets of £6m, the Directors are very confident that a long-term refinance will be achievable ahead of the repayment date, alongside the sale of the group’s development land asset. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Specifically, the Company recognises revenue to the extent that consultancy projects have been completed, using a stage-of-completion method.

 
2.4

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

 Creditors

Short-term creditors are measured at the transaction price.

 
2.10

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Page 4

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2021 - 9).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 October 2021
23,191



At 30 September 2022

23,191



Depreciation


At 1 October 2021
10,146


Charge for the period on owned assets
3,261



At 30 September 2022

13,407



Net book value



At 30 September 2022
9,784



At 30 September 2021
13,045

Page 5

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
-
52,701

Amounts owed by group undertakings
19
7,091

Other debtors
32,776
-

32,795
59,792



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
136,225
40,387

Amounts owed to group undertakings
216,550
7,790

Other taxation and social security
-
74,513

Other creditors
96
1,237

Accruals and deferred income
14,476
5,900

367,347
129,827



7.


Contingent liabilities

Contingent liabilities of a level around £2m currently exist in relation to potential claims falling under this category. No claims are currently accepted. At this time, no legal proceedings have been issued and the timing of any intimated claims is not known. The directors do not view these claims as having any validity, but in the event of the claim proceeding, they are satisfied that the Company had a professional indemnity insurance policy in place for the relevant period.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £40 (2021: £1,237) were payable to the fund at the reporting date.


9.


Post balance sheet events


The Company entered into a cross-company guarantee in favour of Shawbrook Bank Limited in December 2022. The cross-company guarantee was in relation to bank loans and invoice discounting facilities provided to the group. The Shawbrook facilities were settled early, in November 2023, and the guarantee and debenture were removed.

Page 6

WALDENS ENGINEERING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

10.


Controlling party

The Company is a wholly owned subsidiary of Watch It Come Down Limited, which is the ultimate parent of the group, which is controlled by the board of directors of this Company.
Watch It Come Down Limited is the parent of the smallest group for which consolidated financial statements are drawn up of which this Company is a member. Watch It Come Down Limited’s registered office is Waldens Road, Orpington, Kent, BR5 4EU.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 30 September 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that conditions exist which indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The audit report was signed on 30 January 2024 by Anthony Woodings (Senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 7