REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
G.Walker Properties Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
G.Walker Properties Ltd |
G.Walker Properties Ltd (Registered number: 02916434) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
G.Walker Properties Ltd |
Company Information |
for the Year Ended 31 May 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
G.Walker Properties Ltd (Registered number: 02916434) |
Statement of Financial Position |
31 May 2023 |
31/5/23 | 31/5/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
G.Walker Properties Ltd (Registered number: 02916434) |
Statement of Financial Position - continued |
31 May 2023 |
31/5/23 | 31/5/22 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
G.Walker Properties Ltd (Registered number: 02916434) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | Statutory information |
G.Walker Properties Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Revenue from property rental is recognised on an accruals basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
G.Walker Properties Ltd (Registered number: 02916434) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | Employees and directors |
The average number of employees during the year was |
G.Walker Properties Ltd (Registered number: 02916434) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2022 |
Additions |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 June 2022 |
Additions |
Revaluations | 1,013,660 |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit in fair value is recognised as profit or loss in the Income Statement. |
6. | Debtors: amounts falling due within one year |
31/5/23 | 31/5/22 |
£ | £ |
Trade debtors |
Other debtors |
G.Walker Properties Ltd (Registered number: 02916434) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
7. | Creditors: amounts falling due within one year |
31/5/23 | 31/5/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
31/5/23 | 31/5/22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 842,981 | 1,628,606 |
9. | Secured debts |
The following secured debts are included within creditors: |
31/5/23 | 31/5/22 |
£ | £ |
Bank loans |
Bank loans are secured by way of fixed and floating charges against the related properties. |
10. | Provisions for liabilities |
31/5/23 | 31/5/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 171,402 | - |
174,620 | 3,898 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Charge to Income Statement during year |
Balance at 31 May 2023 |
G.Walker Properties Ltd (Registered number: 02916434) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
11. | Reserves |
Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the statement of income. However under company law, these surpluses are not distributable. In these financial statements, the cumulative revaluation surpluses have been included in other reserves under Revaluation reserve. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves. |
12. | Related party disclosures |
The directors have made loans to the company. The balance on these loans at 31 May 2023 was £ demand. |