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Registration number: 09173854

Walker Moyle Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Walker Moyle Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Walker Moyle Ltd

Company Information

Director

Ms Paula Jane Thomas

Registered office

Alverton Pavilion
Trewithen Road
Penzance
Cornwall
TR18 4LS

 

Walker Moyle Ltd

(Registration number: 09173854)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

357,500

390,000

Tangible assets

5

699,464

706,584

 

1,056,964

1,096,584

Current assets

 

Debtors

6

231,094

193,808

Cash at bank and in hand

 

193,391

150,826

 

424,485

344,634

Creditors: Amounts falling due within one year

7

(196,256)

(165,519)

Net current assets

 

228,229

179,115

Total assets less current liabilities

 

1,285,193

1,275,699

Creditors: Amounts falling due after more than one year

7

(258,475)

(331,559)

Provisions for liabilities

(9,848)

(8,838)

Net assets

 

1,016,870

935,302

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,016,770

935,202

Shareholders' funds

 

1,016,870

935,302

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

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 March 2024
 

.........................................
Ms Paula Jane Thomas
Director

 

Walker Moyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Alverton Pavilion
Trewithen Road
Penzance
Cornwall
TR18 4LS

These financial statements were authorised for issue by the director on 1 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss account.

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.

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.

 

Walker Moyle Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 less their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

Nil

Plant and Machinery

20% Straight Line

Motor Vehicles

25% 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

5% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Walker Moyle Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Walker Moyle Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 14 (2022 - 13).

 

Walker Moyle Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

650,000

650,000

At 31 October 2023

650,000

650,000

Amortisation

At 1 November 2022

260,000

260,000

Amortisation charge

32,500

32,500

At 31 October 2023

292,500

292,500

Carrying amount

At 31 October 2023

357,500

357,500

At 31 October 2022

390,000

390,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

660,069

59,666

39,418

759,153

At 31 October 2023

660,069

59,666

39,418

759,153

Depreciation

At 1 November 2022

-

51,118

1,451

52,569

Charge for the year

-

2,766

4,354

7,120

At 31 October 2023

-

53,884

5,805

59,689

Carrying amount

At 31 October 2023

660,069

5,782

33,613

699,464

At 31 October 2022

660,069

8,548

37,967

706,584

Included within the net book value of land and buildings above is £660,069 (2022 - £660,069) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

116,345

75,004

Prepayments

9,491

2,692

Other debtors

105,258

116,112

 

231,094

193,808

 

Walker Moyle Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

32,587

34,289

Trade creditors

 

12,040

9,226

Taxation and social security

 

103,100

75,602

Accruals and deferred income

 

19,130

16,709

Other creditors

 

29,399

29,693

 

196,256

165,519

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

258,475

331,559

2023
£

2022
£

Due after more than five years

After more than five years by instalments

85,349

131,698

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £282,798 (2022 - £315,734). The bank loans are secured on the company's assets.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

225,349

251,996

Hire purchase contracts

24,862

29,449

Other borrowings

8,264

50,114

258,475

331,559

 

Walker Moyle Ltd

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,000

29,702

Hire purchase contracts

4,587

4,587

32,587

34,289

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than one year and not later than five years

3,706

6,670

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,964 (2022 - £2,594).