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Company No: 01135422 (England and Wales)

JOHN WALPOLE COMMERCIALS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

JOHN WALPOLE COMMERCIALS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

JOHN WALPOLE COMMERCIALS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
JOHN WALPOLE COMMERCIALS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,234,207 1,253,521
Investment property 5 994,359 994,359
Investments 6 6,896 6,896
2,235,462 2,254,776
Current assets
Stocks 40,000 37,059
Debtors 7 1,005,043 911,891
Cash at bank and in hand 124,001 119,097
1,169,044 1,068,047
Creditors: amounts falling due within one year 8 ( 337,944) ( 298,001)
Net current assets 831,100 770,046
Total assets less current liabilities 3,066,562 3,024,822
Creditors: amounts falling due after more than one year 9 ( 962,447) ( 1,027,775)
Provision for liabilities ( 385,331) ( 294,920)
Net assets 1,718,784 1,702,127
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 1,717,784 1,701,127
Total shareholders' funds 1,718,784 1,702,127

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of John Walpole Commercials Limited (registered number: 01135422) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A Snook
Director
S Walpole
Director

18 March 2024

JOHN WALPOLE COMMERCIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
JOHN WALPOLE COMMERCIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
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

John Walpole Commercials 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 Greens Road, Dereham, Norfolk, NR20 3TG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 5 years straight line
Plant and machinery 3 - 8 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Prior year adjustment

The financial statements have been restated to incorporate the reclassification of an investment property from freehold property.

As previously reported Adjustment As restated
Year ended 30 June 2022 £ £ £
Freehold property b'fwd 1,953,692 (744,359) 1,209,333
Investment property b'fwd 250,000 744,359 994,359

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 23

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 July 2022 1,209,333 334,558 276,378 174,218 8,009 17,987 2,020,483
Additions 0 0 3,500 19,495 1,468 0 24,463
Disposals 0 0 ( 2,500) ( 23,007) 0 0 ( 25,507)
At 30 June 2023 1,209,333 334,558 277,378 170,706 9,477 17,987 2,019,439
Accumulated depreciation
At 01 July 2022 64,297 334,556 260,998 88,553 8,009 10,549 766,962
Charge for the financial year 13,778 2 7,315 19,475 15 2,233 42,818
Disposals 0 0 ( 2,500) ( 22,048) 0 0 ( 24,548)
At 30 June 2023 78,075 334,558 265,813 85,980 8,024 12,782 785,232
Net book value
At 30 June 2023 1,131,258 0 11,565 84,726 1,453 5,205 1,234,207
At 30 June 2022 1,145,036 2 15,380 85,665 0 7,438 1,253,521

Included within land and buildings is land at a value of £520,441 that is not depreciated.

5. Investment property

Investment property
£
Valuation
As at 01 July 2022 994,359
As at 30 June 2023 994,359

Valuation

The 2023 valuations were made by the directors of the company on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 994,359 994,359

6. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 6,846 6,846
Other investments and loans 50 50
6,896 6,896

7. Debtors

2023 2022
£ £
Trade debtors 231,508 201,330
Amounts owed by own subsidiaries 689,214 651,414
Amounts owed by related parties 12,498 6,796
Other debtors 71,823 52,351
1,005,043 911,891

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 65,294 63,204
Trade creditors 111,666 100,325
Corporation tax 29,056 15,924
Other taxation and social security 57,106 41,935
Other creditors 74,822 76,613
337,944 298,001

The bank loan is secured against property owned by the company.

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 962,447 1,027,775

The bank loan is secured against property owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 678,389 752,923

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 30,000 30,000
between one and five years 60,000 90,000
90,000 120,000

11. Contingencies

Contingent liabilities

The Company's bankers hold a cross guarantee on the assets of the connected companies, E. & S.J. Walpole (Haulage) Limited and Cowper Road Properties Limited. At 30 June 2023 those companies had bank borrowings of £nil (2022: £nil).

12. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Owed by a company under common control 12,498 6,796

At the year end, the above money was owed to the company with common shareholders. No interest was charged and there were no fixed repayment terms.

Transactions with the entity's directors

2023 2022
£ £
Owed to the company 28,349 20,516
Owed from the company 0 13,408

The company made unsecured advances to Director's during the year on which no interest is being charged. These amounts are repayable on demand.