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Registered Number: 12584177
England and Wales

 

 

 

WALKER J READ LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Directors Christopher John Read
Oliver James Walker
Registered Number 12584177
Registered Office 146 New London Road
Chelmsford
Essex
CM2 0AW
Accountants Cypher
Monkswell
Little Baldon
Oxford
OX44 9PU
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 11,185    13,878 
11,185    13,878 
Current assets      
Debtors 4 29,828    17,774 
Cash at bank and in hand (5,190)   (6,686)
24,638    11,088 
Creditors: amount falling due within one year 5 (182,057)   (80,318)
Net current liabilities (157,419)   (69,230)
 
Total assets less current liabilities (146,234)   (55,352)
Creditors: amount falling due after more than one year 6 (8,603)   (19,707)
Provisions for liabilities 7 (100)   (136)
Net liabilities (154,937)   (75,195)
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account (155,037)   (75,295)
Shareholder's funds (154,937)   (75,195)
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 March 2024 and were signed on its behalf by:


-------------------------------
Oliver James Walker
Director
-------------------------------
Christopher John Read
Director
2
General Information
Walker J Read Limited is a private company, limited by shares, registered in England and Wales, registration number 12584177, registration address 146 New London Road, Chelmsford, Essex, CM2 0AW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Motor Vehicles 20% Reducing Balance
Computer Equipment 33.33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 June 2022 5,799    10,995    1,502    18,296 
Additions 836        836 
Disposals      
At 31 May 2023 6,635    10,995    1,502    19,132 
Depreciation
At 01 June 2022 1,425    2,492    501    4,418 
Charge for year 1,327    1,701    501    3,529 
On disposals      
At 31 May 2023 2,752    4,193    1,002    7,947 
Net book values
Closing balance as at 31 May 2023 3,883    6,802    500    11,185 
Opening balance as at 01 June 2022 4,374    8,503    1,001    13,878 

Assets held on Hire Purchase
At the balance sheet date the net book value of assets held on hire purchase was £6,802 (2022 £8,503). Depreciation for the period was £1,701 (2022 £2,125).

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 6,540    1,060 
Prepayments & Accrued Income 1,043    944 
Accrued Income 14,508    7,502 
Other Debtors 7,737    6,392 
Directors' Current Accounts   1,876 
29,828    17,774 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 7,633    2,145 
Bank Loans & Overdrafts 13,221    24,824 
Taxation and Social Security 153,305    47,673 
Obligations under HP/Financial Leases 3,207    3,498 
Other Creditors 4,691    2,178 
182,057    80,318 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 8,603    16,500 
Obligations under HP/Financial Leases   3,207 
8,603    19,707 

7.

Provisions for liabilities

2023
£
  2022
£
Pension Provisions 100    136 
100    136 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

9.

Loans to Participators

At the balance sheet date the amount owed to the company by the directors was £nil (2022 £1,876). 
3