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REGISTERED NUMBER: 03230908 (England and Wales)












WALTET MATERIALS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALTET MATERIALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: M R Howard
A V Brown
M J Middleton
D English
I Stamp


REGISTERED OFFICE: Unit 4
Andes Road
Nursling Industrial Estate
Southampton
Hampshire
SO16 0YZ


REGISTERED NUMBER: 03230908 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Gary Brown FCCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: Svenska Handelsbanken AB
3 Carlton Crescent
Southampton
Hampshire
SO15 2EY

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 427,917 492,917
Tangible assets 5 3,218,038 2,920,523
3,645,955 3,413,440

CURRENT ASSETS
Stocks 554,922 45,201
Debtors 6 1,968,457 1,539,055
Cash at bank and in hand 379,989 215,866
2,903,368 1,800,122
CREDITORS
Amounts falling due within one year 7 (3,848,558 ) (3,230,674 )
NET CURRENT LIABILITIES (945,190 ) (1,430,552 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,700,765

1,982,888

CREDITORS
Amounts falling due after more than one
year

8

(1,484,123

)

(666,731

)

PROVISIONS FOR LIABILITIES 11 (336,907 ) (324,552 )
NET ASSETS 879,735 991,605

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 879,635 991,505
SHAREHOLDERS' FUNDS 879,735 991,605

The 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 Statement of Income and Retained Earnings has not been delivered.

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

BALANCE SHEET - continued
31 JULY 2023



The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





M R Howard - Director


WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Waltet Materials Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principle accounting policies adopted are set out below.

Going concern

The Directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the Directors have prepared the financial statements on this basis.

The Directors have refocussed on the key business drivers that have made it a success historically. Measures have been put in place to drive through cost savings in these key business driver areas, systems introduced to allow for the monitoring of these costs and the identification of further potential cost savings going forward.

The Directors have also focussed on key asset utilisation. Any older or under utilised assets have been sold, reducing the company's debt position and strengthening the company's cash position. Going forward, there is a focus on ensuring that asset utilisation remains at high levels.

The Directors are of the opinion that the steps taken will help to ensure that the company remains a going concern.

Turnover
Turnover represents the sale of goods net of VAT, trade discounts, services provided for treatment and disposal of non-hazardous waste and the hire of equipment based on usage. Turnover is recognised when the goods or services are physically provided to the customer.

Where services are supplied, turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Goodwill
Goodwill has been written off over its useful estimated life of 10 years.

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 10 years
Plant and machinery - 10% Reducing balance
Fixtures and fittings - 25% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the Profit and Loss Account on a straight line basis.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

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 assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Coronavirus Job Retention Scheme
The accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2022 - 76 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 690,131
AMORTISATION
At 1 August 2022 197,214
Charge for year 65,000
At 31 July 2023 262,214
NET BOOK VALUE
At 31 July 2023 427,917
At 31 July 2022 492,917

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2022 124,387 4,504,467 49,031
Additions - 1,050,974 16,825
Disposals - (873,565 ) -
At 31 July 2023 124,387 4,681,876 65,856
DEPRECIATION
At 1 August 2022 57,415 1,777,330 43,316
Charge for year 9,099 250,108 3,161
Eliminated on disposal - (383,591 ) -
At 31 July 2023 66,514 1,643,847 46,477
NET BOOK VALUE
At 31 July 2023 57,873 3,038,029 19,379
At 31 July 2022 66,972 2,727,137 5,715

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 188,175 177,601 5,043,661
Additions - 22,132 1,089,931
Disposals (2,900 ) - (876,465 )
At 31 July 2023 185,275 199,733 5,257,127
DEPRECIATION
At 1 August 2022 104,466 140,611 2,123,138
Charge for year 20,351 19,723 302,442
Eliminated on disposal (2,900 ) - (386,491 )
At 31 July 2023 121,917 160,334 2,039,089
NET BOOK VALUE
At 31 July 2023 63,358 39,399 3,218,038
At 31 July 2022 83,709 36,990 2,920,523

The net book value of tangible fixed assets includes £2,302,625 (2022: £2,029,295) in respect of assets held under hire purchase contracts.

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,453,352 1,009,788
Other debtors 515,105 529,267
1,968,457 1,539,055

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 474,321 432,481
Trade creditors 715,742 1,092,516
Amounts owed to group undertakings 874,875 412,991
Taxation and social security 296,158 189,464
Other creditors 1,487,462 1,103,222
3,848,558 3,230,674

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 1,484,123 666,731

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 621,264 492,003
Between one and five years 1,634,202 763,695
2,255,466 1,255,698

Finance charges repayable:
Within one year 146,943 59,522
Between one and five years 150,079 96,964
297,022 156,486

Net obligations repayable:
Within one year 474,321 432,481
Between one and five years 1,484,123 666,731
1,958,444 1,099,212

Non-cancellable operating leases
2023 2022
£    £   
Within one year 89,458 45,734
Between one and five years 196,212 153,714
In more than five years 11,075 13,575
296,745 213,023

WALTET MATERIALS LIMITED (REGISTERED NUMBER: 03230908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,958,444 1,099,212
Invoice Financing 1,315,174 904,380
3,273,618 2,003,592

The hire purchase liabilities are secured against the assets to which they relate.

Invoice financing is an invoice discounting facility, secured over the trade receivables of the company.

A personal guarantee is in place on the invoice discounting facility by a director.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 336,907 324,552

Deferred
tax
£   
Balance at 1 August 2022 324,552
Accelerated capital allowances 12,355
Balance at 31 July 2023 336,907

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Brown FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

13. CONTINGENT LIABILITIES

The company is a subsidiary of the Waltet Limited group. The company has entered into a cross guarantee with all other companies in the group, for the borrowing of Waltet Limited, an entity under common control. At the balance sheet date, the total borrowing outstanding was £1,863 million (2022: £1,464 million). The loan is secured by a fixed charge and a negative pledge over the property held by Waltet Limited.

14. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 136,454