Registered number
06980105
J N Walton Limited
Filleted Accounts
31 August 2023
Registered number: 06980105
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 26,002 5,181
Current assets
Debtors 3 825,565 758,000
Cash at bank and in hand 596,131 491,198
1,421,696 1,249,198
Creditors: amounts falling due within one year 4 (1,071,287) (996,037)
Net current assets 350,409 253,161
Total assets less current liabilities 376,411 258,342
Creditors: amounts falling due after more than one year 5 432 432
Net assets 376,843 258,774
Capital and reserves
Called up share capital 140 140
Share premium 36,400 36,400
Profit and loss account 340,303 222,234
Shareholders' funds 376,843 258,774
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Andrew Davies
Director
Approved by the board on 2 April 2024
J N Walton Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Office Refurbishment over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 28,769 36,306 - 65,075
Additions 11,701 11,819 - 23,520
Surplus on revaluation - - - -
Disposals - - - -
At 31 August 2023 40,470 48,125 - 88,595
Depreciation
At 1 September 2022 28,769 31,125 - 59,894
Charge for the year - 2,699 - 2,699
Surplus on revaluation - - - -
On disposals - - - -
At 31 August 2023 28,769 33,824 - 62,593
Net book value
At 31 August 2023 11,701 14,301 - 26,002
At 31 August 2022 - 5,181 - 5,181
3 Debtors 2023 2022
£ £
Trade debtors 10,740 31,635
Prepayments 85,445 119,800
Other debtors 729,380 606,565
825,565 758,000
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 622 2,226
Deffered Income 87,810 135,181
Trade creditors 87,490 62,572
VAT 22,605 33,791
Taxation and social security costs 51,203 75,406
Other creditors and Accruals 821,557 686,861
1,071,287 996,037
5 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to or from Directors (432) (432)
(432) (432)
6 Other information
J N Walton Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 High Street,
Walton On Thames,
Surrey,
KT12 1DE
Number Number
7 Average Number of Employees 12 12
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