Company registration number 01061127 (England and Wales)
WALKER & BEESTON INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
WALKER & BEESTON INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WALKER & BEESTON INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
11,700,000
11,773,000
Current assets
Debtors
4
1,121,196
87,302
Cash at bank and in hand
67,450
738,368
1,188,646
825,670
Creditors: amounts falling due within one year
5
(682,740)
(209,304)
Net current assets
505,906
616,366
Total assets less current liabilities
12,205,906
12,389,366
Creditors: amounts falling due after more than one year
6
(1,671,416)
(2,050,705)
Provisions for liabilities
7
(1,258,320)
(1,276,570)
Net assets
9,276,170
9,062,091
Capital and reserves
Called up share capital
17,000
17,000
Non-distributable profits reserve
8
5,016,277
5,071,027
Distributable profit and loss reserves
4,242,893
3,974,064
Total equity
9,276,170
9,062,091
WALKER & BEESTON INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
C P Walker
Director
Company registration number 01061127 (England and Wales)
WALKER & BEESTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Walker & Beeston Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107 High Road, Beeston, Nottingham, NG9 2JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised by the company in respect of rental income from the company's investment properties.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
WALKER & BEESTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price.
1.5
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
WALKER & BEESTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 September 2022
11,773,000
Revaluations
(73,000)
At 31 August 2023
11,700,000
The investment properties relate to 38 properties owned by the company. These are included in the accounts at £11,700,000 a fair value determined by the directors of the company.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
136,029
34,334
Other debtors
985,167
52,968
1,121,196
87,302
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
567,673
135,000
Corporation tax
79,060
45,647
Other creditors
36,007
28,657
682,740
209,304
Bank loans represent mortgages that are secured against the properties to which they relate.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,671,416
2,050,705
Bank loans represent mortgages that are secured against the properties to which they relate.
WALKER & BEESTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
1,510,704
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,258,320
1,276,570
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
5,071,027
3,615,609
Non distributable profits in the year
(54,750)
1,455,418
At the end of the year
5,016,277
5,071,027
9
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Loan to director
2.00
874
18
892
874
18
892
The balance above is included within other debtors.