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Registration number: 05855154

John Walsh London Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

John Walsh London Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

John Walsh London Limited

Company Information

Director

Mr JP Walsh

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

John Walsh London Limited

(Registration number: 05855154)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,642

2,075

Current assets

 

Stocks

6

49,162

52,962

Debtors

7

8,926

8,976

Cash at bank and in hand

 

6

6

 

58,094

61,944

Creditors: Amounts falling due within one year

8

(274,501)

(227,198)

Net current liabilities

 

(216,407)

(165,254)

Total assets less current liabilities

 

(214,765)

(163,179)

Creditors: Amounts falling due after more than one year

8

(30,358)

(36,604)

Net liabilities

 

(245,123)

(199,783)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(246,123)

(200,783)

Shareholders' deficit

 

(245,123)

(199,783)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

John Walsh London Limited

(Registration number: 05855154)
Balance Sheet as at 31 May 2023

Approved and authorised by the director on 20 April 2024
 

.........................................
Mr JP Walsh
Director

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
England

These financial statements were authorised for issue by the director on 20 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company balance sheet shows a net liability position as at 31 May 2023. However the director will provide adequate finance going forward to ensure that the company is able to meet its financial obligations and as such considers the going concern basis is appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% reducing balance

Furniture and fittings

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licences and franchises

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised at the transaction price..

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 June 2022

15,000

15,000

At 31 May 2023

15,000

15,000

Amortisation

At 1 June 2022

15,000

15,000

At 31 May 2023

15,000

15,000

Carrying amount

At 31 May 2023

-

-

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

11,757

11,757

At 31 May 2023

11,757

11,757

Depreciation

At 1 June 2022

9,682

9,682

Charge for the year

433

433

At 31 May 2023

10,115

10,115

Carrying amount

At 31 May 2023

1,642

1,642

At 31 May 2022

2,075

2,075

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

49,162

52,962

7

Debtors

2023
£

2022
£

Other debtors

8,926

8,976

8,926

8,976

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

84,078

74,731

Trade creditors

 

5,252

1,219

Accruals and deferred income

 

5,800

5,500

Other creditors

 

179,371

145,748

 

274,501

227,198

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

30,358

36,604

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

30,358

36,604

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,117

8,963

Bank overdrafts

74,961

65,768

84,078

74,731

 

John Walsh London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Bank borrowings

Bank overdraft: The carrying amount at year end is £74,961 (2022 - £65,768).

The director has given a personal guarantee for the bank overdraft.

Bank bounce back loan: The carrying amount at year end is £39,475 (2022 - £44,402).