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Company No: 08431560 (England and Wales)

WALKER PROPERTY AND CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WALKER PROPERTY AND CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WALKER PROPERTY AND CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WALKER PROPERTY AND CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 196,178 199,101
196,178 199,101
Current assets
Debtors 4 466,207 384,387
Cash at bank and in hand 5 223,687 162,641
689,894 547,028
Creditors: amounts falling due within one year 6 ( 887,881) ( 697,471)
Net current liabilities (197,987) (150,443)
Total assets less current liabilities (1,809) 48,658
Creditors: amounts falling due after more than one year 7 ( 13,111) ( 31,998)
Provision for liabilities ( 27,856) ( 21,726)
Net liabilities ( 42,776) ( 5,066)
Capital and reserves
Called-up share capital 8 20 20
Profit and loss account ( 42,796 ) ( 5,086 )
Total shareholders' deficit ( 42,776) ( 5,066)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Walker Property and Construction Limited (registered number: 08431560) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

C N Walker
Director
WALKER PROPERTY AND CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WALKER PROPERTY AND CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Walker Property and Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Upper Lutheridge Farm, Horsley, Stroud, GL6 0QA, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 84,249 116,582 89,385 21,632 311,848
Additions 0 22,994 5,500 2,400 30,894
Disposals 0 ( 3,200) ( 7,500) 0 ( 10,700)
At 31 March 2024 84,249 136,376 87,385 24,032 332,042
Accumulated depreciation
At 01 April 2023 0 61,993 33,223 17,531 112,747
Charge for the financial year 0 17,912 13,853 1,301 33,066
Disposals 0 ( 3,200) ( 6,749) 0 ( 9,949)
At 31 March 2024 0 76,705 40,327 18,832 135,864
Net book value
At 31 March 2024 84,249 59,671 47,058 5,200 196,178
At 31 March 2023 84,249 54,589 56,162 4,101 199,101

4. Debtors

2024 2023
£ £
Trade debtors 10,652 41,816
Amounts owed by directors 127,917 101,836
Prepayments and accrued income 278,276 209,938
VAT recoverable 9,143 0
Corporation tax 40,219 30,797
466,207 384,387

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 223,687 162,641
Less: Bank overdrafts ( 6,324) ( 11,917)
217,363 150,724

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 6,324 11,917
Trade creditors 157,729 193,388
Other loans 1,182 1,174
Accruals 658,274 431,931
CIS withheld 7,130 8,136
Taxation and social security 38,355 33,332
Obligations under finance leases and hire purchase contracts 18,887 17,593
887,881 697,471

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 13,111 31,998

Obligations under hire purchase contracts are secured on the associated assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10
2 Ordinary A shares of £ 1.00 each 2 2
8 Ordinary B shares of £ 1.00 each 8 8
20 20

9. Related party transactions

At the year end £127,917 (2023: £101,836) was owed by the directors to the company. Interest was charged at 2.25% and the loan is repayable on demand. Dividends were declared to the directors of £102,000 (2023: £90,000).

10. Operating lease commitments

Lessee

2024 2023
£ £
Future minimum lease payments under non-cancellable operating leases 7,495 11,755