Walker Developments (South West) Limited 02251127 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of property developers Digita Accounts Production Advanced 6.30.9574.0 true 02251127 2022-12-01 2023-11-30 02251127 2023-11-30 02251127 core:OtherMiscellaneousReserve 2023-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2023-11-30 02251127 core:ShareCapital 2023-11-30 02251127 core:CurrentFinancialInstruments 2023-11-30 02251127 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 02251127 core:Non-currentFinancialInstruments 2023-11-30 02251127 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 02251127 core:FurnitureFittingsToolsEquipment 2023-11-30 02251127 core:MotorVehicles 2023-11-30 02251127 core:OtherPropertyPlantEquipment 2023-11-30 02251127 bus:SmallEntities 2022-12-01 2023-11-30 02251127 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 02251127 bus:FullAccounts 2022-12-01 2023-11-30 02251127 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 02251127 bus:RegisteredOffice 2022-12-01 2023-11-30 02251127 bus:CompanySecretary1 2022-12-01 2023-11-30 02251127 bus:Director10 2022-12-01 2023-11-30 02251127 bus:Director2 2022-12-01 2023-11-30 02251127 bus:Director3 2022-12-01 2023-11-30 02251127 bus:Director5 2022-12-01 2023-11-30 02251127 bus:Director6 2022-12-01 2023-11-30 02251127 bus:Director7 2022-12-01 2023-11-30 02251127 bus:Director8 2022-12-01 2023-11-30 02251127 bus:Director9 2022-12-01 2023-11-30 02251127 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02251127 bus:Agent1 2022-12-01 2023-11-30 02251127 core:OtherMiscellaneousReserve 2022-12-01 2023-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 02251127 core:ShareCapital 2022-12-01 2023-11-30 02251127 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 02251127 core:MotorVehicles 2022-12-01 2023-11-30 02251127 core:OfficeEquipment 2022-12-01 2023-11-30 02251127 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 02251127 core:PlantMachinery 2022-12-01 2023-11-30 02251127 1 2022-12-01 2023-11-30 02251127 countries:England 2022-12-01 2023-11-30 02251127 2022-11-30 02251127 core:OtherMiscellaneousReserve 2022-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2022-11-30 02251127 core:ShareCapital 2022-11-30 02251127 core:FurnitureFittingsToolsEquipment 2022-11-30 02251127 core:MotorVehicles 2022-11-30 02251127 core:OtherPropertyPlantEquipment 2022-11-30 02251127 2021-12-01 2022-11-30 02251127 2022-11-30 02251127 core:OtherMiscellaneousReserve 2022-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2022-11-30 02251127 core:ShareCapital 2022-11-30 02251127 core:CurrentFinancialInstruments 2022-11-30 02251127 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 02251127 core:Non-currentFinancialInstruments 2022-11-30 02251127 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 02251127 core:FurnitureFittingsToolsEquipment 2022-11-30 02251127 core:MotorVehicles 2022-11-30 02251127 core:OtherPropertyPlantEquipment 2022-11-30 02251127 core:OtherMiscellaneousReserve 2021-12-01 2022-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 02251127 core:ShareCapital 2021-12-01 2022-11-30 02251127 2021-11-30 02251127 core:OtherMiscellaneousReserve 2021-11-30 02251127 core:RetainedEarningsAccumulatedLosses 2021-11-30 02251127 core:ShareCapital 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 02251127

Walker Developments (South West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Walker Developments (South West) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Walker Developments (South West) Limited

Company Information

Directors

Mr RJ Walker

Mr J Pascoe

Mrs D Walker

Mrs H Studt

Mr D Burley

Mrs L Walker-Gumbis

Miss K Walker

Mr T L Walker

Company secretary

Mr M Thomas

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Walker Developments (South West) Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Walker Developments (South West) Limited for the year ended 30 November 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Walker Developments (South West) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Walker Developments (South West) Limited and state those matters that we have agreed to state to the Board of Directors of Walker Developments (South West) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walker Developments (South West) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Walker Developments (South West) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Walker Developments (South West) Limited. You consider that Walker Developments (South West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Walker Developments (South West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

9 August 2024

 

Walker Developments (South West) Limited

(Registration number: 02251127)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,672

14,199

Investment property

5

7,700,000

7,700,000

 

7,711,672

7,714,199

Current assets

 

Stocks

6

273,049

233,362

Debtors

7

1,984,490

2,385,477

Cash at bank and in hand

 

119,405

75,362

 

2,376,944

2,694,201

Creditors: Amounts falling due within one year

8

(552,965)

(797,171)

Net current assets

 

1,823,979

1,897,030

Total assets less current liabilities

 

9,535,651

9,611,229

Creditors: Amounts falling due after more than one year

8

(5,684,833)

(6,094,833)

Provisions for liabilities

(505,333)

(505,965)

Net assets

 

3,345,485

3,010,431

Capital and reserves

 

Called up share capital

200

200

Other reserves

2,009,540

2,071,683

Retained earnings

1,335,745

938,548

Shareholders' funds

 

3,345,485

3,010,431

 

Walker Developments (South West) Limited

(Registration number: 02251127)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................

Mr RJ Walker

Director

 

Walker Developments (South West) Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 December 2022

200

2,071,683

938,548

3,010,431

Profit for the year

-

-

335,054

335,054

Transfers

-

(62,143)

62,143

-

At 30 November 2023

200

2,009,540

1,335,745

3,345,485

Share capital
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 December 2021

200

2,071,683

945,224

3,017,107

Loss for the year

-

-

(6,676)

(6,676)

At 30 November 2022

200

2,071,683

938,548

3,010,431

 

Walker Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Hendra Croft
Scotland Road
Rejerrah
Newquay
Cornwall
TR8 5QR

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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
 

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Walker Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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

Plant and machinery

15% reducing balance basis

Office equipment

33% straight line basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Work in progress

Work in progress comprises direct costs and, where applicable, and those overheads that have been incurred in bringing the inventories to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 directors) during the year, was 5 (2022 - 5).

 

Walker Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and Equipment
£

Total
£

Cost or valuation

At 1 December 2022

7,387

23,811

26,961

58,159

At 30 November 2023

7,387

23,811

26,961

58,159

Depreciation

At 1 December 2022

7,387

19,847

16,726

43,960

Charge for the year

-

993

1,534

2,527

At 30 November 2023

7,387

20,840

18,260

46,487

Carrying amount

At 30 November 2023

-

2,971

8,701

11,672

At 30 November 2022

-

3,964

10,235

14,199

5

Investment properties

2023
£

At 30 November 2022

7,700,000

The fair value of the investment property is based on the assumption that the whole development is completed and fully let.

The property has been valued by a RICS qualified professional valuer in June 2021. The directors consider that this value represents the current market value of the property.

The value of the property using the historical cost method, would be £5,185,127 (2022 £5,185,127).

6

Stocks

2023
£

2022
£

Work in progress

273,049

233,362

 

Walker Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Trade debtors

316,434

31,294

Other debtors

1,668,056

2,354,183

1,984,490

2,385,477

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

411,240

413,159

Trade creditors

 

52,425

285,756

Taxation and social security

 

12,666

48,445

Accruals and deferred income

 

50,750

29,786

Other creditors

 

25,884

20,025

 

552,965

797,171

Creditors include bank loans a which are secured of £409,999 (2022 - £410,000).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,684,833

6,094,833

Creditors include bank loans which are secured of £5,684,833 (2022 - £6,094,833.)

 

Walker Developments (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,684,833

6,094,833

2023
£

2022
£

Current loans and borrowings

Bank borrowings

409,999

410,000

Bank overdrafts

1,241

3,159

411,240

413,159

10

Related party transactions

During the year the company advanced to the director an aggregate of £282,285. This amount was repaid in the year and the overdrawn balance was cleared. Interest was charged on the outstanding balance at the HMRC standard rate was £18,050. The loan is repayable on demand.

11

Non adjusting events after the financial period

After the year end, the company purchased the share capital of Robinson Commercial Limited, Oakleigh Property Developments Limited and Yacht Charter International Limited.