Registration number:
Walker Developments (South West) Limited
for the Year Ended 30 November 2023
Walker Developments (South West) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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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.
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6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
Walker Developments (South West) Limited
(Registration number: 02251127)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Other reserves |
2,009,540 |
2,071,683 |
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Retained earnings |
1,335,745 |
938,548 |
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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:
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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
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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 |
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At 1 December 2022 |
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Profit for the year |
- |
- |
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Transfers |
- |
(62,143) |
62,143 |
- |
At 30 November 2023 |
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Share capital |
Non-distributable reserve |
Profit and loss account |
Total |
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At 1 December 2021 |
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Loss for the year |
- |
- |
( |
( |
At 30 November 2022 |
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Walker Developments (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
The principal place of business is:
Hendra Croft
Scotland Road
Rejerrah
Newquay
Cornwall
TR8 5QR
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Walker Developments (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Office equipment |
Motor vehicles |
Plant and Equipment |
Total |
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Cost or valuation |
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At 1 December 2022 |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
- |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
- |
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At 30 November 2022 |
- |
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Investment properties |
2023 |
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At 30 November 2022 |
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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).
Stocks |
2023 |
2022 |
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Work in progress |
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Walker Developments (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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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.
Non adjusting events after the financial period |
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