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REGISTERED NUMBER: 01138822 (England and Wales)















J.C. Walsh & Sons Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






J.C. Walsh & Sons Limited (Registered number: 01138822)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J.C. Walsh & Sons Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: BJ Walsh
M Walsh





REGISTERED OFFICE: Unit 6 Hall Moss Business Park
Bull Hill
Darwen
Lancashire
BB3 2TT





REGISTERED NUMBER: 01138822 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

J.C. Walsh & Sons Limited (Registered number: 01138822)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 16,482 26,865
Investment property 5 2,207,484 2,168,684
2,223,966 2,195,549

CURRENT ASSETS
Debtors 6 277,191 295,862
Cash at bank and in hand 110,784 115,427
387,975 411,289
CREDITORS
Amounts falling due within one year 7 90,554 86,826
NET CURRENT ASSETS 297,421 324,463
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,521,387

2,520,012

PROVISIONS FOR LIABILITIES 8 238,509 239,917
NET ASSETS 2,282,878 2,280,095

CAPITAL AND RESERVES
Called up share capital 9 120 120
Fair value reserve 10 1,147,006 1,147,006
Retained earnings 1,135,752 1,132,969
SHAREHOLDERS' FUNDS 2,282,878 2,280,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J.C. Walsh & Sons Limited (Registered number: 01138822)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





M Walsh - Director


J.C. Walsh & Sons Limited (Registered number: 01138822)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

J.C. Walsh & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Computer equipment - 33% on cost

Investment property
In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on revaluation of such properties are transferred to the investment property fair value reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirements of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J.C. Walsh & Sons Limited (Registered number: 01138822)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments
Investments are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£ £ £
COST
At 1 April 2023 178,137 1,451 179,588
Disposals - (1,451 ) (1,451 )
At 31 March 2024 178,137 - 178,137
DEPRECIATION
At 1 April 2023 151,272 1,451 152,723
Charge for year 10,383 - 10,383
Eliminated on disposal - (1,451 ) (1,451 )
At 31 March 2024 161,655 - 161,655
NET BOOK VALUE
At 31 March 2024 16,482 - 16,482
At 31 March 2023 26,865 - 26,865

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 2,168,684
Additions 38,800
At 31 March 2024 2,207,484
NET BOOK VALUE
At 31 March 2024 2,207,484
At 31 March 2023 2,168,684

J.C. Walsh & Sons Limited (Registered number: 01138822)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. INVESTMENT PROPERTY - continued

The investment properties were valued on an open market basis by Taylor Weaver Chartered Surveyors, as at 30 June 2019 at £2,000,000 with subsequent additions included at cost. On a historical cost basis, the properties would have been included at £827,582 (2023: £788,782).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 16,818 14,154
Amounts owed by group undertakings 252,963 269,963
VAT 2,590 -
Prepayments and accrued income 4,820 11,745
277,191 295,862

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 9,641 -
Trade creditors 2,585 -
Amounts owed to group undertakings 18,000 18,000
Taxation and social security 55 22,186
Other creditors 60,273 46,640
90,554 86,826

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 5,613 7,021
Other timing differences 232,896 232,896
238,509 239,917

Deferred tax
£
Balance at 1 April 2023 239,917
Provided during year (1,408 )
Balance at 31 March 2024 238,509

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
120 Ordinary £1 120 120

J.C. Walsh & Sons Limited (Registered number: 01138822)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

10. RESERVES
Fair value
reserve
£
At 1 April 2023
and 31 March 2024 1,147,006

The fair value reserve consists of the revaluation of investment properties, net of a provision for tax.

11. RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by Mr M Walsh.

During the year the company was charged £Nil (2023: £170,000) by Walsh Bros, a partnership in which Mr BJ Walsh and Mr M Walsh are partners, £35,000 (2023 £25,500) by Marcus Walsh Limited and £230,000 (2023:£Nil) by Walsh Bros (Darwen) Ltd, companies in which Mr M Walsh is a director and shareholder.