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REGISTERED NUMBER: 03096793 (England and Wales)















Walsh Developments Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Walsh Developments Limited (Registered number: 03096793)






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


Walsh Developments 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: 03096793 (England and Wales)





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

Walsh Developments Limited (Registered number: 03096793)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 2,726,992 2,791,992
2,726,992 2,791,992

CURRENT ASSETS
Debtors 6 206,818 208,561
Cash at bank and in hand 129,376 126,019
336,194 334,580
CREDITORS
Amounts falling due within one year 7 340,657 313,461
NET CURRENT (LIABILITIES)/ASSETS (4,463 ) 21,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,722,529

2,813,111

CREDITORS
Amounts falling due after more than one
year

8

(56,750

)

(80,431

)

PROVISIONS FOR LIABILITIES 9 (4,069 ) (4,069 )
NET ASSETS 2,661,710 2,728,611

CAPITAL AND RESERVES
Called up share capital 10 500 500
Other reserves 517,183 517,183
Fair value reserve 11 769,460 782,570
Retained earnings 1,374,567 1,428,358
SHAREHOLDERS' FUNDS 2,661,710 2,728,611

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.

Walsh Developments Limited (Registered number: 03096793)

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


Walsh Developments Limited (Registered number: 03096793)

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

1. STATUTORY INFORMATION

Walsh Developments 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.

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 - 20% on cost
Fixtures and fittings - 20% on cost

Investment property
In accordance with Financial Reporting Standard 102, the company's properties are held for long-term investment and are included in the Balance Sheet at their fair values. Any surplus or deficit on revaluation of such properties is transferred to the fair value reserve net of deferred tax. 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.

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.


Walsh Developments Limited (Registered number: 03096793)

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
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 April 2023
and 31 March 2024 46,817 6,571 53,388
DEPRECIATION
At 1 April 2023
and 31 March 2024 46,817 6,571 53,388
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 2,791,992
Disposals (65,000 )
At 31 March 2024 2,726,992
NET BOOK VALUE
At 31 March 2024 2,726,992
At 31 March 2023 2,791,992

The investment properties were revalued to a fair value of £2,545,000 (2023: £2,610,000) by Mr M Walsh on 31 December 2018 with subsequent costs being included at cost. The historical cost of the investment properties at 31 March 2024 is £1,961,426 (2023: £2,013,316).

Walsh Developments Limited (Registered number: 03096793)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 23,024 28,416
Amounts owed by group undertakings 175,000 175,000
VAT 3,446 -
Prepayments and accrued income 5,348 5,145
206,818 208,561

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 684 2,398
Trade creditors 5,960 -
Amounts owed to group undertakings 224,963 224,963
Taxation and social security 4,685 33,130
Other creditors 104,365 52,970
340,657 313,461

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors 56,750 80,431

Included within other creditors are amounts owed to the directors' of £56,750 (2023: £80,431). The directors' loan accounts are unsecured, interest free and have no fixed repayment date.

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 4,069 4,069

Deferred tax
£
Balance at 1 April 2023 4,069
Balance at 31 March 2024 4,069

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
500 Ordinary £1 500 500

Walsh Developments Limited (Registered number: 03096793)

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

11. RESERVES
Fair value
reserve
£
At 1 April 2023 782,570
Realisation of revaluation (13,110 )

At 31 March 2024 769,460

12. RELATED PARTY DISCLOSURES

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

During the year the company was charged a management charge of £Nil (2023: £155,150) by Walsh Bros, a partnership in which Mr BJ Walsh and Mr M Walsh are partners. During the year the company was charged a management charge of £42,000 (2023: £25,500) by Marcus Walsh Limited, £Nil (2023: £30,000) by J.C Walsh & Sons Limited and £238,000 (2023: £Nil) by Walsh Bros (Darwen) Ltd, companies in which Mr M Walsh is director and shareholder.