Company registration number 01352033 (England and Wales)
WALRAVEN LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WALRAVEN LTD
COMPANY INFORMATION
Directors
Mr G A Gardner
Mrs T S Williams
Company number
01352033
Registered office
18b Wildmere Road
Banbury
Oxfordshire
OX16 3JU
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
WALRAVEN LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
WALRAVEN LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Busines review and key performance indicators

In 2023, turnover increased by 2.2% to £11.2 million (2022: £11.0 million) and profit before taxation decreased by 11.2% to £358k (2022: £404k). This reduction, broadly speaking, being the impact of a cost base increase in many areas of the business.

 

Gross margin increased year on year by 3.2%, driven by a change in sales product mix, continued pressure to drive an increase in margin plus inventory movements in the period.

 

Distribution and administration costs were impacted by inflationary pressures, pay increases to staff and the continued rise of utility costs.

 

The Company's net assets at 31 December 2023 were £3.4 million (2022: £3.1 million) with the increase being the result of a profitable period.

 

In 2023 the Company's employee numbers were 57 (2022: 57).

Principal risks and uncertainties

The principal risks and uncertainties affecting the Company are summarised below. As part of the Group, the Company has undertaken actions to manage each of the below risks.

 

Market disruption: Unexpected changes in market buying behaviours could result in lower than forecast financial results. The Company is continually assessing customer needs, improving the customer experience and seeking ways to mitigate cyclicality.

 

Geopolitical environment: Future global destabilisation could impact upon international business activities such as increasing operating costs, additional trade sanctions and supply chain delays which the Company monitors continually.

 

Climate change: The Company's commitments to its people and the planet are just as important as its economic success. It is recognised that climate change is a principal risk and we create awareness and a sense of commitment within the Company in relation to climate change and sustainability. The Group have joined the United Nations Global Compact corporate sustainability network.

Financial risk management

Foreign exchange risk: The Company does, at times, make purchases in foreign currency and is therefore exposed to the movement of these currencies against sterling on its foreign currency-denominated sales and purchases. The Group treasury function manages the risk at a group level on behalf of the Company.

 

Liquidity and interest rate risk: The Company has arrangements with the Group that enable it to access funds when needed to meet its liquidity requirements. Interest receivable and payable on loans with other group companies is calculated based on market rates of interest. The group liquidity requirements and interest rate risks are managed at a group level.

Credit risk: The Company is exposed to credit risk on financial assets such as cash balances (including deposits and cash equivalents) plus on trade and other debtors. To address the risk, the Company uses credit rating companies to monitor it’s customer base. In addition all trade debt is insured via an external agency.

 

WALRAVEN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

The directors continue to investigate opportunities to grow the business and extend the range of products and services offered.

 

The Company plans to continue implementing the Group's strategy as outlined in the Group 2023 Annual Report and Accounts, focussing on:

 

Engagement with suppliers, customers and other relationships

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and other operational partners. The Company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships.

 

The business continuously assesses the priorities related to customers and those with whom we do business, and the directors actively engage with the businesses on these topics.

 

Moreover, the directors receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company.

On behalf of the board

Mrs T S Williams
Director
30 August 2024
WALRAVEN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of Walraven Ltd ("the Company") is the provision of pipe support systems for construction projects. The Company is part of the wider Walraven Group ("the Group") and has it's headquarters in Banbury, UK. The Group has entities throughout the world with the majority in Europe.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G A Gardner
Mrs T S Williams
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

WALRAVEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mrs T S Williams
Director
30 August 2024
WALRAVEN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALRAVEN LTD
- 5 -
Opinion

We have audited the financial statements of Walraven Ltd (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WALRAVEN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALRAVEN LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), We exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WALRAVEN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALRAVEN LTD
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Charlotte Toemaes BSc FCA
Senior Statutory Auditor
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
30 August 2024
WALRAVEN LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
Turnover
3
11,202,635
10,964,466
Cost of sales
(7,081,505)
(7,279,329)
Gross profit
4,121,130
3,685,137
Distribution costs
(535,883)
(464,423)
Administrative expenses
(3,203,944)
(2,813,705)
Operating profit
4
381,303
407,009
Interest payable and similar expenses
8
(23,075)
(3,471)
Profit before taxation
358,228
403,538
Tax on profit
9
(89,617)
(59,747)
Profit for the financial year
268,611
343,791

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WALRAVEN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Profit for the year
268,611
343,791
Other comprehensive income
-
-
Total comprehensive income for the year
268,611
343,791
WALRAVEN LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
Fixed assets
Intangible assets
10
622
-
0
Tangible assets
11
1,016,546
655,525
1,017,168
655,525
Current assets
Stocks
12
1,672,744
1,358,092
Debtors
13
2,924,014
2,617,745
Cash at bank and in hand
616,298
474,273
5,213,056
4,450,110
Creditors: amounts falling due within one year
14
(2,706,098)
(1,939,737)
Net current assets
2,506,958
2,510,373
Total assets less current liabilities
3,524,126
3,165,898
Provisions for liabilities
Deferred tax liability
15
149,364
59,747
(149,364)
(59,747)
Net assets
3,374,762
3,106,151
Capital and reserves
Called up share capital
17
5,000
5,000
Profit and loss reserves
3,369,762
3,101,151
Total equity
3,374,762
3,106,151

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mrs T S Williams
Director
Company registration number 01352033 (England and Wales)
WALRAVEN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Balance at 1 January 2022
5,000
2,757,360
2,762,360
Year ended 31 December 2022:
Profit and total comprehensive income
-
343,791
343,791
Balance at 31 December 2022
5,000
3,101,151
3,106,151
Year ended 31 December 2023:
Profit and total comprehensive income
-
268,611
268,611
Balance at 31 December 2023
5,000
3,369,762
3,374,762
WALRAVEN LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
21
741,464
255,706
Interest paid
(23,075)
(3,471)
Net cash inflow from operating activities
718,389
252,235
Investing activities
Purchase of intangible assets
(861)
-
0
Purchase of tangible fixed assets
(575,503)
(203,924)
Proceeds from disposal of tangible fixed assets
-
0
6,945
Net cash used in investing activities
(576,364)
(196,979)
Net increase in cash and cash equivalents
142,025
55,256
Cash and cash equivalents at beginning of year
474,273
419,017
Cash and cash equivalents at end of year
616,298
474,273
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Walraven Ltd is a company limited by shares incorporated in England and Wales. The registered office is given in the company information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Trademarks are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
- between 3 - 7 years
Plant and machinery
- 10% - 33% on cost
Fixtures and fittings
- 20% - 33% on cost
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash, 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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the company's turnover is as follows:

2023
2022
Turnover analysed by geographical market
United Kingdom
10,657,114
9,532,989
Europe
529,755
1,431,477
Rest of world
15,766
-
11,202,635
10,964,466
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(22,110)
(12,479)
Fees payable to the company's auditor for the audit of the company's financial statements
14,725
9,756
Depreciation of owned tangible fixed assets
214,482
161,232
Profit on disposal of tangible fixed assets
-
(6,945)
Amortisation of intangible assets
239
-
Operating lease charges
286,763
273,023
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the company
14,725
9,756
6
Employees

In 2022, the company qualified for small company exemptions under Section 1A of FRS102 and as such there was no requirement for breakdown of employees by category. Average employee numbers in 2022 was 57.

2023
2022
Number
Number
Sales
13
-
Production
20
-
Admin
24
-
Total
57
-
0

Their aggregate remuneration comprised:

2023
2022
Wages and salaries
1,886,140
1,739,600
Social security costs
188,829
173,661
Pension costs
66,916
60,802
2,141,885
1,974,063
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
7
Directors' remuneration
2023
2022
Remuneration for qualifying services
93,324
107,857
8
Interest payable and similar expenses
2023
2022
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,075
3,471
9
Taxation
2023
2022
Deferred tax
Origination and reversal of timing differences
89,617
59,747

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
Profit before taxation
358,228
403,538
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
84,184
76,672
Tax effect of utilisation of tax losses not previously recognised
(84,184)
(76,672)
Deferred tax adjustment in respect of losses carried forward
(638)
(104,134)
Effect of accelerated capital allowances
90,255
163,881
Taxation charge for the year
89,617
59,747
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Intangible fixed assets
Trademarks
Cost
At 1 January 2023
861
Additions
861
At 31 December 2023
1,722
Amortisation and impairment
At 1 January 2023
861
Amortisation charged for the year
239
At 31 December 2023
1,100
Carrying amount
At 31 December 2023
622
At 31 December 2022
-
0
11
Tangible fixed assets
Land and buildings leasehold
Assets under construction
Plant and machinery
Fixtures and fittings
Total
Cost
At 1 January 2023
12,500
15,720
1,389,495
213,388
1,631,103
Additions
-
0
-
0
575,503
-
0
575,503
Disposals
(6,997)
-
0
(169,529)
(81,717)
(258,243)
At 31 December 2023
5,503
15,720
1,795,469
131,671
1,948,363
Depreciation and impairment
At 1 January 2023
104
-
0
812,296
163,178
975,578
Depreciation charged in the year
17,409
-
0
176,993
20,080
214,482
Eliminated in respect of disposals
(12,010)
-
0
(164,516)
(81,717)
(258,243)
At 31 December 2023
5,503
-
0
824,773
101,541
931,817
Carrying amount
At 31 December 2023
-
0
15,720
970,696
30,130
1,016,546
At 31 December 2022
12,396
15,720
577,199
50,210
655,525
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Stocks
2023
2022
Raw materials and consumables
623,721
-
Finished goods and goods for resale
1,049,023
1,358,092
1,672,744
1,358,092
13
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
2,033,790
2,127,445
Amounts owed by group undertakings
710,456
328,686
Other debtors
48,797
49,580
Prepayments and accrued income
130,971
112,034
2,924,014
2,617,745
14
Creditors: amounts falling due within one year
2023
2022
Trade creditors
501,860
775,309
Amounts owed to undertakings in which the company has a participating interest
1,453,375
373,788
Corporation tax
32
32
Other taxation and social security
203,959
224,024
Accruals and deferred income
546,872
566,584
2,706,098
1,939,737
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
Accelerated capital allowances
254,137
163,881
Tax losses
(104,773)
(104,134)
149,364
59,747
WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Deferred taxation
(Continued)
- 22 -
2023
Movements in the year:
Liability at 1 January 2023
59,747
Charge to profit or loss
89,617
Liability at 31 December 2023
149,364
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes
66,916
60,802

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
ordinary shares of £1 each
5,000
5,000
5,000
5,000
18
Operating lease commitments
Lessee
2023
2022
Within one year
338,850
334,635
Between two and five years
914,742
1,182,358
In over five years
2,385,000
2,361,150
3,638,592
3,878,143
19
Related party transactions
Transactions with related parties

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 .

WALRAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
20
Ultimate controlling party

Walraven Limited is a 100% subsidiary of Walraven Europe B.V, a company registered in the Netherlands. The ultimate parent company is Walraven Mijdrecht Holding B.V. a company registered in the Netherlands.

 

Walraven Mijdrecht Holding B.V. prepares group financial statements and copies can be obtained from its Registered Office at Industrieweg 5, 3641 RK Mijdrecht, NL-3641, The Netherlands.

21
Cash generated from operations
2023
2022
Profit for the year after tax
268,611
343,791
Adjustments for:
Taxation charged
89,617
59,747
Finance costs
23,075
3,471
Gain on disposal of tangible fixed assets
-
(6,945)
Amortisation and impairment of intangible assets
239
-
0
Depreciation and impairment of tangible fixed assets
214,482
161,232
Movements in working capital:
Increase in stocks
(314,652)
(159,931)
Increase in debtors
(306,269)
(688,345)
Increase in creditors
766,361
542,686
Cash generated from operations
741,464
255,706
22
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
Cash at bank and in hand
474,273
142,025
616,298
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