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REGISTERED NUMBER: 00657545 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WALSH CONSTRUCTION LIMITED

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WALSH CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J Bird
Mr P G Crosby
Mrs J Crosby
Mrs E V Bird
Mr J Evitts





SECRETARY: Mr P G Crosby





REGISTERED OFFICE: 34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG





REGISTERED NUMBER: 00657545 (England and Wales)





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 111,680 319,476

CURRENT ASSETS
Stocks 1,043,671 817,594
Debtors 5 457,662 566,419
Investments 6 2,995 2,995
Prepayments and accrued income 5,669 7,292
Cash at bank 300,893 612,179
1,810,890 2,006,479
CREDITORS
Amounts falling due within one year 7 993,713 1,298,330
NET CURRENT ASSETS 817,177 708,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

928,857

1,027,625

CREDITORS
Amounts falling due after more than one
year

8

(131,250

)

(220,937

)

PROVISIONS FOR LIABILITIES 10 (16,489 ) (50,626 )
NET ASSETS 781,118 756,062

CAPITAL AND RESERVES
Called up share capital 12,002 12,002
Retained earnings 769,116 744,060
SHAREHOLDERS' FUNDS 781,118 756,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 16 April 2024 and were signed on its behalf by:





Mr J Bird - Director


WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Walsh Construction 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 (£).


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.
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. (See later note)

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on cost and 10% on cost

Tangible assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the financial statements.

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.
Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

Financial liabilities

Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.
Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
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.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 49 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 671,969
Additions (1 )
Disposals (458,330 )
At 31 December 2023 213,638
DEPRECIATION
At 1 January 2023 352,493
Charge for year 68,866
Eliminated on disposal (319,401 )
At 31 December 2023 101,958
NET BOOK VALUE
At 31 December 2023 111,680
At 31 December 2022 319,476

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 129,442
Transfer to ownership (129,442 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 33,468
Charge for year 16,954
Transfer to ownership (50,422 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 95,974

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 457,662 566,419

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 2,995 2,995

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 87,500 87,500
Other loans 2,706 2,706
Hire purchase contracts - 15,159
Trade creditors 429,437 776,877
Amounts owed to group undertakings 133,932 157,572
Tax 70,371 68,238
Social security and other taxes 183,100 136,753
Other creditors 14,601 10,143
Directors' current accounts 5,413 6,458
Accrued expenses 66,653 36,924
993,713 1,298,330

WALSH CONSTRUCTION LIMITED (REGISTERED NUMBER: 00657545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 87,500 87,500
Bank loans - 2-5 years 43,750 131,250
Hire purchase contracts - 2,187
131,250 220,937

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 17,346

Secured on the assets to which the hire purchase contract relates.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 16,489 50,626

Deferred
tax
£   
Balance at 1 January 2023 50,626
Credit to Statement of Income and Retained Earnings during year (34,137 )
Balance at 31 December 2023 16,489