2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 23,000 11,500 1,150 12,650 10,350 11,500 xbrli:pure xbrli:shares iso4217:GBP 04504192 2023-02-01 2024-01-31 04504192 2024-01-31 04504192 2023-01-31 04504192 2022-02-01 2023-01-31 04504192 2023-01-31 04504192 2022-01-31 04504192 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 04504192 core:PlantMachinery 2023-02-01 2024-01-31 04504192 bus:Director1 2023-02-01 2024-01-31 04504192 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 04504192 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 04504192 core:PlantMachinery 2023-01-31 04504192 core:FurnitureFittings 2023-01-31 04504192 core:PlantMachinery 2024-01-31 04504192 core:FurnitureFittings 2024-01-31 04504192 core:WithinOneYear 2024-01-31 04504192 core:WithinOneYear 2023-01-31 04504192 core:AfterOneYear 2024-01-31 04504192 core:AfterOneYear 2023-01-31 04504192 core:ShareCapital 2024-01-31 04504192 core:ShareCapital 2023-01-31 04504192 core:RetainedEarningsAccumulatedLosses 2024-01-31 04504192 core:RetainedEarningsAccumulatedLosses 2023-01-31 04504192 core:FurnitureFittings 2023-02-01 2024-01-31 04504192 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 04504192 core:PlantMachinery 2023-01-31 04504192 core:FurnitureFittings 2023-01-31 04504192 bus:SmallEntities 2023-02-01 2024-01-31 04504192 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04504192 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04504192 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04504192 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 04504192
WALSH'S LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
WALSH'S LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
10,350
11,500
Tangible assets
6
8,056
9,944
--------
--------
18,406
21,444
CURRENT ASSETS
Stocks
20,999
20,414
Debtors
7
3,118
3,477
Cash at bank and in hand
11,016
24,292
--------
--------
35,133
48,183
CREDITORS: amounts falling due within one year
8
26,147
27,620
--------
--------
NET CURRENT ASSETS
8,986
20,563
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
27,392
42,007
CREDITORS: amounts falling due after more than one year
9
15,767
24,367
PROVISIONS
2,014
1,889
--------
--------
NET ASSETS
9,611
15,751
--------
--------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
9,609
15,749
-------
--------
SHAREHOLDERS FUNDS
9,611
15,751
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WALSH'S LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mr D Walsh
Director
Company registration number: 04504192
WALSH'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kiosk 2 The Mall, Newlands Centre, Kettering, Northamptonshire, NN16 8JL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixture and Fittings
-
15% reducing balance and 33 1/3% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
23,000
--------
Amortisation
At 1 February 2023
11,500
Charge for the year
1,150
--------
At 31 January 2024
12,650
--------
Carrying amount
At 31 January 2024
10,350
--------
At 31 January 2023
11,500
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
37,510
23,905
61,415
--------
--------
--------
Depreciation
At 1 February 2023
32,217
19,254
51,471
Charge for the year
1,190
698
1,888
--------
--------
--------
At 31 January 2024
33,407
19,952
53,359
--------
--------
--------
Carrying amount
At 31 January 2024
4,103
3,953
8,056
--------
--------
--------
At 31 January 2023
5,293
4,651
9,944
--------
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
810
486
Other debtors
2,308
2,991
-------
-------
3,118
3,477
-------
-------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,600
8,600
Trade creditors
1,877
1,820
Corporation tax
7,908
7,159
Social security and other taxes
4,948
5,864
Other creditors
2,814
4,177
--------
--------
26,147
27,620
--------
--------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,767
24,367
--------
--------
10. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 January 2024 the amount due from the company was £nil (2023 - £1,426). The above transactions were undertaken on normal commercial terms.