Company registration number 01607564 (England and Wales)
VAN WALT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VAN WALT LIMITED
COMPANY INFORMATION
Directors
Mr V Van Walt
Mrs K Van Walt
Mr D Van Walt
Mrs S Ward
(Appointed 1 May 2023)
Secretary
Mrs K Van Walt
Company number
01607564
Registered office
Muddy Lane Farm
Prestwick Lane
Grayswood
Haslemere
Surrey
GU27 2DU
VAN WALT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
VAN WALT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
23,111
28,860
Tangible assets
5
166,956
91,434
Investments
6
32,082
31,582
222,149
151,876
Current assets
Stocks
517,992
538,184
Debtors
7
744,962
705,296
Cash at bank and in hand
277,345
406,023
1,540,299
1,649,503
Creditors: amounts falling due within one year
8
(351,215)
(383,946)
Net current assets
1,189,084
1,265,557
Total assets less current liabilities
1,411,233
1,417,433
Creditors: amounts falling due after more than one year
9
(221,515)
(308,077)
Provisions for liabilities
(39,338)
(18,942)
Net assets
1,150,380
1,090,414
Capital and reserves
Called up share capital
10
83,000
83,000
Profit and loss reserves
1,067,380
1,007,414
Total equity
1,150,380
1,090,414

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

VAN WALT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr D Van Walt
Director
Company Registration No. 01607564
VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Van Walt Limited is a private company limited by shares incorporated in England and Wales. The registered office is Muddy Lane Farm, Prestwick Lane, Grayswood, Haslemere, Surrey, GU27 2DU.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents net invoiced sales of goods and services and hire of equipment, excluding value added tax.

1.3
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Software
10% on cost
Patents & licences
10% on cost
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.

VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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:

Improvements to property
25% on cost and 10% on cost
Plant and machinery
25% on cost and 10% on cost
Motor vehicles
25% on cost

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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.

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.

VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

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 and deferred tax.

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.

VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
20
21
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
25,978
13,413
Adjustments in respect of prior periods
(632)
(355)
Total current tax
25,346
13,058
Deferred tax
Origination and reversal of timing differences
20,396
(8,058)
Total tax charge
45,742
5,000
VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
51,000
6,492
57,492
Amortisation and impairment
At 1 January 2023
23,900
4,732
28,632
Amortisation charged for the year
5,100
649
5,749
At 31 December 2023
29,000
5,381
34,381
Carrying amount
At 31 December 2023
22,000
1,111
23,111
At 31 December 2022
27,100
1,760
28,860
5
Tangible fixed assets
Improvements to property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
97,197
887,284
9,651
994,132
Additions
73,922
53,222
-
0
127,144
Disposals
-
0
(278,194)
-
0
(278,194)
At 31 December 2023
171,119
662,312
9,651
843,082
Depreciation and impairment
At 1 January 2023
89,473
804,146
9,079
902,698
Depreciation charged in the year
3,300
42,373
86
45,759
Eliminated in respect of disposals
-
0
(272,331)
-
0
(272,331)
At 31 December 2023
92,773
574,188
9,165
676,126
Carrying amount
At 31 December 2023
78,346
88,124
486
166,956
At 31 December 2022
7,724
83,138
572
91,434
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
32,082
31,582
VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 8 -

Details of the investment in which the company holds 20% or more of the nominal value of any class of share capital are as follows;

Subsidiary undertakings

Analab S.A, registered office in Spain, Holding 76% of ordinary shares.

Van Walt SA (Pty) Limited, registered office in South Africa, Holding 70% of ordinary shares.

Associates

Van Walt Ireland Limited, registered office in Northern Ireland, Holding 25% of ordinary shares.

 

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
359,608
280,445
Amounts owed by group undertakings
313,604
337,296
Other debtors
71,750
87,555
744,962
705,296
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
56,562
115,435
Trade creditors
164,489
199,953
Taxation and social security
69,468
57,441
Other creditors
60,696
11,117
351,215
383,946
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
51,515
108,077
Other creditors
170,000
200,000
221,515
308,077

The bank loans are secured by a fixed and floating charge over the company and all assets owned by the company.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
83,000
83,000
83,000
83,000
VAN WALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
54,000
54,000
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Summary of transactions with all subsidiaries

During the year the company made sales at cost plus 10% to Analab S.A. totalling £43,755 (2021: £31,846).

 

Summary of transactions with all associates

During the year the company made sales to Van Walt SA (Pty) at landed cost plus 10%, totalling £5,542 (2021: £30,089).

 

Summary of transactions with director

There is a loan balance currently held with the director of £200,000 (2022: £200,000). The loan is repayable from April 2024 over a period of 5 years with interest included at a rate of 5%.

 

 

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