REGISTERED NUMBER: |
Walker Groundworks Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Walker Groundworks Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
Walker Groundworks Limited (Registered number: SC226449) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 8 |
Walker Groundworks Limited |
Company Information |
for the year ended 31st December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Walker Groundworks Limited (Registered number: SC226449) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Walker Groundworks Limited (Registered number: SC226449) |
Balance Sheet - continued |
31st December 2023 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walker Groundworks Limited (Registered number: SC226449) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | Statutory information |
Walker Groundworks Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end. Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Goodwill |
Acquired goodwill has been fully written off in equal annual instalments over its estimated useful economic life of 20 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Tenants improvements | - |
Excavators | - |
Equipment | - |
Motor vehicles | - |
Tractors | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stock |
Stock includes land which is stated at cost. |
Fuel and material stocks are valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion. |
Livestock are valued at the lower of cost and net realisable value where net realisable value is based on estimated selling prices less further costs expected to be incurred in rearing the animals. |
Walker Groundworks Limited (Registered number: SC226449) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | Accounting policies - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank loans, bank overdraft, hire purchase contracts and directors' loans. |
Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors, trade creditors, bank overdraft and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
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. |
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. |
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. |
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 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. |
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account. |
Walker Groundworks Limited (Registered number: SC226449) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | Accounting policies - continued |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Going concern |
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1st January 2023 |
and 31st December 2023 |
Amortisation |
At 1st January 2023 |
and 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Walker Groundworks Limited (Registered number: SC226449) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
5. | Tangible fixed assets |
Freehold | Tenants |
property | improvements | Excavators |
£ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Motor |
Equipment | vehicles | Tractors | Totals |
£ | £ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Walker Groundworks Limited (Registered number: SC226449) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 1,912,641 | 1,806,636 |
Clydesdale Bank has standard security over land at Morebattle, Kelso, together with a supported guarantee from the directors and a floating charge over the property and undertaking. |
Hire purchase contracts are secured against the assets to which they relate. |
10. | Post balance sheet events |
An interim dividend relating to the year ending 31st December 2024 was declared on 5th April 2024 at £220 per share. |