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REGISTERED NUMBER: SC226449 (Scotland)











































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: Mrs M Walker
G W Walker





Secretary: Mrs M Walker





Registered office: The Old Smiddy
Graden
Kelso
Roxburghshire
TD5 8BS





Registered number: SC226449 (Scotland)





Accountants: Rennie Welch LLP
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 3,911,444 3,598,146
3,911,444 3,598,146

Current assets
Stocks 144,000 254,250
Debtors 6 980,809 960,668
1,124,809 1,214,918
Creditors
Amounts falling due within one year 7 1,946,352 2,062,021
Net current liabilities (821,543 ) (847,103 )
Total assets less current liabilities 3,089,901 2,751,043

Creditors
Amounts falling due after more than one
year

8

(1,282,947

)

(1,309,039

)

Provisions for liabilities (398,811 ) (335,947 )
Net assets 1,408,143 1,106,057

Capital and reserves
Called up share capital 100 100
Retained earnings 1,408,043 1,105,957
Shareholders' funds 1,408,143 1,106,057

Walker Groundworks Limited (Registered number: SC226449)

Balance Sheet - continued
31st December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 20th September 2024 and were signed on its behalf by:





Mrs M Walker - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Nil
Tenants improvements - 4% on cost
Excavators - 15% on reducing balance
Equipment - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance
Tractors - 15% on reducing balance

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.

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 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.

Long term contracts
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
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 38 (2022 - 33 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st January 2023
and 31st December 2023 60,000
Amortisation
At 1st January 2023
and 31st December 2023 60,000
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 252,658 138,753 1,339,684
Additions - 31,000 204,000
Disposals - (1,321 ) (122,470 )
At 31st December 2023 252,658 168,432 1,421,214
Depreciation
At 1st January 2023 7,148 32,876 457,796
Charge for year - 5,836 124,903
Eliminated on disposal - (953 ) (54,600 )
At 31st December 2023 7,148 37,759 528,099
Net book value
At 31st December 2023 245,510 130,673 893,115
At 31st December 2022 245,510 105,877 881,888

Motor
Equipment vehicles Tractors Totals
£    £    £    £   
Cost
At 1st January 2023 1,083,345 888,058 2,023,321 5,725,819
Additions 88,739 521,275 347,966 1,192,980
Disposals (25,435 ) (229,264 ) (125,000 ) (503,490 )
At 31st December 2023 1,146,649 1,180,069 2,246,287 6,415,309
Depreciation
At 1st January 2023 543,771 433,234 652,848 2,127,673
Charge for year 89,427 171,213 242,825 634,204
Eliminated on disposal (21,472 ) (155,596 ) (25,391 ) (258,012 )
At 31st December 2023 611,726 448,851 870,282 2,503,865
Net book value
At 31st December 2023 534,923 731,218 1,376,005 3,911,444
At 31st December 2022 539,574 454,824 1,370,473 3,598,146

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 657,763 635,548
Amounts recoverable on contract 312,514 309,602
Other debtors 10,532 15,518
980,809 960,668

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 269,459 204,640
Hire purchase contracts 706,939 599,597
Trade creditors 286,734 500,412
Taxation and social security 111,856 100,847
Other creditors 571,364 656,525
1,946,352 2,062,021

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 77,245 102,000
Hire purchase contracts 1,205,702 1,207,039
1,282,947 1,309,039

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 242,889 180,319
Bank loans 103,815 126,321
Hire purchase contracts 1,912,641 1,806,636
2,259,345 2,113,276

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.