Company registration number 08990896 (England and Wales)
WALLS AND IRWIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WALLS AND IRWIN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
WALLS AND IRWIN LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WALLS AND IRWIN LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walls and Irwin Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Walls and Irwin Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Walls and Irwin Limited and state those matters that we have agreed to state to the Board of Directors of Walls and Irwin Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walls and Irwin Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Walls and Irwin Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Walls and Irwin Limited. You consider that Walls and Irwin Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Walls and Irwin Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
20 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WALLS AND IRWIN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
137,739
145,420
Current assets
Debtors
4
244,198
153,016
Cash at bank and in hand
105,620
159,777
349,818
312,793
Creditors: amounts falling due within one year
5
(133,894)
(98,666)
Net current assets
215,924
214,127
Total assets less current liabilities
353,663
359,547
Provisions for liabilities
(34,200)
(36,400)
Net assets
319,463
323,147
Capital and reserves
Called up share capital
6
20,000
20,000
Profit and loss reserves
299,463
303,147
Total equity
319,463
323,147

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.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr D B Walls
Director
Company registration number 08990896 (England and Wales)
WALLS AND IRWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Walls and Irwin Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit G, Ashgrove Industrial Park, Bognor Regis, West Sussex, PO22 9SL.

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 £1.

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

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised on despatch.

1.4
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.

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:

Leasehold improvements
3 year straight line
Plant and machinery
5 year straight line
Computer equipment
5 year straight line
1.5
Cash at bank and in hand

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.

1.6
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.

WALLS AND IRWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
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.

1.8
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.

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.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

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

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, are charged to income 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 lease asset are consumed.

WALLS AND IRWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
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 5 (2022 - 4).

3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
3,561
309,037
10,157
322,755
Additions
-
0
48,124
2,890
51,014
Disposals
-
0
(4,300)
-
0
(4,300)
At 31 December 2023
3,561
352,861
13,047
369,469
Depreciation and impairment
At 1 January 2023
3,561
167,381
6,393
177,335
Depreciation charged in the year
-
0
56,047
2,131
58,178
Eliminated in respect of disposals
-
0
(3,783)
-
0
(3,783)
At 31 December 2023
3,561
219,645
8,524
231,730
Carrying amount
At 31 December 2023
-
0
133,216
4,523
137,739
At 31 December 2022
-
0
141,656
3,764
145,420
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
194,358
143,283
Other debtors
49,840
9,733
244,198
153,016
WALLS AND IRWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,598
2,591
Taxation and social security
31,624
40,955
Other creditors
35,672
55,120
133,894
98,666
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, of £16,000 (2022: £16,000).

2023-12-312023-01-01false20 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr D B WallsMr T W IrwinMr K R HickmoreMr B A Wallsfalsefalse089908962023-01-012023-12-31089908962023-12-31089908962022-12-3108990896core:LeaseholdImprovements2023-12-3108990896core:PlantMachinery2023-12-3108990896core:ComputerEquipment2023-12-3108990896core:LeaseholdImprovements2022-12-3108990896core:PlantMachinery2022-12-3108990896core:ComputerEquipment2022-12-3108990896core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108990896core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108990896core:CurrentFinancialInstruments2023-12-3108990896core:CurrentFinancialInstruments2022-12-3108990896core:ShareCapital2023-12-3108990896core:ShareCapital2022-12-3108990896core:RetainedEarningsAccumulatedLosses2023-12-3108990896core:RetainedEarningsAccumulatedLosses2022-12-3108990896bus:Director12023-01-012023-12-3108990896core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3108990896core:PlantMachinery2023-01-012023-12-3108990896core:ComputerEquipment2023-01-012023-12-31089908962022-01-012022-12-3108990896core:LeaseholdImprovements2022-12-3108990896core:PlantMachinery2022-12-3108990896core:ComputerEquipment2022-12-31089908962022-12-3108990896core:LeaseholdImprovements2023-01-012023-12-3108990896core:WithinOneYear2023-12-3108990896core:WithinOneYear2022-12-3108990896bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108990896bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108990896bus:FRS1022023-01-012023-12-3108990896bus:AuditExemptWithAccountantsReport2023-01-012023-12-3108990896bus:Director22023-01-012023-12-3108990896bus:Director32023-01-012023-12-3108990896bus:Director42023-01-012023-12-3108990896bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP