Silverfin false false 31/03/2024 01/04/2023 31/03/2024 H Bradshaw 19/06/2013 L Hopkins 21/06/2023 D Rhodes 24/04/2002 23 September 2024 The principal activity of the Company during the financial year was that of the manufacture of wiring harnesses and kit assembly. 04308623 2024-03-31 04308623 bus:Director1 2024-03-31 04308623 bus:Director2 2024-03-31 04308623 bus:Director3 2024-03-31 04308623 2023-03-31 04308623 core:CurrentFinancialInstruments 2024-03-31 04308623 core:CurrentFinancialInstruments 2023-03-31 04308623 core:ShareCapital 2024-03-31 04308623 core:ShareCapital 2023-03-31 04308623 core:RetainedEarningsAccumulatedLosses 2024-03-31 04308623 core:RetainedEarningsAccumulatedLosses 2023-03-31 04308623 core:PlantMachinery 2023-03-31 04308623 core:Vehicles 2023-03-31 04308623 core:FurnitureFittings 2023-03-31 04308623 core:OfficeEquipment 2023-03-31 04308623 core:PlantMachinery 2024-03-31 04308623 core:Vehicles 2024-03-31 04308623 core:FurnitureFittings 2024-03-31 04308623 core:OfficeEquipment 2024-03-31 04308623 core:WithinOneYear 2024-03-31 04308623 core:WithinOneYear 2023-03-31 04308623 core:BetweenOneFiveYears 2024-03-31 04308623 core:BetweenOneFiveYears 2023-03-31 04308623 core:MoreThanFiveYears 2024-03-31 04308623 core:MoreThanFiveYears 2023-03-31 04308623 2023-04-01 2024-03-31 04308623 bus:FilletedAccounts 2023-04-01 2024-03-31 04308623 bus:SmallEntities 2023-04-01 2024-03-31 04308623 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04308623 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04308623 bus:Director1 2023-04-01 2024-03-31 04308623 bus:Director2 2023-04-01 2024-03-31 04308623 bus:Director3 2023-04-01 2024-03-31 04308623 core:PlantMachinery 2023-04-01 2024-03-31 04308623 core:Vehicles 2023-04-01 2024-03-31 04308623 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 04308623 core:FurnitureFittings 2023-04-01 2024-03-31 04308623 core:OfficeEquipment 2023-04-01 2024-03-31 04308623 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 04308623 (England and Wales)

WALKER SCOTT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WALKER SCOTT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WALKER SCOTT LIMITED

BALANCE SHEET

As at 31 March 2024
WALKER SCOTT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 341,757 242,789
341,757 242,789
Current assets
Stocks 4 745,758 765,690
Debtors 5 946,394 1,286,377
Cash at bank and in hand 711,345 573,418
2,403,497 2,625,485
Creditors: amounts falling due within one year 6 ( 970,940) ( 1,063,843)
Net current assets 1,432,557 1,561,642
Total assets less current liabilities 1,774,314 1,804,431
Provision for liabilities ( 84,992) ( 45,180)
Net assets 1,689,322 1,759,251
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,689,320 1,759,249
Total shareholders' funds 1,689,322 1,759,251

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Walker Scott Limited (registered number: 04308623) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

H Bradshaw
Director
WALKER SCOTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WALKER SCOTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Walker Scott Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3a Parkside, Christchurch Road, Ringwood, BH24 3SG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. The deferred tax charge has been updated to reflect the increase in Corporation Tax rates as at 1 April 2023 to 25%.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
3 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 50 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 47

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 426,721 30,517 89,515 160,654 707,407
Additions 147,435 1,790 4,051 16,395 169,671
Disposals ( 32,000) 0 0 0 ( 32,000)
At 31 March 2024 542,156 32,307 93,566 177,049 845,078
Accumulated depreciation
At 01 April 2023 254,272 27,972 54,474 127,900 464,618
Charge for the financial year 43,640 972 5,363 18,134 68,109
Disposals ( 29,406) 0 0 0 ( 29,406)
At 31 March 2024 268,506 28,944 59,837 146,034 503,321
Net book value
At 31 March 2024 273,650 3,363 33,729 31,015 341,757
At 31 March 2023 172,449 2,545 35,041 32,754 242,789

4. Stocks

2024 2023
£ £
Stocks 745,758 765,690

5. Debtors

2024 2023
£ £
Trade debtors 889,248 1,221,921
Other debtors 57,146 64,456
946,394 1,286,377

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 522,500 646,531
Taxation and social security 398,360 352,104
Other creditors 50,080 65,208
970,940 1,063,843

7. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 431,250 488,750

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 57,500 57,500
between one and five years 230,000 230,000
after five years 143,750 201,250
431,250 488,750