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Registered Number: 04102917
England and Wales

 

 

 

WALTON DEVELOPMENT AND CONSTRUCTION LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 243,696    202,892 
243,696    202,892 
Current assets      
Debtors: amounts falling due within one year 4 561,933    1,206,106 
Cash at bank and in hand 533,346    62,035 
1,095,279    1,268,141 
Creditors: amount falling due within one year 5 (585,995)   (797,389)
Net current assets 509,284    470,752 
 
Total assets less current liabilities 752,980    673,644 
Creditors: amount falling due after more than one year 6 (313,522)   (361,088)
Net assets 439,458    312,556 
 

Capital and reserves
     
Called up share capital 100    100 
Capital Redemption Reserve 7 100    100 
Profit and loss account 439,258    312,356 
Shareholders' funds 439,458    312,556 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 26 September 2024 and were signed on its behalf by:


-------------------------------
Mr S Richards
Director
1
General Information
WALTON DEVELOPMENT AND CONSTRUCTION LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04102917, registration address 24a Estover Close, Forresters Business Park, Plymouth, PL6 7PL.

The presentation currency is £ sterling.
1.

Accounting policies

Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.   
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies set out below. 
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year,exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 15% reducing balance 
Motor Vehicles - 25% reducing balance 
Office equipment - 20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


2.

Average number of employees

Average number of employees during the year was 22 (2022 : 15).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 January 2023 522,615    522,615 
Additions 106,879    106,879 
Disposals  
At 31 December 2023 629,494    629,494 
Depreciation
At 01 January 2023 319,723    319,723 
Charge for year 66,075    66,075 
On disposals  
At 31 December 2023 385,798    385,798 
Net book values
Closing balance as at 31 December 2023 243,696    243,696 
Opening balance as at 01 January 2023 202,892    202,892 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 325,369    841,920 
Other Debtors 236,564    364,186 
561,933    1,206,106 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 234,346    462,856 
Bank Loans & Overdrafts 72,763    72,763 
Taxation and Social Security 95,426    90,239 
Other Creditors 183,460    171,531 
585,995    797,389 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 89,449    163,267 
Other Creditors 224,073    197,821 
313,522    361,088 

7.

Capital Redemption Reserve

2023
£
  2022
£
Capital Redemption Reserve b/fwd 100    100 
100    100 

8.

Controlling party

The parent company is Walton Holdings (SW) Limited registered number 13165563.
2