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Registered Number: 13179773
England and Wales

 

 

 

WALTON FABRICATIONS 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 3 135,965    136,825 
135,965    136,825 
Current assets      
Stocks 4 7,500    25,155 
Debtors 5 398,263    440,680 
Cash at bank and in hand 81,199    194,221 
486,962    660,056 
Creditors: amount falling due within one year 6 (481,341)   (629,973)
Net current assets 5,621    30,083 
 
Total assets less current liabilities 141,586    166,908 
Creditors: amount falling due after more than one year 7 (58,390)   (40,964)
Net assets 83,196    125,944 
 

Capital and reserves
     
Called up share capital 6    6 
Profit and loss account 83,190    125,938 
Shareholders' funds 83,196    125,944 
 


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 Fabrications Limited is a private company, limited by shares, registered in England and Wales, registration number 13179773, registration address C3 Apollo Court, Neptune Park, Plymouth, PL4 0SJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant 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 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.
The financial statements are prepared in sterling which is the functional currency of the company.
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 fixed 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.

Land and buildings 10%
Plant and machinery etc 15%
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.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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 9 (2022 : 8).
3.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 January 2023 60,161    100,982    161,143 
Additions 21,029      21,029 
Disposals    
At 31 December 2023 81,190    100,982    182,172 
Depreciation
At 01 January 2023 6,782    17,536    24,318 
Charge for year 7,441    14,448    21,889 
On disposals    
At 31 December 2023 14,223    31,984    46,207 
Net book values
Closing balance as at 31 December 2023 66,967    68,998    135,965 
Opening balance as at 01 January 2023 53,379    83,446    136,825 


4.

Stocks

2023
£
  2022
£
Stocks 7,500    25,155 
7,500    25,155 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 223,092    240,940 
Other Debtors 175,171    199,740 
398,263    440,680 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 355,714    493,907 
Taxation and Social Security 16,838    15,401 
Obligations under HP/Financial Leases   17,426 
Other Creditors 108,789    103,239 
481,341    629,973 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Obligations under HP/Financial Leases 58,390    40,964 
58,390    40,964 

8.

Controlling party

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