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Registration number: 08505242

Walkers Autotech Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Walkers Autotech Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Walkers Autotech Limited

(Registration number: 08505242)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,213

15,140

Current assets

 

Stocks

5

77,613

67,010

Debtors

6

77,626

85,910

Cash at bank and in hand

 

23,624

7,777

 

178,863

160,697

Creditors: Amounts falling due within one year

7

(120,400)

(100,852)

Net current assets

 

58,463

59,845

Total assets less current liabilities

 

71,676

74,985

Creditors: Amounts falling due after more than one year

7

(27,235)

(32,800)

Provisions for liabilities

(3,303)

(2,658)

Net assets

 

41,138

39,527

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

41,038

39,427

Shareholders' funds

 

41,138

39,527

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 24 September 2024
 

 

Walkers Autotech Limited

(Registration number: 08505242)
Statement of Financial Position as at 31 March 2024

.........................................
A J Walker
Director

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Unit 9 Reliance Works, Newpound, Wisborough Green, West Sussex, RH14 0AZ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Leasehold improvements

15% straight line

Fixtures, fittings and equipment

25% reducing balance

Tooling

25% reducing balance

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 inventories 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 4).

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Tooling
£

Cost or valuation

At 1 April 2023

7,528

9,497

59,884

28,289

Additions

-

578

-

2,660

At 31 March 2024

7,528

10,075

59,884

30,949

Depreciation

At 1 April 2023

6,774

7,857

50,936

24,491

Charge for the year

753

554

2,240

1,618

At 31 March 2024

7,527

8,411

53,176

26,109

Carrying amount

At 31 March 2024

1

1,664

6,708

4,840

At 31 March 2023

754

1,640

8,948

3,798

Total
£

Cost or valuation

At 1 April 2023

105,198

Additions

3,238

At 31 March 2024

108,436

Depreciation

At 1 April 2023

90,058

Charge for the year

5,165

At 31 March 2024

95,223

Carrying amount

At 31 March 2024

13,213

At 31 March 2023

15,140

Included within the net book value of land and buildings above is £1 (2023 - £754) in respect of short leasehold land and buildings.
 

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

38,713

35,110

Finished goods and goods for resale

38,900

31,900

77,613

67,010

6

Debtors

2024
£

2023
£

Trade debtors

15,472

25,848

Other debtors

40,968

40,396

Prepayments

8,151

5,350

Accrued income

13,035

14,316

77,626

85,910

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

4,800

6,094

Trade creditors

 

53,667

41,724

Taxation and social security

 

48,344

37,667

Accruals and deferred income

 

13,189

11,127

Other creditors

 

400

4,240

 

120,400

100,852

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

27,235

32,800

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,235

32,034

Hire purchase contracts

-

766

27,235

32,800

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,800

4,682

Hire purchase contracts

-

1,412

4,800

6,094

 

Walkers Autotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

The director had loans during the year, on which interest is charged at the beneficial loan rate, as follows:

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Loans to director

-

572

572

-

-

-

 

-

572

572