REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Walkerpack Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Walkerpack Limited |
Walkerpack Limited (Registered number: 05649769) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 8 |
Walkerpack Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Walkerpack Limited (Registered number: 05649769) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Walkerpack Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address can be found on the Company Information Page. |
The principal place of business is 133 Liliput Road, Brackmills Industrial Estate, Northampton, Northamptonshire, NN4 7DT. The company does operate from a number of different sites but this is deemed to be the principal place of business. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. |
The financial statements are presented in Sterling (£) and cover the year to the 31st March each year. |
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Walkerpack Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Revenue is recognised on completion of the service or sale of the product in question irrespective of whether a physical invoice has been raised to ensure the sale is matched against the cost incurred and included in the correct period. |
Rents receivable |
Rents receivable is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. Rental income from property leased out under operating leases is recognised in the statement of comprehensive income on a straight-line basis over the term of the lease. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Interest bearing borrowings |
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Leasing commitments |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The company has sublet a proportion of the property, annual rental income totalling £136,400 per annum, the total length of the lease is 9 years and 7 months with a break clause on the 3rd, 5th and 7th anniversaries of the lease date. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
At the balance sheet date Lloyds Bank PLC held a debenture in relation to the companies banking facility by way of a fixed and floating charge. Lloyds Bank Commercial Finance Limited have a charge in relation to the invoice financing agreement by way of a fixed and floating charge. |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
11. | FINANCIAL RISK MANAGEMENT |
The company has some exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below. |
Foreign currency risk |
The company has very limited exposure to foreign currency risks as most of the company's sales and purchases are denominated in sterling. The company manages a Euro (€) account to help mitigate any risk it does experience. |
Credit risk |
The company has limited exposure to credit risks, good trading and a positive balance sheet means that credit is not difficult to come by. The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. The only significant non-derivative financial liabilities remaining at the reporting date are the overdraft on the bank account and factoring facility which the company uses for liquidity management. |
Market risk |
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and acting accordingly. |
The company holds no derivative financial instruments at the year end. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid |
Number: | Class: | Nominal | 2023 | 2022 |
Value: | £ | £ |
200 | Ordinary Shares | £1 | 200 | - |
- | Ordinary A Shares | £1 | - | 60 |
- | Ordinary B Shares | £1 | - | 60 |
- | Ordinary C Shares | £1 | - | 40 |
- | Ordinary D Shares | £1 | - | 40 |
200 | 200 |
During the year all share classes were redesignated as Ordinary Shares. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CAPITAL COMMITMENTS |
There were no capital commitments at the balance sheet date of the 31st March 2024 or the 31st March 2023. |
15. | RELATED PARTY DISCLOSURES |
At the balance sheet date there was an inter-company loan due from Walkerpack Group Limited of £536,230 (2023: £536,230). This is all repayable on demand and disclosed as less than 1 year. |
Walkerpack Limited (Registered number: 05649769) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
16. | ULTIMATE CONTROLLING PARTY |
Walkerpack Group Limited is the ultimate controlling party of Walkerpack Limited. Walkerpack Group Limited is a private company incorporated in England. The company's registered office address is Pacioli House 9 Brookfield, Duncan Close, Northampton, NN3 6WL. |