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Registration number: 01200582

Malcolm Walker Developments (Leicester) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Malcolm Walker Developments (Leicester) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Malcolm Walker Developments (Leicester) Limited

Company Information

Directors

M. Walker

C. L. Walker

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Malcolm Walker Developments (Leicester) Limited

(Registration number: 01200582)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,374

3,623

Investment property

5

2,492,665

2,492,665

Investments

6

2

2

 

2,494,041

2,496,290

Current assets

 

Stocks

7

75,000

75,000

Debtors

8

23,160

11,123

Cash at bank and in hand

 

128,675

45,519

 

226,835

131,642

Creditors: Amounts falling due within one year

9

(339,142)

(274,789)

Net current liabilities

 

(112,307)

(143,147)

Total assets less current liabilities

 

2,381,734

2,353,143

Creditors: Amounts falling due after more than one year

9

(101,428)

(152,152)

Provisions for liabilities

(178,485)

(179,048)

Net assets

 

2,101,821

2,021,943

Capital and reserves

 

Called up share capital

10

5,000

5,000

Revaluation reserve

1,176,893

1,176,893

Retained earnings

919,928

840,050

Shareholders' funds

 

2,101,821

2,021,943

 

Malcolm Walker Developments (Leicester) Limited

(Registration number: 01200582)
Balance Sheet as at 31 March 2024

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 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
C. L. Walker
Director

 

Malcolm Walker Developments (Leicester) 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:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 27 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Malcolm Walker Developments (Leicester) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

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 balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% straight line

Plant and machinery

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Malcolm Walker Developments (Leicester) Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Malcolm Walker Developments (Leicester) Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

6,018

87,834

93,852

Disposals

-

(2,700)

(2,700)

At 31 March 2024

6,018

85,134

91,152

Depreciation

At 1 April 2023

5,224

85,005

90,229

Charge for the year

502

1,747

2,249

Eliminated on disposal

-

(2,700)

(2,700)

At 31 March 2024

5,726

84,052

89,778

Carrying amount

At 31 March 2024

292

1,082

1,374

At 31 March 2023

794

2,829

3,623

 

Malcolm Walker Developments (Leicester) Limited

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

5

Investment properties

2024
£

At 1 April 2023

2,492,665

At 31 March 2024

2,492,665

The property units at Illuma Road, Shepshed were valued by a firm of Chartered Surveyors in June 2016 with subsequent additions at cost.

The property units at Marlow Road, Leicester were valued by the directors in March 2017.

The land at Gelders Hall Road, Shepshed, bought during the year ended 31 March 2017, is included at cost.

The directors have confirmed that these values were still valid as at 31 March 2024.

6

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 April 2023

2

At 31 March 2024

2

Carrying amount

At 31 March 2024

2

At 31 March 2023

2

7

Stocks

2024
£

2023
£

Work in progress

75,000

75,000

 

Malcolm Walker Developments (Leicester) Limited

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

8

Debtors

Current

2024
£

2023
£

Prepayments

13,737

8,501

Other debtors

9,423

2,622

 

23,160

11,123

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

50,724

50,724

Trade creditors

9,501

5,128

Amounts owed to group undertakings

165,398

114,798

Taxation and social security

26,694

19,234

Accruals and deferred income

2,600

6,851

Other creditors

84,225

78,054

339,142

274,789


Creditors include a bank loan which is secured of £50,724 (2023 - £50,724).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

101,428

152,152


Creditors include a bank loan which is secured of £101,428 (2023 - £152,152).

 

Malcolm Walker Developments (Leicester) Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

         

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

101,428

152,152

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,724

50,724