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COMPANY REGISTRATION NUMBER: 1443891
WALKERS THE BUILDERS MERCHANT LIMITED
FILLETED FINANCIAL STATEMENTS
29 February 2024
WALKERS THE BUILDERS MERCHANT LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,394,644
2,408,924
Current assets
Stocks
563,402
787,076
Debtors
6
340,179
427,287
Cash at bank and in hand
6,343
4,174
---------
------------
909,924
1,218,537
Creditors: amounts falling due within one year
7
805,612
806,745
---------
------------
Net current assets
104,312
411,792
------------
------------
Total assets less current liabilities
2,498,956
2,820,716
Creditors: amounts falling due after more than one year
8
544,417
661,710
Provisions
Taxation including deferred tax
66,387
69,839
------------
------------
Net assets
1,888,152
2,089,167
------------
------------
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
1,838,152
2,039,167
------------
------------
Shareholders funds
1,888,152
2,089,167
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr A Walker
Director
Company registration number: 1443891
WALKERS THE BUILDERS MERCHANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is River View House, Cray Avenue, Orpington, Kent, BR5 3RU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; that of a builders merchants.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Freehold Land is not depreciated .
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 29 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
2,125,674
470,108
65,220
2,661,002
Additions
69,583
69,583
------------
---------
--------
------------
At 29 February 2024
2,125,674
539,691
65,220
2,730,585
------------
---------
--------
------------
Depreciation
At 1 March 2023
231,706
20,372
252,078
Charge for the year
72,651
11,212
83,863
------------
---------
--------
------------
At 29 February 2024
304,357
31,584
335,941
------------
---------
--------
------------
Carrying amount
At 29 February 2024
2,125,674
235,334
33,636
2,394,644
------------
---------
--------
------------
At 28 February 2023
2,125,674
238,402
44,848
2,408,924
------------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 29 February 2024
187,333
33,636
220,969
---------
--------
---------
At 28 February 2023
174,394
44,848
219,242
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
241,689
294,837
Other debtors
98,490
132,450
---------
---------
340,179
427,287
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
171,727
169,308
Trade creditors
424,306
340,760
Corporation tax
41,478
105,355
Social security and other taxes
68,833
92,984
Other creditors
99,268
98,338
---------
---------
805,612
806,745
---------
---------
The bank loan's are secured by a legal charge on the land and buildings held by the company .
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
277,297
370,635
Other creditors
197,761
197,761
Other creditors
69,359
93,314
---------
---------
544,417
661,710
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
122,906
161,786
Later than 1 year and not later than 5 years
142,849
---------
---------
122,906
304,635
---------
---------
10. Summary audit opinion
The auditor's report dated 21 October 2024 was unqualified .
The senior statutory auditor was Philip Benson Woodman FCCA , for and on behalf of Opass Billings Wilson & Honey LLP .
11. Directors' advances, credits and guarantees
During the year, the company made interest-free advances to a director amounting to £56,927 (2023: £215). The loan was made interest free and is repayable on demand. The loan was repaid within 9 months of the year end.
12. Related party transactions
At the year end the compamy was owed £25,000 from The Builder's Bun Limited, the loan was made interest free and is repayable on demand. The two companies are related as they are under the common control of the same director's.