REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 27 January 2024 |
for |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 27 January 2024 |
for |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Contents of the Financial Statements |
for the year ended 27 January 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED |
Company Information |
for the year ended 27 January 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
23 Algitha Road |
Skegness |
United Kingdom |
PE25 2AG |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Statement of Financial Position |
27 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Revaluation reserve | 9 |
Retained earnings | 9 |
Shareholders' funds |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Statement of Financial Position - continued |
27 January 2024 |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Notes to the Financial Statements |
for the year ended 27 January 2024 |
1. | Statutory information |
George F. Walker & Sons (Skegness) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
At the financial year end the company had net current liabilities of £139,806 (2023 £111,059). |
The largest creditor is the Director who has committed to continue to support the business and therefore believe it is correct to prepare these financial statements on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
The directors consider that the valuation of the freehold property still reflects the current market value and therefore no depreciation has been applied. |
An amount equal to the excess on the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve. |
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Notes to the Financial Statements - continued |
for the year ended 27 January 2024 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 28 January 2023 |
and 27 January 2024 |
Depreciation |
At 28 January 2023 |
Charge for year |
At 27 January 2024 |
Net book value |
At 27 January 2024 |
At 27 January 2023 |
Cost or valuation at 27 January 2024 is represented by: |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2014 | 108,419 | - | - | 108,419 |
Cost | 191,581 | 36,559 | 11,953 | 240,093 |
300,000 | 36,559 | 11,953 | 348,512 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 191,581 | 191,581 |
Freehold property was valued on an open market value basis on 22 January 2014 by Turner Evans and Stevens valuers . |
The directors consider that the valuation of the freehold property still reflects the current market value. |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Notes to the Financial Statements - continued |
for the year ended 27 January 2024 |
5. | Investment property |
Total |
£ |
Fair value |
At 28 January 2023 |
and 27 January 2024 |
Net book value |
At 27 January 2024 |
At 27 January 2023 |
Fair value at 27 January 2024 is represented by: |
£ |
Valuation in 2014 | 108,010 |
Valuation in 2022 | 20,000 |
Cost | 101,990 |
230,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 101,990 | 101,990 |
The investment property was valued on an open market value basis on 27 January 2023 by by the director . |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
VAT |
Prepayments |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT |
Other creditors |
Directors' current accounts |
GEORGE F. WALKER & SONS (SKEGNESS) |
LIMITED (REGISTERED NUMBER: 01083502) |
Notes to the Financial Statements - continued |
for the year ended 27 January 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 5,000 | 5,000 |
Preference shares | £1 | 40,000 | 40,000 |
45,000 | 45,000 |
9. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 28 January 2023 | 375,508 |
Deficit for the year | ( |
) | ( |
) |
At 27 January 2024 | 346,223 |
10. | Related party disclosures |
Mrs I T Walker |
Director |
2024 | 2023 |
£ | £ |
Amount due to related party at the balance sheet date | 134,452 | 120,320 |