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REGISTERED NUMBER: 01083502 (England and Wales)















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: Mrs I T Walker





Registered office: Unit 3
RBF Business Park
Hassall Road
Skegness
Lincolnshire
PE25 3DX





Registered number: 01083502 (England and Wales)





Accountants: Haines Watts
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 4 301,636 301,935
Investment property 5 230,000 230,000
531,636 531,935

Current assets
Stocks 7,543 12,167
Debtors 6 926 956
Cash in hand 7,840 8,159
16,309 21,282
Creditors
Amounts falling due within one year 7 156,411 132,341
Net current liabilities (140,102 ) (111,059 )
Total assets less current liabilities 391,534 420,876

Provisions for liabilities 311 368
Net assets 391,223 420,508

Capital and reserves
Called up share capital 8 45,000 45,000
Revaluation reserve 9 216,429 216,429
Retained earnings 9 129,794 159,079
Shareholders' funds 391,223 420,508

GEORGE F. WALKER & SONS (SKEGNESS)
LIMITED (REGISTERED NUMBER: 01083502)

Statement of Financial Position - continued
27 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 October 2024 and were signed by:





Mrs I T Walker - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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 5 (2023 - 5 ) .

4. Tangible fixed assets
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost or valuation
At 28 January 2023
and 27 January 2024 300,000 36,559 11,953 348,512
Depreciation
At 28 January 2023 - 34,786 11,791 46,577
Charge for year - 266 33 299
At 27 January 2024 - 35,052 11,824 46,876
Net book value
At 27 January 2024 300,000 1,507 129 301,636
At 27 January 2023 300,000 1,773 162 301,935

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 230,000
Net book value
At 27 January 2024 230,000
At 27 January 2023 230,000

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 47 -
Prepayments 879 956
926 956

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 16,552 8,010
Trade creditors 3,000 1,676
Social security and other taxes 1,258 224
VAT - 833
Other creditors 1,150 1,278
Directors' current accounts 134,451 120,320
156,411 132,341

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: £ £
5,000 Ordinary shares £1 5,000 5,000
40,000 Preference shares £1 40,000 40,000
45,000 45,000

9. Reserves
Retained Revaluation
earnings reserve Totals
£ £ £

At 28 January 2023 159,079 216,429 375,508
Deficit for the year (29,285 ) (29,285 )
At 27 January 2024 129,794 216,429 346,223

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