Company Registration No. 14670574 (England and Wales)
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
80 Compair Crescent
Ipswich
Suffolk
UK
IP2 0EH
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
4
4
Investment property
5
4,770,000
4,770,004
Current assets
Debtors
6
61,689
Cash at bank and in hand
167,381
229,070
Creditors: amounts falling due within one year
7
(10,621)
Net current assets
218,449
Total assets less current liabilities
4,988,453
Creditors: amounts falling due after more than one year
8
(2,202,820)
Net assets
2,785,633
Capital and reserves
Called up share capital
2,800,666
Profit and loss reserves
(15,033)
Total equity
2,785,633

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr M Walker
Director
Company registration number 14670574 (England and Wales)
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Walker Property Management (Norfolk) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Compair Crescent, Ipswich, Suffolk, UK, IP2 0EH.

1.1
Reporting period

The financial statements have ben prepared for an accounting period not equal to 12 months due to this being the year of incorporation.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet 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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for letting and operating of properties held by the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
2
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 17 February 2023
-
0
Additions
5
At 31 March 2024
5
Amortisation and impairment
At 17 February 2023
-
0
Amortisation charged for the period
1
At 31 March 2024
1
Carrying amount
At 31 March 2024
4
5
Investment property
2024
£
Fair value
At 17 February 2023
-
0
Additions
5,015,000
Disposals
(245,000)
At 31 March 2024
4,770,000

Investment property comprises 22 properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
Amounts falling due within one year:
£
Other debtors
61,689
7
Creditors: amounts falling due within one year
2024
£
Taxation and social security
8,871
Other creditors
1,750
10,621
WALKER PROPERTY MANAGEMENT (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
8
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
2,202,820
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Transactions with Directors
2.25
-
57,217
644
57,861
-
57,217
644
57,861
2024-03-312023-02-17false14 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M WalkerMrs M Walkerfalsefalse146705742023-02-172024-03-31146705742024-03-3114670574core:NetGoodwill2024-03-3114670574core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3114670574core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3114670574core:CurrentFinancialInstruments2024-03-3114670574core:ShareCapital2024-03-3114670574core:RetainedEarningsAccumulatedLosses2024-03-3114670574bus:Director12023-02-172024-03-3114670574core:Goodwill2023-02-172024-03-3114670574core:NetGoodwill2023-02-1614670574core:NetGoodwill2023-02-172024-03-31146705742023-02-1614670574core:WithinOneYear2024-03-3114670574core:Non-currentFinancialInstruments2024-03-3114670574bus:PrivateLimitedCompanyLtd2023-02-172024-03-3114670574bus:SmallCompaniesRegimeForAccounts2023-02-172024-03-3114670574bus:FRS1022023-02-172024-03-3114670574bus:AuditExemptWithAccountantsReport2023-02-172024-03-3114670574bus:Director22023-02-172024-03-3114670574bus:FullAccounts2023-02-172024-03-31xbrli:purexbrli:sharesiso4217:GBP