Company registration number 02744321 (England and Wales)
J. W. Walker Limited
Unaudited financial statements
For the year ended 28 February 2024
J. W. Walker Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
J. W. Walker Limited
Statement of financial position
As at 28 February 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
46,009
55,539
Current assets
Stocks
331,035
405,678
Debtors
5
260,329
187,937
Cash at bank and in hand
546
2,277
591,910
595,892
Creditors: amounts falling due within one year
6
(378,914)
(355,495)
Net current assets
212,996
240,397
Total assets less current liabilities
259,005
295,936
Creditors: amounts falling due after more than one year
7
(208,658)
(269,134)
Provisions for liabilities
(11,200)
(13,500)
Net assets
39,147
13,302
Capital and reserves
Called up share capital
215
215
Share premium account
12,378
12,378
Profit and loss reserves
26,554
709
Total equity
39,147
13,302
J. W. Walker Limited
Statement of financial position (continued)
As at 28 February 2024
28 February 2024
- 2 -
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Mr J W Walker
Mrs A V Walker
Director
Director
Company registration number 02744321 (England and Wales)
J. W. Walker Limited
Notes to the financial statements
For the year ended 28 February 2024
- 3 -
1
Accounting policies
Company information
J. W. Walker Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spencroft Road, Chesterton, Newcastle, Staffordshire, ST5 9QQ.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Patents
Fully amortised
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% per annum on net book value
Fixtures, fittings and equipment
15% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
J. W. Walker Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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, amounts due to related parties 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.
J. W. Walker Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
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.
J. W. Walker Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
13
3
Intangible fixed assets
Patents
£
Cost
At 1 March 2023 and 28 February 2024
10,683
Amortisation and impairment
At 1 March 2023 and 28 February 2024
10,683
Carrying amount
At 28 February 2024
At 28 February 2023
J. W. Walker Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
95,665
354,188
449,853
Depreciation and impairment
At 1 March 2023
87,066
307,248
394,314
Depreciation charged in the year
2,464
7,066
9,530
At 28 February 2024
89,530
314,314
403,844
Carrying amount
At 28 February 2024
6,135
39,874
46,009
At 28 February 2023
8,599
46,940
55,539
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,500
45,000
Other debtors
250,829
142,937
260,329
187,937
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
75,217
80,857
Trade creditors
31,766
51,927
Amounts owed to group undertakings
15,000
Taxation and social security
64,171
24,600
Other creditors
192,760
198,111
378,914
355,495
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
208,658
269,134
J. W. Walker Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 8 -
8
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
2.25
119,348
88,975
3,159
(211,482)
-
119,348
88,975
3,159
(211,482)
-