Registered number
05300837
Walker Tex Limited
Filleted Accounts
31 March 2024
Walker Tex Limited
Registered number: 05300837
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 45,000 54,000
Tangible assets 4 6,836 8,413
Investments 5 20,000 20,000
71,836 82,413
Current assets
Stocks 19,278 32,950
Debtors 6 69,332 81,005
Cash at bank and in hand 7,110 6,502
95,720 120,457
Creditors: amounts falling due within one year 7 (92,388) (124,815)
Net current assets/(liabilities) 3,332 (4,358)
Total assets less current liabilities 75,168 78,055
Provisions for liabilities (372) (468)
Net assets 74,796 77,587
Capital and reserves
Called up share capital 100 100
Profit and loss account 74,696 77,487
Shareholders' funds 74,796 77,587
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G J Robinson
Director
Approved by the board on 20 November 2024
Walker Tex Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill 10% Straight Line
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 90,000
At 31 March 2024 90,000
Amortisation
At 1 April 2023 36,000
Provided during the year 9,000
At 31 March 2024 45,000
Net book value
At 31 March 2024 45,000
At 31 March 2023 54,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 51,646 8,850 60,496
At 31 March 2024 51,646 8,850 60,496
Depreciation
At 1 April 2023 46,375 5,708 52,083
Charge for the year 791 786 1,577
At 31 March 2024 47,166 6,494 53,660
Net book value
At 31 March 2024 4,480 2,356 6,836
At 31 March 2023 5,271 3,142 8,413
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 20,000
At 31 March 2024 20,000
6 Debtors 2024 2023
£ £
Trade debtors 68,852 80,525
Other debtors 480 480
69,332 81,005
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 60,762 72,553
Taxation and social security costs 14,443 18,268
Other creditors 17,183 33,994
92,388 124,815
8 Related party transactions 2024 2023
Directors Loan Account £ £
The directors are related parties to the company. The following balances were owed by the company to the related parties in loans that are short term, interest free, unsecured and repayable upon demand.
Amount due to the director: 12,500 30,000
9 Controlling party
Mr D S McMaster is the controlling party by virtue of his majority shareholding in the company.
10 Other information
Walker Tex Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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