Registration number:
Walters Land Limited
for the Year Ended 29 February 2024
Walters Land Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Walters Land Limited
Company Information
Directors |
Mr M E R Llewellyn Mrs S C Llewellyn |
Company secretary |
Mr M E R Llewellyn |
Registered office |
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Solicitors |
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Auditors |
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Walters Land Limited
(Registration number: 04583843)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
(688,769) |
(688,769) |
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Retained earnings |
50,578,458 |
48,424,410 |
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Shareholders' funds |
49,889,789 |
47,735,741 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised by the
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Walters Land Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 March 2023 |
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( |
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Profit for the year |
- |
- |
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At 29 February 2024 |
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( |
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 March 2022 |
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( |
|
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Profit for the year |
- |
- |
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At 28 February 2023 |
100 |
(688,769) |
48,424,410 |
47,735,741 |
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Income from the sale of land and property which is subject to a contract of sale is recognised on completion of that contract. Turnover in respect of service contracts is recognised as the company obtains the right to consideration.
Rents receivable on investment properties are recognised on a straight line basis in relation to the period.
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Assets under construction |
not provided |
Furniture and fittings |
10% straight line |
Freehold land |
not provided |
Freehold property |
2% straight line |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Disclosure under Section 444 (5b) of the Companies Act 2006 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Total |
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Cost or valuation |
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At 1 March 2023 |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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- |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Included within the net book value of land and buildings above is £2,400,270 (2023 - £2,436,186) in respect of freehold land and buildings.
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Investment properties |
2024 |
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At 1 March 2023 |
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Disposals |
( |
At 29 February 2024 |
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Investment properties are held at fair value. They were valued by external valuers Jones Battye as at 28th February 2022 using a market value basis. The directors consider the fair value to be the same at 29th February 2024.
Stocks |
2024 |
2023 |
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Work in progress |
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Other inventories |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Less non-current portion |
( |
( |
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Details of non-current trade and other debtors
£5,620,106 (2023 -£4,780,331) of Other debtors is classified as non current.
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Walters Land Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Related party transactions |
Summary of transactions with other related parties
Walters Land Limited operates rent free from premises owned by fellow subsidiary Walters Plant Hire Limited.
Regarding fellow subsidiaries not wholly owned, and associates to the group:
Income and receivables from related parties
2024 |
Other related parties |
Receipt of services |
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2023 |
Other related parties |
Receipt of services |
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Expenditure with and payables to related parties
2024 |
Other related parties |
Purchase of goods |
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2023 |
Other related parties |
Purchase of goods |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is