Walters Environmental Limited 01993246 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is demolition and landscaping services. Digita Accounts Production Advanced 6.30.9574.0 true true true 01993246 2023-03-01 2024-02-29 01993246 2024-02-29 01993246 core:RetainedEarningsAccumulatedLosses 2024-02-29 01993246 core:ShareCapital 2024-02-29 01993246 core:CurrentFinancialInstruments 2024-02-29 01993246 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 01993246 core:FurnitureFittingsToolsEquipment 2024-02-29 01993246 core:OtherPropertyPlantEquipment 2024-02-29 01993246 bus:SmallEntities 2023-03-01 2024-02-29 01993246 bus:Audited 2023-03-01 2024-02-29 01993246 bus:FilletedAccounts 2023-03-01 2024-02-29 01993246 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01993246 bus:RegisteredOffice 2023-03-01 2024-02-29 01993246 bus:CompanySecretary1 2023-03-01 2024-02-29 01993246 bus:Director1 2023-03-01 2024-02-29 01993246 bus:Director3 2023-03-01 2024-02-29 01993246 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01993246 core:FurnitureFittings 2023-03-01 2024-02-29 01993246 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 01993246 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 01993246 core:PlantMachinery 2023-03-01 2024-02-29 01993246 core:AllSubsidiaries 2023-03-01 2024-02-29 01993246 1 2023-03-01 2024-02-29 01993246 countries:EnglandWales 2023-03-01 2024-02-29 01993246 2023-02-28 01993246 core:CostValuation 2023-02-28 01993246 core:FurnitureFittingsToolsEquipment 2023-02-28 01993246 core:OtherPropertyPlantEquipment 2023-02-28 01993246 2022-03-01 2023-02-28 01993246 2023-02-28 01993246 core:RetainedEarningsAccumulatedLosses 2023-02-28 01993246 core:ShareCapital 2023-02-28 01993246 core:CurrentFinancialInstruments 2023-02-28 01993246 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01993246 core:FurnitureFittingsToolsEquipment 2023-02-28 01993246 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 01993246

Walters Environmental Limited

Filleted Financial Statements

for the Year Ended 29 February 2024

 

Walters Environmental Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Walters Environmental Limited

Company Information

Directors

Mr M E R Llewellyn

Mr P H Richards

Company secretary

Mrs S C Llewellyn

Registered office

Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taf
CF44 9UL

Solicitors

Hugh James
Two Central Square
Cardiff
CF10 1FS

Auditors

Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Highdale House
7 Centre Court
Main Avenue
Pontypridd
CF37 5YR

 

Walters Environmental Limited

(Registration number: 01993246)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

219,064

219,150

Investments

6

31,600

31,600

 

250,664

250,750

Current assets

 

Debtors

7

397,633

342,367

Cash at bank and in hand

 

299,183

207,255

 

696,816

549,622

Creditors: Amounts falling due within one year

8

(516,977)

(368,336)

Net current assets

 

179,839

181,286

Total assets less current liabilities

 

430,503

432,036

Provisions for liabilities

(1,504)

(2,045)

Net assets

 

428,999

429,991

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

427,999

428,991

Shareholders' funds

 

428,999

429,991

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 Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr M E R Llewellyn
Director

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taf
CF44 9UL
Wales

These financial statements were authorised for issue by the Board on 25 November 2024.

2

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. The directors have considered the current financial position of the company as well as its financial requirements and activities for the foreseeable future.

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.

The company provides services in relation to salvage, recycling and landscaping. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services provided.

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Tax

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 balance sheet date.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

3

Disclosure under Section 444 (5b) of the Companies Act 2006

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 November 2024 was Gareth Francis ACA FCCA, who signed for and on behalf of Xeinadin Audit Limited.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

7,279

519,816

527,095

Additions

-

67,172

67,172

Disposals

-

(24,308)

(24,308)

At 29 February 2024

7,279

562,680

569,959

Depreciation

At 1 March 2023

6,726

301,219

307,945

Charge for the year

83

61,479

61,562

Eliminated on disposal

-

(18,612)

(18,612)

At 29 February 2024

6,809

344,086

350,895

Carrying amount

At 29 February 2024

470

218,594

219,064

At 28 February 2023

553

218,597

219,150

6

Investments

2024
£

2023
£

Investments in joint ventures

31,600

31,600

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Joint ventures

£

Cost

At 1 March 2023

31,600

Provision

Carrying amount

At 29 February 2024

31,600

At 28 February 2023

31,600

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

150,526

89,883

Amounts owed by related parties

10

118,129

71,123

Prepayments

 

22,863

22,056

Other debtors

 

106,115

159,305

   

397,633

342,367

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

10,889

23,140

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

450,924

263,834

Taxation and social security

 

6,518

9,790

Accruals and deferred income

 

46,853

70,292

Other creditors

 

1,793

1,280

 

516,977

368,336

9

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 £1,891,201 (2023 - £1,891,201). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G. Walters (Holdings) Limited, the parent undertaking, Walters Environmental Limited and its fellow subsidiary undertakings: G Walters (Leasing) Limited, Walters UK Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Land Limited and Headaway (Europe) Limited. The indemnity was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Walters Land (Rogerstone) Limited and Ffos Las Limited.

 

Walters Environmental Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Summary of transactions with subsidiaries

The company both sold to and purchased services from various fellow subsidiaries during the year. Exemption from disclosure of transactions with fellow subsidiaries wholly owned by the group has been taken.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is G. Walters (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is G. Walters (Holdings) Limited. These financial statements are available upon request from the registered office of Walters Environmental Limited.