IRIS Accounts Productionv24.1.9.209443591Board of Directors1.3.2329.2.2429.2.2425.11.2400falsetruefalsefalsetruefalseAuditors OpinionFair value modelOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094435912023-02-28094435912024-02-29094435912023-03-012024-02-29094435912022-02-28094435912022-03-012023-02-28094435912023-02-2809443591ns15:EnglandWales2023-03-012024-02-2909443591ns14:PoundSterling2023-03-012024-02-2909443591ns10:Director12023-03-012024-02-2909443591ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2909443591ns10:SmallEntities2023-03-012024-02-2909443591ns10:Audited2023-03-012024-02-2909443591ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2909443591ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2909443591ns10:FullAccounts2023-03-012024-02-2909443591ns10:OrdinaryShareClass12023-03-012024-02-2909443591ns10:Director22023-03-012024-02-2909443591ns10:CompanySecretary12023-03-012024-02-2909443591ns10:RegisteredOffice2023-03-012024-02-2909443591ns5:CurrentFinancialInstruments2024-02-2909443591ns5:CurrentFinancialInstruments2023-02-2809443591ns5:Non-currentFinancialInstruments2024-02-2909443591ns5:Non-currentFinancialInstruments2023-02-2809443591ns5:ShareCapital2024-02-2909443591ns5:ShareCapital2023-02-2809443591ns5:RevaluationReserve2024-02-2909443591ns5:RevaluationReserve2023-02-2809443591ns5:RetainedEarningsAccumulatedLosses2024-02-2909443591ns5:RetainedEarningsAccumulatedLosses2023-02-2809443591ns10:OrdinaryShareClass12024-02-2909443591ns5:RetainedEarningsAccumulatedLosses2023-02-2809443591ns5:RevaluationReserve2023-02-2809443591ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29

REGISTERED NUMBER: 09443591 (England and Wales)
















Walters Residential Limited

Financial Statements

for the Year Ended 29 February 2024







Walters Residential Limited (Registered number: 09443591)








Contents of the Financial Statements

for the Year Ended 29 February 2024





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





Walters Residential Limited



Company Information

for the Year Ended 29 February 2024









DIRECTORS:

S C Llewellyn


M E R Llewellyn







SECRETARY:

M E R Llewellyn







REGISTERED OFFICE:

Hirwaun House Hirwaun Industrial Estate


Hirwaun


Aberdare


United Kingdom


CF44 9UL







REGISTERED NUMBER:

09443591 (England and Wales)







AUDITORS:

Xeinadin Audit Limited


Chartered Accountants


& Statutory Auditors


Highdale House


7 Centre Court


Treforest Industrial Estate


Pontypridd


Rhondda Cynon Taff


CF37 5YR



Walters Residential Limited (Registered number: 09443591)



Balance Sheet

29 February 2024



29.2.24

28.2.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Investment property

4

1,956,000


2,056,000




CURRENT ASSETS

Debtors

5

1,002


485



Cash at bank

265,825


221,793



266,827


222,278



CREDITORS

Amounts falling due within one year

6

9,231


13,445



NET CURRENT ASSETS

257,596


208,833



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,213,596


2,264,833




CREDITORS

Amounts falling due after more than one year

7

1,702,291


1,597,047



NET ASSETS

511,305


667,786




CAPITAL AND RESERVES

Called up share capital

8

1


1



Revaluation reserve

9

548,696


648,696



Retained earnings

9

(37,392

)

19,089



SHAREHOLDERS' FUNDS

511,305


667,786




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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:






M E R Llewellyn - Director




Walters Residential Limited (Registered number: 09443591)



Notes to the Financial Statements

for the Year Ended 29 February 2024


1.

STATUTORY INFORMATION



Walters Residential Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Consideration from the sale of properties is recognised when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the property and is it probable that future economic benefits will flow to the entity.

Consideration from the rental of properties is recognised in the accounting period in which the rental period occurs.


Investment property


Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.



Taxation

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.


Deferred taxation

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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2023 - NIL).



Walters Residential Limited (Registered number: 09443591)



Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


4.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 March 2023

2,056,000




Revaluations

(100,000

)



At 29 February 2024

1,956,000




NET BOOK VALUE


At 29 February 2024

1,956,000




At 28 February 2023

2,056,000





Fair value at 29 February 2024 is represented by:

£   



Valuation in 2020

247,470




Valuation in 2023

401,226




Valuation in 2024

(100,000

)



Cost

1,407,304



1,956,000





If investment properties had not been revalued they would have been included at the following historical cost:



29.2.24


28.2.23

£   

£   



Cost

1,407,304


1,407,304





Investment properties were valued on an open market basis on 29 February 2024 by the directors .


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



29.2.24


28.2.23

£   

£   



Prepayments and accrued income

1,002


485




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



29.2.24


28.2.23

£   

£   



Amounts owed to group undertakings

2,600


6,912




Accruals and deferred income

6,631


6,533



9,231


13,445




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



29.2.24


28.2.23

£   

£   



Amounts owed to group undertakings

1,702,291


1,597,047




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

29.2.24


28.2.23


value:

£   

£   



1

Ordinary

£1

1


1





Walters Residential Limited (Registered number: 09443591)



Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


9.

RESERVES


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 March 2023

19,089


648,696


667,785




Deficit for the year

(156,481

)

(156,481

)



Transfer

100,000


(100,000

)

-




At 29 February 2024

(37,392

)

548,696


511,304




10.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



Gareth Francis ACA, FCCA (Senior Statutory Auditor)


for and on behalf of Xeinadin Audit Limited


11.

RELATED PARTY DISCLOSURES


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent and wholly owned subsidiaries within the group.


The company purchased services from the following fellow subsidiaries during the year.  The total values of these transactions were as follows:



29.02.24    



28.02.23





Sales


Purchases



Sales


Purchases




Walters Plant Hire Limited



-


3,544



-    


8,075





Balances due at year end:



29.02.24



28.02.23





Debtor


Creditor



Debtor


Creditor




Walters Plant Hire Limited



-


2,600



-


6,912






Interest is charged at a rate of 3.5% above Barclays bank base rates on the intercompany loan included in creditors (2023: 3.5% above Barclays bank base rates). No interest is charged on other related party balances included in the accounts.


12.

ULTIMATE CONTROLLING PARTY


The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is G. Walters (Holdings) Limited. Copies of the G. Walters (Holdings) Limited consolidated financial statements can be obtained from Hirwaun House, Hirwaun Industrial Estate, Hirwaun, Aberdare, Rhondda Cynon Taf, CF44 9UL.