REGISTERED NUMBER: |
Walters Resources Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Walters Resources Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 29 February 2024 |
Walters Resources Limited (Registered number: 01900234) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Walters Resources Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
BANKERS: |
Merthyr Tydfil Branch |
127/128 High Street |
Merthyr Tydfil |
CF47 8DN |
SOLICITORS: |
Two Central Square |
Cardiff |
CF10 1FS |
Walters Resources Limited (Registered number: 01900234) |
Strategic Report |
for the Year Ended 29 February 2024 |
The directors present their strategic report for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company. |
The company has seen its core turnover for demand for machine operators increase by 15% over the levels reported in 2023. This is directly related to the increases in National Construction Projects, and the expectation is demand for this will remain at current levels in the short to medium term. |
Sustainable and Renewable Energy Sector remains a key area of opportunity for the business and the Directors are continually looking for innovative ways to maximise the property portfolio it holds. |
Whilst the business has traded successfully in the year, it has seen a reduction in Gross Margin, despite the increase in turnover. This is down to increased pressures on wages and a reduction in administrative charges that have previously been passed onto customers. |
Income from non-operating areas of the business have and will continue to support the business. |
KEY FINANCIAL HIGHLIGHTS |
The company can again report little to no borrowings, robust reserves and continuing profits for the financial year. The financial position of the company remains strong. |
2024 | 2023 | 2022 | 2021 |
£'000 | £'000 | £'000 | £'000 |
Turnover | 28,231 | 25,705 | 19,071 | 14,023 |
Gross Profit | 557 | 1,611 | 2,048 | 352 |
Profit Before Tax | 1,074 | 2,093 | 2,908 | 892 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As mentioned in last years' report, demand for machine operators has continued to increase, leading to a significantly increased turnover compared to prior years. |
Pressure to maintain and grow the numbers of operators continues to be a challenge, however the company continues its investment in training and retention of staff to reduce this risk. |
The company has seen, due to the reduction in inflation over the last twelve months, less pressure on wage demands in recent months. This will hopefully enable the business to increase its Gross Margin in the near future. |
Concerns regarding new employment legislation continues to raise concerns with the Board, in what is already a challenging market. |
The business currently benefits from a strong order book, it is anticipated that the business will continue to achieve its aims and goals as it trades through the next 12 months. |
The Directors look to the future with confidence as the company continues to seek out new opportunities. |
ON BEHALF OF THE BOARD: |
Walters Resources Limited (Registered number: 01900234) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of labour to other group companies and development of its land holding for energy based uses. |
DIVIDENDS |
No dividends will be distributed for the year ended 29 February 2024. |
FUTURE DEVELOPMENTS |
The directors continue to review the labour requirements of its fellow group companies and in doing so, adjust the company's workforce accordingly. |
The directors continue to look to develop the company's strategic land holdings and the natural resources associated with them. Future opportunities within renewable energy projects continue to be actively pursued, which the directors believe are both financially viable and sustainable in the long term. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of bank balances, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Financial support from parent and other subsidiary undertakings is provided and available to support the financing of the company's operations. |
DIRECTORS LIABILITY INSURANCE |
A liability insurance policy was in force during the financial year for the benefit of the directors of the company. |
EMPLOYMENT POLICY |
The company adopts employment policies best suited to its operations and in accordance with UK legislation. |
The company continues to invest in its employees in both training and personal development of its staff. The aim is to be the destination of choice for employees looking to join the industry. |
Directors and senior management are directly involved in regular management meetings and are therefore informed of the company's activities and development. As a management team they are responsible for the involvement and consultation of their relevant staff. |
The company continues to develop a team of highly skilled and motivated machine operators, who are able to adapt to differing requirements from our customers. |
Walters Resources Limited (Registered number: 01900234) |
Report of the Directors |
for the Year Ended 29 February 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Walters Resources Limited |
Opinion |
We have audited the financial statements of Walters Resources Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Walters Resources Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Walters Resources Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following: |
- The nature of the industry and sector, control environment and business performance; |
- Results of the enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- Any matters we have identified having obtained and reviewed the company's documentation of their |
policies and procedures relating to: |
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instance of noncompliance; |
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected |
or alleged fraud; |
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in |
the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance |
with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of |
material misstatement due to fraud; |
- reviewing correspondence with HMRC; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal |
entries and other adjustments; assessing whether the judgements made in making accounting estimates are |
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are |
unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. |
As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Walters Resources Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
Walters Resources Limited (Registered number: 01900234) |
Statement of Comprehensive |
Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
161,827 | 1,245,543 |
Other operating income |
OPERATING PROFIT | 5 |
Income from participating interests |
Interest receivable and similar income | 6 |
804,969 | 733,354 |
1,074,809 | 2,096,555 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Walters Resources Limited (Registered number: 01900234) |
Statement of Financial Position |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 | 5,100 | 5,100 |
Non distributable reserve | 16 | 457,998 | 457,998 |
Retained earnings | 16 | 12,619,919 | 11,697,676 |
SHAREHOLDERS' FUNDS | 13,083,017 | 12,160,774 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walters Resources Limited (Registered number: 01900234) |
Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up | Non |
share | Retained | distributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | 5,100 | 9,888,445 | 457,998 | 10,351,543 |
Changes in equity |
Total comprehensive income | - | 1,809,231 | - | 1,809,231 |
Balance at 28 February 2023 | 5,100 | 11,697,676 | 457,998 | 12,160,774 |
Changes in equity |
Total comprehensive income | - | 922,243 | - | 922,243 |
Balance at 29 February 2024 | 5,100 | 12,619,919 | 457,998 | 13,083,017 |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Walters Resources Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
Significant judgements and estimates |
In the application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following judgements and estimates that the directors have made in the process of applying the company's accounting policies have the most significant effect on the amounts recognised in the financial statements: |
29.02.24 | 28.02.23 |
£ | £ |
Land remediation accrual | 87,451 | 160,375 |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax. |
Turnover is recognised from other labour and operator charges on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled. Any charges made in arrears or advance are adjusted for in accrued or deferred income as appropriate. |
Turnover from the sale of land stock subject to a contract of sale, is recognised on completion of that contract. |
Rents receivable on investment properties are recognised on a straight-line basis in relation to the period. Incentives given to enter into an operating lease are debited to the profit and loss account on a straight-line basis over the period of the lease. |
Dividend income is recognised when the right to receive payment is established. |
Interest income is recognised using the effective interest rate method. |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is included at fair value. Gains are recognised in the statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Inventories |
Stocks of land purchased for development are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company makes contributions to employees' personal defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account. |
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 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. |
3. | TURNOVER |
All turnover and the profit before taxation for the year are derived from the company's principal activities, entirely within the United Kingdom. |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Administration | 18 | 17 |
Production | 410 | 393 |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
29.2.24 | 28.2.23 |
£ | £ |
Other interest |
Bank interest received |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Other interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 24.49% (2023 - 19%). |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Income not taxable for tax purposes | ( | ) | ( | ) |
Adjustments to tax charge in respect of previous periods | ( | ) | ( | ) |
Remeasurement of deferred tax in respect of changes in tax rates | 6 | - |
Deferred tax not recognised | (304 | ) | 349 |
Total tax charge | 152,050 | 283,998 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
10. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Associated companies |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( | ) | ( | ) |
Loss for the year | ( | ) | ( | ) |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( | ) | ( | ) |
Loss for the year | ( | ) | ( | ) |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( | ) | ( | ) |
Loss for the year | ( | ) | ( | ) |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( | ) |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( | ) | ( | ) |
Loss for the year | ( | ) | ( | ) |
Pennant Walters MYG Limited was incorporated on 30 November 2021. |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2020 | 1,310,102 |
Valuation in 2022 | 294,240 |
1,604,342 |
If investment land had not been revalued it would have been included at the following historical cost: |
29.2.24 | 28.2.23 |
£ | £ |
Cost | 1,146,344 | 1,146,344 |
Investment land was valued on an open market basis on 28 February 2022 by Jones Battye, Chartered Surveyors. . |
All investment property is included at fair value. The majority of which has been valued by an independent valuer in February 2022. |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Stock of development land |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Accrued income |
Prepayments |
Trade debtors are shown net of a bad debt provision of£Nil (2023: £Nil). |
Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 1,729 | 12,714 |
Other creditors | 277,675 | 32,149 |
Accrued expenses and deferred |
income |
Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
5,100 | Ordinary | £1 | 5,100 | 5,100 |
|
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
16. | RESERVES |
Non |
Retained | distributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 11,697,676 | 457,998 | 12,155,674 |
Profit for the year | 922,243 | 922,243 |
At 29 February 2024 | 12,619,919 | 457,998 | 13,077,917 |
|
17. | PENSION COMMITMENTS |
The company contributes to separate individual defined contribution schemes for some employees. The assets of all schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £394,795 (2023: £319,735). Contributions outstanding at the year end were £21,685(2023: £32,149). |
18. | ULTIMATE PARENT COMPANY |
The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in England and Wales. Copies of the group accounts can be obtained from the registered office of Walters Resources Limited. |
19. | GUARANTEES |
At 29 February 2024, the company and its fellow subsidiaries had active contract bonds of £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 Resources Limited and its fellow subsidiary undertakings, Walters UK Limited, Walters Plant Hire Limited , Walters Environmental Limited, G Walters (Leasing) Limited, Walters Land Limited, and Headaway (Europe) Limited. It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited. |
Walters Resources Limited (Registered number: 01900234) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
20. | RELATED PARTY DISCLOSURES |
During the year the company had the following transactions with its parent company, and with its fellow subsidiary and associated undertakings:- |
29.2.24 | 28.2.23 |
£ | £ |
Gorrel Equipment Solutions Limited - sales and recharges | 18,665 | 24,260 |
Walters U.K. Limited - sales and recharges | 103,454 | 97,359 |
Walters Plant Hire Limited - sales and recharges | 27,632,506 | 23,688,110 |
Walters Environmental Limited - sales | 7,466 | 7,121 |
Pennant Walters Holdings Limited - sales | 72,812 | 64,437 |
Pennant Walters (Maesgwyn) Limited - sales | 56,693 | 51,735 |
Pennant Walters (Hirwaun) Limited - sales | 49,152 | 48,174 |
Walters U.K. Limited - purchases | 18,820 | 18,678 |
Walters Plant Hire Limited - purchases and recharges | 143,009 | 125,697 |
Walters Environmental Limited - Purchases | 46,725 | 1,249 |
At the year end, the following amounts were due to the company: |
29.2.24 | 28.2.23 |
£ | £ |
Gorrel Equipment Solutions Limited | 5,608 | 6,926 |
Walters U.K. Limited | 42,213 | 20,343 |
Walters Plant Hire Limited | 2,406,506 | 2,754,397 |
Walters Environmental Limited | 2,243 | 22,121 |
At the year end, the following amounts were owed by the company: |
29.2.24 | 28.2.23 |
£ | £ |
G Walters (Holdings) Limited | 500,000 | 500,000 |
- |
In addition, during the year the company received £450,000 (2023: £601,000) of dividends from Pennant Walters (Holdings) Limited. |
During the year a G. Walters (Consultancy) Limited a company under common control provided services to Walters Resources Limited totalling £100,000 (2023: £100,000). The amount outstanding at the year end was £Nil (2023: £Nil). |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited. |