REGISTERED NUMBER: |
WALTON & WALTON LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
WALTON & WALTON LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
WALTON & WALTON LTD |
COMPANY INFORMATION |
for the year ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
BALANCE SHEET - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Walton & Walton Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements this year, along with the comparatives figures, have not been prepared on a going concern basis but have been prepared in line with the requirements of the Financial Report Standard 102 including the provisions of Section 1A in all other regards. This decision was made in the prior period, since the company ceased to trade following the cancellation of a key contract with a supplier. |
There is an unresolved matter in relation to stock that was due to be returned to the supplier, but was lost in transit by the delivery company. The claim for this matter remains outstanding and uncertain. Due to the uncertainty of the claim, no adjustment has been made in these accounts for the possible insurance proceeds for missing stock. During the financial year, the director engaged in multiple communications with the delivery company, but no resolution was achieved. |
Once resolved the director will seek to clear the remaining liabilities and consider liquidating the company if appropriate, or retain this in a dormant state, pending new opportunities. |
The director has assessed the recoverability of non-current and current assets and is of the opinion the net realisable value would be in excess of the carrying value and as such no impairment has been included in these accounts. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable for goods sold excluding discounts, rebates, value added tax and other sales tax. |
Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Office equipment - 25% on cost |
Computer equipment - 25% on cost |
On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses. |
Financial instruments |
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest rate method. The company does not have any non-basic financial instruments. |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing |
differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating leases |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the income statement in the period to which they relate. |
Stocks |
Stock is purchased on a sale or return basis and goods are invoiced by the supplier on a monthly basis once sold. No stocks were held by the company at the year end. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
WALTON & WALTON LTD (REGISTERED NUMBER: 08170784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Included within bank loans in the prior period was a Coronavirus Bounce Back Loan which attracted interest at a fixed rate of 2.5%. Repayments of capital and interest were being made monthly for a period of 5 years until May 2026 on this unsecured loan. This year, the company repaid the loan in full, therefore no balance was outstanding at the year-end. |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year, £16,194 was advanced to the director and £8,671 was repaid to the company. At the year end, the company was owed £14,185 (2023: £6,662) by the director. Interest was charged on amounts advanced at the official HMRC rate of interest for beneficial loan arrangements. The balance is repayable on demand. |
9. | RELATED PARTY DISCLOSURES |
Included within other debtors is an amount of £5,590 receivable from a related company with a director in common (2023: £5,590). The loan is interest free and repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WALTON & WALTON LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walton & Walton Ltd for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Walton & Walton Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Walton & Walton Ltd and state those matters that we have agreed to state to the director of Walton & Walton Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walton & Walton Ltd and its director for our work or for this report. |
It is your duty to ensure that Walton & Walton Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Walton & Walton Ltd. You consider that Walton & Walton Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Walton & Walton Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtains access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |