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Registered Number: 00560464
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 29 February 2024

for

A.D. WALTER LIMITED

Directors Simon Walter
Jennifer Walter
Andrea Walter
Registered Number 00560464
Registered Office Osier Dell
Manor Road
Hayling Island
Hampshire
PO11 0QW
Accountants Pink Mango Accountants Ltd
Coltsfoot
Farm Lane
Chichester
West Sussex
PO18 8SA
Secretary Andrea Walter
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 29 February 2024.
Principal activities
The company's principal activity during the year was that of arable farming.
Directors
The directors who served the company throughout the year were as follows:
Simon Walter
Jennifer Walter
Andrea Walter
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report 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 (Financial Reporting Standard 102). 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 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 judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Jennifer Walter
Director

Date approved: 30 November 2024
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of A.D. Walter Limited for the year ended 29 February 2024.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A.D. Walter Limited for the year ended 29 February 2024 which comprise the Profit and Loss Account, the 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of A.D. Walter Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of A.D. Walter Limited and state those matters that we have agreed to state to the Board of Directors of A.D. Walter Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.D. Walter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A.D. Walter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A.D. Walter Limited . You consider that A.D. Walter Limited 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 accounts of A.D. Walter Limited. 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 accounts.



....................................................
Pink Mango Accountants Ltd
Coltsfoot
Farm Lane
Chichester
West Sussex
PO18 8SA
30 November 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,171,005    1,157,950 
Investments 4 16,770    27,071 
1,187,775    1,185,021 
Current assets      
Stocks 5 325,092    262,420 
Debtors 6 377,811    470,799 
Cash at bank and in hand 152,944    121,797 
855,847    855,016 
Creditors: amount falling due within one year 7 (1,157,833)   (1,203,651)
Net current assets (301,986)   (348,635)
 
Total assets less current liabilities 885,789    836,386 
Creditors: amount falling due after more than one year 8 (127,250)   (164,234)
Provisions for liabilities 9 (108,762)   (88,298)
Net assets 649,777    583,854 
 

Capital and reserves
     
Called up share capital 25,000    25,000 
Profit and loss account 624,777    558,854 
Shareholders' funds 649,777    583,854 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 November 2024 and were signed on its behalf by:


-------------------------------
Jennifer Walter
Director
4
General Information
A.D. Walter Limited is a private company, limited by shares, registered in England and Wales, registration number 00560464, registration address Osier Dell, Manor Road, Hayling Island, Hampshire, PO11 0QW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.

The financial statements are presented in pounds sterling and all values are rounded to the nearest pound £ except where otherwise indicated.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

  • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Freehold property and property improvements 4 - 10% Reducing Balance
Plant and equipment 5 - 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account.
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Freehold property and property improvements   Plant and equipment   Total
  £   £   £
At 01 March 2023 786,237    981,948    1,768,185 
Additions 19,455    79,135    98,590 
Disposals   (2,750)   (2,750)
At 29 February 2024 805,692    1,058,333    1,864,025 
Depreciation
At 01 March 2023 225,944    381,555    607,499 
Charge for year 12,271    73,250    85,521 
On disposals    
At 29 February 2024 238,215    454,805    693,020 
Net book values
Closing balance as at 29 February 2024 567,477    603,528    1,171,005 
Opening balance as at 01 March 2023 560,293    597,657    1,157,950 

The net book value of Freehold property and property improvements, Plant and equipment includes £ 232,513 (2023 £258,348) in respect of assets leased under finance leases or hire purchase contracts.
Freehold property and property improvements includes freehold land at cost £374,800 (2023: £374,800) which is not depreciated.

4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2023 27,071    27,071 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations (10,301)   (10,301)
At 29 February 2024 16,770    16,770 

5.

Stocks

2024
£
  2023
£
Stocks 325,092    262,420 
325,092    262,420 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 97,932    18,969 
Other Debtors 279,879    447,920 
VAT   3,910 
377,811    470,799 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 49,375    35,033 
Bank Loans & Overdrafts 9,975    9,546 
Corporation Tax 1,508   
PAYE & Social Security 1,139    672 
Accrued Expenses & deferred income 32,746    57,978 
Other Creditors 12,992    5,281 
Obligations under HP/Financial Leases 27,011    27,921 
Wages & Salaries Control Account 2,820    2,759 
Directors' Current Accounts 1,013,177    1,064,461 
VAT 7,090   
1,157,833    1,203,651 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 21,549    31,522 
Other Creditors 14,400    14,400 
Obligations Under HP/Financial Leases 91,301    118,312 
127,250    164,234 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 108,762    88,298 
108,762    88,298 

5