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Registration number: 11843950

Walkersteel Engineering Services Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Walkersteel Engineering Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Walkersteel Engineering Services Limited

(Registration number: 11843950)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

181,435

279,845

Current assets

 

Stocks

5

581,665

487,262

Debtors

6

1,010,596

594,279

Cash at bank and in hand

 

41,663

27,256

 

1,633,924

1,108,797

Creditors: Amounts falling due within one year

7

(2,007,834)

(1,138,389)

Net current liabilities

 

(373,910)

(29,592)

Total assets less current liabilities

 

(192,475)

250,253

Provisions for liabilities

-

(33,237)

Net (liabilities)/assets

 

(192,475)

217,016

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(192,476)

217,015

Shareholders' (deficit)/funds

 

(192,475)

217,016

These financial statements have been prepared and 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 Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr J K Dodgeon
Director

   
     
 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
Walker House
Bridge Street Industrial Estate
Church
Accrington
Lancashire
BB5 4HU
United Kingdom

These financial statements were authorised for issue by the Board on 27 January 2025.

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 financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The directors, having made reasonable enquiries, considers the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Judgements

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 revision and future periods if the revision affects both and future periods.

In the opinion of the directors there are no critical accounting judgements that require further disclosure.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determination of the recoverability of stock. A specific provision is made against certain stock where in the opinion of the directors the stock will be recovered at less than cost.

- Determination of the recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the debt is not fully recoverable.

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.

Government grants

The company has received a revenue grant in the form of the Job Retention Scheme in respect of furloughed staff. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20-25% straight line

Leasehold improvements

20% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 sufficent 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.

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 33).

4

Tangible assets

Leasehold improvements
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

50,717

48,250

385,676

484,643

Additions

-

-

8,664

8,664

Disposals

-

-

(1,400)

(1,400)

At 30 April 2024

50,717

48,250

392,940

491,907

Depreciation

At 1 May 2023

24,926

1,608

178,264

204,798

Charge for the year

11,804

9,650

84,220

105,674

At 30 April 2024

36,730

11,258

262,484

310,472

Carrying amount

At 30 April 2024

13,987

36,992

130,456

181,435

At 30 April 2023

25,791

46,642

207,412

279,845

Assets held under hire purchase contracts

The net carrying amount of tangible assets includes £nil (2023 - £19,948) in respect of assets held under hire purchase contracts. During the year ended 30 April 2024 an amount of £nil (2023 - £19,704) was charged in respect of depreciation on these assets.

5

Stocks

2024
£

2023
£

Work in progress

31,363

28,041

Other inventories

550,302

459,221

581,665

487,262

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

939,355

523,628

Prepayments

12,729

11,018

Other debtors

58,512

59,633

1,010,596

594,279

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

701,518

449,608

Trade creditors

 

486,065

201,182

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

10

687,818

404,336

Taxation and social security

 

100,222

60,224

Accruals and deferred income

 

32,211

23,039

 

2,007,834

1,138,389

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £701,518 (2023 - £449,608).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

701,518

431,208

Hire purchase contracts

-

18,400

701,518

449,608

10

Related party transactions

Summary of transactions with parent

Walkerbridge Limited - The parent company of Walkersteel Engineering Services Limited.
 Operation of a loan account.
 

Summary of transactions with other related parties

Walkersteel Limited - A fellow subsidiary of Walkerbridge Limited.
 Operation of a loan account with Walkersteel Limited
 

Loans to related parties

2024

Directors
£

Total
£

At start of period

39,645

39,645

Repaid

(1,200)

(1,200)

At end of period

38,445

38,445

2023

Directors
£

Total
£

At start of period

40,845

40,845

Repaid

(1,200)

(1,200)

At end of period

39,645

39,645

 

Walkersteel Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Terms of loans to related parties

No interest is payable on this loan and it is repayable on demand.

 

Loans from related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

45,616

436,037

481,653

Advanced

12,119

347,443

359,562

At end of period

57,735

783,480

841,215

2023

Parent
£

Other related parties
£

Total
£

At start of period

104,871

308,759

413,630

Advanced

-

134,449

134,449

Repaid

(59,255)

(7,171)

(66,426)

At end of period

45,616

436,037

481,653

These loans are interest free and are repayable on demand.

11

Parent and ultimate parent undertaking

Walkerbridge Limited owns 100% of the share capital of Walkersteel Engineering Services Limited.

 The company's immediate parent is Walkerbridge Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Walkerbridge Limited. These financial statements are available upon request from upon request from the company's registered office.

 

12

Audit report

For the year ended 30th April 2024 The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 January 2025 was Neil Howard FCA, who signed for and on behalf of Howard & Co Statutory Auditors.