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Registration number: 06222491

Walsh Project Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Walsh Project Solutions Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

iXBRL Detailed Profit and Loss Account

14

 

Walsh Project Solutions Ltd

Company Information

Director

Mr Sean Walsh

Registered office

69, Broad Way
Upper Heyford
Bicester
Oxon
OX25 5AD

Accountants

Mr Satraj Suman 21 Babors Field
Bilston
Wolverhampton
West Midlands
WV14 9XS

 

Walsh Project Solutions Ltd

Director's Report for the Year Ended 30 April 2024

The director presents his report and the financial statements for the year ended 30 April 2024.

Director of the company

The director who held office during the year was as follows:

Mr Sean Walsh

Principal activity

The principal activity of the company is Other professional, scientific and technical activities

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 6 January 2025
 

.........................................
Mr Sean Walsh
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Walsh Project Solutions Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Walsh Project Solutions Ltd for the year ended 30 April 2024 as set out on pages 4 to 13 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 Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/Professionalism/Ethics/
 

This report is made solely to the Board of Directors of Walsh Project Solutions Ltd, 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 Walsh Project Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Walsh Project Solutions Ltd, 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 Walsh Project Solutions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Walsh Project Solutions Ltd 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 Walsh Project Solutions Ltd. You consider that Walsh Project Solutions 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 accounts of Walsh Project Solutions 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 accounts.

......................................

Mr Satraj Suman
21 Babors Field
Bilston
Wolverhampton
West Midlands
WV14 9XS

6 January 2025

 

Walsh Project Solutions Ltd

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

153,172

159,245

Cost of sales

 

(24,475)

(25,298)

Gross profit

 

128,697

133,947

Administrative expenses

 

(120,527)

(101,556)

Operating profit

 

8,170

32,391

Profit before tax

4

8,170

32,391

Tax on profit

 

(1,587)

(6,364)

Profit for the financial year

 

6,583

26,027

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Walsh Project Solutions Ltd

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Profit for the year

6,583

26,027

Total comprehensive income for the year

6,583

26,027

 

Walsh Project Solutions Ltd

(Registration number: 06222491)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

38,976

39,162

Current assets

 

Debtors

6

4,500

5,491

Cash at bank and in hand

 

25,578

38,934

 

30,078

44,425

Creditors: Amounts falling due within one year

7

(7,959)

(12,485)

Net current assets

 

22,119

31,940

Net assets

 

61,095

71,102

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

60,095

70,102

Shareholders' funds

 

61,095

71,102

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 6 January 2025
 

.........................................
Mr Sean Walsh
Director

 

Walsh Project Solutions Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

1,000

70,102

71,102

Profit for the year

-

6,583

6,583

Dividends

-

(16,590)

(16,590)

At 30 April 2024

1,000

60,095

61,095

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

1,000

75,125

76,125

Profit for the year

-

26,027

26,027

Dividends

-

(31,050)

(31,050)

At 30 April 2023

1,000

70,102

71,102

 

Walsh Project Solutions Ltd

Notes to the Unaudited 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.

The address of its registered office is:
69, Broad Way
Upper Heyford
Bicester
Oxon
OX25 5AD

These financial statements were authorised for issue by the director on 6 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.

Going concern

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.

Tax

The tax expense for the period comprises current 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.

 

Walsh Project Solutions Ltd

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

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

Office Equipment

15% Reducing Balance

Furniture and Fittings

15% Reducing Balance

Tools and Equipment

25% Reducing Balance

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.

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.

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.

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.

 

Walsh Project Solutions Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

5,363

5,396

 

Walsh Project Solutions Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

62,230

12,092

74,322

Additions

-

5,178

5,178

At 30 April 2024

62,230

17,270

79,500

Depreciation

At 1 May 2023

30,329

4,831

35,160

Charge for the year

3,498

1,866

5,364

At 30 April 2024

33,827

6,697

40,524

Carrying amount

At 30 April 2024

28,403

10,573

38,976

At 30 April 2023

31,901

7,261

39,162

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,500

5,491

 

4,500

5,491

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

7,959

12,485

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       
 

Walsh Project Solutions Ltd

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

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £16.5893 (2023 - £31.0498) per each Ordinary Shares

16,589

31,050

 

 

10

Related party transactions

 

Walsh Project Solutions Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

8,784

 

Walsh Project Solutions Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
£

2023
£

Turnover/revenue

153,172

159,245

Rent, rates and services costs

(385)

-

Subcontractor costs

(24,090)

(25,298)

Gross profit

128,697

133,947

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,458)

(1,458)

Operating lease expenditure

(15,322)

(24,071)

Other repairs and maintenance costs

(17,764)

(12,931)

Cleaning costs

(6,490)

-

Depreciation of fixed assets

(5,363)

(5,396)

Vehicle costs

(7,934)

(3,328)

Salaries and fees, directors

(9,096)

(8,784)

Travel and subsistence

(19,613)

(17,782)

Legal and professional costs

(3,793)

-

Bank charges

(227)

(227)

Insurance costs

(12,257)

(7,016)

Telecommunications

(2,087)

(1,886)

Printing, postage and stationery

(16,968)

(15,849)

Charitable donations

-

(2,091)

Subscriptions

(108)

-

Other costs

(2,047)

(737)

Profit on ordinary activities before taxation

8,170

32,391

Tax on profit or loss on ordinary activities

(1,587)

(6,364)

Profit for the financial year

6,583

26,027