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REGISTERED NUMBER: 00764785 (England and Wales)










Walcon Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






Walcon Limited (Registered number: 00764785)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Walcon Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: J H Walters





SECRETARY: J H Walters





REGISTERED OFFICE: Cockerell Close
Segensworth West
Fareham
Hants
PO15 5SR





REGISTERED NUMBER: 00764785 (England and Wales)

Walcon Limited (Registered number: 00764785)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 497,471 543,600
Investments 5 10,003 10,003
Investment property 6 4,565,454 4,300,000
5,072,928 4,853,603

CURRENT ASSETS
Debtors 7 457,923 419,988
Cash at bank 56,769 35,961
514,692 455,949
CREDITORS
Amounts falling due within one year 8 (361,158 ) (135,852 )
NET CURRENT ASSETS 153,534 320,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,226,462

5,173,700

CREDITORS
Amounts falling due after more than one year 9 (17,831 ) (71,482 )

PROVISIONS FOR LIABILITIES 11 (303,079 ) (303,079 )
NET ASSETS 4,905,552 4,799,139

CAPITAL AND RESERVES
Called up share capital 12 100,000 100,000
Revaluation reserve 1,748,538 1,748,538
Retained earnings 3,057,014 2,950,601
SHAREHOLDERS' FUNDS 4,905,552 4,799,139

Walcon Limited (Registered number: 00764785)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The 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.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:





J H Walters - Director


Walcon Limited (Registered number: 00764785)

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

1. STATUTORY INFORMATION

Walcon Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is exempt from the requirement to prepare consolidated accounts based on meeting the conditions of section 399(2A) and section 399 (2B) of the Companies Act of 2006.

REVENUE
Turnover represents the rent charged to fellow group companies and external third parties excluding Value Added Tax. Turnover is recognised in the period it relates to.

TANGIBLE FIXED ASSETS
Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets evenly over their expected useful lives. It is calculated at the following rates:

Short leasehold improvements - over the remaining period of the lease
Plant and machinery - over 25 years

INVESTMENT PROPERTY
The company rents property to a group company. This property is recognised in the accounts as an Investment Property. Investment property is carried at fair value determined annually by external valuers and / or directors derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

Walcon Limited (Registered number: 00764785)

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

2. ACCOUNTING POLICIES - continued

CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The company only enters into basic financial instruments 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 and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Current and deferred 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 income 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:
o 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
o 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Walcon Limited (Registered number: 00764785)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 34,731 1,133,913 1,168,644
DEPRECIATION
At 1 May 2023 26,245 598,799 625,044
Charge for year 772 45,357 46,129
At 30 April 2024 27,017 644,156 671,173
NET BOOK VALUE
At 30 April 2024 7,714 489,757 497,471
At 30 April 2023 8,486 535,114 543,600

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 May 2023
and 30 April 2024 10,003
NET BOOK VALUE
At 30 April 2024 10,003
At 30 April 2023 10,003

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Walcon Marine Limited
Registered office: Cockerell Close, Segensworth West, Fareham, Hants, PO15 5SR
Nature of business: Design, construction and installation of marinas
%
Class of shares: holding
Ordinary 100.00

Walcon Construction limited
Registered office: Cockerell Close,Segensworth West, Fareham,Hants,PO15 5SR
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Walcon Limited (Registered number: 00764785)

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

6. INVESTMENT PROPERTY



Freehold
investment
property
£   
Valuation
At 1st May 20234,300,000
Addition265,454
At 30 April 20244,565,454

The company's investment properties were subject to a valuation on the basis of an open market for existing use on 19th April 2023 by Vail Williams, Chartered Surveyors.

The directors have reviewed the fair value of these properties since the last valuation was carried out, and conclude there has been no material change in value.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
20242023
£   £   
Historic cost 2,390,962 2,390,962



7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 6,022
Amounts owed by group undertakings 457,923 413,966
457,923 419,988

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 56,606 56,628
Trade creditors 232,014 -
Corporation tax 49,844 34,970
Accruals and deferred income 22,694 44,254
361,158 135,852

The bank loan is secured by a first legal charge over the freehold, leasehold and investment properties together with a debenture over the assets of the company.

There is also a cross guarantee in place between Walcon Marine Limited and Walcon Limited in respect of group bank overdrafts and loans.

Walcon Limited (Registered number: 00764785)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 17,831 71,482

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 56,606 56,628

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,831 71,482

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 303,079 303,079

Deferred
tax
£   
Balance at 1 May 2023 303,079
Balance at 30 April 2024 303,079

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000