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Company No: 04426576 (England and Wales)

R WALSH DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

R WALSH DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

R WALSH DEVELOPMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
R WALSH DEVELOPMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Richard Joseph Walsh
Zoe Carenza Walsh
SECRETARY Zoe Carenza Walsh
REGISTERED OFFICE 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ
United Kingdom
BUSINESS ADDRESS Field View
88 Mareham Lane
Sleaford
Lincolnshire
NG34 7FT
COMPANY NUMBER 04426576 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ
R WALSH DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
R WALSH DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 43,325 16,245
43,325 16,245
Current assets
Stocks 102,311 369,227
Debtors 4 58,529 152,660
Cash at bank and in hand 441,855 95,226
602,695 617,113
Creditors: amounts falling due within one year 5 ( 74,574) ( 169,382)
Net current assets 528,121 447,731
Total assets less current liabilities 571,446 463,976
Provision for liabilities ( 10,831) ( 3,067)
Net assets 560,615 460,909
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 560,515 460,809
Total shareholders' funds 560,615 460,909

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of R Walsh Developments Limited (registered number: 04426576) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Richard Joseph Walsh
Director
R WALSH DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
R WALSH DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R Walsh Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 18 Northgate, Sleaford, Lincolnshire, NG34 7BJ, United Kingdom. The principal place of business is Field View, 88 Mareham Lane, Sleaford, Lincolnshire, NG34 7FT.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on the sale of land and houses when the risks and rewards of the underlying sale have been substantially transferred to the customer, which is upon the exchange of contracts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance
Leases

The Company as lessee
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items. Work in progress includes the cost of materials and labour to date, and a fair level of profit on long term contracts recognised.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 43,706 43,706
Additions 40,960 40,960
Disposals ( 21,411) ( 21,411)
At 30 April 2024 63,255 63,255
Accumulated depreciation
At 01 May 2023 27,461 27,461
Charge for the financial year 7,105 7,105
Disposals ( 14,636) ( 14,636)
At 30 April 2024 19,930 19,930
Net book value
At 30 April 2024 43,325 43,325
At 30 April 2023 16,245 16,245

4. Debtors

2024 2023
£ £
Trade debtors 0 65,590
Other debtors 58,529 87,070
58,529 152,660

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 143,222
Trade creditors 12,776 9,389
Taxation and social security 57,977 11,960
Obligations under finance leases and hire purchase contracts 0 1,897
Other creditors 3,821 2,914
74,574 169,382

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance outstanding at start of year 83,868 (101,271)
Amounts advanced 76,681 209,581
Amounts repaid (105,332) (24,442)
Balance outstanding at end of year 55,217 83,868

Interest on overdrawn director's loan account is charged in the accounts at the official rate. The loan to the director is unsecured and repayable on demand.