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Walston Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: 00527298

 

Walston Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Walston Holdings Limited

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,890,149

3,721,961

Investments

5

-

1,211

 

3,890,149

3,723,172

Current assets

 

Stocks

10,515

20,180

Debtors

6

3,367,596

3,295,117

Cash at bank and in hand

 

46,029

414,366

 

3,424,140

3,729,663

Creditors: Amounts falling due within one year

7

(1,810,623)

(1,751,587)

Net current assets

 

1,613,517

1,978,076

Net assets

 

5,503,666

5,701,248

Capital and reserves

 

Called up share capital

8

704

704

Capital redemption reserve

96

96

Revaluation reserve

393,230

393,230

Profit and loss account

5,109,636

5,307,218

Shareholders' funds

 

5,503,666

5,701,248

 

Walston Holdings Limited

Balance Sheet

30 April 2024

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:

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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mr I G Friend
Director

.........................................
Mrs S Friend
Director

 
     

Company Registration Number: 00527298

 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
East Down Barn
East Down
Blandford Forum
Dorset
DT11 9AS

These financial statements were authorised for issue by the Board on 28 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

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 corporation 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.

 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

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

Land and buildings

no depreciation

Motor vehicles

25% reducing balance

Agricultural equipment

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 stocks 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.

 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

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 sufficient 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2023 - 2).

 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

3,690,846

73,425

-

3,764,271

Additions

90,348

-

103,150

193,498

At 30 April 2024

3,781,194

73,425

103,150

3,957,769

Depreciation

At 1 May 2023

40,780

1,530

-

42,310

Charge for the year

-

17,974

7,336

25,310

At 30 April 2024

40,780

19,504

7,336

67,620

Carrying amount

At 30 April 2024

3,740,414

53,921

95,814

3,890,149

At 30 April 2023

3,650,066

71,895

-

3,721,961

5

Investments

2024
£

2023
£

Investments in subsidiaries

-

1,211

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,211

Disposals

(1,211)

At 30 April 2024

-

Provision

Carrying amount

At 30 April 2024

-

At 30 April 2023

1,211

 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

3,760

-

Prepayments

7,623

3,100

Other debtors

87,163

22,967

Amounts owed by parent company

3,269,050

3,269,050

3,367,596

3,295,117

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

17,062

-

Taxation and social security

4,044

-

Other creditors

1,785,192

1,747,467

Accruals and deferred income

4,325

4,120

1,810,623

1,751,587

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

704

704

704

704

       
 

Walston Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr I G Friend

Advances and repayments including interest at HMRC official rate

-

49,880

(7,183)

42,697

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr I G Friend

Advances and repayments including interest at HMRC official rate

-

27,459

(27,459)

-

Summary of transactions with other related parties

Included in other creditors is a loan of £1,785,192 (2023 - £1,740,283) due to a company in which the director is also a director. The loan is interest free and repayable on demand.

Included in debtors is a loan of £3,269,050 (2023 - £3,269,050) due from a parent company. The loan is interest free and repayable on demand.