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Registration number: 08988717

Larry Walshe Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Larry Walshe Ltd

Company Information

Director

L Walshe

Registered office

Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Ltd

Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

862,795

31,712

Other financial assets

5

180,414

123,247

 

1,043,209

154,959

Current assets

 

Debtors

6

975,005

261,062

Cash at bank and in hand

 

911,444

1,420,546

 

1,886,449

1,681,608

Creditors: Amounts falling due within one year

7

(1,375,727)

(658,710)

Net current assets

 

510,722

1,022,898

Total assets less current liabilities

 

1,553,931

1,177,857

Creditors: Amounts falling due after more than one year

7

(543,449)

(118,974)

Provisions for liabilities

(20,763)

-

Net assets

 

989,719

1,058,883

Capital and reserves

 

Called up share capital

1

1

Retained earnings

989,718

1,058,882

Shareholders' funds

 

989,719

1,058,883

For the financial year ending 30 September 2023 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Larry Walshe Ltd

Statement of Financial Position as at 30 September 2023

Approved and authorised by the director on 31 January 2025
 

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

L Walshe

Director

Company registration number: 08988717

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

The principal activity of the company is that of the creation of floral designs.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 30 September 2023 and had net assets at that date of £989,719 including cash at bank amounting to £911,444.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

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.

The company recognises revenue from the creation of floral designs once the amount of revenue can be reliably measured, based upon the stage of contractual completion.

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

Computer equipment

3 years straight-line

Furniture and fittings

5 years straight-line

Motor vehicles

4 years straight-line

Plant and machinery

3 years straight-line

Freehold property

50 years straight-line

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.

Dividends on equity securities are recognised in income when receivable.

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.

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 income statement 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.

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.

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.

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 5 (2022 - 4).

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Freehold property
£

Furniture and fittings
 £

Motor vehicles
 £

Computer equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

-

52,628

33,457

25,517

-

111,602

Additions

732,308

38,710

4,400

5,482

99,323

880,223

At 30 September 2023

732,308

91,338

37,857

30,999

99,323

991,825

Depreciation

At 1 October 2022

-

38,481

28,352

13,057

-

79,890

Charge for the year

5,425

9,189

5,881

9,345

19,300

49,140

At 30 September 2023

5,425

47,670

34,233

22,402

19,300

129,030

Carrying amount

At 30 September 2023

726,883

43,668

3,624

8,597

80,023

862,795

At 30 September 2022

-

14,147

5,105

12,460

-

31,712

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Fixed asset investments

Quoted investments
£

Total
£

Fair value

At 1 October 2022

123,247

123,247

Fair value adjustments

60,610

60,610

Additions

2,498

2,498

Disposals

(5,941)

(5,941)

At 30 September 2023

180,414

180,414

Carrying amount

At 30 September 2023

180,414

180,414

At 30 September 2022

123,247

123,247

6

Debtors

2023
£

2022
£

Trade debtors

58,094

67,834

Other debtors

916,911

193,228

975,005

261,062

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

8

97,686

44,615

Trade creditors

 

245,306

153,064

Taxation and social security

 

168,522

205,401

Other creditors

 

864,213

255,630

 

1,375,727

658,710

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

543,449

118,974

 

Larry Walshe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

97,686

44,615

2023
£

2022
£

Non-current loans and borrowings

Bank loans

543,449

118,974

Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company.

An estimated amount of £464,060 of the bank loans is repayable in greater than 5 years.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £184,338 (2022 - £228,005).

10

Transactions with directors

At 30 September 2023 an amount of £62,007 (2022: £50,133) was due from the director. During the year advances of £95,176 and repayments of £84,828 were made. Interest of £1,526 (2022: £954) is payable to the company at 2% and 2.25% p.a. There are no set terms in place.

11

Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions or amounts fully due with companies wholly controlled within the group.

12

Non adjusting events after the financial period

Subsequent to the year end dividends amounting to £75,000 were paid.

13

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Of the amounts standing to the deficit of the profit and loss account an amount of £38,712 (2022 - £166,507) relates to unrealised revaluation losses.