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Registration number: 01619932

Walkpad Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Walkpad Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Walkpad Limited

Company Information

Director

Mr Richard C Woolstencroft

Registered office

Wards End Farm
Glazebury
Warrington
Cheshire
WA3 5NZ

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Walkpad Limited

(Registration number: 01619932)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

78,081

70,067

Current assets

 

Stocks

5

937

-

Debtors

6

68,789

23,485

Cash at bank and in hand

 

163,421

137,144

 

233,147

160,629

Creditors: Amounts falling due within one year

7

(92,584)

(46,075)

Net current assets

 

140,563

114,554

Total assets less current liabilities

 

218,644

184,621

Creditors: Amounts falling due after more than one year

7

(23,328)

(42,431)

Provisions for liabilities

(14,835)

(13,313)

Net assets

 

180,481

128,877

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

180,381

128,777

Shareholders' funds

 

180,481

128,877

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Walkpad Limited

(Registration number: 01619932)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 9 January 2025
 

.........................................
Mr Richard C Woolstencroft
Director

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.

 

Walkpad Limited

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:
Wards End Farm
Glazebury
Warrington
Cheshire
WA3 5NZ
England

These financial statements were authorised for issue by the director on 9 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

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants relating to thesupport provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

Tax

The tax expense for the period comprises current and deferred 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.

 

Walkpad Limited

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

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.

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

5% straight line

Fixtures and fittings

10% straight line

Office equipment

10% straight line

Motor vehicles

25% straight line

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.

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 inventories 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.

 

Walkpad Limited

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

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.

 

Walkpad Limited

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

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

 

 

Walkpad Limited

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

3

Staff numbers

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

 

Walkpad Limited

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

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

20,369

53,227

138,513

212,109

Additions

30,464

8,637

-

39,101

At 30 April 2024

50,833

61,864

138,513

251,210

Depreciation

At 1 May 2023

20,369

36,784

84,889

142,042

Charge for the year

767

3,067

27,253

31,087

At 30 April 2024

21,136

39,851

112,142

173,129

Carrying amount

At 30 April 2024

29,697

22,013

26,371

78,081

At 30 April 2023

-

16,443

53,624

70,067

Included within the net book value of land and buildings above is £29,697 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

937

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

47,648

17,779

Prepayments

4,407

5,606

Other debtors

16,734

100

 

68,789

23,485

 

Walkpad Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,053

18,727

Trade creditors

 

6,331

448

Amounts due to related parties

1,175

8,140

Social security and other taxes

 

21,891

3,463

Outstanding defined contribution pension costs

 

109

109

Accruals

 

6,505

3,150

Income tax liability

37,520

12,038

 

92,584

46,075

Due after one year

 

Loans and borrowings

9

23,328

42,431

Creditors: amounts falling due after more than one year

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Walkpad Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,908

29,923

Hire purchase contracts

3,420

12,508

23,328

42,431

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,015

9,767

Hire purchase contracts

9,038

8,960

19,053

18,727

Hire purchase contracts are secured against the assets to which they relate.

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 2 March 2028. The carrying amount at year end is £29,923 (2023 - £39,690).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in March 2021. It is repayable over 6 years and interest is charged at 2.5% per annum for the duration of the loan. No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan as a Business Interruption Payment.

Included in the loans and borrowings are the following amounts due after more than five years: