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REGISTERED NUMBER: 01846778 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

WALTON PLATING LIMITED

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


WALTON PLATING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: M J Koskela
J B Koskela
R M Sharman
N A Sharman





SECRETARY: M J Koskela





REGISTERED OFFICE: 118 Ashley Road
Walton-on-Thames
Surrey
KT12 1HN





REGISTERED NUMBER: 01846778 (England and Wales)





ACCOUNTANTS: The McWhirter Partnership Limited
Chartered Accountants
336 Molesey Road
Hersham
Walton on Thames
Surrey
KT12 3PD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WALTON PLATING LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walton Plating Limited for the year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Walton Plating Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Walton Plating Limited and state those matters that we have agreed to state to the Board of Directors of Walton Plating Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walton Plating Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Walton Plating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Walton Plating Limited. You consider that Walton Plating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Walton Plating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The McWhirter Partnership Limited
Chartered Accountants
336 Molesey Road
Hersham
Walton on Thames
Surrey
KT12 3PD


6 February 2025

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 263,745 289,755

CURRENT ASSETS
Stocks 47,770 30,569
Debtors 5 468,454 355,388
Cash at bank and in hand 67,984 100,220
584,208 486,177
CREDITORS
Amounts falling due within one year 6 752,779 519,699
NET CURRENT LIABILITIES (168,571 ) (33,522 )
TOTAL ASSETS LESS CURRENT LIABILITIES 95,174 256,233

CREDITORS
Amounts falling due after more than one
year

7

(95,126

)

(145,709

)

PROVISIONS FOR LIABILITIES (37,814 ) (53,210 )
NET (LIABILITIES)/ASSETS (37,766 ) 57,314

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings (38,766 ) 56,314
SHAREHOLDERS' FUNDS (37,766 ) 57,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2025 and were signed on its behalf by:




M J Koskela - Director



R M Sharman - Director


WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Walton Plating 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.

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

Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold property - over the term of the lease
Plant and machinery - 15% straight line basis
Fixtures and fittings - 10% straight line basis
Motor vehicles - 20% straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 198,289 1,387,818 1,586,107
Additions - 56,430 56,430
At 30 November 2023 198,289 1,444,248 1,642,537
DEPRECIATION
At 1 December 2022 188,584 1,107,768 1,296,352
Charge for year 3,751 78,689 82,440
At 30 November 2023 192,335 1,186,457 1,378,792
NET BOOK VALUE
At 30 November 2023 5,954 257,791 263,745
At 30 November 2022 9,705 280,050 289,755

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 81,535
DEPRECIATION
At 1 December 2022 17,006
Charge for year 11,868
At 30 November 2023 28,874
NET BOOK VALUE
At 30 November 2023 52,661
At 30 November 2022 64,529

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 423,280 328,811
Other debtors 45,174 26,577
468,454 355,388

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 34,000 46,677
Hire purchase contracts 16,582 18,754
Trade creditors 108,219 58,702
Taxation and social security 175,221 133,575
Other creditors 418,757 261,991
752,779 519,699

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 65,167 99,167
Hire purchase contracts 29,959 46,542
95,126 145,709

WALTON PLATING LIMITED (REGISTERED NUMBER: 01846778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Debentures 311,222 241,241
Bank loans 99,167 145,844
410,389 387,085

The company has a Confidential Receivables Financing Agreement with Lloyds Commercial Finance Limited and executed a Book Debts Debenture on 6th June 2017 in their favour as security for the borrowing.

The company also has a fixed and floating charge dated 8th March 2021 with Lloyds Bank PLC over the assets of the company in support of its bank loan.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
510 Ordinary A £1 510 510
490 Ordinary B £1 490 490
1,000 1,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30th November 2023, the directors R M Sharman and N A Sharman owed the company £8,803. The maximum balance outstanding in the year was £8,803 and interest was charged at 2.5% on the loan outstanding. The loan was repaid on 30th June 2024.

11. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £125,563 (2022 - £147,624).

12. GOING CONCERN

Following the company's financial year end, the landlord of the company's premises was awarded increases in rent for backdated rent reviews in 2019 and 2022 as part of an arbitration process. The amount of the backdated rent and interest up to 30th November 2023 amounted to £84,791 and this amount has been accrued within these accounts giving rise to a temporary insolvent Balance Sheet as at 30th November 2023.The accounts have been prepared on a going concern basis as the company's management accounts show that the company has returned to profitability in the year ended 30th November 2024 and that the company is now solvent.