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Registration number: 09037940

Waltons Publications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Waltons Publications Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Waltons Publications Limited

(Registration number: 09037940)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

98,088

107,896

Tangible assets

5

16,737

18,713

 

114,825

126,609

Current assets

 

Debtors

6

79,890

98,492

Cash at bank and in hand

 

55

48

 

79,945

98,540

Creditors: Amounts falling due within one year

7

(133,780)

(115,060)

Net current liabilities

 

(53,835)

(16,520)

Total assets less current liabilities

 

60,990

110,089

Creditors: Amounts falling due after more than one year

7

(162,153)

(143,344)

Provisions for liabilities

(375)

(564)

Net liabilities

 

(101,538)

(33,819)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(101,638)

(33,919)

Shareholders' deficit

 

(101,538)

(33,819)

For the financial year ending 31 May 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 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
G Cooper
Director

 

Waltons Publications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
46 Heneage Road
Grimsby
North East Lincolnshire
DN32 9ES

These financial statements were authorised for issue by the Board on 26 February 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.

These financial statements have been presented in sterling and have been rounded to the nearest pound.

Going concern

The company remains a going concern with continued financial support from the directors and shareholders.

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.

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Waltons Publications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Leasehold improvements

5% straight line

Furniture, fittings and equipment

12 - 33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life which the directors consider to be 20 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 14 (2023 - 14).

 

Waltons Publications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

196,168

196,168

At 31 May 2024

196,168

196,168

Amortisation

At 1 June 2023

88,272

88,272

Amortisation charge

9,808

9,808

At 31 May 2024

98,080

98,080

Carrying amount

At 31 May 2024

98,088

98,088

At 31 May 2023

107,896

107,896

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

24,378

34,935

59,313

At 31 May 2024

24,378

34,935

59,313

Depreciation

At 1 June 2023

7,924

32,676

40,600

Charge for the year

1,219

757

1,976

At 31 May 2024

9,143

33,433

42,576

Carrying amount

At 31 May 2024

15,235

1,502

16,737

At 31 May 2023

16,454

2,259

18,713

Included within the net book value of land and buildings above is £15,235 (2023 - £16,454) in respect of short leasehold land and buildings.
 

 

Waltons Publications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

74,117

77,330

Other debtors

5,773

21,162

 

79,890

98,492

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

75,680

61,037

Trade creditors

 

5,825

1,571

Taxation and social security

 

11,360

12,711

Accruals and deferred income

 

8,250

8,295

Other creditors

 

32,665

31,446

 

133,780

115,060

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £567).

 

Waltons Publications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

136,473

143,344

Other non-current financial liabilities

 

25,680

-

 

162,153

143,344

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,968

19,910

Other borrowings

126,505

123,434

136,473

143,344

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,238

18,838

Bank overdrafts

33,158

29,632

Hire purchase contracts

-

567

Other borrowings

24,284

12,000

75,680

61,037

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,000 (2023 - £11,000).