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COMPANY REGISTRATION NUMBER: 04237276
Walter Wall Carpets Limited
Filleted Unaudited Financial Statements
30 June 2024
Walter Wall Carpets Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
57,138
49,380
Current assets
Stocks
18,896
20,224
Debtors
6
224,859
55,820
Cash at bank and in hand
71,203
219,539
---------
---------
314,958
295,583
Creditors: amounts falling due within one year
7
89,913
56,578
---------
---------
Net current assets
225,045
239,005
---------
---------
Total assets less current liabilities
282,183
288,385
Provisions
Taxation including deferred tax
14,285
9,592
---------
---------
Net assets
267,898
278,793
---------
---------
Capital and reserves
Called up share capital
8
2
1
Profit and loss account
267,896
278,792
---------
---------
Shareholders funds
267,898
278,793
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Walter Wall Carpets Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
P N M Warry
Director
Company registration number: 04237276
Walter Wall Carpets Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Princes Street, Yeovil, Somerset, BA20 1EQ. This is also the principal place of business.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 25% reducing balance
Fixtures & Fittings - 25% reducing balance
Motor Vehicles - 25% reducing balance
Computer Equipment - 33% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
1,364
2,747
98,713
2,352
105,176
Additions
686
31,995
32,681
Disposals
( 165)
( 29,119)
( 29,284)
-------
-------
---------
-------
---------
At 30 June 2024
1,885
2,747
101,589
2,352
108,573
-------
-------
---------
-------
---------
Depreciation
At 1 July 2023
1,033
1,628
51,675
1,460
55,796
Charge for the year
233
281
18,462
673
19,649
Disposals
( 73)
( 23,937)
( 24,010)
-------
-------
---------
-------
---------
At 30 June 2024
1,193
1,909
46,200
2,133
51,435
-------
-------
---------
-------
---------
Carrying amount
At 30 June 2024
692
838
55,389
219
57,138
-------
-------
---------
-------
---------
At 30 June 2023
331
1,119
47,038
892
49,380
-------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
77,236
37,047
Other debtors
147,623
18,773
---------
--------
224,859
55,820
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
89
Trade creditors
23,142
35,773
Corporation tax
39,644
5,194
Social security and other taxes
16,985
7,686
Other creditors
10,053
7,925
--------
--------
89,913
56,578
--------
--------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
Ordinary B shares of £ 1 each
1,000
1,000
-------
-------
-------
-------
2,000
2,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
----
----
----
----
2
2
1
1
----
----
----
----
The Ordinary B shares were allotted on 5 April 2024 and were issued at par value.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
21,009
21,009
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P N M Warry
9,765
217,048
( 103,644)
123,169
-------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P N M Warry
( 238)
102,480
( 92,477)
9,765
----
---------
--------
-------
(a) the maximum amount outstanding during the year was £209,845; (b) interest is charged on this loan at the official rate of interest 2.25%; (c) £70,000 was repaid within 9 months of the year end