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Company registration number: 14016083







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


WALTER OPERATIONS UK LIMITED






































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WALTER OPERATIONS UK LIMITED
 


 
COMPANY INFORMATION


Director
D Patriache 




Registered number
14016083



Registered office
4th Floor
95 Gresham Street

City of London

London

EC2V 7AB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

City of London

London

EC2V 7AB





 


WALTER OPERATIONS UK LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 


WALTER OPERATIONS UK LIMITED
REGISTERED NUMBER:14016083



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,000
2,167,242

  
20,000
2,167,242

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
353,754

Debtors: amounts falling due within one year
 5 
451,490
22,447

Cash at bank and in hand
  
-
103,069

  
451,490
479,270

Creditors: amounts falling due within one year
 6 
(3,119,349)
(2,731,920)

Net current liabilities
  
 
 
(2,667,859)
 
 
(2,252,650)

Total assets less current liabilities
  
(2,647,859)
(85,408)

Provisions for liabilities
  

Other provisions
 7 
-
(53,568)

  
 
 
-
 
 
(53,568)

Net liabilities
  
(2,647,859)
(138,976)


Capital and reserves
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
(2,647,959)
(139,076)

  
(2,647,859)
(138,976)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



D Patriache
Director

Date: 28 March 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Walter Operations UK Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office can be found on the Company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The accounts have been prepared in £ sterling and have been rounded to the nearest whole £

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year, the Directors took the decision to cease operations and therefore the accounts have been prepared on a basis other than the going concern basis. 

 
2.3

Turnover

Turnover is generated through letting and operating real estates.
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
5 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in not-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 2).

Page 4

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
2,298,397
307,204
2,605,601



At 31 December 2024

2,298,397
307,204
2,605,601



Depreciation


At 1 January 2024
386,166
52,193
438,359


Charge for the year on owned assets
507,642
69,260
576,902


Impairment charge
1,404,589
165,751
1,570,340



At 31 December 2024

2,298,397
287,204
2,585,601



Net book value



At 31 December 2024
-
20,000
20,000



At 31 December 2023
1,912,231
255,011
2,167,242

Page 5

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
353,754

-
353,754


2024
2023
£
£

Due within one year

Other debtors
421,357
-

Prepayments and accrued income
30,133
22,447

451,490
22,447



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
437,828
104,761

Amounts owed to group undertakings
2,088,158
2,150,695

Other taxation and social security
-
173,928

Accruals and deferred income
593,363
302,536

3,119,349
2,731,920



7.


Provisions





Dilapidation provision

£





At 1 January 2024
53,568


Charged to profit or loss
(53,568)



At 31 December 2024
-


8.


Post balance sheet events

Subsequent to the year end, the lease held by the company on its short-term leasehold property was reassigned and, as such, additional costs associated with the lease have been recognised in the year and the value of the short-term leasehold property has been impaired to £nil.

Page 6

 


WALTER OPERATIONS UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Parent and ultimate parent company

The Company's immediate parent company is Patriarche Associes.
The ultimate parent company is considered to be Patriarche Associes. Patriarche Associes prepares consolidated accounts which are available from 4 Allee Lac De Garde, Taxiway Savoie, Technolac, Le Bourget Due Lac, 73370.
Patriarche Associes is the smallest group for which consolidated accounts are prepared.

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
The auditor's report draws attention to Note 2.2 to the financial statements which explains that the directors took the decision to cease operations and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 28 March 2025 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7