REGISTERED NUMBER: 04027244 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

WALLER ASSOCIATES LIMITED

TRADING AS

WALLER BUILDING AND GLAZING SERVICES

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S P Waller

Mr A C Waller

Mrs J R Waller

SECRETARY:

Mr S P Waller

REGISTERED OFFICE:

4 Kings Row

Armstrong Road

Maidstone

Kent

ME15 6AQ

REGISTERED NUMBER:

04027244 (England and Wales)

ACCOUNTANTS:

Mackenzies Accountants Limited

Chartered Accountants

1 Langley Court

Pyle Street

Newport

Isle of Wight

PO30 1LA

FIXED ASSETS

Tangible assets

4

142,579

131,245

CURRENT ASSETS

Stock and work in progress

5

155,633

50,047

Debtors

6

1,772,452

1,044,036

Cash at bank

1,188,938

1,362,216

3,117,023

2,456,299

CREDITORS

Amounts falling due within one year

7

1,102,946

935,300

NET CURRENT ASSETS

2,014,077

1,520,999

TOTAL ASSETS LESS CURRENT LIABILITIES

2,156,656

1,652,244

PROVISIONS FOR LIABILITIES

8

35,645

30,479

NET ASSETS

2,121,011

1,621,765

CAPITAL AND RESERVES

Called up share capital

9

312

312

Retained earnings

2,120,699

1,621,453

SHAREHOLDERS' FUNDS

2,121,011

1,621,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:

Mr S P Waller - Director

1.	STATUTORY INFORMATION

Waller Associates 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 represents net invoiced sales, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stock and work in progress to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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 21 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2023

8,413

69,707

270,467

348,587

Additions

12,917

2,189

44,242

59,348

Disposals

-

-

(30,850

)

(30,850

)

At 31 July 2024

21,330

71,896

283,859

377,085

DEPRECIATION

At 1 August 2023

8,087

47,211

162,044

217,342

Charge for year

2,234

5,972

30,250

38,456

Eliminated on disposal

-

-

(21,292

)

(21,292

)

At 31 July 2024

10,321

53,183

171,002

234,506

NET BOOK VALUE

At 31 July 2024

11,009

18,713

112,857

142,579

At 31 July 2023

326

22,496

108,423

131,245

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

Motor

vehicles

£

COST

At 1 August 2023

30,850

Transfer to ownership

(30,850

)

At 31 July 2024

-

DEPRECIATION

At 1 August 2023

17,835

Transfer to ownership

(17,835

)

At 31 July 2024

-

NET BOOK VALUE

At 31 July 2024

-

At 31 July 2023

13,015

5.	STOCK AND WORK IN PROGRESS

2024

2023

£

£

Stocks

47,998

10,000

Work-in-progress

107,635

40,047

155,633

50,047

Stock and work in progress is valued at the lower of cost and net realisable value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

654,380

476,149

Amounts owed by associates

1,090,754

540,754

Prepayments and accrued income

27,318

27,133

1,772,452

1,044,036

The amounts owed by associated undertakings relates to a loan to ALSK Holdings Limited amounting to £25,128 (2023: £25,128) and a loan to Waller Services Limited amounting to £1,065,626 (2023: £515,626). The loan is on a commercial basis with a market rate of interest being applied, this will be rolled up when the loan is repaid.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

514,253

426,445

Amounts owed to group undertakings

127,240

127,240

Tax

166,909

56,474

Social security and other taxes

22,806

21,472

VAT

56,962

79,749

Other creditors

2,103

1,556

Directors' current accounts

25,338

5,878

Accruals and deferred income

187,335

216,486

1,102,946

935,300

Other creditors consists of pension contributions paid after the year end of £2,103 (2023: £1,556).

The amount owed to group undertakings relates to amounts due to SPME Limited; which is the parent company.

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

35,645

30,479

Deferred tax

£

Balance at 1 August 2023

30,479

Provided during year

5,166

Balance at 31 July 2024

35,645

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

306

Ordinary

£1

306

306

5

Ordinary A

£1

5

5

1

Ordinary B

£1

1

1

312

312

10.	RELATED PARTY DISCLOSURES

During the year the company paid rent for the business premises amounting to £9,600 (2023: £9,600) to Waller Services Limited (an associated company).

Additionally a loan to Waller Services Limited amounting to £1,065,626 (2023: £515,626) remains outstanding at the year end, and is included within debtors.

Mr A Waller holds 75% of the shares in ALSK Holdings Limited. He is also a company director of; and holds 33% of the shares in; Waller Associates Limited. At the year end there was a balance due to Waller Associates Limited by ALSK Holdings Limited amounting to £25,128 (2023: £25,128), which is included in debtors.

SPME Limited holds 67% of the shares in Waller Associates Limited. During the year, dividends amounting to £120,600 (2023: £30,000) were paid to SPME Limited. At the year end there was a balance due from Waller Associates Limited amounting to £127,240 (2023: £127,240) which is included in creditors.

The directors consider these transactions to have taken place on an open market value basis.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is SPME Limited.

The ultimate controlling party is Mr S P Waller.