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Walker Oil Heating Services Ltd

Registered Number
07396985
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

Walker Oil Heating Services Ltd
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

Andrew Robert Walker
Elspeth Claire Walker

Registered Address

The Long House
Little Strickland
Penrith
CA10 3EG

Registered Number

07396985 (England and Wales)
Walker Oil Heating Services Ltd
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets461,90530,089
61,90530,089
Current assets
Stocks62,5001,000
Debtors79,70231,059
Cash at bank and on hand10,78516,643
22,98748,702
Creditors amounts falling due within one year8(23,317)(41,450)
Net current assets (liabilities)(330)7,252
Total assets less current liabilities61,57537,341
Creditors amounts falling due after one year9(34,672)(24,251)
Provisions for liabilities11(16,405)(4,836)
Net assets10,4988,254
Capital and reserves
Called up share capital101101
Profit and loss account10,3978,153
Shareholders' funds10,4988,254
The financial statements were approved and authorised for issue by the Board of Directors on 25 March 2025, and are signed on its behalf by:
Andrew Robert Walker
Director
Elspeth Claire Walker
Director

Registered Company No. 07396985
Walker Oil Heating Services Ltd
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery20-
Vehicles25-
Office Equipment-4
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Operating 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.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 November 237,21615,65034,6192,90860,393
Additions-2,30537,000-39,305
At 31 October 247,21617,95571,6192,90899,698
Depreciation and impairment
At 01 November 232,5769,80415,1472,77730,304
Charge for year3621,3575,6391317,489
At 31 October 242,93811,16120,7862,90837,793
Net book value
At 31 October 244,2786,79450,833-61,905
At 31 October 234,6405,84619,47213130,089
5.Impairment of tangible 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.
6.Stocks

2024

2023

££
Other stocks2,5001,000
Total2,5001,000
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,28413,995
Other debtors4,41817,064
Total9,70231,059
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables3,0791,483
Bank borrowings and overdrafts3,7263,726
Taxation and social security5,13723,540
Finance lease and HP contracts10,2746,600
Accrued liabilities and deferred income1,1016,101
Total23,31741,450
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,37715,944
Other creditors21,2958,307
Total34,67224,251
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts21,2958,307
11.Provisions for liabilities
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.

2024

2023

££
Net deferred tax liability (asset)16,4054,836
Total16,4054,836
12.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £1,144 (2023 - £17,065) being the amount owed by the director. Net amounts repaid during the year were £15,921. These amounts were both repaid within nine months of the financial year. The loans where charged the official rate of interest were applicable and were repayable on demand.