Walker Sign And Street Furniture Erectors Ltd
Company Registration No. 03776302 (England And Wales)
Unaudited Financial Statements
Year Ended 31 July 2024
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
366,963
419,549
Current assets
Stocks
75,000
75,000
Debtors
5
581,703
378,733
Cash at bank and in hand
95
90
656,798
453,823
Creditors: amounts falling due within one year
6
(820,469)
(691,523)
Net current liabilities
(163,671)
(237,700)
Total assets less current liabilities
203,292
181,849
Creditors: amounts falling due after more than one year
7
(199,403)
(302,690)
Net assets/(liabilities)
3,889
(120,841)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,789
(120,941)
Total equity
3,889
(120,841)
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2025 and are signed on its behalf by:
Mr P Walker
Director
Company registration number 03776302 (England and Wales)
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Walker Sign and Street Furniture Erectors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cottage, Swanlow Lane, Winsford, United Kingdom, CW7 4DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
15% on reducing balance
Plant and equipment
10% on reducing balance
Office equipment
10% on reducing balance
Motor vehicles
10% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The depreciation rates for the following asset classes have been revised down to 10% during the year ended 31 July 2024, from their previous rates; Plant and equipment, Office equipment and Motor vehicles.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
19
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
14,200
Amortisation and impairment
At 1 August 2023 and 31 July 2024
14,200
Carrying amount
At 31 July 2024
At 31 July 2023
4
Tangible fixed assets
Improvements to property
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
20,705
499,287
32,482
702,363
1,254,837
Additions
1,328
1,328
Disposals
(37,408)
(37,408)
At 31 July 2024
20,705
500,615
32,482
664,955
1,218,757
Depreciation and impairment
At 1 August 2023
18,602
367,403
28,602
420,681
835,288
Depreciation charged in the year
315
13,321
388
28,001
42,025
Eliminated in respect of disposals
(25,519)
(25,519)
At 31 July 2024
18,917
380,724
28,990
423,163
851,794
Carrying amount
At 31 July 2024
1,788
119,891
3,492
241,792
366,963
At 31 July 2023
2,103
131,884
3,880
281,682
419,549
WALKER SIGN AND STREET FURNITURE ERECTORS LTD
Walker Sign And Street Furniture Erectors Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
292,722
171,793
Gross amounts owed by contract customers
135,000
92,000
Other debtors
31,031
39,961
Prepayments and accrued income
122,950
74,979
581,703
378,733
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
261,887
326,384
Obligations under finance leases
85,497
123,275
Trade creditors
334,313
157,608
Taxation and social security
100,607
51,083
Other creditors
32,567
27,417
Accruals and deferred income
5,598
5,756
820,469
691,523
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
81,299
119,921
Other creditors
118,104
182,769
199,403
302,690