REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Walton Engineering Co. Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Walton Engineering Co. Limited |
Walton Engineering Co. Limited (Registered number: 00377353) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Walton Engineering Co. Limited |
Company Information |
for the Year Ended 31 October 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 High Street |
Wheathampstead |
Hertfordshire |
AL4 8AA |
Walton Engineering Co. Limited (Registered number: 00377353) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.10.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Capital reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Walton Engineering Co. Limited (Registered number: 00377353) |
Balance Sheet - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walton Engineering Co. Limited (Registered number: 00377353) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Walton Engineering Co Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 17-19 Sutton Road, St Albans, Herts AL1 5JQ |
The financial statements are presented in Sterling, which is the functional currency of the company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
Depreciation |
Depreciation is charged on a straight-line basis on the assets of the company at the following rates which are expected to reduce the assets to their net realisable values over their estimated lives: |
Plant & equipment | 20% |
Furniture, fixtures & fittings | 20% & 10% |
Computers & ancillary equipment | 25% |
Stocks & work in progress |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
. |
Walton Engineering Co. Limited (Registered number: 00377353) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment properties |
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Although this is a departure from the accounting requirements of the Companies Act 2006, which recommends that properties be depreciated, the directors consider departure in this regard as justified on the grounds of compliance with the Financial Reporting Standards and the overriding requirement under section 396(4) of the Companies Act 2006 that Financial Statements should show a true and fair view. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Foreign currencies |
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated |
Hire purchase and leasing contracts |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the leases term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis. |
Pensions |
The costs of Pension Schemes operated by the Company are calculated annually and charged to the profit and loss account as they arise. |
Walton Engineering Co. Limited (Registered number: 00377353) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Dividends |
Final ordinary dividends payable to the shareholders of the company are recognised in the period that they are approved by the shareholders. Interim ordinary dividends are recognised in the period that they are paid. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant & |
property | Equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
The cost of the freehold land and building bought in November 1982 was £96,136. The market value rather than the cost is disclosed on the Balance Sheet in accordance with FRS102 Section 1A. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade debtors |
Other debtors |
No amounts are due after more than one year (2023: £0). |
Walton Engineering Co. Limited (Registered number: 00377353) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Provision for redundancy | 71,000 | - |
7. | PROVISIONS FOR LIABILITIES |
31.10.24 | 31.10.23 |
£ | £ |
Deferred tax | 6,800 | 8,700 |
Per revaluation of property | Per capital allowances | Total deferred tax |
£ | £ | £ |
Balance at 1 November 2023 | 4,400 | 4,300 | 8,700 |
Charged/Utilised during year | - | (1,900) | (1,900) |
Balance at 31st October 2024 | 4,400 | 2,400 | 6,800 |
Deferred Tax in respect of revaluation of investment property relates to the tax payable should the property be sold at the value disclosed on the Balance Sheet. |
Deferred Tax in relation to Capital Allowances relates to the clawback of Capital Allowances should Plant & Equipment be sold at the value disclosed on the Balance Sheet. |
8. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 November 2023 |
and 31 October 2024 |