Company registration number 04897320 (England and Wales)
WALNUT INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WALNUT INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
WALNUT INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
44,414,376
42,068,555
Current assets
Debtors
6
1,184,144
190,625
Cash at bank and in hand
2,239,379
1,369,383
3,423,523
1,560,008
Creditors: amounts falling due within one year
7
(5,943,287)
(6,240,106)
Net current liabilities
(2,519,764)
(4,680,098)
Total assets less current liabilities
41,894,612
37,388,457
Provisions for liabilities
8
(4,704,165)
(4,008,486)
Net assets
37,190,447
33,379,971
Capital and reserves
Called up share capital
10
800
800
Share premium account
3,999,200
3,999,200
Profit and loss reserves
33,190,447
29,379,971
Total equity
37,190,447
33,379,971

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 30 June 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 member has 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 11 June 2025 and are signed on its behalf by:
M J Trigg
Director
Company Registration No. 04897320
WALNUT INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
800
3,999,200
28,316,653
32,316,653
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
1,104,318
1,104,318
Dividends
-
-
(41,000)
(41,000)
Balance at 30 June 2023
800
3,999,200
29,379,971
33,379,971
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
3,851,476
3,851,476
Dividends
-
-
(41,000)
(41,000)
Balance at 30 June 2024
800
3,999,200
33,190,447
37,190,447
WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Walnut Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Globe House, Eclipse Park, Sittingbourne Road, Maidstone, Kent, United Kingdom, ME14 3EN.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the balance sheet date the company had net current liabilities, and which consequently excludes fixed asset investments, totalling £2,519,764. The directors are of the opinion that the company is a going concern on the basis that fixed asset investments can be readily liquidated to generate funds as required for the company's ongoing operations. Accordingly the directors have prepared the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for dividends, and other income receivable from fixed asset investments.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Other financial assets

Other financial assets comprise equity and bond investments which are included in the financial statements as fixed asset investments.

 

Equity investments comprise unit trusts, open ended investment companies and interests in private equity funds.

 

Investments, which are publicly traded in active markets for which a reliable fair value can be measured, are initially measured at the transaction price including transaction costs, and are subsequently measured at fair value through profit and loss.

 

Interests in private equity funds are also initially measured at the transaction price including transaction costs. They are subsequently valued on a quarterly basis by the managers of the private equity funds. Such revaluations are treated as representing fair value, as defined by FRS 102, the movements in which are recognised through profit and loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loan notes are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
345,927
545,524
Deferred tax
Origination and reversal of timing differences
695,679
(503,680)
Total tax charge
1,041,606
41,844
WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Investments
44,414,376
42,068,555

The fair value of investments in listed equity instruments and bonds is determined based on the quoted market price available in an active market for those instruments and bonds or the underlying investments in the case of unit trusts and open ended investment companies.

 

The fair value of private equity investments is determined by the managers of those investments using valuation techniques to estimate what the transaction price would have been at the end of each financial period on an arms' length exchange motivated by normal business considerations.

 

The historic cost of investments included at valuation excluding cash at 30 June 2024 was £23,255,223 (2023: £23,671,966).

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2023
42,068,555
Additions
2,584,797
Valuation changes
3,904,680
Disposals
(4,143,656)
At 30 June 2024
44,414,376
Carrying amount
At 30 June 2024
44,414,376
At 30 June 2023
42,068,555
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by Eaton Trust (note 11)
1,146,017
55,882
Other debtors
38,127
134,743
1,184,144
190,625
WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
335,876
596,219
Other creditors
5,607,411
5,643,887
5,943,287
6,240,106

Zero Coupon Loan notes totalling £5,570,000 (2023: £5,570,000) included in other creditors were issued on 7 October 2003. The loan notes are repayable with one month's notice from either the company or the noteholder. The final repayment date is 1 October 2028. On 31 March 2025, loan notes totalling £1,750,000 were redeemed (Note 11).

 

 

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
4,704,165
4,008,486
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluation of fixed asset investments
4,704,165
4,008,486
2024
Movements in the year:
£
Liability at 1 July 2023
4,008,486
Charge to profit or loss
695,679
Liability at 30 June 2024
4,704,165
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
800
800
800
800
WALNUT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Called up share capital
(Continued)
- 8 -

The shares, which are split into 8 classes of 100 shares each A to H inclusive, rank pari passu in all respects except for the entitlement to receive dividends. A dividend may be declared on each or any class of shares at the discretion of the directors.

11
Related party transactions

The company was controlled throughout the year by the trustees of the Eaton Trust by virtue of the fact that they hold, as nominees, all of the company's issued share capital.

 

As at 30 June 2024 the company was owed £1,146,017 (2023: £55,082) by the Eaton Trust.The trustees of the Eaton Trust also hold, as nominees, the Zero Coupon loan notes, totalling £5,570,000 (2023: £5,570,000). On 31 March 2025, loan notes totalling £1,750,000 were redeemd to clear the balance shown in Note 6.

 

During the year the company paid administration fees of £1,030 (2023: £1,025) to The Brake Family Office Limited, a company under the common control of the trustees of the Frank Brake Estate Trust.

 

12
Undistributable reserves

The profit and loss account balance of the company includes the sum of £16,454,988 (2023: £14,388,103) representing the excess of the fair value of the investments over their historic cost. Accordingly, this element of the company's reserves is not distributable.

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