5 01/10/2023 30/09/2024 2024-09-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-10-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01889092 2023-10-01 2024-09-30 01889092 2024-09-30 01889092 2023-09-30 01889092 2022-10-01 2023-09-30 01889092 2023-09-30 01889092 2022-09-30 01889092 core:PlantMachinery 2023-10-01 2024-09-30 01889092 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 01889092 bus:Director2 2023-10-01 2024-09-30 01889092 core:PlantMachinery 2023-09-30 01889092 core:PlantMachinery 2024-09-30 01889092 core:WithinOneYear 2024-09-30 01889092 core:WithinOneYear 2023-09-30 01889092 core:AfterOneYear 2023-09-30 01889092 core:ShareCapital 2024-09-30 01889092 core:ShareCapital 2023-09-30 01889092 core:RetainedEarningsAccumulatedLosses 2024-09-30 01889092 core:RetainedEarningsAccumulatedLosses 2023-09-30 01889092 bus:OrdinaryShareClass1 core:ShareCapital 2024-09-30 01889092 bus:OrdinaryShareClass1 core:ShareCapital 2023-09-30 01889092 core:PlantMachinery 2023-09-30 01889092 bus:Director2 2024-09-30 01889092 bus:Director2 2022-09-30 01889092 bus:Director2 2022-10-01 2023-09-30 01889092 bus:SmallEntities 2023-10-01 2024-09-30 01889092 bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 01889092 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01889092 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01889092 bus:FullAccounts 2023-10-01 2024-09-30 01889092 1 2023-10-01 2024-09-30
Company registration number: 01889092
J Walster Limited
Unaudited filleted financial statements
30 September 2024
J Walster Limited
Contents
Statement of financial position
Notes to the financial statements
J Walster Limited
Statement of financial position
30th September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 368 491
_________ _________
368 491
Current assets
Stocks 2,338,291 2,888,291
Debtors 7 3,365,575 2,682,398
Cash at bank and in hand 642,184 44,141
_________ _________
6,346,050 5,614,830
Creditors: amounts falling due
within one year 8 ( 1,500,480) ( 1,232,189)
_________ _________
Net current assets 4,845,570 4,382,641
_________ _________
Total assets less current liabilities 4,845,938 4,383,132
Creditors: amounts falling due
after more than one year 9 - ( 271,511)
_________ _________
Net assets 4,845,938 4,111,621
_________ _________
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 4,845,838 4,111,521
_________ _________
Shareholders funds 4,845,938 4,111,621
_________ _________
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:
Thomas Walster
Director
Company registration number: 01889092
J Walster Limited
Notes to the financial statements
Year ended 30th September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 High Street, Arnold, Nottingham, NG5 7DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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 the 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1st October 2023 and 30th September 2024 4,448 4,448
_________ _________
Depreciation
At 1st October 2023 3,957 3,957
Charge for the year 123 123
_________ _________
At 30th September 2024 4,080 4,080
_________ _________
Carrying amount
At 30th September 2024 368 368
_________ _________
At 30th September 2023 491 491
_________ _________
7. Debtors
2024 2023
£ £
Other debtors 3,365,575 2,682,398
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 18,600
Taxation and social security 260,814 61,182
Other creditors 1,239,666 1,152,407
_________ _________
1,500,480 1,232,189
_________ _________
The bank loans falling due within one year include £Nil (30th September 2023: £18,600) secured by first legal charges over properties held by the company as stock.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 271,511
_________ _________
The bank loans falling due after more than one year include £Nil (30th September 2023: £271,511 secured by first legal charges over properties held by the company as stock.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_________ _________ _________ _________
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Thomas Walster - 370,000 ( 3,528) 366,472
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Thomas Walster 352,272 165,000 ( 517,272) -
_________ _________ _________ _________
12. Controlling party
Mr T Walster and Mr M Walster have significant control, although there is no overall controlling party.