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Registered number: 04548396
I J Walsh Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge, Folkestone
Kent
CT18 7TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04548396
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 16,765 3,144
16,765 3,144
CURRENT ASSETS
Stocks 6 422,570 252,962
Debtors 7 252,237 345,930
Cash at bank and in hand 91,795 226,187
766,602 825,079
Creditors: Amounts Falling Due Within One Year 8 (297,894 ) (327,403 )
NET CURRENT ASSETS (LIABILITIES) 468,708 497,676
TOTAL ASSETS LESS CURRENT LIABILITIES 485,473 500,820
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,221 ) (786 )
NET ASSETS 484,252 500,034
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 484,250 500,032
SHAREHOLDERS' FUNDS 484,252 500,034
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr I Walsh
Director
23/06/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
I J Walsh Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04548396 . The registered office is Ingles Manor, Castle Hill Avenue, Folkestone, Kent, CT20 2RD.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.
2.4. Turnover
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 5 years straight line
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 4,000
As at 30 September 2024 4,000
Amortisation
As at 1 October 2023 4,000
As at 30 September 2024 4,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 - 375 3,950 11,031 15,356
Additions 13,201 579 - 2,419 16,199
Disposals - - - (6,037 ) (6,037 )
As at 30 September 2024 13,201 954 3,950 7,413 25,518
Depreciation
As at 1 October 2023 - 355 3,013 8,844 12,212
Provided during the period 1,320 150 234 874 2,578
Disposals - - - (6,037 ) (6,037 )
As at 30 September 2024 1,320 505 3,247 3,681 8,753
Net Book Value
As at 30 September 2024 11,881 449 703 3,732 16,765
As at 1 October 2023 - 20 937 2,187 3,144
6. Stocks
2024 2023
£ £
Materials 422,570 252,962
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 227,283 318,775
Other debtors 24,954 27,155
252,237 345,930
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 245,258 227,978
Other creditors 4,939 3,685
Taxation and social security 47,697 95,740
297,894 327,403
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
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10. Pension Commitments
At the balance sheet date contributions of £438 (2023: £108) were due to the fund and are included in creditors.
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