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Registration number: 07422299

Walker & Smith Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Walker & Smith Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Walker & Smith Limited

Company Information

Director

Mr Christopher Taylor

Registered office

403 Bradford Road
Batley
West Yorkshire
WF17 5LY

 

Walker & Smith Limited

(Registration number: 07422299)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

71,188

102,124

 

71,189

102,125

Current assets

 

Stocks

6

168,661

114,713

Debtors

7

823,331

1,028,216

Cash at bank and in hand

 

509

6,669

 

992,501

1,149,598

Creditors: Amounts falling due within one year

8

(743,406)

(884,712)

Net current assets

 

249,095

264,886

Total assets less current liabilities

 

320,284

367,011

Creditors: Amounts falling due after more than one year

8

(43,000)

(86,000)

Provisions for liabilities

(12,972)

(18,814)

Net assets

 

264,312

262,197

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

264,311

262,196

Shareholders' funds

 

264,312

262,197

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Walker & Smith Limited

(Registration number: 07422299)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 12 June 2025
 

.........................................
Mr Christopher Taylor
Director

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
403 Bradford Road
Batley
West Yorkshire
WF17 5LY
England

These financial statements were authorised for issue by the director on 12 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3-10 years straight line basis

Motor vehicles

3-5 years straight line basis

Fixtures and fittings

3-5 years straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 29 (2023 - 39).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

1

1

At 30 September 2024

1

1

Amortisation

Carrying amount

At 30 September 2024

1

1

At 30 September 2023

1

1

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

43,074

28,120

281,099

352,293

Additions

493

-

-

493

Disposals

-

-

(11,168)

(11,168)

At 30 September 2024

43,567

28,120

269,931

341,618

Depreciation

At 1 October 2023

37,887

26,694

185,588

250,169

Charge for the year

4,411

1,284

25,734

31,429

Eliminated on disposal

-

-

(11,168)

(11,168)

At 30 September 2024

42,298

27,978

200,154

270,430

Carrying amount

At 30 September 2024

1,269

142

69,777

71,188

At 30 September 2023

5,187

1,426

95,511

102,124

6

Stocks

2024
£

2023
£

Other inventories

168,661

114,713

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

398,729

421,690

Amounts owed by related parties

12

389,297

579,928

Prepayments

 

16,328

14,001

Other debtors

 

18,977

12,597

   

823,331

1,028,216

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

54,982

76,333

Trade creditors

 

357,385

346,675

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

-

130,000

Taxation and social security

 

259,596

281,944

Accruals and deferred income

 

26,320

16,055

Other creditors

 

45,123

33,705

 

743,406

884,712

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

43,000

86,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

43,000

86,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

43,000

76,333

Bank overdrafts

11,982

-

54,982

76,333

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £494,087 (2023 - £569,656). The Company, in common with its parent company, Advanced Technology Manufacturing Limited, and all its fellow subsidiaries, has provided a guarantee and legal mortgage to cover all present and future debts due by group companies to HSBC UK Bank plc, which at 30 September 2023 amounted to £494,087 (2023 - 569,656).

12

Related party transactions

Summary of transactions with parent

Advanced Technology Manufacturing Limited is the parent company of Walker & Smith Limited.

Summary of transactions with other related parties

Advanced Technology Cutting Limited and Chris Taylor Fabrication Limited are fellow subsidiaries of Advanced Technology Manufacturing Limited.

Loans to related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

508,916

71,012

579,928

Repaid

(149,857)

(40,774)

(190,631)

At end of period

359,059

30,238

389,297

 

Walker & Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2023

Parent
£

Other related parties
£

Total
£

At start of period

403,640

8,108

411,748

Advanced

105,276

62,904

168,180

At end of period

508,916

71,012

579,928

Terms of loans to related parties

During the period the company provided a non interest bearing loan to its parent, Advanced Technology Manuafacturing Limited.
 During the period the company provided a non interest bearing loan to fellow subsidiaries, Advanced Technology Cutting Limited and Chris Taylor Fabrications Limited.

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

130,000

130,000

Repaid

(130,000)

(130,000)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

130,000

130,000

At end of period

130,000

130,000

Terms of loans from related parties

During the period the company repaid a non interest bearing loan made available by its fellow subsidiary, Advanced Technology Cutting Limited.