Company No:
Contents
| DIRECTORS | Elizabeth Sarah Comley |
| Nils Ian Stoesser |
| REGISTERED OFFICE | First Floor |
| Lee House | |
| 90 Great Bridgewater Street | |
| Manchester | |
| M1 5JW | |
| United Kingdom |
| COMPANY NUMBER | 07016439 (England and Wales) |
The directors present their annual report on the affairs of the Company, together with the financial statements, for the financial year ended 31 December 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
The Company did not trade during the current financial year or the preceding financial year.
The net current asset position of the Company as at the financial year end amounted to £2,584,356 (2023: £2,584,356).
The net asset position of the Company as at the financial year end amounted to £2,584,356 (2023: £2,584,356).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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EXEMPTION FROM PREPARING A STRATEGIC REPORT
The Company has taken advantage of the exemption in Section 414 A(2) of the Companies Act 2006 from the requirement to prepare a Strategic Report and in preparing the Directors' Report on the basis that it would be entitled to prepare financial statements for the year in accordance with the small companies regime but for being a member of an ineligible group.
Approved by the Board of Directors and signed on its behalf by:
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Nils Ian Stoesser
Director |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Debtors | 4 |
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| 2,584,356 | 2,584,356 | |||
| Net current assets | 2,584,356 | 2,584,356 | ||
| Total assets less current liabilities | 2,584,356 | 2,584,356 | ||
| Net assets | 2,584,356 | 2,584,356 | ||
| Capital and reserves | 5 | |||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account |
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| Total shareholder's funds | 2,584,356 | 2,584,356 |
Directors' responsibilities:
The financial statements of Walker Smith Way Limited (registered number:
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Nils Ian Stoesser
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Walker Smith Way Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The Company's ultimate parent undertaking, Slater and Gordon UK Holdings Limited includes the Company in its consolidated financial statements, see note 7 for further details. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
- Reconciliation of the number of shares outstanding from the beginning to end of the period;
- Cash Flow Statement and related notes; and
- Key Management Personnel compensation.
The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Given the Company is dormant and has no external liabilities, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
| 2024 | 2023 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: |
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There were no wages and salaries costs in the current or prior year.
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| £ | £ | ||
| Amounts owed by related parties (note 6) |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 53,200 | 53,200 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 53,200 | 53,200 |
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
No directors' remuneration was paid during the current or prior year.
The immediate and ultimate parent undertaking and controlling party is Slater and Gordon UK Holdings company incorporated in England and Wales and is both the smallest and largest parent company preparing group financial statements. Copies of the consolidated accounts of Slater and Gordon UK Holdings Limited can be obtained from First Floor Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW.