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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
COMPANY INFORMATION
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WALSH ASSOCIATES LIMITED
CONTENTS
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WALSH ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
Throughout 2024 the Company continued to benefit from its permanent office environment, which has enhanced collaboration, client engagement and staff wellbeing. The ongoing internal restructure has been designed to consolidate these advantages and create a platform for future growth and operational resilience.
Alongside its London base, the Company’s Birmingham office grew significantly during the year, providing increased geographical coverage and strengthening the Company’s ability to support a broader client base across the UK. The year also saw a period of natural staff realignment, enabling the Company to optimise resources and responsibilities while maintaining high standards of service to clients. This approach, together with the establishment of a balanced framework for remote and office-based working, has supported strong productivity and improved employee work-life balance. Governance and internal processes have been strengthened as part of the restructure, with a clear focus on supporting sustainable growth and resilience. Reflecting its commitment to sustainability and stakeholder expectations, the Company also commenced the process of obtaining B Corp accreditation in 2024. This initiative, strongly supported by staff and clients, underscores the Company’s dedication to responsible and progressive business practices.
The operating environment in 2024 presented significant challenges. The introduction of the Building Safety Act, and in particular Gateway 2 requirements, affected the viability and timing of projects across the industry. While the Company secured a high level of instructions, some projects were placed on hold shortly after engagement, creating a risk to workflow continuity.
The Company also recognises the risks of overexposure to the private residential market in London, which could constrain sustainable growth. During 2024, a focused effort to diversify the client base was undertaken, with tangible benefits beginning to materialise after the year-end. Aged debt reached record levels towards the end of 2024 and was identified as a material risk to the business during the third quarter. In response, management introduced a new management system and tightened credit control procedures. These measures produced early improvements by year-end and significant benefits in the months following December 2024. The Board continues to monitor these and other risks closely, maintaining appropriate mitigation strategies to safeguard the Company’s long-term stability.
The principal key performance indicators monitored by the Company are sales and inquiries. Sales during the first quarter of 2024 reached a record high and total sales for the year approached the Company’s previous record set in 2020. Although the full benefits of this performance were not realised within the 2024 financial year, the strong order book at year-end has provided a solid foundation for sustained growth in 2025 and beyond.
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WALSH ASSOCIATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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WALSH ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £708,574 (2023 - £635,594).
Dividends paid in the year amounted to £84,836 (2023: £Nil).
The directors who served during the year were:
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WALSH ASSOCIATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Looking ahead, the Company enters 2025 with a strong platform for continued growth and operational resilience. While sales in Q1 2025 were approximately 30% below target, performance recovered strongly in Q2 and Q3, with annual sales targets almost achieved by the end of Q3. This recovery underpins a robust order book and supports the ongoing viability of the Company.
The improved results in Q2 and Q3 facilitated clear growth in turnover and profitability, demonstrating the strength of the Company’s underlying operations and the effectiveness of its business development strategy. By Q3 turnover was increasing steadily and profitability was notably stronger, with the benefits of the strengthened order pipeline becoming increasingly evident. This trajectory provides confidence in the Company’s ability to deliver sustained performance and positions it well to capitalise on future opportunities.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WALSH ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED
We have audited the financial statements of Walsh Associates Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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WALSH ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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WALSH ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector; • The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; o Companies Act 2006. o FRS102 o ISO 9001 & 14001 standards o Health and Safety legislation o Building Safety Act 2022 o Employment legislation o Tax legislation • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, vouching certificates of accreditation and inspecting legal correspondence; • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • Reviewing the financial statements and testing the disclosures against supporting documentation; • Performing analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspecting and testing journal entries to identify unusual or unexpected transactions; • Assessing whether judgement and assumptions made in determining significant accounting estimates, including work in progress, were indicative of management bias; and • Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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WALSH ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSH ASSOCIATES LIMITED (CONTINUED)
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made; • Management override of controls; • Revenue recognition; and • Posting of unusual journals or transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
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WALSH ASSOCIATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
REGISTERED NUMBER: 02339267
BALANCE SHEET
AS AT 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
REGISTERED NUMBER: 02339267
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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WALSH ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WALSH ASSOCIATES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Walsh Associates Limited is a private company limited by shares and incorporated in England and Wales. The registered office is The Clove Building, 4 Maguire St, London SE1 2NQ. The principal activity of the company continued to be that of providing structural and civil engineering consultancy services to property developers, building contractors and associated parties in the property sector.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered the impact of ongoing uncertainty in the market, including the implementation of Gateway 2 under the Building Safety Act and wider geopolitical and compliance challenges which have delayed the commencement of some projects. Notwithstanding these factors, sales in 2024 increased significantly compared with the prior year. While the full benefit of these sales was not realised within the 2024 financial year, the strong order book and early post-year-end results place the Company in a robust position for 2025. On this basis, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and accordingly adopt the going concern basis of accounting.
Functional and presentation currency
Transactions and balances
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover represents sales of professional and engineering services, excluding value added tax, generated solely in the United Kingdom.
Turnover on long term contracts is recognised on a basis that is appropriate to the stage of completion, and when the outcome of the contract can be assessed with reasonable certainty. The stage of completion is calculated by comparing costs incurred mainly in relation to hourly staff rates as a proportion of total costs. Where the outcome cannot be estimated reliably turnover is only recognised to the extent of expenses recognised that are recoverable. Long term contracts Long term contracts are assessed on a contract by contract basis and reflected in the statement of comprehensive income by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract and measured by reference to the value of work done in comparison to the total contract value. Credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which the turnover exceeds payments on account is classified as "amounts recoverable on contracts" and is included in debtors; to the extent that payments on account exceed relevant turnover on long term contracts balances, the excess is included as a creditor. Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense as soon as it is foreseen. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
n prior years, the company granted share options ("equity-settled share-based payments") to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined on the grant date is expensed on a straight-line basis over the vestign period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The company operates an Employee Benefit Trust and has de facto control of the shares held by the trust and bears their benefits and risks. The company records assets and liabilities of the trust as its own. Consideration paid by the EBT scheme for shares of the company is deducted from equity. Finance costs and administration expenses incurred by the company in relation to the EBT are recognised on an accruals basis.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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, if the revision affects only that period. If the revision affects both current and future periods then the revision is recognised in the current and future periods. Critical judgements in applying the company's accounting policies: The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Provisions The company has recognised provisions for impairment of trade debtors, employee bonuses, income tax, dilapidations and claims that have been initiated but not yet settled in its financial statements which requires management to make judgements. Employee Benefit Trust The company must determine on an ongoing basis whether the Employment Benefit Trust (EBT) should be considered to be under the control or de facto control of the parent company. The judgement that the parent company does exert de facto control has resulted in the EBT's assets and liabilities being recognised on the parent company balance sheet. Long term contracts The company accounts for turnover on long term contracts on a basis that is appropriate to the stage of completion and when the outcome of the contract can be assessed with reasonable certainty.
The whole of the turnover is attributable to the company's principal activity.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSH ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Share capital (continued)
The company contributes into a defined contribution pension scheme for a number of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £214,249 (2023: £213,000). Contributions totalling £43,981 (2023: £88,853) were payable to the fund at the year end, and are included in other creditors.
There is no one ultimate controlling party.
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