Walker Developments (South West) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Walker Developments (South West) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02251127 . The registered office is 6 Houndiscombe Road, Plymouth, Devon, PL4 6HH.

The principal place of business is Hendra Croft, Scotland Road, Rejerrah, Newquay, Cornwall, TR8 5QR.

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. 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 and rent receivable from the investment properties held.

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.

2.3. 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:

Plant & Machinery	15% reducing balance
Motor Vehicles	25% reducing balance
Computer and Office Equipment	33% straight line

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Stocks and Work in Progress

Work in progress comprises direct costs, where applicable, and those overheads that have been incurred in bringing the inventories to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is 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.

2.6. 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.

...CONTINUED

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Walker Developments (South West) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.6. Taxation - continued

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.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 6)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer and Office Equipment	Total
	£	£	£	£
Cost
As at 1 December 2024	26,961	23,811	7,387	58,159

As at 30 November 2025	26,961	23,811	7,387	58,159

Depreciation
As at 1 December 2024	19,565	21,584	7,387	48,536
Provided during the period	1,109	558	-	1,667

As at 30 November 2025	20,674	22,142	7,387	50,203

Net Book Value
As at 30 November 2025	6,287	1,669	-	7,956

As at 1 December 2024	7,396	2,227	-	9,623

5. Investment Property

	2025
	£
Fair Value
As at 1 December 2024 and 30 November 2025	9,450,000

The fair value of the investment property is based on the assumption that the whole development is completed and fully let.

The property has been valued by a RICS qualified professional valuer in June 2024. The director's consider that this value represents the current market value of the property.

The value of the property using the historical cost method would be:

	2025	2024
	£	£
Cost	5,185,127	5,185,127

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Walker Developments (South West) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

6. Investments

	Subsidiaries	Unlisted	Total
	£	£	£
Cost or Valuation
As at 1 December 2024	600	38	638

As at 30 November 2025	600	38	638

Provision
As at 1 December 2024	-	-	-

As at 30 November 2025	-	-	-

Net Book Value
As at 30 November 2025	600	38	638

As at 1 December 2024	600	38	638

Details of undertakings

Details of the investments (including principal place of business) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertakings	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Robinson Commercial Limited	6, Houndiscombe Road, Plymouth, Devon, PL4 6HH	Ordinary A, B, C, D	100%	100%
Oakleigh Property Developments Limited	6, Houndiscombe Road, Plymouth, Devon, PL4 6HH	Ordinary A, B, C, D	100%	100%
Yacht Charter International Limited	6, Houndiscombe Road, Plymouth, Devon, PL4 6HH	Ordinary A, B, C, D	100%	100%

Subsidiary Undertakings

Robinson Commercial Limited

The principal activity of the company is that of property development.

Oakleigh Property Developments Limited

The principal activity of the company is that of building and consultancy.

Yacht Charter International Limited

The principal activity of the company is that of yacht chartering.

7. Work In Progress

	2025	2024
	£	£
Work in progress	268,211	330,120

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Walker Developments (South West) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	21,226	574,073
Amounts owed by group undertakings	143,026	70,926
Other debtors	2,146,592	2,756,535

	2,310,844	3,401,534

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	108,583	166,233
Bank loans and overdrafts	115,834	210,000
Amounts owed to group undertakings	313,600	120,000
Other creditors	1,433,479	39,747
Taxation and social security	42,513	39,198

	2,014,009	575,178

Creditors include bank loans which are secured of £115,834 (2024 - £210,000).

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans - over 1yr	4,654,500	7,305,834

Creditors include bank loans which are secured of £4,654,500 (2024 - £7,305,834).

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	800	800

12. Directors Advances, Credits and Guarantees

During the year the company advanced to the directors an aggregate of £1,096,832. The directors repaid £3,416,538, and at the year end the overdrawn balance was cleared. Interest of £9,240 was charged on the outstanding balance at the HMRC standard rate, and the loan is repayable on demand.

	As at 1 December 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 November 2025
	£	£	£	£	£
Mr Richard Walker	936,537	1,096,832	3,416,538	-	(1,373,929 )

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,956		9,623
Investment Properties	5		9,450,000		9,450,000
Investments	6		638		638

			9,458,594		9,460,261
CURRENT ASSETS
Work In Progress	7	268,211		330,120
Debtors	8	2,310,844		3,401,534
Cash at bank and in hand		48,247		82,381

		2,627,302		3,814,035
Creditors: Amounts Falling Due Within One Year	9	(2,014,009 )		(575,178 )

NET CURRENT ASSETS (LIABILITIES)			613,293		3,238,857

TOTAL ASSETS LESS CURRENT LIABILITIES			10,071,887		12,699,118

Creditors: Amounts Falling Due After More Than One Year	10		(4,654,500 )		(7,305,834 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(941,904 )		(942,321 )

NET ASSETS			4,475,483		4,450,963

CAPITAL AND RESERVES
Called up share capital	11		800		800
Other reserves			3,322,969		3,322,552
Profit and Loss Account			1,151,714		1,127,611

SHAREHOLDERS' FUNDS			4,475,483		4,450,963