Company No: 00731110 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	P J Blowfield
	L H Sargison

REGISTERED OFFICE	Lyehill Coach Depot Wheatley Road
	Forest Hill
	Oxford
	OX33 1EP
	United Kingdom

COMPANY NUMBER

00731110 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	264 Banbury Road
	Oxford
	OX2 7DY
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,491,445		943,020
		1,491,445		943,020
Current assets
Stocks		1,279		42,058
Debtors	4	483,337		501,945
Cash at bank and in hand		316,380		223,284
		800,996		767,287
Creditors: amounts falling due within one year	5	( 572,948)		( 534,956)
Net current assets		228,048		232,331
Total assets less current liabilities		1,719,493		1,175,351
Creditors: amounts falling due after more than one year	6	( 600,944)		( 291,904)
Provision for liabilities	7	( 190,365)		( 100,226)
Net assets		928,184		783,221
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		927,184		782,221
Total shareholders' funds		928,184		783,221

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Walters (Didcot) Limited (registered number: 00731110) were approved and authorised for issue by the Board of Directors on 27 November 2025. They were signed on its behalf by:

L H Sargison Director

1. Accounting policies

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.

General information and basis of accounting

Walters (Didcot) 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 Lyehill Coach Depot Wheatley Road, Forest Hill, Oxford, OX33 1EP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	15 % reducing balance
Vehicles	20 years straight line
Fixtures and fittings	15 % reducing balance
Office equipment	3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	32		30

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 December 2023	29,497		66,939		1,104,675		27,875		11,346		1,240,332
Additions	2		1,648		770,821		0		0		772,471
Disposals	0		0		( 235,860)		0		0		( 235,860)
At 30 November 2024	29,499		68,587		1,639,636		27,875		11,346		1,776,943
Accumulated depreciation
At 01 December 2023	28,804		45,945		189,516		22,739		10,308		297,312
Charge for the financial year	695		3,396		89,473		771		796		95,131
Disposals	0		0		( 106,945)		0		0		( 106,945)
At 30 November 2024	29,499		49,341		172,044		23,510		11,104		285,498
Net book value
At 30 November 2024	0		19,246		1,467,592		4,365		242		1,491,445
At 30 November 2023	693		20,994		915,159		5,136		1,038		943,020

4. Debtors

	2024		2023
	£		£
Trade debtors	335,718		348,444
Amounts owed by Group undertakings	141,594		140,634
Other debtors	6,025		12,867
	483,337		501,945

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	11,160		11,171
Trade creditors	68,661		124,125
Other taxation and social security	27,202		71,936
Obligations under finance leases and hire purchase contracts	333,616		161,488
Other creditors	132,309		166,236
	572,948		534,956

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	8,356		48,590
Obligations under finance leases and hire purchase contracts	592,588		243,314
	600,944		291,904

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 100,226)		( 31,396)
Charged to the Profit and Loss Account	( 90,139)		( 68,830)
At the end of financial year	( 190,365)		( 100,226)

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4,000 Ordinary shares of £ 0.25 each	1,000		1,000

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating leases	1,216,250		0