REGISTERED NUMBER: 03788464 (England and Wales)

G. Walters (Leasing) Limited

Audited Financial Statements

for the Year Ended 28 February 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

S C Llewellyn

M E R Llewellyn

SECRETARY:

S C Llewellyn

REGISTERED OFFICE:

Hirwaun House

Hirwaun Industrial Estate

Hirwaun

Aberdare

Rhondda Cynon Taff

CF44 9UL

REGISTERED NUMBER:

03788464 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

SOLICITORS:

Hugh James

Two Central Square

Cardiff

CF10 1FS

FIXED ASSETS

Tangible assets

4

26,859,479

32,185,646

CURRENT ASSETS

Debtors

5

50,616,379

12,766,280

Cash at bank

29,085,383

58,040,038

79,701,762

70,806,318

CREDITORS

Amounts falling due within one year

6

2,458,622

2,371,175

NET CURRENT ASSETS

77,243,140

68,435,143

TOTAL ASSETS LESS CURRENT LIABILITIES

104,102,619

100,620,789

PROVISIONS FOR LIABILITIES

3,975,881

4,486,974

NET ASSETS

100,126,738

96,133,815

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

100,126,736

96,133,813

SHAREHOLDERS' FUNDS

100,126,738

96,133,815

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

M E R Llewellyn - Director

1.	STATUTORY INFORMATION

G. Walters (Leasing) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has continued to trade strongly and the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

Significant judgements and estimates

In the application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profit on a straight line basis over the lease term.

Hire purchase and finance lease income is recognised in the profit and loss account using the sum of digits method, to give a period rate of return on the net cash investment over the period of the agreement.

Sales of plant equipment is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of accumulated depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost less their residual values over their useful lives on the following basis:

All motor vehicles, plant & equipment are leased out under operating leases and so their cost less residual values are written off over their useful economic life. This leads to depreciation rates of 33.33% for motor vehicles and between 10% and 25% for plant and machinery.

At each balance sheet date, the company reviews the carrying amounts of its plant and equipment to determine whether there is any indication that any items of plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised fo the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Assets leased out under operating leases, that are included in tangible fixed assets, are depreciated over their useful lives.

Taxation

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 March 2024

55,158,918

5,989,155

61,148,073

Additions

323,140

1,104,968

1,428,108

Disposals

(3,968,180

)

(508,659

)

(4,476,839

)

At 28 February 2025

51,513,878

6,585,464

58,099,342

DEPRECIATION

At 1 March 2024

26,274,810

2,687,617

28,962,427

Charge for year

4,158,858

889,072

5,047,930

Eliminated on disposal

(2,512,775

)

(257,719

)

(2,770,494

)

At 28 February 2025

27,920,893

3,318,970

31,239,863

NET BOOK VALUE

At 28 February 2025

23,592,985

3,266,494

26,859,479

At 29 February 2024

28,884,108

3,301,538

32,185,646

All of the assets above are leased to third parties under operating leases.

5.

DEBTORS

28.2.25

29.2.24

£

£

Amounts falling due within one year:

Trade debtors

900

8,424

Amounts owed by group undertakings

9,987,007

6,718,293

Other debtors

30,427,771

468,717

Taxation

4,634,055

-

VAT

-

218,484

Prepayments and accrued income

343,132

444,341

45,392,865

7,858,259

Amounts falling due after more than one year:

Amounts owed by group undertakings

5,223,514

4,908,021

Aggregate amounts

50,616,379

12,766,280

Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. Amounts owed by group undertakings after more than one year accrue interest at 2% above Barclays base rate.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Trade creditors

2,222

9,795

Amounts owed to group undertakings

2,220,203

11,150

Tax

-

1,573,465

VAT

129,933

-

Other creditors

45,584

116,085

Accrued expenses

60,680

660,680

2,458,622

2,371,175

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.25

29.2.24

value:

£

£

2

Ordinary

£1

2

2

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Catherine Ingram FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited.

11.	GUARANTEES

At 28th February 2025, the company and its fellow subsidiaries had active contract bonds of £3,111,042 (2024: £1,891,201). The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in relation to G Walters (Holdings) Limited, the ultimate parent undertaking, Walters UK Limited, G Walters (Leasing) Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Environmental Limited, Walters Land Limited and Headaway (Europe) Limited. It was also in relation to three companies outside the group: G Walters (Consultancy) Limited, Ffos Las Limited and Walters Land (Rogerstone) Limited.