Walters Environmental Limited - Period Ending 2019-02-28
Walters Environmental Limited - Period Ending 2019-02-28
Registration number:
Walters Environmental Limited
for the Year Ended 28 February 2019
O'Brien & Partners
Chartered Accountants and Statutory Auditors
Highdale House
7 Centre Court
Main Avenue
Pontypridd
CF37 5YR
Walters Environmental Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Walters Environmental Limited
Company Information
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Directors |
Mr M E R Llewellyn Mr P H Richards |
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Company secretary |
Mrs S C Llewellyn |
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Registered office |
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Solicitors |
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Auditors |
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Page 1 |
Walters Environmental Limited
(Registration number: 01993246)
Balance Sheet as at 28 February 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Director
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Page 2 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the Financial Statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the current financial position of the company as well as its financial requirements and activities for the foreseeable future.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The company provides services in relation to salvage, recycling and landscaping. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services provided.
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Page 3 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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 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 assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% on reducing balance |
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Fixtures and fittings |
15% on reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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Page 4 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 5 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Tangible assets |
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Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
- |
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Disposals |
- |
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At 28 February 2019 |
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Depreciation |
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At 1 March 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Investments |
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2019 |
2018 |
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Investments in joint ventures |
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Joint ventures |
£ |
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Cost |
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At 1 March 2018 |
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Additions |
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At 28 February 2019 |
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Provision |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Page 6 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Debtors |
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Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
Summary of transactions with subsidiaries
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Page 7 |
Walters Environmental Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
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Page 8 |