Walkers Motors Limited Company accounts

WALKERS MOTORS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08145841

Walkers Motors Limited

Unaudited Financial Statements

31 July 2019

Walkers Motors Limited

Financial Statements

Year ended 31 July 2019

Contents	Page

Officers and professional advisers	1

Director's report	2

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

Walkers Motors Limited

Officers and Professional Advisers

Director Mr A Walker

Registered office	Unit 8, Stafford Indistrial Estate
	Padfield
	Glossop
	Derbyshire
	England
	SK13 1EB

Accountants	Sterling Finance [UK] Limited
	Chartered Certified Accountants
	Westbourne House
	159 Oldham Road
	Ashton Under Lyne
	Lancashire
	United Kingdom
	OL7 9AR

Walkers Motors Limited

Director's Report

Year ended 31 July 2019

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2019 .

Director

The director who served the company during the year was as follows:

Mr A Walker

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 April 2020 and signed on behalf of the board by:

Mr A Walker
Director

Registered office:

Unit 8, Stafford Indistrial Estate

Padfield

Glossop

Derbyshire

England

SK13 1EB

Walkers Motors Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Walkers Motors Limited

Year ended 31 July 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walkers Motors Limited for the year ended 31 July 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Walkers Motors Limited in accordance with the terms of our engagement letter dated 28 November 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Walkers Motors Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walkers Motors Limited and its director for our work or for this report.

It is your duty to ensure that Walkers Motors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Walkers Motors Limited. You consider that Walkers Motors Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Walkers Motors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling Finance [UK] Limited Chartered Certified Accountants

Westbourne House 159 Oldham Road Ashton Under Lyne Lancashire United Kingdom OL7 9AR

30 April 2020

Walkers Motors Limited

Statement of Income and Retained Earnings

Year ended 31 July 2019

	2019	2018
Note	£	£
Turnover	71,708	77,830

Cost of sales	47,650	57,447
	--------	--------
Gross profit	24,058	20,383

Administrative expenses	36,182	28,984
	--------	--------
Operating loss	( 12,124)	( 8,601)

		--------	--------
Loss before taxation	5	( 12,124)	( 8,601)

Tax on loss	–	–
	--------	-------
Loss for the financial year and total comprehensive income	( 12,124)	( 8,601)
	--------	-------

Retained losses at the start of the year	( 15,805)	( 7,204)
	--------	--------
Retained losses at the end of the year	( 27,929)	( 15,805)
	--------	--------

All the activities of the company are from continuing operations.

Walkers Motors Limited

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		1,279	1,664

Current assets

Debtors	7	773	1,011
Cash at bank and in hand		925	1,807
		-------	-------
		1,698	2,818

Creditors: amounts falling due within one year	8	1,117		865
		-------		-------
Net current assets			581	1,953
			-------	-------
Total assets less current liabilities			1,860	3,617

Creditors: amounts falling due after more than one year	9	29,689	19,322
		--------	--------
Net liabilities		( 27,829)	( 15,705)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 27,929)	( 15,805)
	--------	--------
Shareholders deficit	( 27,829)	( 15,705)
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Walkers Motors Limited

Statement of Financial Position (continued)

31 July 2019

These financial statements were approved by the board of directors and authorised for issue on 30 April 2020 , and are signed on behalf of the board by:

Mr A Walker
Director

Company registration number: 08145841

Walkers Motors Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Stafford Indistrial Estate, Padfield, Glossop, Derbyshire, SK13 1EB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Company meets its day to day capital requirements through cash generated from trading and its cash resources raised from investors. The Director believes that the Company has access to considerable financial resources and, as a consequence, believe that it is well places to manage its business risks successfully. The Company's forecasts and projections show that the Director has a reasonable expectation that the Company has sufficient resources to continue in existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Changes in formats

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. These financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS102") as issued in August 2014. The amendments to FRS 102 issued in July 2015 have been applied. The presentation currency of these financial statements is Sterling Pounds.

Changes in accounting policies

In the transition to section 1A of FRS from old UK GAAP, the Company has made no measurement and recognition adjustments.

Changes in accounting estimates

In the transition to section 1A of FRS from old UK GAAP, the Company has made no measurement and recognition adjustments.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	20% straight line
Office Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	385	536
	----	----

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 August 2018 and 31 July 2019	2,366	1,500	833	4,699
	-------	-------	----	-------
Depreciation
At 1 August 2018	919	1,500	616	3,035
Charge for the year	228	–	157	385
	-------	-------	----	-------
At 31 July 2019	1,147	1,500	773	3,420
	-------	-------	----	-------
Carrying amount
At 31 July 2019	1,219	–	60	1,279
	-------	-------	----	-------
At 31 July 2018	1,447	–	217	1,664
	-------	-------	----	-------

7. Debtors

	2019	2018
	£	£
Trade debtors	–	544
Other debtors	773	467
	----	-------
	773	1,011
	----	-------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	303	495
Other creditors	814	370
	-------	----
	1,117	865
	-------	----

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

	2019	2018
	£	£
Other creditors	29,689	19,322
	--------	--------

10. Financial instruments at fair value

In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: (a) They include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and (b) Where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2019	2018
	£	£
Mr A Walker	( 29,689)	( 19,322)
	--------	--------

12. Related party transactions

The company was under the control of Mr A Walker throughout the current and previous year. Mr A Walker is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.