Walters General Ltd Filleted accounts for Companies House (small and micro)
Walters General Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
3304589
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Financial Statements |
Year ended 31 January 2020
Contents |
Pages |
Statement of financial position |
1 to 2 |
Notes to the financial statements |
3 to 6 |
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
(
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(
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Net current assets |
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Total assets less current liabilities |
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Provisions |
9 |
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(
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Net assets |
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Capital and reserves
Called up share capital |
11 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2020
, and are signed on behalf of the board by:
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Director |
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Company registration number:
3304589
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Notes to the Financial Statements |
Year ended 31 January 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Customs House, Milford Marina, Milford Haven, Pembrokeshire, SA73 3AA, Wales.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Taxation
Tangible assets
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:
Equipment |
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15% reducing balance |
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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.
Stocks
Provisions
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. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2019:
4
).
5.
Tax on profit
Major components of tax expense
2020 |
2019 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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Tax on profit |
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6.
Tangible assets
Equipment |
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£ |
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Cost |
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At 1 February 2019 and 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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7.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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Other debtors include an amount of £Nil (2019 - £Nil) falling due after more than one year.
8.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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9.
Provisions
Deferred tax (note 10) |
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£ |
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At 1 February 2019 |
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Charge against provision |
(
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------- |
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At 31 January 2020 |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 |
2019 |
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£ |
£ |
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Included in provisions (note 9) |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2020 |
2019 |
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£ |
£ |
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Accelerated capital allowances |
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11.
Called up share capital
Issued, called up and fully paid
2020 |
2019 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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12.
Related party transactions
The company was under the control of
Mr DSH Walters
throughout the current and previous year. Mr DSH Walters
is the managing director and majority shareholder. During the year the company paid dividends of £34,124 (2019 - £32,491) to Mr DSH Walters
, the managing director.