Walkersteel Engineering Services Limited - Period Ending 2020-07-31
Walkersteel Engineering Services Limited - Period Ending 2020-07-31
Registration number:
Walkersteel Engineering Services Limited
for the Period from 25 February 2019 to 31 July 2020
Walkersteel Engineering Services Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Walkersteel Engineering Services Limited
(Registration number: 11843950)
Balance Sheet as at 31 July 2020
Note |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
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Profit and loss account |
4,632 |
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Shareholders' funds |
4,633 |
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
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 Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.
Going concern
The company is reliant upon the financial support of its shareholders in order to meet its liabilities as they fall due. The shareholders have indicated that this support will continue for the forseeable future and as a result, the directors have chosen to adopt the going concern basis in preparing the financial statements.
Whilst the director has adopted the going concern basis set out above, the impact of the worldwide Covid-19 pandemic on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
Audit report
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
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.
Tangible assets
Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20-25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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 sufficent 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.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which employees' services are received.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2020 |
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Depreciation |
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Charge for the period |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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Assets held under hire purchase contracts
The net carrying amount of tangible assets includes £74,133 in respect of assets held under hire purchase contracts. During the period ended 31 July 2020 an amount of £24,386 was charged in respect of depreciation on these assets.
Capital commitments
As at 31 July 2020 the company was committed to future capital expenditure totalling £39,695.
Stocks |
2020 |
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Work in progress |
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Other inventories |
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Debtors |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
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Loans and borrowings |
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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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Creditors include bank loans and net obligations under hire purchase contracts which are secured of £182,318.
Creditors: amounts falling due after more than one year
Note |
2020 |
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Loans and borrowings |
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Creditors include net obligations under hire purchase contracts which are secured of £61,788.
Share capital |
Allotted, called up and fully paid shares
2020 |
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No. |
£ |
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1 |
During the period 1 ordinary share of £1 was issued at par.
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Loans and borrowings |
2020 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Related party transactions |
Key management personnel
A key employee of the company.
Summary of transactions with key management
Summary of transactions with parent
Summary of transactions with other related parties
Loans to related parties
2020 |
Key management |
Total |
Advanced |
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Interest transactions |
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At end of period |
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Terms of loans to related parties
Walkersteel Engineering Services Limited
Notes to the Financial Statements for the Period from 25 February 2019 to 31 July 2020
Loans from related parties
2020 |
Parent |
Other related parties |
Total |
Advanced |
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Repaid |
- |
( |
( |
At end of period |
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11 Information concerning Auditors' Report
For the period ended 31st July 2020 the Auditors' Report was unqualified and no reference was made to any matters which drew attention by way of emphasis. The Auditors' Report was signed by Mr Neil Howard FCA (Senior Statutory Auditor) for and on behalf of Howard & Co. Statutory Auditors.