Walters Asset Management Limited - Accounts to registrar (filleted) - small 22.3

Walters Asset Management Limited - Accounts to registrar (filleted) - small 22.3

WALTERS ASSET MANAGEMENT LIMITED - Company Information

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REGISTERED NUMBER: 06236495 (England and Wales)















Walters Asset Management Limited

Audited Financial Statements

for the Year Ended 28 February 2022





Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR








Walters Asset Management Limited (Registered number: 06236495)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Walters Asset Management Limited

Company Information
for the Year Ended 28 February 2022







DIRECTORS: S C Llewellyn
M E R Llewellyn
K Llewellyn
C Chambers
P H Richards



SECRETARY: M E R Llewellyn



REGISTERED OFFICE: Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
CF44 9UL



REGISTERED NUMBER: 06236495 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR



SOLICITORS: Hugh James
Two Central Square
Cardiff
CF10 1FS
Page 1
Walters Asset Management Limited (Registered number: 06236495)

Statement of Financial Position
28 February 2022

28.2.22 28.2.21
Notes £    £   
CURRENT ASSETS
Debtors 4 707,074 106,072
Cash at bank 1,066,424 478,674
1,773,498 584,746
CREDITORS
Amounts falling due within one year 5 808,727 384,745
NET CURRENT ASSETS 964,771 200,001
TOTAL ASSETS LESS CURRENT
LIABILITIES
964,771
200,001

PROVISIONS FOR LIABILITIES 155,967 -
NET ASSETS 808,804 200,001

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 808,803 200,000
SHAREHOLDERS' FUNDS 808,804 200,001

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 18 November 2022 and were signed on its behalf by:





M E R Llewellyn - Director


The notes form part of these financial statements

Page 2
Walters Asset Management Limited (Registered number: 06236495)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Walters Asset Management 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements
The financial statements of the company are consolidated in the financial statements of G Walters (Holdings) Limited. These consolidated financial statements are available from its registered office, Hirwaun House, Hirwaun Industrial Estate, Hirwaun, Aberdare. CF44 9UL.

Related party exemption
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.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the hire of plant and equipment is recognised based on the hire terms and the length of the hire, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transactions will flow to the entity when the costs incurred or to be incurred in respect of the transaction can be measured.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Page 3 continued...
Walters Asset Management Limited (Registered number: 06236495)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Trade debtors - 47,179
Amounts owed by group undertakings 438,819 -
Other debtors 268,255 58,893
707,074 106,072

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Amounts owed to group undertakings 3,000 166,512
Taxation and social security 195,506 -
Other creditors 610,221 218,233
808,727 384,745

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

The Report of the Auditors was unqualified.

Lewis Van Emden (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

7. OTHER FINANCIAL COMMITMENTS

As at 28 February 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £7,725,756 (2021 - £nil).

8. RELATED PARTY DISCLOSURES

During the year the company had the following transactions with its fellow subsidiary and associated undertakings:-

28.2.22 28.2.21
£    £   
Walters U.K. Limited - purchases and recharges - 493,913
Walters Plant Hire Limited - purchases and recharges 3,000 96,301
Walters U.K. Limited - sales 3,068,665 -
Walters Plant Hire Limited- sales 76,729


At the year end, the following amounts were owed by the company:
28.2.22 28.2.21
£ £
Walters U.K. Limited - 166,512
Walters Plant Hire Limited 3,000 -

At the year end, the following amounts were owed to the company:
28.2.22 28.2.21
£ £
Walters U.K. Limited 415,524 -
Walters Plant Hire Limited 23,295 -

Page 4 continued...
Walters Asset Management Limited (Registered number: 06236495)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

9. 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.

The company's ultimate parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in the United Kingdom.

Page 5