Walton Plating Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01846778 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

WALTON PLATING LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M J Koskela

J B Koskela

R M Sharman

N A Sharman

SECRETARY:

M J Koskela

REGISTERED OFFICE:

118 Ashley Road

Walton-on-Thames

Surrey

KT12 1HN

REGISTERED NUMBER:

01846778 (England and Wales)

ACCOUNTANTS:

The McWhirter Partnership Limited

Chartered Accountants

336 Molesey Road

Hersham

Walton on Thames

Surrey

KT12 3PD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walton Plating Limited for the year ended 30 November 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Walton Plating Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Walton Plating Limited and state those matters that we have agreed to state to the Board of Directors of Walton Plating Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walton Plating Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Walton Plating 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 profit of Walton Plating Limited. You consider that Walton Plating 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 Walton Plating 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.

The McWhirter Partnership Limited

Chartered Accountants

336 Molesey Road

Hersham

Walton on Thames

Surrey

KT12 3PD

28 November 2022

FIXED ASSETS

Tangible assets

4

271,375

285,096

CURRENT ASSETS

Stocks

68,083

69,420

Debtors

5

337,035

324,610

Cash at bank and in hand

139,818

254,425

544,936

648,455

CREDITORS

Amounts falling due within one year

6

490,339

470,818

NET CURRENT ASSETS

54,597

177,637

TOTAL ASSETS LESS CURRENT LIABILITIES

325,972

462,733

CREDITORS

Amounts falling due after more than one year

7

(161,209

)

(205,265

)

PROVISIONS FOR LIABILITIES

(49,006

)

(50,725

)

NET ASSETS

115,757

206,743

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

114,757

205,743

SHAREHOLDERS' FUNDS

115,757

206,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2022 and were signed on its behalf by:

M J Koskela - Director

R M Sharman - Director

1.	STATUTORY INFORMATION

Walton Plating 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Depreciation

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

Leasehold property - over the term of the lease

Plant and machinery - 15% straight line basis

Fixtures and fittings - 10% straight line basis

Motor vehicles - 20% straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2020

198,289

1,275,065

1,473,354

Additions

-

64,944

64,944

Disposals

-

(34,630

)

(34,630

)

At 30 November 2021

198,289

1,305,379

1,503,668

DEPRECIATION

At 1 December 2020

181,089

1,007,169

1,188,258

Charge for year

3,751

65,490

69,241

Eliminated on disposal

-

(25,206

)

(25,206

)

At 30 November 2021

184,840

1,047,453

1,232,293

NET BOOK VALUE

At 30 November 2021

13,449

257,926

271,375

At 30 November 2020

17,200

267,896

285,096

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2020

46,375

Additions

12,813

Disposals

(28,385

)

At 30 November 2021

30,803

DEPRECIATION

At 1 December 2020

19,350

Charge for year

8,496

Eliminated on disposal

(22,708

)

At 30 November 2021

5,138

NET BOOK VALUE

At 30 November 2021

25,665

At 30 November 2020

27,025

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

292,565

254,918

Other debtors

44,470

69,692

337,035

324,610

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

46,677

15,510

Hire purchase contracts

8,768

19,422

Trade creditors

67,660

45,918

Taxation and social security

130,250

208,141

Other creditors

236,984

181,827

490,339

470,818

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

145,845

192,522

Hire purchase contracts

15,364

12,743

161,209

205,265

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Debentures

222,949

169,289

Bank loans

192,522

208,032

415,471

377,321

The company has a Confidential Receivables Financing Agreement with Lloyds Commercial Finance Limited and executed a Book Debts Debenture on 6th June 2017 in their favour as security for the borrowing.

The company also has a fixed and floating charge dated 8th March 2021 with Lloyds Bank PLC over the assets of the company in support of its bank loan.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

510

Ordinary A

£1

510

510

490

Ordinary B

£1

490

490

1,000

1,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

11.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £181,836 subject to a rent review. (2020 - £228,780).