Graham Walker Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01212937 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2022

for

Graham Walker Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

G S Walker

M G Walker

Registered office:

Unit 28 Bumpers Lane

Sealand Road Industrial Estate

Chester

CH1 4NS

Registered number:

01212937 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

678,760

697,295

Investment property

5

210,000

166,836

888,760

864,131

Current assets

Stocks

858,367

632,267

Debtors

6

193,537

55,694

Cash at bank and in hand

34,439

13,271

1,086,343

701,232

Creditors

Amounts falling due within one year

7

1,707,600

1,393,632

Net current liabilities

(621,257

)

(692,400

)

Total assets less current liabilities

267,503

171,731

Provisions for liabilities

9

14,211

5,879

Net assets

253,292

165,852

Capital and reserves

Called up share capital

10

1,000

1,000

Revaluation reserve

11

32,373

-

Retained earnings

219,919

164,852

Shareholders' funds

253,292

165,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2023 and were signed on its behalf by:

G S Walker - Director

1.	Statutory information

Graham Walker 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 as modified by the revaluation of certain assets.

Turnover

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

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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Revenue from property rental is recognised on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

10% reducing balance

Plant and machinery

-

20% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

No depreciation is provided on freehold land.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Financial instruments

A financial asset or a financial liability is recognised only when the company 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.

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.

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 7 (2021 - 11 ) .

4.	Tangible fixed assets

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Cost

At 1 June 2021

872,360

27,028

204,948

Additions

-

-

-

Reclassification

27,028

(27,028

)

-

At 31 May 2022

899,388

-

204,948

Depreciation

At 1 June 2021

200,811

19,716

191,266

Charge for year

15,593

-

2,736

Reclassification

19,716

(19,716

)

-

At 31 May 2022

236,120

-

194,002

Net book value

At 31 May 2022

663,268

-

10,946

At 31 May 2021

671,549

7,312

13,682

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 June 2021

87,485

19,750

1,211,571

Additions

1,309

-

1,309

Reclassification

-

-

-

At 31 May 2022

88,794

19,750

1,212,880

Depreciation

At 1 June 2021

82,893

19,590

514,276

Charge for year

1,475

40

19,844

Reclassification

-

-

-

At 31 May 2022

84,368

19,630

534,120

Net book value

At 31 May 2022

4,426

120

678,760

At 31 May 2021

4,592

160

697,295

5.	Investment property

Total

£

Fair value

At 1 June 2021

166,836

Revaluations

43,164

At 31 May 2022

210,000

Net book value

At 31 May 2022

210,000

At 31 May 2021

166,836

Fair value at 31 May 2022 is represented by:

£

Valuation in 2022

43,164

Cost

166,836

210,000

6.

Debtors: amounts falling due within one year

31/5/22

31/5/21

£

£

Trade debtors

40,485

32,127

Amounts owed by group undertakings

2,031

1,448

Other debtors

151,021

22,119

193,537

55,694

7.

Creditors: amounts falling due within one year

31/5/22

31/5/21

£

£

Bank loans and overdrafts

-

40,800

Trade creditors

75,508

51,033

Taxation and social security

111,626

111,908

Other creditors

1,520,466

1,189,891

1,707,600

1,393,632

8.	Secured debts

The following secured debts are included within creditors:

31/5/22

31/5/21

£

£

Bank overdraft

-

40,800

The bank overdraft is secured by way of fixed and floating charges over the properties owned by the company.

9.	Provisions for liabilities

31/5/22

31/5/21

£

£

Deferred tax

Accelerated capital allowances

3,420

5,879

Revaluation gains

10,791

-

14,211

5,879

Deferred

tax

£

Balance at 1 June 2021

5,879

Charge to Income Statement during year

8,332

Balance at 31 May 2022

14,211

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/22

31/5/21

value:

£

£

997

Ordinary

£1

997

997

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

1,000

1,000

11.

Reserves

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the statement of income. However under company law, these surpluses are not distributable. In these financial statements, the cumulative revaluation surpluses have been included in other reserves under Revaluation reserve. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.

12.	Contingent liabilities

The company has entered into a cross guarantee to secure the bank borrowings of G. Walker Properties Limited, a company under common control. At 31 May 2022 the liability under this guarantee was £2,653,606 (2021: £2,941,482).

13.	Related party disclosures