Walters Residential Limited - Accounts to registrar (filleted) - small 23.2.5

Walters Residential Limited - Accounts to registrar (filleted) - small 23.2.5

WALTERS RESIDENTIAL LIMITED - Company Information

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REGISTERED NUMBER: 09443591 (England and Wales)















Walters Residential Limited

Financial Statements

for the Year Ended 28 February 2023





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








Walters Residential Limited (Registered number: 09443591)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Walters Residential Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S C Llewellyn
M E R Llewellyn





SECRETARY: M E R Llewellyn





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





REGISTERED NUMBER: 09443591 (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
Page 1
Walters Residential Limited (Registered number: 09443591)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,056,000 1,654,774

CURRENT ASSETS
Debtors 5 485 406
Cash at bank 221,793 173,151
222,278 173,557
CREDITORS
Amounts falling due within one year 6 13,445 10,006
NET CURRENT ASSETS 208,833 163,551
TOTAL ASSETS LESS CURRENT LIABILITIES 2,264,833 1,818,325

CREDITORS
Amounts falling due after more than one year 7 1,597,047 1,528,217
NET ASSETS 667,786 290,108

CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 648,696 247,470
Retained earnings 9 19,089 42,637
SHAREHOLDERS' FUNDS 667,786 290,108

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 13 October 2023 and were signed on its behalf by:





M E R Llewellyn - Director


The notes form part of these financial statements

Page 2
Walters Residential Limited (Registered number: 09443591)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Walters Residential 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Consideration from the sale of properties is recognised when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the property and is it probable that future economic benefits will flow to the entity.

Consideration from the rental of properties is recognised in the accounting period in which the rental period occurs.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 balance sheet date.

Deferred taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Page 3 continued...
Walters Residential Limited (Registered number: 09443591)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,654,774
Revaluations 401,226
At 28 February 2023 2,056,000
NET BOOK VALUE
At 28 February 2023 2,056,000
At 28 February 2022 1,654,774

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2020 247,470
Valuation in 2023 401,226
Cost 1,407,304
2,056,000

If investment properties had not been revalued they would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 1,407,304 1,407,304

Investment properties were valued on an open market basis on 28 February 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Prepayments and accrued income 485 406

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Amounts owed to group undertakings 6,912 3,475
Accruals and deferred income 6,533 6,531
13,445 10,006

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Amounts owed to group undertakings 1,597,047 1,528,217

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
1 Ordinary £1 1 1

Page 4 continued...
Walters Residential Limited (Registered number: 09443591)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 42,637 247,470 290,107
Profit for the year 377,678 377,678
Transfer (401,226 ) 401,226 -
At 28 February 2023 19,089 648,696 667,785

10. 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

11. RELATED PARTY DISCLOSURES

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 the parent and wholly owned subsidiaries within the group.

The company purchased services from the following fellow subsidiaries during the year. The total values of these transactions were as follows:
28.02.23 28.02.22
Sales Purchases Sales Purchases
Walters Plant Hire Limited - 8,075 - 3,475

Balances due at year end: 28.02.23 28.02.22
Debtor Creditor Debtor Creditor
Walters Plant Hire Limited - 6,912 - 3,475

Interest is charged at a rate of 3.5% above Barclays bank base rates on the intercompany loan included in creditors (2022: 3.5% above Barclays bank base rates). No interest is charged on other related party balances included in the accounts (2022: £nil).

12. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is G. Walters (Holdings) Limited. Copies of the G. Walters (Holdings) Limited consolidated financial statements can be obtained from Hirwaun House, Hirwaun Industrial Estate, Hirwaun, Aberdare, Rhondda Cynon Taf, CF44 9UL.

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