Walters Environmental Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01993246 (England and Wales)

WALTERS ENVIRONMENTAL LIMITED

Audited Financial Statements

for the Year Ended 28 February 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P H Richards

Mr M E R Llewellyn

SECRETARY:

Mrs S C Llewellyn

REGISTERED OFFICE:

Hirwaun House

Hirwaun Industrial Estate

Hirwaun

Aberdare

Rhondda Cynon Taff

CF44 9UL

REGISTERED NUMBER:

01993246 (England and Wales)

AUDITORS:

O'Brien & Partners

Chartered Accountants

& Statutory Auditors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

SOLICITORS:

Hugh James

Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

FIXED ASSETS

Tangible assets

4

142,943

79,789

CURRENT ASSETS

Debtors

5

759,392

604,663

Cash at bank

179,764

452,525

939,156

1,057,188

CREDITORS

Amounts falling due within one year

6

(208,829

)

(126,070

)

NET CURRENT ASSETS

730,327

931,118

TOTAL ASSETS LESS CURRENT LIABILITIES

873,270

1,010,907

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

872,270

1,009,907

SHAREHOLDERS' FUNDS

873,270

1,010,907

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 9 October 2017 and were signed on its behalf by:

Mr M E R Llewellyn - Director

1.	STATUTORY INFORMATION

Walters Environmental 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have considered the current financial

position of the company as well as its financial requirements and activities for the foreseeable future.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for

services rendered, net of returns, discounts and rebated allowed by the company and value added taxes.

The company provides services in relation to salvage, recycling and landscaping. Revenue is recognised in the accounting

period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses the

percentage of completion method based on the actual service performed as a percentage of the total services provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

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 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.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 11 (2016 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2016

222,645

Additions

95,410

At 28 February 2017

318,055

DEPRECIATION

At 1 March 2016

142,856

Charge for year

32,256

At 28 February 2017

175,112

NET BOOK VALUE

At 28 February 2017

142,943

At 29 February 2016

79,789

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

671,769

438,256

Amounts owed by group undertakings

36,175

14,180

Other debtors

9,584

26,366

VAT

-

7,329

Amounts recoverable on contracts

16,996

99,837

Prepayments

24,868

18,695

759,392

604,663

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade creditors

7,958

13,189

Amounts owed to group undertakings

110,633

65,696

Social security and other taxes

7,300

8,084

VAT

47,398

-

Other creditors

504

676

Accrued expenses

35,036

38,425

208,829

126,070

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

28.2.17

29.2.16

£

£

Within one year

-

16,850

Between one and five years

49,850

-

49,850

16,850

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.	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 O'Brien & Partners

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company purchased consultancy services from its director G Walters (Consultancy) Ltd to the value of

£30,958 (2016: £100,000). The balance owed to G Walters (Consultancy) Ltd at the year end was £Nil (2016: £nil).

11.	RELATED PARTY DISCLOSURES

The company both sold to and purchased services from various fellow subsidiaries during the year. Exemption from

disclosure of transactions with fellow subsidiaries wholly owned by the group has been taken. The total values of the

transactions and balances with other fellow subsidiaries were as follows:

28.2.17

29.2.16

Transactions

Debtor/ (Creditor

)

Transactions

Debtor/ (Creditor

)

Sales to:

£

£

£

£

Walters UK Limited

397,324

-

313,689

12,563

Walters Plant Hire Limited

-

-

3,946

-

Walters Resources Limited

16,005

10,543

15,818

1,616

Walters Land (Rogerstone) Limited

-

-

134,071

-

Purchases from:

Walters Plant Hire Limited

54,037

(60,522

)

14,049

(19,538

)

Walters UK Limited

61,172

(31,993

)

-

-

12.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

At 28th February 2017 the company and its fellow subsidiaries had active contract bonds of £5,718,261 (2016: £4,051,972).

The company has a joint and several cross counter indemnity facility in respect of contract bonds. This indemnity was in

relation to G Walters (Holdings) Limited, the parent undertaking, Walters Environmental Limited and its fellow subsidiary

undertakings, G Walters (Leasing) Limited, Walters UK Limited, Walters Resources Limited, Walters Plant Hire Limited,

Walters Land Limited and Headaway (Europe) Limited. The indemnity was also in relation to two companies outside the

group: G Walters (Consultancy) Limited and Ffos Las Limited, which had no active bonds at the year end.

13.	ULTIMATE PARENT COMPANY

The 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 the

registered office of Walters Environmental Limited.