Walters Land (Rogerstone) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07950199 (England and Wales)

WALTERS LAND (ROGERSTONE) LIMITED

Financial Statements

for the Year Ended 28 February 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M E R Llewellyn

S C Llewellyn

V Zarifian

A Zarifian

SECRETARY:

M E R Llewellyn

REGISTERED OFFICE:

Hirwaun House,

Hirwaun Industrial Estate

Aberdare

Rhondda Cynon Taff

CF44 9UL

REGISTERED NUMBER:

07950199 (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

CURRENT ASSETS

Stocks

3

11,327,118

9,386,322

Debtors

4

2,380,425

9,642,515

Cash at bank

5,348,929

8,226,949

19,056,472

27,255,786

CREDITORS

Amounts falling due within one year

5

(10,680,080

)

(8,571,302

)

NET CURRENT ASSETS

8,376,392

18,684,484

TOTAL ASSETS LESS CURRENT LIABILITIES

8,376,392

18,684,484

CREDITORS

Amounts falling due after more than one year

6

(3,397,682

)

(13,846,941

)

NET ASSETS

4,978,710

4,837,543

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,978,610

4,837,443

SHAREHOLDERS' FUNDS

4,978,710

4,837,543

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 8 November 2017 and were signed on its behalf by:

M E R Llewellyn - Director

1.	STATUTORY INFORMATION

Walters Land (Rogerstone) 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 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.

Turnover

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

goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

The company recognises revenue when:

a) The significant risks and rewards of ownership have been transferred to the buyer;

b) The company retains no control over the goods;

c) The amount of revenue can be measured reliably; and

d) It is probable that future economic benefits will flow to the entity.

Income from the sale of land and property which is subject to a contract of sale, is recognised on completion of that contract.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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.

Taxation and 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.

3.

STOCKS

28.2.17

29.2.16

£

£

Development land stock

2,316,981

2,316,981

Work-in-progress

9,010,137

7,069,341

11,327,118

9,386,322

£1,273,335 (2016: £5,417,121) of the carrying amount of stock is pledged as security for the deferred income at the balance

sheet date and the liabilities to complete the S106 agreement for the site.

4.

DEBTORS

28.2.17

29.2.16

£

£

Amounts falling due within one year:

Trade debtors

2,054,030

7,541,685

Other debtors

326,395

47,920

2,380,425

7,589,605

Amounts falling due after more than one year:

Trade debtors

-

2,052,910

Aggregate amounts

2,380,425

9,642,515

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade creditors

737,921

82,405

Amounts owed to group undertakings

512,384

244,869

Taxation and social security

-

2,068,907

Other creditors

9,429,775

6,175,121

10,680,080

8,571,302

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.17

29.2.16

£

£

Amounts owed to group undertakings

3,397,682

6,488,383

Other creditors

-

7,358,558

3,397,682

13,846,941

7.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.17

29.2.16

£

£

Deferred income

5,500,000

5,500,000

Accruals

1,273,335

5,417,121

6,773,335

10,917,121

The deferred income and accruals are secured on parts of the development land stock by way of legal charges.

8.	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

9.	CONTINGENT LIABILITIES

The company is responsible for potential environmental liabilities of its land and therefore has a contingent liability. The

company has ongoing obligations under planning agreements it has entered into. These are being discharged through its

normal trading activities.

10.	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 ultimate parent undertaking, Walters Land (Rogerstone) Limited, Walters UK

Limited, G Walters (Leasing) Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Environmental

Limited, Walters Land Limited and Headaway (Europe) Limited. It 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.

11.	RELATED PARTY DISCLOSURES

During the year the company received no additional loans and made no repayments (2016: borrowed and repaid £3,000,000)

to its ultimate parent company, G Walters (Holdings) Limited. Interest accrues at 3.5% p.a. above Barclays base rate on these

loans and amounted to £178,065 (2016: £283,405) for the year. At the year end the company owed £3,397,682 to G

Walters (Holdings) Limited (2016: £6,488,383).

During the year work to the value of £Nil (2016: £111,726) was invoiced by Walters Environmental Limited, a fellow

subsidiary of G Walters (Holdings) Limited. £Nil was outstanding to Walters Environmental Limited at the year end (2016:

£Nil).

The company operates rent free from premises owned by Walters Plant Hire Limited, a fellow subsidiary of G Walters

(Holdings) Limited.

Another fellow subsidiary: Walters U.K. Limited, invoiced the company £2,691,745 during the year (2016: £5,053,376 work

performed). At the year end the company owed Walters U.K. Limited £503,189 (2016: £244,674).

The loan from Director S Llewellyn accrued interest of £35,046 for this year. At the year end S Llewellyn was owed

£1,065,950 (2016: £1,030,904). The loan from Director V Zarifian accrued interest of £28,037 during the year. At the year

end V Zarifian was owed £855,693 (2016: £827,656). The loans bear interest at 3.5% above Barclays base rate.

12.	ULTIMATE CONTROLLING PARTY