Graham Walker Limited - Accounts to registrar (filleted) - small 17.3

GRAHAM WALKER LIMITED

Unaudited Financial Statements

for the Year Ended 31st May 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G S Walker

M G Walker

SECRETARY:

Mrs T Jones

REGISTERED OFFICE:

Unit 28

Bumpers Lane

Sealand Road Industrial Estate

Chester

CH1 4NS

REGISTERED NUMBER:

01212937 (England and Wales)

ACCOUNTANTS:

The Priory Partnership

Chartered Accountants

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Tangible assets

4

776,438

800,032

Investment property

5

411,877

411,877

1,188,315

1,211,909

CURRENT ASSETS

Stocks

6

300,501

350,815

Debtors

7

314,244

92,002

Cash in hand

372

4,194

615,117

447,011

CREDITORS

Amounts falling due within one year

8

1,708,504

1,421,569

NET CURRENT LIABILITIES

(1,093,387

)

(974,558

)

TOTAL ASSETS LESS CURRENT LIABILITIES

94,928

237,351

CREDITORS

Amounts falling due after more than one year

9

(61,600

)

(108,099

)

PROVISIONS FOR LIABILITIES

(6,380

)

(6,380

)

NET ASSETS

26,948

122,872

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

25,948

121,872

SHAREHOLDERS' FUNDS

26,948

122,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 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 24th November 2017 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.

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.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities within the next financial year are:

- The useful economic life of tangible fixed assets

- The fair value of investment property

- Stock provisions.

Turnover

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

rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less

accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

directly attributable to bringing the asset to the location and condition necessary for it to be capable of

operating in the manner intended by management.

Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

life.

Freehold property - land - nil and buildings - 2% on cost

Improvements to property - 10% on reducing balance

Plant and machinery - 20% on reducing balance

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance

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

Trade debtors, trade creditors, directors loans (being repayable on demand) and inter company loans (being

repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected

to be paid or received.

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.

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 8 .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st June 2016

872,360

27,028

199,591

Additions

-

-

750

At 31st May 2017

872,360

27,028

200,341

DEPRECIATION

At 1st June 2016

123,576

13,653

171,764

Charge for year

15,447

1,672

5,130

At 31st May 2017

139,023

15,325

176,894

NET BOOK VALUE

At 31st May 2017

733,337

11,703

23,447

At 31st May 2016

748,784

13,375

27,827

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st June 2016

84,828

19,750

1,203,557

Additions

187

-

937

At 31st May 2017

85,015

19,750

1,204,494

DEPRECIATION

At 1st June 2016

75,370

19,162

403,525

Charge for year

2,150

132

24,531

At 31st May 2017

77,520

19,294

428,056

NET BOOK VALUE

At 31st May 2017

7,495

456

776,438

At 31st May 2016

9,458

588

800,032

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2016

and 31st May 2017

411,877

NET BOOK VALUE

At 31st May 2017

411,877

At 31st May 2016

411,877

Investment properties are revalued annually by the directors. The directors suggest there to be no material

difference between the original cost of £411,877 and their valuation of investment properties at 31st May

2016.

6.

STOCKS

2017

2016

£

£

Stocks

300,501

350,815

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

28,657

42,844

Amounts owed by group undertakings

405

405

Other debtors

46,262

48,753

Directors' current accounts

238,920

-

314,244

92,002

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

117,335

225,781

Trade creditors

116,125

97,358

Amounts owed to group undertakings

1,243,774

1,044,437

Taxation and social security

28,077

45,811

Other creditors

203,193

8,182

1,708,504

1,421,569

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

61,600

108,099

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

72,512

158,411

Bank loans

106,423

175,469

178,935

333,880

11.	CONTINGENT LIABILITIES

The company has entered into a cross guarantee to secure the bank borrowings of G Walker Properties

Limited. At the balance sheet date the liability under this guarantee was £3,876,736 (2016 - £3,204,487).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2017 and

31st May 2016:

2017

2016

£

£

M G Walker

Balance outstanding at start of year

-

-

Amounts advanced

238,921

650

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

238,921

-

13.	RELATED PARTY DISCLOSURES

During the year a management charge of £24,385 (2016 - £26,324) was receivable from G. Walker Properties

Ltd, a company in which G S Walker is also a director and shareholder.

Included in creditors is the sum of £1,243,774 (2016 - £1,044,437) due to G. Walker Properties Ltd, a company

in which G S Walker is also director and shareholder.

Included in debtors is the sum of £405 (2016 - £405) due from G & M Walker Ltd, the ultimate parent

company.

14.	ULTIMATE PARENT COMPANY

G & M Walker Ltd is regarded by the directors as being the ultimate parent company of Graham Walker

Limited. The registered office of G & M Walker Ltd is Unit 28 Bumpers Lane, Sealand Road Industrial Estate,

Chester, CH1 4NS.

15.	FIRST TIME ADOPTION OF FRS102

The policies applied under the entity's previous accounting framework are not materially different to FRS102 -

Section 1A and have not impacted on equity or profit or loss.