Walters Land (Rogerstone) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07950199 (England and Wales)

WALTERS LAND (ROGERSTONE) LIMITED

Financial Statements

for the Year Ended 28 February 2018

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

4

1,009,903

11,327,118

Debtors

5

188,040

2,380,425

Cash at bank

14,104,645

5,348,929

15,302,588

19,056,472

CREDITORS

Amounts falling due within one year

6

(4,225,208

)

(10,680,080

)

NET CURRENT ASSETS

11,077,380

8,376,392

TOTAL ASSETS LESS CURRENT LIABILITIES

11,077,380

8,376,392

CREDITORS

Amounts falling due after more than one year

7

-

(3,397,682

)

NET ASSETS

11,077,380

4,978,710

CAPITAL AND RESERVES

Called up share capital

9

45

100

Other reserves

55

-

Retained earnings

11,077,280

4,978,610

11,077,380

4,978,710

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 22 November 2018 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.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.

STOCKS

28.2.18

28.2.17

£

£

Development land stock

457,740

2,316,981

Work-in-progress

552,163

9,010,137

1,009,903

11,327,118

£Nil (2017: £1,273,335) 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.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade debtors

168,193

2,054,030

Other debtors

19,847

326,395

188,040

2,380,425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade creditors

50,032

737,921

Amounts owed to group undertakings

-

512,384

Taxation and social security

2,023,096

-

Other creditors

2,152,080

9,429,775

4,225,208

10,680,080

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.18

28.2.17

£

£

Amounts owed to group undertakings

-

3,397,682

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.18

28.2.17

£

£

Deferred income

-

5,500,000

Accruals

-

1,273,335

-

6,773,335

In the prior year the deferred income and accruals were secured on parts of the development land stock by way of legal

charges.

9.	CALLED UP SHARE CAPITAL

On 6 December 2017 the company completed a share buy back on its 55 Ordinary D Shares. These shares were then

cancelled by the company.

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 O'Brien & Partners

11.	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.

12.	OTHER FINANCIAL COMMITMENTS

At 28th February 2018, the company and subsidiaries of G.Walters (Holding) Limited had active contract bonds of

£4,412,385 (2017: £5,718,261). 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 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.

13.	RELATED PARTY DISCLOSURES

During the year the company received no (2017: None) additional loans and made repayments of £3,399,428 (2017: £Nil) to

G Walters (Holdings) Limited. Interest accrued at 3.5% p.a. above Barclays base rate on these loans and amounted to £1,746

(2017: £178,065) for the year. At the year end the company owed £Nil to G Walters (Holdings) Limited (2017:

£3,397,682).

The loan from Director S Llewellyn was fully repaid during the year and accrued interest of £574 (2017: £35,046) for this

year. At the year end S Llewellyn was owed £Nil (2017: £1,065,950). The loan from Director V Zarifian was fully repaid

and accrued interest of £444 (2017: £28,037) during the year. At the year end V Zarifian was owed £Nil (2017: £855,693).

14.	ULTIMATE CONTROLLING PARTY

On 6 December 2017, following the purchase of shares, Land Matters Limited and Ellbeck Limited became the ultimate

controlling parties of the Company.