G. Walker Properties Ltd - Accounts to registrar (filleted) - small 18.2

G. WALKER PROPERTIES LTD

Unaudited Financial Statements

for the Year Ended 31st May 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Jones

G S Walker

REGISTERED OFFICE:

Unit 28

Bumpers Lane

Sealand Road Industrial Estate

Chester

CH1 4NS

REGISTERED NUMBER:

02916434 (England and Wales)

ACCOUNTANTS:

Haines Watts Wirral Limited

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Tangible assets

4

2,744

3,564

Investment property

5

9,207,601

9,993,603

9,210,345

9,997,167

CURRENT ASSETS

Stocks

6

1,589,974

1,334,891

Debtors

7

927,044

1,461,707

Cash at bank

176,035

33,247

2,693,053

2,829,845

CREDITORS

Amounts falling due within one year

8

911,684

1,150,726

NET CURRENT ASSETS

1,781,369

1,679,119

TOTAL ASSETS LESS CURRENT LIABILITIES

10,991,714

11,676,286

CREDITORS

Amounts falling due after more than one year

9

(2,219,153

)

(3,279,738

)

PROVISIONS FOR LIABILITIES

(920

)

(920

)

NET ASSETS

8,771,641

8,395,628

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

997,221

932,194

Retained earnings

7,774,320

7,463,334

SHAREHOLDERS' FUNDS

8,771,641

8,395,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 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 13th December 2018 and were signed on its behalf by:

G S Walker - Director

1.	STATUTORY INFORMATION

G. Walker Properties Ltd 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 as modified by the revaluation of certain assets.

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 high risk of causing a material adjustment to the carrying amount of

assets and liabilities within the next financial year are:

- Bad debt provisions

- The useful economic life of tangible fixed assets

- The fair value of investment property.

Turnover

Turnover represents rents receivable and sale of property, excluding value added tax.

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.

Fixtures and fittings - 20% 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

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

Debtors

Debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at

fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, director loan accounts (being repayable on

demand) and intercompany loans (being repayable on demand).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st June 2017

and 31st May 2018

33,991

15,827

49,818

DEPRECIATION

At 1st June 2017

32,508

13,746

46,254

Charge for year

348

472

820

At 31st May 2018

32,856

14,218

47,074

NET BOOK VALUE

At 31st May 2018

1,135

1,609

2,744

At 31st May 2017

1,483

2,081

3,564

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2017

9,993,603

Additions

816,631

Disposals

(1,602,633

)

At 31st May 2018

9,207,601

NET BOOK VALUE

At 31st May 2018

9,207,601

At 31st May 2017

9,993,603

Fair value at 31st May 2018 is represented by:

£

Valuation in 2017

997,222

Cost

8,210,379

9,207,601

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

2018

2017

£

£

Cost

8,210,379

9,061,409

Investment properties were valued on a fair value basis on 31st May 2018 by the director .

6.

STOCKS

2018

2017

£

£

Work-in-progress

1,589,974

1,334,891

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

14,940

20,602

Other debtors

912,104

1,441,105

927,044

1,461,707

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

473,974

597,000

Trade creditors

12,435

83,028

Tax

109,408

144,694

Social security and other taxes

(2,121

)

208

Other creditors

317,988

325,796

911,684

1,150,726

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

1,394,035

2,207,639

Bank loans more than 5 years

825,118

1,072,099

2,219,153

3,279,738

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

825,118

1,072,099

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,693,127

3,876,738

11.

RESERVES

Fair

value

reserve

£

At 1st June 2017

932,194

Transfer of realised profits

65,027

At 31st May 2018

997,221

Fair value reserve

Comprises of the revaluation of the investment property assets.

Retained earnings

Includes all current and prior period retained profits and losses.

12.	CONTINGENT LIABILITIES

The company has entered into a cross guarantee to secure the bank borrowings of Graham Walker Limited. At

the balance sheet date the liability under this guarantee was £61,232 (2017 - £106,423).

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £36,250 were paid to the directors .

Included in administrative costs are management charges of £23,914 (2017 - £24,385) paid to Graham Walker

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

Included in other debtors is an amount of £813,187 (2017 - £1,243,249) due from Graham Walker Limited.

Further included in other debtors is the sum of £81,000 (2017 - £81,000) being due from G & M Walker Limited,

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

Included in other creditors is the sum of £245,894 (2017 - £253,545) being due to G S Walker, a director of the

company.