Company Registration No. 00480489 (England and Wales)
J. WALKER & SON (INVESTMENTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
J. WALKER & SON (INVESTMENTS) LIMITED
COMPANY INFORMATION
Directors
C E Walker
D J Walker
G P Walker
J W Walker
W J Walker
Secretary
W J Walker
Company number
00480489
Registered office
17 Parsonage Road
Chalfont St. Giles
Buckinghamshire
HP8 4JW
Accountants
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
J. WALKER & SON (INVESTMENTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
J. WALKER & SON (INVESTMENTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
31 Dec 2019
16 Jan 2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,165,203
17,572,912
Investments
4
660,816
566,577
6,826,019
18,139,489
Current assets
Debtors
5
881,423
775,720
Cash at bank and in hand
255,169
809,166
1,136,592
1,584,886
Creditors: amounts falling due within one year
6
(66,750)
(68,994)
Net current assets
1,069,842
1,515,892
Total assets less current liabilities
7,895,861
19,655,381
Provisions for liabilities
7
(503,569)
(2,141,572)
Net assets
7,392,292
17,513,809
Capital and reserves
Called up share capital
14,200
14,200
Revaluation reserve
1,335,941
11,506,744
Non-distributable profits reserve
3,061,123
3,066,384
Distributable profit and loss reserves
2,981,028
2,926,481
Total equity
7,392,292
17,513,809
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J. WALKER & SON (INVESTMENTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2020 and are signed on its behalf by:
W J Walker
Director
Company Registration No. 00480489
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
J. Walker & Son (Investments) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
17 Parsonage Road, Chalfont St. Giles, Buckinghamshire, United Kingdom, HP8 4JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied except for where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company changed it's reporting period so these accounts only represent the period from 17 January 2019 to 31 December 2019. Due to this, the prior period information may not be completely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold and investment property
Based on most recent valuation
Plant and machinery
50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
The fair value of the investment properties has been determined by way of a professional valuation as at the year end date, conducted by a third party firm of chartered surveyors.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 6
(January 2019 - 6).
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Freehold and investment property
Investment property
Plant and machinery
Total
£
£
£
£
Cost
At 17 January 2019
11,824,706
5,744,985
9,462
17,579,153
Disposals
(10,324,706)
(979,985)
(3,083)
(11,307,774)
Revaluation
-
(100,000)
-
(100,000)
At 31 December 2019
1,500,000
4,665,000
6,379
6,171,379
Depreciation and impairment
At 17 January 2019
-
-
6,241
6,241
Depreciation charged in the period
-
-
3,018
3,018
Eliminated in respect of disposals
-
-
(3,083)
(3,083)
At 31 December 2019
-
-
6,176
6,176
Carrying amount
At 31 December 2019
1,500,000
4,665,000
203
6,165,203
At 16 January 2019
11,824,706
5,744,985
3,221
17,572,912
The valuations
for both freehold and investment property
have been determined by way of a professional valuation as at
the year end date, conducted by a third party firm of chartered surveyors.
The historical cost of the above freehold land and properties as at
31 December 2019
was £
164,059
(
Jan 2019
: £
317,962
).
Cost
and
valuation
as
at
31 December 2019
is represented by:
4
Fixed asset investments
31 Dec 2019
16 Jan 2019
£
£
Investments
660,816
566,577
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
4
Fixed asset investments
(Continued)
- 7 -
Fixed asset investments revalued
Listed
investments are
shown
at revalued amounts,
at open market value as at the year end. They have been revalued by the investment managers Quilter Cheviot. The historical cost of investments was £660,816 (Jan 2019 : £566,577).
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 17 January 2019
566,577
Valuation changes
94,239
At 31 December 2019
660,816
Carrying amount
At 31 December 2019
660,816
At 16 January 2019
566,577
5
Debtors
31 Dec 2019
16 Jan 2019
Amounts falling due within one year:
£
£
Trade debtors
-
3,624
Corporation tax recoverable
195,012
-
Other debtors
686,411
772,096
881,423
775,720
6
Creditors: amounts falling due within one year
31 Dec 2019
16 Jan 2019
£
£
Trade creditors
15,832
34,441
Amounts owed to group undertakings
37,479
-
Taxation and social security
5,314
2,371
Other creditors
8,125
32,182
66,750
68,994
J. WALKER & SON (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 8 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
31 Dec 2019
16 Jan 2019
Balances:
£
£
Investment property
503,569
2,141,572
31 Dec 2019
Movements in the period:
£
Liability at 17 January 2019
2,141,572
Credit to profit or loss
(28,421)
Credit to equity
(1,861,532)
Effect of change in tax rate - profit or loss
251,950
Liability at 31 December 2019
503,569
8
Directors' transactions
Included within other debtors is the balance of a loan to the directors totalling £639,654 (Jan 2019: £600,730).
9
Parent company
The parent company of J. Walker & Son (Investments) Limited is J. Walker & Son (Investment Holdings) Limited and it's registered office is 17 Parsonage Road, Chalfont St. Giles, Buckinghamshire, HP8 4JW. The parent company is considered to be the ultimate controlling party.