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REGISTERED NUMBER:
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G. WALTERS (LEASING) LIMITED |
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 28 February 2019 |
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REGISTERED NUMBER:
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G. WALTERS (LEASING) LIMITED |
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 28 February 2019 |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Statement of Financial Position | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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G. WALTERS (LEASING) LIMITED |
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Company Information |
for the Year Ended 28 February 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
Highdale House, Main Avenue |
Treforest Industrial Estate |
Pontypridd, Rhondda Cynon Taff |
CF37 5YR |
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SOLICITORS: |
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Two Central Square |
Cardiff |
CF10 1FS |
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Strategic Report |
for the Year Ended 28 February 2019 |
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The directors present their strategic report for the year ended 28 February 2019. |
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REVIEW OF BUSINESS |
The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the |
company. |
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With no bank borrowings, robust reserves and continuing profits, the financial position of the company remains strong, the liquidity |
of the company remains consistent. The company also has the strength and support of its parent undertaking and the Walters Group, |
the financial strength which is recognised as being very strong. |
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The directors consider that the company will continue to consolidate it's position and its ongoing success is due to the continued |
good relationships with customers and suppliers and sound financial advice. The company is well positioned to make the most of |
business opportunities that arise in the new financial year. |
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The reputation and standing of the company has continued to be enhanced during the year and the directors are confident that this |
will continue to enable the company to achieve financial and operational success. |
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Key financial highlights |
The key financial highlights are as follows: |
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2019 | 2018 | 2017 | 2016 |
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Gross profit margin | 48.39% | 45.06% | 30.62% | 33.27% |
Profit before tax | 44.47% | 41.28% | 28.24% | 32.46% |
Gearing ratio | 0% | 0% | 0% | 0% |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company continually monitors and reviews its existing commitments and also when planning future opportunities, to ensure that |
it does not over commit itself. The company understands that good risk management is key to successful trading. |
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ON BEHALF OF THE BOARD: |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Report of the Directors |
for the Year Ended 28 February 2019 |
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The directors present their report with the financial statements of the company for the year ended 28 February 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the leasing of assets and purchase and sale of equipment. |
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DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2018 to the date of this report. |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of bank balances, trade debtors, trade creditors and group inter company |
loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. |
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Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to |
managing other risks applicable to the financial instruments concerned is shown below. |
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Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the |
regular monitoring of amounts outstanding for both time and credit limits. |
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Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
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Financial support from parent and other subsidiary undertakings is provided and available to support financing the company's |
operations. Finance leases on assets to a group undertaking has a fixed interest rate implicit in the lease. |
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DIRECTORS' LIABILITY INSURANCE |
A liability insurance policy was in force during the financial year for the benefit of the directors of the company. |
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FUTURE DEVELOPMENTS |
The directors continue to review the requirements to lease plant and equipment to its fellow group and other subsidiary companies |
and in doing so adjust the company's plant fleet accordingly. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected |
to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom |
Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable |
in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are |
satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that |
period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in
business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a directors in |
order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Report of the Directors |
for the Year Ended 28 February 2019 |
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AUDITORS |
The auditors, O'Brien & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
G. Walters (Leasing) Limited |
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Opinion |
We have audited the financial statements of G. Walters (Leasing) Limited (the 'company') for the year ended 28 February 2019 which |
comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the |
Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a |
basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in |
our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are |
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we |
are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
G. Walters (Leasing) Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, |
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either |
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is |
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material |
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the |
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. |
Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them |
in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
& Statutory Auditors |
Highdale House, Main Avenue |
Treforest Industrial Estate |
Pontypridd, Rhondda Cynon Taff |
CF37 5YR |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Statement of Comprehensive Income |
for the Year Ended 28 February 2019 |
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28.2.19 | 28.2.18 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales | ( |
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( |
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GROSS PROFIT |
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Distribution costs |
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( |
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Administrative expenses | ( |
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8,684,611 | 8,231,456 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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8,713,355 | 8,255,365 |
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Interest payable and similar expenses | 6 | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Statement of Financial Position |
28 February 2019 |
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28.2.19 | 28.2.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 11 | ( |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | 14 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Statement of Changes in Equity |
for the Year Ended 28 February 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 March 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 28 February 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 28 February 2019 |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2019 |
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1. | STATUTORY INFORMATION |
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G. Walters (Leasing) Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group |
prepared publicly available consolidated financial statements, including this company, which are intended to give a true and |
fair view of the assets, liabilities, financial position and profit or loss of the group. |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• |
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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The financial statements of the company are consolidated in the financial statements of G Walters (Holdings) Limited. These |
consolidated financial statements are available from its registered office, Hirwaun House, Hirwaun Industrial Estate, |
Hirwaun, Aberdare, CF44 9UL. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the management is required to make judgements, estimates and |
assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates |
and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual |
results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the |
revision and future periods if the revision affects both current and future periods. |
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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. |
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Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, |
are charged against profit on a straight line basis over the lease term. |
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Hire purchase and finance lease income is recognised in the profit and loss account using the sum of digits method, to give a |
period rate of return on the net cash investment over the period of the agreement. |
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Sales of plant equipment is recognised when the company has transferred to the buyer the significant risks and rewards of |
ownership of the goods; the company retains no continuing involvement or control over the goods; the amount of revenue |
can be measured reliably; and it is probable that future economic benefits will flow to the entity. |
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of accumulated depreciation and |
any impairment losses. |
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Depreciation is recognised so as to write off the cost less their residual values over their useful lives on the following basis: |
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All motor vehicles, plant & equipment are leased out under operating leases and so their cost less residual values are written |
off over their useful economic life. This leads to depreciation rates of 33.33% for motor vehicles and between 10% and 25% |
for plant and machinery. |
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Assets leased out under operating leases, that are included in tangible fixed assets, are depreciated over their useful lives. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going |
concern basis of accounting in preparing the financial statements. |
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3. | TURNOVER |
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The turnover and profit before taxation are derived from the principal ordinary activities of the company, net of VAT. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was nil (2018 - nil). |
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28.2.19 | 28.2.18 |
£ | £ |
Directors' remuneration |
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G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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28.2.19 | 28.2.18 |
£ | £ |
Depreciation - owned assets |
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(Profit)/loss on disposal of fixed assets | ( |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences |
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( |
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Operating lease rentals receivable |
( |
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( |
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Operating lease charges |
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Finance lease income | - | (11,543 | ) |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
28.2.19 | 28.2.18 |
£ | £ |
Other interest |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
28.2.19 | 28.2.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Origination and reversal of timing differences |
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Tax on profit |
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UK corporation tax was charged at 19%) in 2018. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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28.2.19 | 28.2.18 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Change tax rates re: deferred tax | ( |
) | ( |
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Timing differences not recognised | ( |
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Other tax adjustments, reliefs and transfers | 415,927 | - |
Fixed asset differences | 197 | - |
Chargeable gains |
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Total tax charge | 1,570,096 | 1,498,620 |
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During the year the UK corporation tax rate remain static at 19%. Future reductions to the UK corporation tax rates have |
been enacted. These reduce the main rate to 17%. |
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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8. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 March 2018 |
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Additions |
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Disposals |
( |
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( |
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At 28 February 2019 |
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DEPRECIATION |
At 1 March 2018 |
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Charge for year |
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Eliminated on disposal | ( |
) | ( |
) | ( |
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At 28 February 2019 |
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NET BOOK VALUE |
At 28 February 2019 |
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At 28 February 2018 |
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All of the assets above are leased to third parties under operating leases. |
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Assets with a net book value of £Nil at the balance sheet date (2018: £2,470,291) were leased to a fellow subsidiary, |
Walters Asset Management Limited. The lease agreement transfered substantially all the risks and rewards of ownership to |
that company. The lease was therefore classified as a finance lease and the assets concerned were disclosed on the balance |
sheet of Walters Asset Management Limited. The assets were leased back under an operating lease. |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts receivable in respect of finance leases
by group undertaking |
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Prepayments and accrued income |
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Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on |
demand. |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT |
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Accrued expenses |
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Amounts due to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
|
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Amounts owed to group undertakings |
|
|
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
|
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
|
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
|
Amounts due to group undertakings are unsecured, accrue interest at a rate of 3.5% above base rate and are repayable in 24 |
months. |
|
12. | PROVISIONS FOR LIABILITIES |
28.2.19 | 28.2.18 |
£ | £ |
Deferred tax |
|
|
|
Deferred |
tax |
£ |
Balance at 1 March 2018 |
|
Provided during year |
|
Balance at 28 February 2019 |
|
|
13. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.19 | 28.2.18 |
value: | £ | £ |
|
Ordinary | £1 |
|
2 |
|
14. | RESERVES |
Retained |
earnings |
£ |
|
At 1 March 2018 |
|
Profit for the year |
|
At 28 February 2019 |
|
|
15. | ULTIMATE PARENT COMPANY |
|
The company's parent undertaking at the balance sheet date was G Walters (Holdings) Limited, a company incorporated in |
England and Wales. |
|
16. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
G. WALTERS (LEASING) LIMITED (REGISTERED NUMBER: 03788464) |
|
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
|
16. | RELATED PARTY DISCLOSURES - continued |
|
The company both sold to and purchased services from various fellow subsidiaries during the year. The total values of these |
transactions were as follows: |
28.02.19 | 28.02.18 |
Sales | Purchases | Sales | Purchases |
Gorrel Equipment Solutions
Limited |
|
4,440 |
- |
|
24,473 |
- |
Walters UK Limited | 1,003,179 | - | 935,026 | - |
Walters Plant Hire Limited | 20,750,002 | - | 15,855,082 | - |
|
Balances due at year end: | 28.02.19 | 28.02.18 |
Debtor | Creditor | Debtor | Creditor |
Gorrel Equipment Solutions
Limited |
|
5,280 |
- |
|
8,335 |
- |
Walters UK Limited | 97,066 | - | 102,000 | - |
Topshore Enterprises pty Limited | 9,713 | - | 9,713 | - |
Walters Plant Hire Limited | 5,056,502 | - | 1,518,517 | - |
|
|
17. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling parties at the year end were the trustees: Gweirydd Walters, Sarah Llewellyn, Richard Walters and |
Peter Hurn, of the Gweirydd Walters (Discretionary) Settlement, the major shareholder of G Walters (Holdings) Limited. |
|
18. | GUARANTEES |
|
At 28th February 2019, the company and its fellow subsidiaries had active contract bonds of £3,779,866 (2018: £4,412,385). |
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 three companies outside the group: G Walters (Consultancy) Limited, |
Ffos Las Limited and Walters Land (Rogerstone) Limited. |