General Information
WALTON DEVELOPMENT & CONSTRUCTION LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04102917, registration address 24a Estover Close, Forresters Business Park, Plymouth, PL6 7PL.
| 1. |
Accounting Policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies set out below.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year,exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance Motor Vehicles - 25% reducing balance Office equipment - 20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instrument
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
| 2. |
Tangible fixed assets
| Cost |
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2018 |
74,737 |
|
257,974 |
|
21,789 |
|
354,500 |
| Additions |
3,950 |
|
14,145 |
|
4,291 |
|
22,386 |
| Disposals |
- |
|
(15,000) |
|
- |
|
(15,000) |
| At 31 December 2018 |
78,687 |
|
257,119 |
|
26,080 |
|
361,886 |
| Depreciation |
| At 01 January 2018 |
59,488 |
|
115,515 |
|
12,929 |
|
187,932 |
| Charge for year |
2,017 |
|
38,526 |
|
2,630 |
|
43,173 |
| On disposals |
- |
|
(12,500) |
|
- |
|
(12,500) |
| At 31 December 2018 |
61,505 |
|
141,541 |
|
15,559 |
|
218,605 |
| Net book values |
| Closing balance as at 31 December 2018 |
17,182 |
|
115,578 |
|
10,521 |
|
143,281 |
| Opening balance as at 01 January 2018 |
15,249 |
|
142,459 |
|
8,860 |
|
166,568 |
|
| 3. |
Debtors: amounts falling due within one year
|
2018
£ |
|
2017
£ |
| Trade Debtors |
97,753 |
|
131,002 |
| Other Debtors |
232,432 |
|
38,154 |
|
330,185 |
|
169,156 |
|
| 4. |
Creditors: amount falling due within one year
|
2018
£ |
|
2017
£ |
| Trade Creditors |
146,639 |
|
75,007 |
| Corporation Tax |
31,804 |
|
64,353 |
| PAYE and NIC |
14,827 |
|
9,862 |
| Hire purchase and finance lease agreements |
20,314 |
|
25,148 |
| Other Creditors |
48,222 |
|
41,457 |
| VAT |
6,708 |
|
22,125 |
|
268,514 |
|
237,952 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2018
£ |
|
2017
£ |
| Hire purchase and finance lease agreements |
53,270 |
|
73,584 |
| Other Creditors |
32,083 |
|
59,583 |
|
85,353 |
|
133,167 |
|
| 6. |
Capital redemption reserve
|
2018
£ |
|
2017
£ |
| Capital Redemption Reserve b/fwd |
100 |
|
- |
| Cancellation of subscribed capital |
- |
|
100 |
|
100 |
|
100 |
|
3
|
