Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-04-01falseNo description of principal activity33falsetrue 01868433 2021-04-01 2022-03-31 01868433 2020-04-01 2021-03-31 01868433 2022-03-31 01868433 2021-03-31 01868433 2020-04-01 01868433 c:Director1 2021-04-01 2022-03-31 01868433 c:Director2 2021-04-01 2022-03-31 01868433 d:CurrentFinancialInstruments 2022-03-31 01868433 d:CurrentFinancialInstruments 2021-03-31 01868433 d:Non-currentFinancialInstruments 2022-03-31 01868433 d:Non-currentFinancialInstruments 2021-03-31 01868433 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01868433 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 01868433 d:ShareCapital 2022-03-31 01868433 d:ShareCapital 2021-03-31 01868433 d:RetainedEarningsAccumulatedLosses 2022-03-31 01868433 d:RetainedEarningsAccumulatedLosses 2021-03-31 01868433 c:FRS102 2021-04-01 2022-03-31 01868433 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 01868433 c:FullAccounts 2021-04-01 2022-03-31 01868433 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01868433 2 2021-04-01 2022-03-31 01868433 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 01868433 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 01868433










WILLIAMSON FINE TEAS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022



 
WILLIAMSON FINE TEAS LIMITED
REGISTERED NUMBER: 01868433

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
£
£

Current assets
  

Stocks
 4 
170,052
169,816

Debtors: amounts falling due after more than one year
 5 
-
5,867

Debtors: amounts falling due within one year
 5 
103,055
112,147

Cash at bank and in hand
 6 
1,019,843
792,836

  
1,292,950
1,080,666

Creditors: amounts falling due within one year
 7 
(35,435)
(27,206)

Net current assets
  
 
 
1,257,515
 
 
1,053,460

Total assets less current liabilities
  
1,257,515
1,053,460

Net assets
  
1,257,515
1,053,460


Capital and reserves
  

Called up share capital 
  
2,000,000
2,000,000

Profit and loss account
  
(742,485)
(946,540)

  
1,257,515
1,053,460


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Magor
E C Magor
Director
Director


Date: 25 August 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
WILLIAMSON FINE TEAS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Williamson Fine Teas Limited is a private company, limited by share capital and incorporated in England and Wales.  
The company's registered office is Fawdon Farm, Powburn, Nr Alnwick, Northumberland, NE66 4JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
WILLIAMSON FINE TEAS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
WILLIAMSON FINE TEAS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).


4.


Stocks

2022
2021
£
£

Stocks - bulk tea
37,878
37,853

Stocks - packaging materials
8,344
4,740

Stocks - finished goods
123,830
127,223

170,052
169,816



5.


Debtors

2022
2021
£
£

Due after more than one year

Amounts owed by group undertakings
-
5,867

-
5,867


2022
2021
£
£

Due within one year

Trade debtors
44,790
22,447

Amounts owed by group undertakings
41,480
-

Other debtors
13,519
13,452

Prepayments and accrued income
170
73,378

Deferred taxation
3,096
2,870

103,055
112,147


Page 4

 
WILLIAMSON FINE TEAS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,019,843
792,836

1,019,843
792,836



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Corporation tax
-
10,653

Accruals and deferred income
35,435
16,553

35,435
27,206



8.


Deferred taxation




2022
2021


£

£



At beginning of year
2,870
3,499


Charged to profit or loss
226
(629)



At end of year
3,096
2,870

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
3,096
2,870

3,096
2,870


9.


Related party transactions

Balances due from group companies of £41,480 (2021: £5,867) relate to working capital funding. These balances are interest free and repayable on demand.  


Page 5