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Registration number: 11219784

Prepared for the registrar

Williamson Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Williamson Investments Ltd

(Registration number: 11219784)
Balance Sheet as at 31 March 2022

Note

2022
 £

(As restated)
2021
 £

Fixed assets

 

Investments

4

248,380

248,380

Current assets

 

Debtors

5

289

116

Cash at bank and in hand

 

7,963

418,258

 

8,252

418,374

Creditors: Amounts falling due within one year

6

(240,717)

(648,537)

Net current liabilities

 

(232,465)

(230,163)

Net assets

 

15,915

18,217

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

29,546

29,546

Profit and loss account

(13,731)

(11,429)

Total equity

 

15,915

18,217

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 


A S Williamson
Director

 

Williamson Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. This statement is made subject to all of the potential implications of the current COVID-19 outbreak on the company’s trade, employees, customers, suppliers and the wider economy, as these are difficult to evaluate.

Prior period errors

The prior period adjustment is to correct the value of the investment, an item had been duplicated in error. The effect of the adjustment reduces the value of the investment by £17,250.

Revenue recognition

Turnover comprises the fair value of the rents receivable in respect of the investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Williamson Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Investments

Investments in Whiskey, are initially recorded at cost, and subsequently measured at fair value where the fair value can be measured reliably, with changes in fair value recognised in profit and loss. If the fair value cannot be reliably measured, the investment is measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Williamson Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

 

4

Investments held as fixed assets

Whiskey
£

Net book value

At 1 April 2021

248,380

At 31 March 2022

248,380

On 31 March 2022, the Whiskey was valued by the directors on an open market basis.

 

5

Debtors

2022
 £

2021
 £

Trade debtors

-

-

Other debtors

289

116

 

289

116

 

6

Creditors

Note

2022
 £

(As restated)
2021
 £

Due within one year

 

Loans and borrowings

7

239,042

645,532

Accrued expenses

 

1,675

2,100

Corporation tax liability

-

905

 

240,717

648,537

 

7

Loans and borrowings

Note

2022
£

(As restated)

2021
£

Current loans and borrowings

Other borrowings

8

239,042

645,532

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2022 the company owed £239,042 (2021: £645,532) to its directors in the form of a directors' loan account. No interest was charged on this balance and there are no fixed repayment terms.