Registration number:
Prepared for the registrar
for the
Year Ended
Williamson Investments Ltd
(Registration number: 11219784)
Balance Sheet as at 31 March 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Investments |
248,380 |
248,380 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Total equity |
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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:
• |
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• |
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
Director
Williamson Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2022 |
2021 |
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Average number of employees |
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Williamson Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Investments held as fixed assets |
Whiskey |
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Net book value |
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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.
Debtors |
2022 |
2021 |
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Trade debtors |
- |
- |
Other debtors |
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Creditors |
Note |
2022 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Accrued expenses |
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Corporation tax liability |
- |
905 |
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Loans and borrowings |
Note |
2022 |
(As restated) |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Summary of transactions with other related parties