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REGISTERED NUMBER: 01178029 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

L.M. WILLIAMS (CHISLEHURST) LIMITED

L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

L.M. WILLIAMS (CHISLEHURST) LIMITED

Company Information
for the year ended 31 March 2023







Directors: Mrs L M Williams
P J Williams





Secretary: P J Williams





Registered office: 89-93 High Street
Chislehurst
Kent
BR7 5AG





Registered number: 01178029 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
Aissela
46 High Street
Esher
Surrey
KT10 9QY

L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Balance Sheet
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 11,679 12,256
Investments 6 900 900
12,579 13,156

Current assets
Stocks 119,897 112,569
Debtors 7 92,668 527,543
Cash at bank 486,076 393,671
698,641 1,033,783
Creditors
Amounts falling due within one year 8 484,864 820,944
Net current assets 213,777 212,839
Total assets less current liabilities 226,356 225,995

Capital and reserves
Called up share capital 9 100 100
Retained earnings 10 226,256 225,895
Shareholders' funds 226,356 225,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2023 and were signed on its behalf by:





Mrs L M Williams - Director


L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

L.M. Williams (Chislehurst) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised at the point of sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. The carrying values of tangible fixed assets are reviewed for impairment when events or changes indicate the carrying value may not be recoverable.

L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

Stocks
The company's stock is independently valued by Pol Valuers Limited.

The method of valuation is as follows:

i) Over the counter stock

The list of stock was recorded by the stock takers at retail shop prices and discounted as shown under coded headings to reduce them to notional cost values.

ii) Dispensary stock

This stock is valued at cost.

The stock take is not always taken on the balance sheet date due to the disruption that would be caused to the company's trade. A trading adjustment is made to eliminate any trading between the balance sheet date and the date of the stock take.

Obsolete and damaged stock are either excluded or included at the lower of cost and realisable value.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 10 (2022 - 10 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
and 31 March 2023 3,237
Amortisation
At 1 April 2022
and 31 March 2023 3,237
Net book value
At 31 March 2023 -
At 31 March 2022 -

5. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 April 2022 79,107 15,163 94,270
Additions 960 399 1,359
At 31 March 2023 80,067 15,562 95,629
Depreciation
At 1 April 2022 72,788 9,226 82,014
Charge for year 1,017 919 1,936
At 31 March 2023 73,805 10,145 83,950
Net book value
At 31 March 2023 6,262 5,417 11,679
At 31 March 2022 6,319 5,937 12,256

L.M. WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


6. Fixed asset investments
Other
investments
£
Cost
At 1 April 2022
and 31 March 2023 900
Net book value
At 31 March 2023 900
At 31 March 2022 900

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 7,972 338,634
Other debtors 84,696 188,909
92,668 527,543

8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 168,952 266,698
Taxation and social security 606 359
Other creditors 315,306 553,887
484,864 820,944

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

10. Reserves
Retained
earnings
£

At 1 April 2022 225,895
Profit for the year 361
At 31 March 2023 226,256

11. Related party disclosures

At 31 March 2022, included within other creditors is £119,874 (2022: £139,612) owed to a director by the company. The loan is interest free and repayable on demand.

During the year, the company occupied premises rent free owned by a director of the company.

12. Ultimate controlling party

The company is controlled by the directors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
L.M. Williams (Chislehurst) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of L.M. Williams (Chislehurst) Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of L.M. Williams (Chislehurst) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of L.M. Williams (Chislehurst) Limited and state those matters that we have agreed to state to the Board of Directors of L.M. Williams (Chislehurst) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L.M. Williams (Chislehurst) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that L.M. Williams (Chislehurst) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of L.M. Williams (Chislehurst) Limited. You consider that L.M. Williams (Chislehurst) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of L.M. Williams (Chislehurst) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
Chartered Accountants
Aissela
46 High Street
Esher
Surrey
KT10 9QY


11 August 2023