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Registration number: 00409190

Walter Williams Woodseats Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Walter Williams Woodseats Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Walter Williams Woodseats Ltd

Company Information

Directors

R Putland

K Putland

G Jones

Registered office

783 Chesterfield Road
Sheffield
South Yorkshire
S8 0SP

Bankers

Virgin money
66 Fargate, Sheffield S1 2HE

Accountants

Millhouses Accountancy Ltd
Millhouses Business Centre
2-4 Abbeydale Road South
Sheffield
South Yorkshire
S7 2QN

 

Walter Williams Woodseats Ltd

(Registration number: 00409190)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

75,403

46,842

Investments

5

38,159

35,012

 

113,562

81,854

Current assets

 

stocks

6

164,123

149,171

Debtors

7

41,410

33,984

Cash at bank and in hand

 

57,807

41,958

 

263,340

225,113

Creditors: Amounts falling due within one year

8

(114,531)

(72,416)

Net current assets

 

148,809

152,697

Total assets less current liabilities

 

262,371

234,551

Creditors: Amounts falling due after more than one year

8

(10,667)

(14,667)

Net assets

 

251,704

219,884

capital and reserves

 

Called up share capital

9

497,694

497,694

Capital redemption reserve

118,773

118,773

Revaluation reserve

40,482

35,635

Profit and loss account

(405,245)

(432,218)

Shareholders' funds

 

251,704

219,884

For the financial year ending 30 April 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

 

Walter Williams Woodseats Ltd

(Registration number: 00409190)
Balance Sheet as at 30 April 2023

.........................................
G Jones
Director

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
783 Chesterfield Road
Sheffield
South Yorkshire
S8 0SP
England

These financial statements were authorised for issue by the Board on 7 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Asset class

Depreciation method and rate

Motor vehicles

33% Reducing Balance

Plant and machinery

10% Straight Line / 20% Straight Line / 33% Reducing Balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 10).

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

187,646

26,510

214,156

Additions

33,649

15,012

48,661

At 30 April 2023

221,295

41,522

262,817

Depreciation

At 1 May 2022

157,495

9,819

167,314

Charge for the year

14,262

5,838

20,100

At 30 April 2023

171,757

15,657

187,414

Carrying amount

At 30 April 2023

49,538

25,865

75,403

At 30 April 2022

30,151

16,691

46,842

5

Fixed asset investments

Unlisted investments
£

Total
£

Investments

Cost or valuation

At 1 May 2022

35,012

35,012

Revaluations

3,147

3,147

At 30 April 2023

38,159

38,159

Impairment

Carrying amount

At 30 April 2023

38,159

38,159

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

164,123

149,171

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

28,683

20,746

Prepayments

12,727

13,157

Other debtors

-

81

 

41,410

33,984

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

3,999

4,000

Trade creditors

 

75,110

33,879

Taxation and social security

 

7,487

12,012

Accruals and deferred income

 

15,971

6,249

Other creditors

 

11,964

16,276

 

114,531

72,416

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

10,667

14,667

9

Share capital

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

4,847

4,847

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Walter Williams Woodseats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

4,454

4,454

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,667

14,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,999

4,000