Company registration number 00456741 (England and Wales)
WILLIAMS BROS (WITNEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WILLIAMS BROS (WITNEY) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
WILLIAMS BROS (WITNEY) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
929
1,093
Investment properties
5
1,539,851
1,555,694
1,540,780
1,556,787
Creditors: amounts falling due within one year
6
(173,790)
(187,329)
Net current liabilities
(173,790)
(187,329)
Total assets less current liabilities
1,366,990
1,369,458
Provisions for liabilities
(266,755)
(205,775)
Net assets
1,100,235
1,163,683
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
7
993,330
1,070,128
Other reserves
1,259
1,259
Profit and loss reserves
100,646
87,296
Total equity
1,100,235
1,163,683
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
B A Sanders
Director
Company Registration No. 00456741
WILLIAMS BROS (WITNEY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Non-distributable revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
5,000
929,379
1,259
70,583
1,006,221
Year ended 31 March 2022:
Profit for the year
-
-
-
194,477
194,477
Other comprehensive income:
Revaluation of tangible fixed assets
-
173,764
-
-
173,764
Tax relating to other comprehensive income
-
(33,015)
-
(33,015)
Total comprehensive income for the year
-
140,749
-
194,477
335,226
Dividends
-
-
-
(4,000)
(4,000)
Transfers
-
-
(173,764)
(173,764)
Balance at 31 March 2022
5,000
1,070,128
1,259
87,296
1,163,683
Year ended 31 March 2023:
Profit for the year
-
-
-
1,507
1,507
Other comprehensive income:
Revaluation of tangible fixed assets
-
(15,843)
-
-
(15,843)
Tax relating to other comprehensive income
-
(60,955)
-
(60,955)
Total comprehensive income for the year
-
(76,798)
-
1,507
(75,291)
Dividends
-
-
-
(4,000)
(4,000)
Transfers
-
-
15,843
15,843
Balance at 31 March 2023
5,000
993,330
1,259
100,646
1,100,235
WILLIAMS BROS (WITNEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Williams Bros (Witney) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Blandford Avenue, Oxford, OX2 8DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The company's turnover consists of rents receivable from the letting of residential properties.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WILLIAMS BROS (WITNEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
WILLIAMS BROS (WITNEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
4,114
4,895
Deferred tax
Origination and reversal of timing differences
25
(37)
Total tax charge
4,139
4,858
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
60,955
33,015
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
7,628
Depreciation and impairment
At 1 April 2022
6,535
Depreciation charged in the year
164
At 31 March 2023
6,699
Carrying amount
At 31 March 2023
929
At 31 March 2022
1,093
WILLIAMS BROS (WITNEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 April 2022
1,555,694
Revaluations
(15,843)
At 31 March 2023
1,539,851
The investment properties held by the company have been re-valued by the directors during the year to an amount deemed to be fair value.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,960
2,139
Corporation tax
4,114
4,895
Other creditors
165,716
180,295
173,790
187,329
7
Revaluation reserve
2023
2022
£
£
At beginning of year
1,070,128
929,379
Revaluation surplus arising in the year
(15,843)
173,764
Deferred tax on revaluation of tangible assets
(60,955)
(33,015)
At end of year
993,330
1,070,128
8
Related party transactions
At the year end, the company owed the directors £165,716 (2022: £180,295). This loan is interest free with no set date of repayment, other than repayable on demand.