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COMPANY REGISTRATION NUMBER: 12007433
HEYWOOD WILLIAMS ARCHITECTURAL LIMITED
FILLETED FINANCIAL STATEMENTS
28 February 2023
HEYWOOD WILLIAMS ARCHITECTURAL LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
6,250
7,250
Tangible assets
6
59,700
71,954
--------
--------
65,950
79,204
CURRENT ASSETS
Stocks
11,382
32,660
Debtors
7
745,397
718,268
Cash at bank and in hand
14,245
6,899
---------
---------
771,024
757,827
CREDITORS: amounts falling due within one year
8
1,229,246
1,311,173
------------
------------
NET CURRENT LIABILITIES
458,222
553,346
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 392,272)
( 474,142)
CREDITORS: amounts falling due after more than one year
9
22,500
49,075
---------
---------
NET LIABILITIES
( 414,772)
( 523,217)
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
( 414,872)
( 523,317)
---------
---------
SHAREHOLDERS DEFICIT
( 414,772)
( 523,217)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
HEYWOOD WILLIAMS ARCHITECTURAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mrs L J Walker
Director
Company registration number: 12007433
HEYWOOD WILLIAMS ARCHITECTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2, Colne Bridge Business Park, Colne Bridge Road, Huddersfield, West Yorks, HD5 0RH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period, provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
20% straight line
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 20 (2022: 17 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
10,000
--------
Amortisation
At 1 March 2022
2,750
Charge for the year
1,000
--------
At 28 February 2023
3,750
--------
Carrying amount
At 28 February 2023
6,250
--------
At 28 February 2022
7,250
--------
6. TANGIBLE ASSETS
Leasehold property improvements
Plant and machinery
Total
£
£
£
Cost
At 1 March 2022
129,352
9,179
138,531
Additions
17,925
17,925
---------
--------
---------
At 28 February 2023
129,352
27,104
156,456
---------
--------
---------
Depreciation
At 1 March 2022
61,657
4,920
66,577
Charge for the year
25,870
4,309
30,179
---------
--------
---------
At 28 February 2023
87,527
9,229
96,756
---------
--------
---------
Carrying amount
At 28 February 2023
41,825
17,875
59,700
---------
--------
---------
At 28 February 2022
67,695
4,259
71,954
---------
--------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
293,759
248,700
Amounts owed by group undertakings and undertakings in which the company has a participating interest
180,000
180,000
Amounts owed by customers on construction contracts
87,878
134,858
Other debtors
183,760
154,710
---------
---------
745,397
718,268
---------
---------
The company has an on-going financing arrangement whereby it receives a proportion of the value of sales invoices in advance. Advances are disclosed in the balance sheet as current liabilities and the gross amount of the financial debtors is included in trade debtors.
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,575
111,343
Trade creditors
243,975
280,217
Amounts owed to group undertakings
917,007
822,157
Accruals and deferred income
11,405
9,460
Social security and other taxes
12,515
33,173
Amounts owed to customers on construction contracts
15,378
52,762
Other creditors
2,391
2,061
------------
------------
1,229,246
1,311,173
------------
------------
The amounts due under invoice factoring, included within other debtors (2022: bank loans and overdrafts), are secured by a fixed and floating charge over the assets of the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
49,075
--------
--------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
143,500
137,917
Later than 1 year and not later than 5 years
730,000
727,500
Later than 5 years
60,833
206,833
---------
------------
934,333
1,072,250
---------
------------
11. SUMMARY AUDIT OPINION
The auditor's report for the year dated 28 November 2023 was unqualified .
The senior statutory auditor was Gavin Snape ACA , for and on behalf of Meadows & Co Limited .
12. RELATED PARTY TRANSACTIONS
The company has taken advantage of the provisions available under FRS 102 not to disclose transactions and balances with companies within a 100% owned group.
13. CONTROLLING PARTY
At the balance sheet date the ultimate controlling party was Silvanito Holdings Limited . The smallest group that prepares consolidated accounts which include the results of Heywood Williams Architectural Limited is headed by Silvanito Holdings Limited , a company registered in England and Wales, which has a registered office of QICTrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL .
14. GOING CONCERN
The directors have considered the period to 30 November 2024 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.