Company registration number 00542108 (England and Wales)
E.C. WILLIAMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
E.C. WILLIAMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
E.C. WILLIAMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,594
26,027
Tangible assets
4
722,490
791,050
742,084
817,077
Current assets
Stocks
5
47,790
55,253
Debtors
6
243,941
270,094
Cash at bank and in hand
626,979
548,110
918,710
873,457
Creditors: amounts falling due within one year
7
(133,061)
(152,896)
Net current assets
785,649
720,561
Total assets less current liabilities
1,527,733
1,537,638
Provisions for liabilities
8
(17,074)
(17,962)
Deferred income
(3,210)
(4,594)
Net assets
1,507,449
1,515,082
Capital and reserves
Called up share capital
8
60,000
60,000
Profit and loss reserves
10
1,447,449
1,455,082
Total equity
1,507,449
1,515,082

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 December 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.

E.C. WILLIAMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr H Skouby
Director
Company Registration No. 00542108
E.C. WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

E.C. Williams Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 21-25 Spencer Street, Birmingham, West Midlands, B18 6DN.

 

The Company's registration number is 00542108.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets

Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost the of assets less their residual values over their useful lives on the following bases:

Other Intangibles
20 % on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Land- nil; Buildings - 2% on cost
Plant and equipment
10% on cost
Fixtures and fittings
20% on cost
Motor vehicles
20% on cost

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.

E.C. WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost compromises of direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 20 (2022 - 20).

E.C. WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other Intangibles
£
Cost
At 1 January 2023
35,295
Additions
782
At 31 December 2023
36,077
Amortisation
At 1 January 2023
9,268
Amortisation charged for the year
7,215
At 31 December 2023
16,483
Carrying amount
At 31 December 2023
19,594
At 31 December 2022
26,027
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
540,000
1,487,669
2,027,669
Additions
-
0
2,117
2,117
At 31 December 2023
540,000
1,489,786
2,029,786
Depreciation
At 1 January 2023
25,200
1,211,419
1,236,619
Depreciation charged in the year
1,800
68,877
70,677
At 31 December 2023
27,000
1,280,296
1,307,296
Carrying amount
At 31 December 2023
513,000
209,490
722,490
At 31 December 2022
514,800
276,250
791,050
5
Stocks
2023
2022
£
£
Stocks
47,790
55,253
E.C. WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
232,803
262,549
Other debtors
11,138
7,545
243,941
270,094
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,683
80,886
Taxation and social security
56,766
41,875
Other creditors
29,612
30,135
133,061
152,896
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
60,000 Ordinary shares of £1 each
60,000
60,000
9
Reserves

Profit and loss account
This reserve records all current and prior period retained profits and losses.

10
Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administrated fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,171 (2022: £11,707). Contributions totalling £2,447 (2022: £2,506) were payable to the fund at the balance sheet date and are included within creditors.

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