Williams Ironmongery Limited 03088809 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is that of the provision of architectural ironmongery supplies. Digita Accounts Production Advanced 6.30.9574.0 true 03088809 2022-09-01 2023-08-31 03088809 2023-08-31 03088809 core:RetainedEarningsAccumulatedLosses 2023-08-31 03088809 core:ShareCapital 2023-08-31 03088809 core:CurrentFinancialInstruments 2023-08-31 03088809 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03088809 core:FurnitureFittingsToolsEquipment 2023-08-31 03088809 core:MotorVehicles 2023-08-31 03088809 bus:SmallEntities 2022-09-01 2023-08-31 03088809 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 03088809 bus:FullAccounts 2022-09-01 2023-08-31 03088809 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 03088809 bus:RegisteredOffice 2022-09-01 2023-08-31 03088809 bus:CompanySecretaryDirector1 2022-09-01 2023-08-31 03088809 bus:Director1 2022-09-01 2023-08-31 03088809 bus:Director4 2022-09-01 2023-08-31 03088809 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03088809 core:FurnitureFittings 2022-09-01 2023-08-31 03088809 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 03088809 core:MotorVehicles 2022-09-01 2023-08-31 03088809 countries:AllCountries 2022-09-01 2023-08-31 03088809 2022-08-31 03088809 core:FurnitureFittingsToolsEquipment 2022-08-31 03088809 core:MotorVehicles 2022-08-31 03088809 2021-09-01 2022-08-31 03088809 2022-08-31 03088809 core:RetainedEarningsAccumulatedLosses 2022-08-31 03088809 core:ShareCapital 2022-08-31 03088809 core:CurrentFinancialInstruments 2022-08-31 03088809 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 03088809 core:FurnitureFittingsToolsEquipment 2022-08-31 03088809 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 03088809

Williams Ironmongery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Williams Ironmongery Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Williams Ironmongery Limited

Company Information

Directors

Mr G Williams

Mr A Elderfield

Mrs E Peberdy

Company secretary

Mrs E Peberdy

Registered office

Unit 89
Hartlebury Trading Estate
Hartlebury
Worcestershire
DY10 4JB

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Williams Ironmongery Limited

(Registration number: 03088809)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,561

21,897

Current assets

 

Stocks

5

65,476

58,070

Debtors

6

199,700

93,545

Cash at bank and in hand

 

370,797

317,269

 

635,973

468,884

Creditors: Amounts falling due within one year

7

(389,985)

(344,631)

Net current assets

 

245,988

124,253

Total assets less current liabilities

 

264,549

146,150

Provisions for liabilities

(3,527)

(4,160)

Net assets

 

261,022

141,990

Capital and reserves

 

Called up share capital

4

4

Retained earnings

261,018

141,986

Shareholders' funds

 

261,022

141,990

For the financial year ending 31 August 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 1 February 2024 and signed on its behalf by:
 

.........................................
Mr G Williams
Director

   
 

Williams Ironmongery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Unit 89
Hartlebury Trading Estate
Hartlebury
Worcestershire
DY10 4JB
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Williams Ironmongery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Fixtures & fittings

15% Reducing balance

Motor vehicles

25% 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.

 

Williams Ironmongery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Williams Ironmongery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

71,823

13,172

84,995

Additions

307

-

307

At 31 August 2023

72,130

13,172

85,302

Depreciation

At 1 September 2022

53,052

10,046

63,098

Charge for the year

2,862

781

3,643

At 31 August 2023

55,914

10,827

66,741

Carrying amount

At 31 August 2023

16,216

2,345

18,561

At 31 August 2022

18,771

3,126

21,897

5

Stocks

2023
£

2022
£

Raw materials and consumables

65,476

58,070

6

Debtors

Current

2023
£

2022
£

Trade debtors

190,620

84,364

Prepayments

2,549

2,650

Other debtors

6,531

6,531

 

199,700

93,545

 

Williams Ironmongery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

143,727

302,707

Amounts owed to related parties

4,337

49

Taxation and social security

 

66,056

19,228

Other creditors

 

175,865

22,647

 

389,985

344,631