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COMPANY REGISTRATION NUMBER: 06115670
R N WILLIAMS & CO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
R N WILLIAMS & CO LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
16,545
3,061
CURRENT ASSETS
Debtors
6
279,816
275,242
Cash at bank and in hand
108,857
181,991
---------
---------
388,673
457,233
CREDITORS: amounts falling due within one year
7
118,086
185,888
---------
---------
NET CURRENT ASSETS
270,587
271,345
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
287,132
274,406
CREDITORS: amounts falling due after more than one year
8
25,833
35,861
PROVISIONS
Taxation including deferred tax
4,137
582
---------
---------
NET ASSETS
257,162
237,963
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
257,062
237,863
---------
---------
SHAREHOLDERS FUNDS
257,162
237,963
---------
---------
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.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
R N WILLIAMS & CO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
Miss C J Richards
Director
Company registration number: 06115670
R N WILLIAMS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 53 Waterloo Road, Wolverhampton, West Midlands, WV1 4QQ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of the these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based upon a proportion of the total expected consideration.
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.
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:
Furniture and other office equipment
-
15% reducing balance
Computer equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. TANGIBLE ASSETS
Furniture and other office equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
8,020
15,601
23,621
Additions
20,310
20,310
Disposals
( 15,601)
( 15,601)
-------
--------
--------
At 31 March 2023
8,020
20,310
28,330
-------
--------
--------
Depreciation
At 1 April 2022
6,476
14,084
20,560
Charge for the year
231
5,078
5,309
Disposals
( 14,084)
( 14,084)
-------
--------
--------
At 31 March 2023
6,707
5,078
11,785
-------
--------
--------
Carrying amount
At 31 March 2023
1,313
15,232
16,545
-------
--------
--------
At 31 March 2022
1,544
1,517
3,061
-------
--------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
193,232
197,159
Other debtors
86,584
78,083
---------
---------
279,816
275,242
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,800
28,380
Trade creditors
6,225
7,775
Corporation tax
24,714
Social security and other taxes
29,998
55,091
Other creditors
51,063
69,928
---------
---------
118,086
185,888
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,833
35,861
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. OTHER FINANCIAL COMMITMENTS
At the year end the company had total commitments under operating leases of £33,713 (2022: £1,982).
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A F Randle
33,227
311
( 7,372)
26,166
--------
----
-------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A F Randle
38,173
( 4,946)
33,227
--------
----
-------
--------
Interest was charged on the above advances at HMRC's beneficial loan rate.
12. RELATED PARTY TRANSACTIONS
During the year a Director waived their entitlement to rent of £16,000.