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Registration number: 12799560

Williams Automotive Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Williams Automotive Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Williams Automotive Ltd

(Registration number: 12799560)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,724

42,690

Current assets

 

Stocks

5

8,978

23,244

Debtors

6

251

1,776

 

9,229

25,020

Creditors: Amounts falling due within one year

7

(216,016)

(146,006)

Net current liabilities

 

(206,787)

(120,986)

Total assets less current liabilities

 

(174,063)

(78,296)

Creditors: Amounts falling due after more than one year

7

(66,874)

(65,899)

Net liabilities

 

(240,937)

(144,195)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(240,939)

(144,197)

Shareholders' deficit

 

(240,937)

(144,195)

 

Williams Automotive Ltd

(Registration number: 12799560)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 3 April 2024
 

.........................................
Mr G M A Williams
Director

 

Williams Automotive Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
49 White Cross
Wootton
Abingdon
Oxon
OX13 6BS
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

These accounts have been prepared on a going concern basis as the company has sufficient customers and the director has confirmed that he will continue to support the company for a period of twelve months from signing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of used cars. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Office equipment

25% reducing balance basis

Property improvements

25% reducing balance basis

Plant and equipment

25% reducing balance basis

Stocks

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

 

Williams Automotive Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 3).

 

Williams Automotive Ltd

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

48,015

1,583

14,755

64,353

Additions

-

-

916

916

At 31 October 2023

48,015

1,583

15,671

65,269

Depreciation

At 1 November 2022

17,374

456

3,833

21,663

Charge for the year

7,660

282

2,940

10,882

At 31 October 2023

25,034

738

6,773

32,545

Carrying amount

At 31 October 2023

22,981

845

8,898

32,724

At 31 October 2022

30,641

1,127

10,922

42,690

Included within the net book value of land and buildings above is £22,981 (2022 - £30,641) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

8,978

23,244

6

Debtors

Current

2023
£

2022
£

Other debtors

251

1,776

 

Williams Automotive Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

3,405

2,010

Amounts owed to group undertakings and undertakings in which the company has a participating interest

32,399

37,679

Taxation and social security

158

165

Other creditors

180,054

106,152

216,016

146,006

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

66,874

65,899

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

3,405

2,010

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

66,874

65,899

9

Related party transactions

Other transactions with the director

C Williams, director, had a loan with the company. At the balance sheet date C Williams was owed £0 (2022: £59,472)
G Williams, director, had a loan with the company. At the balance sheet date G Williams was owed £178,145 (2022: £42,204)