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Registration number: 06720434

Williamson Cooling Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Williamson Cooling Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Williamson Cooling Ltd

Company Information

Directors

Jackie Williamson

Andrew Ian Williamson

Registered office

Williamson Cooling Ltd
Mill House
Mill Road
Bletchley
Milton Keynes
MK2 2UZ

Accountants

Gregory William McGrath
8 Chalmers Avenue,
Haversham
Milton Keynes
MK19 7AG

 

Williamson Cooling Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Jackie Williamson

Andrew Ian Williamson

Principal activity

The principal activity of the company is plumbing, heat and air conditioning installation

Small companies provision statement

This report has 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.

Approved by the Board on 3 April 2024 and signed on its behalf by:

.........................................
Andrew Ian Williamson
Director

   
     
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Williamson Cooling Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Williamson Cooling Ltd for the year ended 31 December 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given me.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Williamson Cooling Ltd, as a body, in accordance with the terms of our engagement letter. My work has been undertaken solely to prepare for your approval the accounts of Williamson Cooling Ltd and state those matters that I have agreed to state to the Board of Directors of Williamson Cooling Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Williamson Cooling Ltd and its Board of Directors as a body for my work or for this report.

It is your duty to ensure that Williamson Cooling Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Williamson Cooling Ltd. You consider that Williamson Cooling Ltd is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the accounts of Williamson Cooling Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.

......................................

Gregory William McGrath
8 Chalmers Avenue,
Haversham
Milton Keynes
MK19 7AG

3 April 2024

 

Williamson Cooling Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

449,879

454,116

Cost of sales

 

(114,016)

(158,262)

Gross profit

 

335,863

295,854

Distribution costs

 

1,285

-

Administrative expenses

 

(150,257)

(172,867)

Operating profit

 

186,891

122,987

Other interest receivable and similar income

 

-

15

Profit before tax

4

186,891

123,002

Tax on profit

 

(36,341)

(20,818)

Profit for the financial year

 

150,550

102,184

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Williamson Cooling Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

150,550

102,184

Total comprehensive income for the year

150,550

102,184

 

Williamson Cooling Ltd

(Registration number: 06720434)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

84,450

61,491

Current assets

 

Stocks

6

995

995

Debtors

7

27,646

62,296

Cash at bank and in hand

 

78,590

9,147

 

107,231

72,438

Creditors: Amounts falling due within one year

8

(49,240)

(32,340)

Net current assets

 

57,991

40,098

Total assets less current liabilities

 

142,441

101,589

Provisions for liabilities

(11,642)

(11,642)

Net assets

 

130,799

89,947

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

130,797

89,945

Shareholders' funds

 

130,799

89,947

For the financial year ending 31 December 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.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

.........................................
Andrew Ian Williamson
Director

   
     
 

Williamson Cooling Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

2

89,947

89,949

Profit for the year

-

150,550

150,550

Dividends

-

(109,700)

(109,700)

At 31 December 2023

2

130,797

130,799

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2

56,011

56,013

Profit for the year

-

102,184

102,184

Dividends

-

(68,250)

(68,250)

At 31 December 2022

2

89,945

89,947

 

Williamson Cooling Ltd

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

1

General information

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

The address of its registered office is:
Williamson Cooling Ltd
Mill House
Mill Road
Bletchley
Milton Keynes
MK2 2UZ

These financial statements were authorised for issue by the Board on 3 April 2024.

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

The financial statements have been prepared on a going concern basis.

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.

 

Williamson Cooling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Plant and Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Fixtures, Fittings & Office Equipment

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.

 

Williamson Cooling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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 directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

31,431

11,854

 

Williamson Cooling Ltd

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

5

Tangible assets

Fixtures and fittings
and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

47,268

7,508

84,978

139,754

Additions

5,047

611

62,039

67,697

Disposals

-

-

(42,145)

(42,145)

At 31 December 2023

52,315

8,119

104,872

165,306

Depreciation

At 1 January 2023

37,760

7,508

32,994

78,262

Charge for the year

6,025

153

25,253

31,431

Eliminated on disposal

-

-

(28,837)

(28,837)

At 31 December 2023

43,785

7,661

29,410

80,856

Carrying amount

At 31 December 2023

8,530

458

75,462

84,450

At 31 December 2022

9,508

-

51,983

61,491

6

Stocks

2023
£

2022
£

Other inventories

995

995

7

Debtors

Current

2023
£

2022
£

Trade debtors

23,882

54,066

Prepayments

-

2,444

Other debtors

3,764

5,786

 

27,646

62,296

8

Creditors

Creditors: amounts falling due within one year

 

Williamson Cooling Ltd

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

2023
£

2022
£

Due within one year

Trade creditors

3,694

6,399

Taxation and social security

43,904

21,380

Accruals and deferred income

642

3,559

Other creditors

1,000

1,002

49,240

32,340

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £54,850.00 (2022 - £34,125.00) per ordinary share

 

109,700

 

68,250

         

11

Related party transactions

 

Williamson Cooling Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

53,846

103,197

Contributions paid to money purchase schemes

32,000

12,000

85,846

115,197