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Registered number: 07248789
















WILLIAMSBUILD MANAGEMENT LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023


































img20a9.png


WILLIAMSBUILD MANAGEMENT LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mr R R Williams 
Mr J D Whittaker 




COMPANY SECRETARY
Mr D J Williams



REGISTERED NUMBER
07248789



REGISTERED OFFICE
Southern House
Eagle Close

Langage Business Park, Plympton

Plymouth

Devon

PL7 5HZ




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN




BANKERS
Barclays Bank PLC
140-146 Armada Way

Plymouth

Devon

PL1 1LA






WILLIAMSBUILD MANAGEMENT LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of cash flows
 
12
Consolidated analysis of net debt
 
13
Notes to the financial statements
 
14 - 27



WILLIAMSBUILD MANAGEMENT LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

BUSINESS REVIEW
 
Performance
We are delighted to report a notable increase in turnover for the year ended 31 July 2023, accompanied by a robust profit margin.
Despite encountering substantial commercial challenges in recent years, such as soaring material and labour costs leading to a decline in gross profit margin, we have adeptly navigated these hurdles. By refocusing on our core business activities—ground works, petroleum, and EV—we've embarked on larger, more intricate projects. Implementing innovative digitised systems has notably boosted our operational efficiency.

Since the successful completion of our inaugural all-electric vehicle service station in Autumn 2020, we've persistently developed this facet of our business. Presently, we're engaged with multiple clients and workstreams within the EV charging sector, experiencing rapid growth.
Our portfolio continues to encompass a diverse array of petroleum and retail-based projects for esteemed clients, many of whom are renowned blue-chip companies or established private developers. We take immense pride in our unparalleled reputation as the 'go-to' contractor for challenging or complex projects in these sectors.
At the forefront of our priorities is the safety and well-being of all involved in our business activities. Despite facing the most demanding programmes, we consistently deliver projects with unwavering safety standards, maintaining our outstanding safety record. Through our robust integrated safety management system and digitised processes, we ensure adherence to policies and procedures, garnering exceptional scores in annual audits conducted by major oil companies.
Our team's dedication to safety has been recognised through numerous awards from clients throughout the year, a testament to their commendable efforts.
We've made significant investments in enhancing our systems and processes, including our transition towards a 'paperless' construction site. The ongoing evolution of our integrated project management software has revolutionised the flow of information from site to head office.
Our success is underpinned by our highly skilled workforce, whom we believe to be among the industry's finest. We prioritise investing in training, evident in our accreditation as a training provider for Safety Passport Alliance petrol retail modules. Our Site Managers, Contracts Managers, and safety team have been lauded by clients for their exemplary performance, particularly in safety and quality.
Furthermore, we remain steadfast in our commitment to environmental responsibility. Collaborating with our clients, we actively work towards reducing carbon emissions, minimizing plastic use, and promoting recycling initiatives.

Business environment
The pandemic resulted in a difficult period for all businesses and created a great deal of uncertainty in the economy.  However, the construction sector in which we operate in sees continued investment.

Whilst we have not experienced any specific adverse effects from Brexit in our specialist sector, the general construction supply issues and associated increase in costs are been felt.

Strategy
The Group’s success is dependent on maintaining the high standard of product we deliver whilst remaining competitive and offering good overall value to our clients.  We believe by working closely with our clients to develop new ideas and value engineered solutions, we can achieve this.  This includes looking at alternative solutions to replace traditional fossil fuel infrastructure with electric vehicle charging stations and modern offerings to the food convenience stores on the high street.

The Group will continue to consolidate its position and concentrate on growth within its existing market segments which includes adapting to the differing investment programmes of our clients.  We aim to improve efficiency in all areas of our operations through cost reduction and reviewing our working practices on site.

Page 1


WILLIAMSBUILD MANAGEMENT LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
Health & Safety
The importance of health & safety is at the forefront of everything that we do in terms of our moral and legal duty and of course, the potential outcome of any breach. Mitigation of risk is therefore a priority and is carried out in many ways.  Our proactive regime of training, both in house and through external specialist companies is based on formal annual analysis of training needs for each job function and each individual.  All of our site managers hold the Site Management Safety Training Scheme qualification and our Contracts Managers have been trained in the IOSH Managing Safely qualification. All members of site staff have achieved the minimum requirements under the CSCS certification scheme and are all working towards varying levels of the NVQ qualification. We have two key members of staff qualified with NEBOSH Construction Certificate and almost every member of site staff is a fully trained first aider, fire marshal and are all trained in asbestos awareness. We have and will continue to maintain our investment in training across the board. In addition to this, we employ the services of an external provider to assist in carrying out regular site safety audits to allow us to build up data, analyse trends and reduce the risk of an incident.

Economic & market risks
The principal economic & market risk to the Group is the on-going change in consumer spending habits which has forced some of our clients to refocus their capital investment in other areas. Whilst this presents a risk to the availability of projects in our normal market segments, we are able to mitigate this with the opportunity to adapt into these other areas of client investment. As a business, we can change to suit the environment very quickly. We have a broad base of highly skilled construction staff, most of whom have been with us for many years. We have a reputation for delivering outstanding quality projects on time, within budget and without incident. This gives us a very high rate of repeat business as well as being able to build this reputation across new work-streams with new clients.

FINANCIAL KEY PERFORMANCE INDICATORS
As directors we use the following financial KPI’s to monitor the development and performance of the company.
KPI                                     2023              2022
Turnover                               £51.2m          £43.7m
Management Gross profit %       14.6%                     11.5%
Overhead cost ratio (excluding 
directors remuneration)               6.6%                7.8%
Following a reduction in turnover in 2020 due to the pandemic, as expected our turnover in 2021 saw a significant rise due to the ‘post-pandemic boom’. 2022 saw us retain this level of turnover, with gross margin returning to pre-pandemic levels. As previously mentioned, 2023 was an exceptional year with turnover increasing by 17% compared to 2022 due to a number of factors. We expect turnover to return to levels seen in 2022 and 2021 in future years. Our overhead has remained relatively stable despite the increase in turnover. As a Group we continually review our working practices to ensure we remain as efficient as possible without compromising safety or quality and this will continue.



Mr R R Williams
Director

Date: 17 April 2024

Page 2


WILLIAMSBUILD MANAGEMENT LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

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

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,304,641 (2022: £388,659).

A dividend of £Nil was paid during the financial year (2022: £443,853).
The directors have recommended a final dividend be paid in respect of this year of £600,000 (2022: £Nil).

DIRECTORS

The directors who served during the year were:

Mr R R Williams 
Mr J D Whittaker 

CHARITABLE CONTRIBUTIONS

During the year the Group made charitable contributions of £5,558 (2022: £11,054).

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Mr R R Williams
Director

Date: 17 April 2024

Southern House
Eagle Close
Langage Business Park, Plympton
Plymouth
Devon
PL7 5HZ

Page 3


WILLIAMSBUILD MANAGEMENT LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


WILLIAMSBUILD MANAGEMENT LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED
OPINION


We have audited the financial statements of Williamsbuild Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


WILLIAMSBUILD MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6


WILLIAMSBUILD MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment, and financial performance;
We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or avoid a material penalty. These include health and safety regulations, data protection legislation, and employment law.
Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board meeting minutes;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off for the incomplete long-term contracts; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

 
Page 7


WILLIAMSBUILD MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Robert Davey FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

19 April 2024
Page 8


WILLIAMSBUILD MANAGEMENT LIMITED

 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
51,194,718
43,731,125

Cost of sales
  
(43,727,802)
(38,691,175)

Gross profit
  
7,466,916
5,039,950

Administrative expenses
  
(5,933,122)
(4,544,778)

Other operating income
 5 
-
2,162

Operating profit
 6 
1,533,794
497,334

Interest receivable and similar income
 9 
176,776
9,381

Interest payable and similar expenses
 10 
(69,138)
(24,516)

Profit before tax
  
1,641,432
482,199

Tax on profit
 11 
(336,791)
(93,540)

Profit after tax
  
1,304,641
388,659

  

  

Retained earnings at the beginning of the year
  
6,974,658
7,029,852

Profit for the year attributable to the owners of the parent
  
1,304,641
388,659

Dividends declared and paid
  
-
(443,853)

Retained earnings at the end of the year
  
8,279,299
6,974,658

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 14 to 27 form part of these financial statements.

Page 9


WILLIAMSBUILD MANAGEMENT LIMITED
REGISTERED NUMBER:07248789

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,172,727
2,297,008

  
2,172,727
2,297,008

Current assets
  

Stocks
 16 
352,299
134,988

Debtors: amounts falling due within one year
 17 
12,936,631
10,673,009

Cash at bank and in hand
 18 
4,110,224
2,812,592

  
17,399,154
13,620,589

Creditors: amounts falling due within one year
 19 
(11,243,089)
(8,872,960)

Net current assets
  
 
 
6,156,065
 
 
4,747,629

Total assets less current liabilities
  
8,328,792
7,044,637

Provisions for liabilities
  

Deferred tax
  
-
(22,099)

Other provisions
 21 
(15,517)
(13,904)

Net assets
  
8,313,275
7,008,634


Capital and reserves
  

Called up share capital 
 22 
372
372

Share premium account
 23 
30,746
30,746

Capital redemption reserve
 23 
2,858
2,858

Profit and loss account
 23 
8,279,299
6,974,658

  
8,313,275
7,008,634


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R R Williams
Mr J D Whittaker
Director
Director


Date: 17 April 2024

The notes on pages 14 to 27 form part of these financial statements.

Page 10


WILLIAMSBUILD MANAGEMENT LIMITED
REGISTERED NUMBER:07248789

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,255,183
1,260,481

Investments
 15 
2,880
2,880

  
1,258,063
1,263,361

Current assets
  

Debtors: amounts falling due within one year
 17 
3,500,984
1,309,431

Cash at bank and in hand
 18 
1,471,044
724,841

  
4,972,028
2,034,272

Creditors: amounts falling due within one year
 19 
(4,257,438)
(1,867,818)

Net current assets
  
 
 
714,590
 
 
166,454

Total assets less current liabilities
  
1,972,653
1,429,815

  

Provisions for liabilities
  

Deferred taxation
  
(24,447)
(28,721)

Net assets
  
1,948,206
1,401,094


Capital and reserves
  

Called up share capital 
 22 
372
372

Capital redemption reserve
 23 
2,508
2,508

Profit and loss account
 23 
1,945,326
1,398,214

  
1,948,206
1,401,094


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr R R Williams
Mr J D Whittaker
Director
Director


Date: 17 April 2024

The notes on pages 14 to 27 form part of these financial statements.

Page 11


WILLIAMSBUILD MANAGEMENT LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,304,641
388,659

Adjustments for:

Depreciation of tangible assets
424,930
448,090

Loss on disposal of tangible assets
(75,569)
(152,087)

Interest paid
69,138
24,516

Interest received
(176,776)
(9,381)

Taxation charge
336,791
93,540

(Increase)/decrease in stocks
(217,311)
61,139

(Increase)/decrease in debtors
(2,263,622)
1,170,047

Increase/(decrease) in creditors
2,052,552
(1,115,575)

(Decrease)/increase in provisions
(20,484)
2,843

Corporation tax (paid)
(19,216)
(242,577)

Net cash generated from operating activities

1,415,074
669,214


Cash flows from investing activities

Purchase of tangible fixed assets
(410,170)
(685,070)

Sale of tangible fixed assets
185,090
220,384

Interest received
176,776
9,381

HP interest paid
(69,138)
(24,516)

Net cash from investing activities

(117,442)
(479,821)

Cash flows from financing activities

Dividends paid
-
(443,853)

Net cash used in financing activities
-
(443,853)

Net increase/(decrease) in cash and cash equivalents
1,297,632
(254,460)

Cash and cash equivalents at beginning of year
2,812,592
3,067,052

Cash and cash equivalents at the end of year
4,110,224
2,812,592


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,110,224
2,812,592

4,110,224
2,812,592


The notes on pages 14 to 27 form part of these financial statements.

Page 12


WILLIAMSBUILD MANAGEMENT LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023




At 1 August 2022
Cash flows
At 31 July 2023
£

£

£

Cash at bank and in hand

2,812,592

1,297,632

4,110,224

Debt due within 1 year

(1,142,778)

314,463

(828,315)



1,669,814
1,612,095
3,281,909

The notes on pages 14 to 27 form part of these financial statements.

Page 13


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


GENERAL INFORMATION

Williamsbuild Management Limited is a limited liability Company, limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the Company information page of these financial statements.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the Group.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

  
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between Group Companies are therefore eliminated in full.

  
2.3

REVENUE

Goods and services supplied
Revenue is recognised in the year in which the goods and services are supplied when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due;
where the applicable conditions of long term contracting have been achieved (see note 2.13).

  
2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 14


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

CURRENT AND DEFERRED TAXATION

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10 to 50 years straight line
Plant and machinery
-
5 years straight line
Motor vehicles
-
5 years straight line
Fixtures and fittings
-
5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.10

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value. Work in progress on contracts comprise costs incurred net of amounts transferred to cost of sales and after deducting foreseeable losses and payments on account. Costs include all direct material and labour costs incurred in bringing a contract to its stage of completion at year end.  

 
2.11

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings.

 
Page 16


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (continued)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)


Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.13

LONG-TERM CONTRACTS

When the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Turnover is calculated using a valuation of the work performed during the year, along with an assessment of the stage of completion of the contract.
Where the outcome of a long-term contract cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred if it is considered probable that these will be recovered.
Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the year. However the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.
Valuation of incomplete contracts at the year-end: Contracts are valued (both in terms of cost and revenue) by the in house team of qualified Quantity Surveyors based on their experience in the industry and their knowledge of the contract in question. 


4.


TURNOVER

All turnover arose within the United Kingdom.

Page 17


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


OTHER OPERATING INCOME

2023
2022
£
£

Government grants receivable
-
2,162


Government grants receivable in 2022 relate to the Coronavirus Job Retention Scheme (CJRS), through which the group has received compensation for part of the wages, associated national insurance contributions and employer pension contributions of employees who have been placed on furlough. There are no unfulfilled conditions or other contingencies relating to the grant.


6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
424,930
448,090

Auditors' remuneration - audit
18,480
20,445

Auditors' remuneration - non audit
7,520
5,955

Defined contribution pension cost
176,974
124,309


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
8,960,359
7,259,705
2,550,703
1,157,808

Social security costs
1,068,613
824,058
355,798
157,161

Cost of defined contribution scheme
176,974
124,309
2,642
2,642

10,205,946
8,208,072
2,909,143
1,317,611


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production staff
76
83
-
-



Administrative staff
38
38
-
-



Management staff
2
2
2
2

116
123
2
2

Page 18


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
2,547,390
1,148,392

Group contributions to defined contribution pension schemes
2,642
2,642

2,550,032
1,151,034


During the year retirement benefits were accruing to 2 directors (2022: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,274,091 (2022: £575,806).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022: £1,321).


9.


INTEREST RECEIVABLE

2023
2022
£
£


Bank interest receivable
176,776
9,381


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Other loan interest payable
64,859
24,516

Finance leases and hire purchase contracts
4,279
-


11.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
379,744
62,169


DEFERRED TAX


Origination and reversal of timing differences
(42,953)
31,371


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
336,791
93,540
Page 19


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19%/25% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,641,432
482,199


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%/25% (2022: 19%)
344,791
91,618

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,420
5,097

Adjustments to average tax rate
(6,863)
7,528

Fixed asset differences
(2,557)
(10,703)

TOTAL TAX CHARGE FOR THE YEAR
336,791
93,540


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


12.


DIVIDENDS

2023
2022
£
£


Dividends paid
-
443,853


13.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The profit after tax of the parent Company for the year was £547,112 (2022: £518,525).

Page 20


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 August 2022
1,649,483
604,701
1,911,472
332,106
4,497,762


Additions
22,791
16,049
336,892
34,438
410,170


Disposals
-
-
(409,100)
(30,923)
(440,023)



At 31 July 2023

1,672,274
620,750
1,839,264
335,621
4,467,909



DEPRECIATION


At 1 August 2022
389,002
548,246
1,061,776
201,730
2,200,754


Charge for the year on owned assets
28,089
39,343
307,696
49,802
424,930


Disposals
-
-
(303,349)
(27,153)
(330,502)



At 31 July 2023

417,091
587,589
1,066,123
224,379
2,295,182



NET BOOK VALUE



At 31 July 2023
1,255,183
33,161
773,141
111,242
2,172,727



At 31 July 2022
1,260,481
56,455
849,696
130,376
2,297,008

Page 21


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property

£

Cost


At 1 August 2022
1,649,483


Additions
22,791



At 31 July 2023

1,672,274



DEPRECIATION


At 1 August 2022
389,002


Charge for the year on owned assets
28,089



At 31 July 2023

417,091



NET BOOK VALUE



At 31 July 2023
1,255,183



At 31 July 2022
1,260,481







15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



Cost


At 1 August 2022
2,880



At 31 July 2023
2,880




Page 22


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

DIRECT SUBSIDIARY UNDERTAKING


The following was a direct subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Williams Southern Limited
Construction
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Williams Southern Limited
6,367,949
757,529


INDIRECT SUBSIDIARY UNDERTAKINGS


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Tamar Management Co Limited
Dormant
Ordinary
100%
R J & N J Williams Limited
Dormant
Ordinary
100%




16.


STOCKS

Group
Group
2023
2022
£
£

Work in progress
320,886
99,229

Stock
31,413
35,759

352,299
134,988


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 23


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

17.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
8,197,272
8,417,798
359
359

Amounts owed by group undertakings
-
-
-
8,763

Other debtors
55,703
537,472
-
-

Prepayments and accrued income
62,202
47,464
3,500,625
1,300,309

Amounts recoverable on long-term contracts
4,600,600
1,670,275
-
-

Deferred taxation
20,854
-
-
-

12,936,631
10,673,009
3,500,984
1,309,431



18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,110,224
2,812,592
1,471,044
724,841

4,110,224
2,812,592
1,471,044
724,841



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
3,592,433
3,551,973
-
-

Amounts owed to group undertakings
-
-
1,006,196
-

Corporation tax
379,744
62,169
149,743
24,599

Other taxation and social security
1,389,104
856,805
34,636
33,597

Other creditors
849,902
1,164,005
829,764
1,144,292

Accruals and deferred income
5,031,906
3,238,008
2,237,099
665,330

11,243,089
8,872,960
4,257,438
1,867,818


Page 24


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(22,099)


Charged to profit or loss
42,953



AT END OF YEAR
20,854

Company


2023


£






At beginning of year
(28,721)


Charged to profit or loss
4,274



AT END OF YEAR
(24,447)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
6,070
(24,049)
(24,502)
(28,776)

Short term timing differences
14,784
1,950
55
55

20,854
(22,099)
(24,447)
(28,721)

Page 25


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

21.


PROVISIONS


Group



Rectification costs

£





At 1 August 2022
13,904


Charged to profit or loss
1,613



AT 31 JULY 2023
15,517

Rectification costs
A provision for rectification costs is made in accordance with section 21 of FRS102, in relation to contracts which are completed at the year end and for which the subsidiary Company (Williams Southern Limited) is still in the period where it is liable for any such costs under the terms of contract. There are no provisions held in the Company only accounts.


22.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



372 (2022: 372) Ordinary A shares of £1.00 each
372
372



23.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Includes the nominal value of all shares repurchased by the Company and by its subsidiary.

Profit and loss account

Includes all current and prior year retained profits and losses.


24.


PENSION COMMITMENTS

The Group operates a defined contribution pension scheme for employees. The annual contributions payable are charged to the profit and loss account. The pension cost charge for the current year was £176,974 (2022: £124,309). At the year end £70,349 (2022: £18,773) remained outstanding, this amount is included in other creditors.

Page 26


WILLIAMSBUILD MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

25.


RELATED PARTY TRANSACTIONS

The Company is the immediate parent of Williams Southern Limited, a Company registered in England and Wales, the results of which are contained in these consolidated financial statements. The Company has taken advantage of the exemption contained in FRS102 (section 33.12A) not to disclose transactions or balances with entities which form part of the Group.
At 31 July 2023, a director, was owed £370,149 (2022: £563,045) by the Group. As at 31 July 2023 there is interest due but unpaid on the directors loan account of £31,736 (2022: £11,678).
At 31 July 2023, another director, was owed £458,166 (2022: £579,733) by the Group. As at 31 July 2023 there is interest due but unpaid on the directors loan account of £33,122 (2022: £12,838).
Key Management Personnel
The directors, who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be the only key management personnel. Total compensation (including remuneration and social security contributions) in respect of these individuals is detailed in note 8.


26.


CONTROLLING PARTY

It is the view of the directors that there is no ultimate controlling party of Williamsbuild Management Limited.

 
Page 27