Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false121truetruetruetruetrue2022-08-01falseNo description of principal activity114true 02262602 2022-08-01 2023-07-31 02262602 2021-08-01 2022-07-31 02262602 2023-07-31 02262602 2022-07-31 02262602 c:CompanySecretary1 2022-08-01 2023-07-31 02262602 c:Director2 2022-08-01 2023-07-31 02262602 c:Director3 2022-08-01 2023-07-31 02262602 c:RegisteredOffice 2022-08-01 2023-07-31 02262602 c:Agent1 2022-08-01 2023-07-31 02262602 d:PlantMachinery 2022-08-01 2023-07-31 02262602 d:PlantMachinery 2023-07-31 02262602 d:PlantMachinery 2022-07-31 02262602 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02262602 d:MotorVehicles 2022-08-01 2023-07-31 02262602 d:MotorVehicles 2023-07-31 02262602 d:MotorVehicles 2022-07-31 02262602 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02262602 d:FurnitureFittings 2022-08-01 2023-07-31 02262602 d:FurnitureFittings 2023-07-31 02262602 d:FurnitureFittings 2022-07-31 02262602 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02262602 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02262602 d:CurrentFinancialInstruments 2023-07-31 02262602 d:CurrentFinancialInstruments 2022-07-31 02262602 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02262602 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02262602 d:UKTax 2022-08-01 2023-07-31 02262602 d:UKTax 2021-08-01 2022-07-31 02262602 d:ShareCapital 2023-07-31 02262602 d:ShareCapital 2022-07-31 02262602 d:SharePremium 2022-08-01 2023-07-31 02262602 d:SharePremium 2023-07-31 02262602 d:SharePremium 2022-07-31 02262602 d:CapitalRedemptionReserve 2022-08-01 2023-07-31 02262602 d:CapitalRedemptionReserve 2023-07-31 02262602 d:CapitalRedemptionReserve 2022-07-31 02262602 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02262602 d:RetainedEarningsAccumulatedLosses 2023-07-31 02262602 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 02262602 d:RetainedEarningsAccumulatedLosses 2022-07-31 02262602 d:RetainedEarningsAccumulatedLosses 2021-08-01 02262602 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-08-01 2023-07-31 02262602 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-31 02262602 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-07-31 02262602 c:OrdinaryShareClass1 2022-08-01 2023-07-31 02262602 c:OrdinaryShareClass1 2023-07-31 02262602 c:OrdinaryShareClass1 2022-07-31 02262602 c:FRS102 2022-08-01 2023-07-31 02262602 c:Audited 2022-08-01 2023-07-31 02262602 c:FullAccounts 2022-08-01 2023-07-31 02262602 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02262602 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02262602 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 02262602 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 02262602 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 02262602 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02262602
















WILLIAMS SOUTHERN LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023


































img5969.png


WILLIAMS SOUTHERN LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mr R R Williams 
Mr J D Whittaker 




COMPANY SECRETARY
Mr R R Williams



REGISTERED NUMBER
02262602



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






WILLIAMS SOUTHERN LIMITED


CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Statement of Financial Position
 
11
Notes to the Financial Statements
 
12 - 21



WILLIAMS SOUTHERN LIMITED

 
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 Company’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 Company 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


WILLIAMS SOUTHERN LIMITED


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 Company 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.

ole5660.png

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 Company we continually review our working practices to ensure we remain as efficient as possible without compromising safety or quality and this will continue.

Page 2


WILLIAMS SOUTHERN LIMITED


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


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






Mr R R Williams
Director



Date: 17 April 2024


Page 3


WILLIAMS SOUTHERN 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 £757,529 (2022: £313,987).

A dividend of £Nil was paid during the financial year. (2022: £443,853).

DIRECTORS

The directors who served during the year were:

Mr R R Williams 
Mr J D Whittaker 

CHARITABLE CONTRIBUTIONS

During the year the Company 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'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'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 4


WILLIAMS SOUTHERN LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


WILLIAMS SOUTHERN LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMS SOUTHERN LIMITED
OPINION


We have audited the financial statements of Williams Southern Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 Company's affairs as at 31 July 2023 and of its 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 Company 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 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 6


WILLIAMS SOUTHERN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMS SOUTHERN 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7


WILLIAMS SOUTHERN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMS SOUTHERN 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 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;
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; and
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 Company 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 Company’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;
Review of 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 judgements 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 8


WILLIAMS SOUTHERN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMS SOUTHERN 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 9


WILLIAMS SOUTHERN LIMITED

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

2023
2022
Note
£
£

  

Turnover
 4 
51,169,100
43,704,178

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

GROSS PROFIT
  
7,441,298
5,013,003

Administrative expenses
  
(6,646,360)
(4,640,189)

Other operating income
 5 
-
2,162

OPERATING PROFIT
 6 
794,938
374,976

Interest receivable and similar income
 8 
158,192
8,052

Interest payable and similar expenses
 9 
(4,279)
-

PROFIT BEFORE TAX
  
948,851
383,028

Tax on profit
 10 
(191,322)
(69,041)

PROFIT AFTER TAX
  
757,529
313,987

  

  

Retained earnings at the beginning of the year
  
5,576,444
5,706,310

Profit for the year
  
757,529
313,987

Dividends declared and paid
  
-
(443,853)

RETAINED EARNINGS AT THE END OF THE YEAR
  
6,333,973
5,576,444

There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of Income and Retained Earnings.
The notes on pages 12 to 21 form part of these financial statements.

Page 10


WILLIAMS SOUTHERN LIMITED
REGISTERED NUMBER:02262602

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
917,544
1,036,527

  
917,544
1,036,527

CURRENT ASSETS
  

Stocks
 13 
352,299
134,988

Debtors: amounts falling due within one year
 14 
13,966,290
10,678,962

Cash at bank and in hand
  
2,639,180
2,087,751

  
16,957,769
12,901,701

Creditors: amounts falling due within one year
 15 
(11,491,847)
(8,313,904)

NET CURRENT ASSETS
  
 
 
5,465,922
 
 
4,587,797

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,383,466
5,624,324

PROVISIONS FOR LIABILITIES
  

Provisions
 17 
(15,517)
(13,904)

NET ASSETS
  
6,367,949
5,610,420


CAPITAL AND RESERVES
  

Called up share capital 
 18 
2,880
2,880

Share premium account
 19 
30,746
30,746

Capital redemption reserve
 19 
350
350

Profit and loss account
 19 
6,333,973
5,576,444

  
6,367,949
5,610,420


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 12 to 21 form part of these financial statements.

Page 11


WILLIAMS SOUTHERN LIMITED

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

1.


GENERAL INFORMATION

Williams Southern Limited is a limited liability Company limited by shares, 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 Company.

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

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Williamsbuild Management Limited as at 31 July 2023 and these financial statements may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

 
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 2.5);

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 12


WILLIAMS SOUTHERN LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

LONG-TERM CONTRACTS

Where 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.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 13


WILLIAMS SOUTHERN LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.9

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.

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:

Plant and Machinery
-
5 years straight line
Motor Vehicles
-
4 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.

 
2.10

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. 

Page 14


WILLIAMS SOUTHERN LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
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 Company 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 payables or receivables, 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 Statement of Income and Retained Earnings.
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

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.


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.
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 15


WILLIAMS SOUTHERN 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 company have 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
396,841
413,196

Auditors' remuneration - audit
15,000
15,650

Auditors' remuneration - non audit
5,300
4,250

Other operating lease rentals
100,000
100,000

Defined contribution pension cost
174,332
121,667


7.


EMPLOYEES

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
6,409,656
6,101,897

Social security costs
712,815
666,897

Cost of defined contribution scheme
174,332
121,667

7,296,803
6,890,461


The Directors, who are considered to be the key management personnel, are paid through the parent company, Williamsbuild Management Limited.

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


        2023
        2022
            No.
            No.







Production staff
76
83



Administrative staff
38
38

114
121

Page 16


WILLIAMS SOUTHERN LIMITED

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

8.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
158,192
8,052


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Finance leases and hire purchase contracts
4,279
-


10.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
230,001
37,570


DEFERRED TAX


Origination and reversal of timing differences
(38,679)
31,471


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
191,322
69,041

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022: lower 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
948,851
383,028


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%/25% (2022: 19%)
199,311
72,775

EFFECTS OF:


Fixed asset differences
(3,158)
(16,292)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,349
5,006

Adjustment to average tax rate
(6,180)
7,552

TOTAL TAX CHARGE FOR THE YEAR
191,322
69,041

Page 17


WILLIAMS SOUTHERN LIMITED

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


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


11.


DIVIDENDS

2023
2022
£
£


Dividends paid to parent company
-
443,853


12.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



COST


At 1 August 2022
604,701
1,911,472
332,106
2,848,279


Additions
16,049
336,892
34,438
387,379


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



At 31 July 2023

620,750
1,839,264
335,621
2,795,635



DEPRECIATION


At 1 August 2022
548,246
1,061,776
201,730
1,811,752


Charge for the year on owned assets
39,343
307,696
49,802
396,841


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



At 31 July 2023

587,589
1,066,123
224,379
1,878,091



NET BOOK VALUE



At 31 July 2023
33,161
773,141
111,242
917,544



At 31 July 2022
56,455
849,696
130,376
1,036,527

Page 18


WILLIAMS SOUTHERN LIMITED

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

13.


STOCKS

2023
2022
£
£

Work in progress
320,886
99,229

Stocks - materials
31,413
35,759

352,299
134,988



14.


DEBTORS

2023
2022
£
£


Trade debtors
8,196,913
8,417,439

Amounts owed by group undertakings
1,006,197
-

Other debtors
55,702
24,399

Prepayments and accrued income
61,577
47,157

Amounts recoverable on long-term contracts
4,600,600
2,183,345

Deferred taxation
45,301
6,622

13,966,290
10,678,962



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

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

Amounts owed to group undertakings
-
8,762

Corporation tax
230,001
37,570

Other taxation and social security
1,354,468
823,208

Other creditors
20,138
19,713

Accruals and deferred income
6,294,807
3,872,678

11,491,847
8,313,904


Page 19


WILLIAMS SOUTHERN LIMITED

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

16.


DEFERRED TAXATION




2023


£






At beginning of year
6,622


Charged to profit or loss
38,679



AT END OF YEAR
45,301

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
30,572
4,727

Short term timing differences
14,729
1,895

45,301
6,622


17.


PROVISIONS




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 Company is still in the period where it is liable for any such costs under the terms of contract.


18.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2,880 (2022: 2,880) Ordinary shares of £1.00 each
2,880
2,880


Page 20


WILLIAMS SOUTHERN LIMITED

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

19.


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.

Profit and loss account

Includes all current and prior year retained profits and losses.


20.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £174,332 (2022: £121,667). Contributions totaling £69,835 (2022: £18,260) were payable to the fund at the reporting date and are included in creditors.


21.


RELATED PARTY TRANSACTIONS

As the Company is a wholly owned subsidiary of Williamsbuild Management Limited, the Company has taken advantage of the exemption within FRS 102 (section 33.12A) not to disclose transactions or balances with entities which form part of the Group. The Group accounts of Williamsbuild Management Limited, within which this Company's results are included, are filed at the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.


22.


CONTROLLING PARTY

The Company is under the control of Williamsbuild Management Limited by virtue of its 100% shareholding in the Company. The directors are of the opinion that there is no ultimate controlling party.
 
Page 21