Company registration number 00989792 (England and Wales)
P. J. WILLIAMSON & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
P. J. WILLIAMSON & SON LIMITED
COMPANY INFORMATION
Director
Mr T P Williamson
Secretary
Mrs K Williamson
Company number
00989792
Registered office
2 Lake End Court
Taplow Road
Taplow
Maidenhead
Berkshire
SL6 0JQ
Accountants
Stiles & Company
2 Lake End Court
Taplow Road
Taplow
Maidenhead
Berkshire
SL6 0JQ
P. J. WILLIAMSON & SON LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
P. J. WILLIAMSON & SON LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF P. J. WILLIAMSON & SON LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P. J. Williamson & Son Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of P. J. Williamson & Son Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P. J. Williamson & Son Limited and state those matters that we have agreed to state to the board of directors of P. J. Williamson & Son Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. J. Williamson & Son Limited and its board of directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the financial statements of P. J. Williamson & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stiles & Company
Chartered Certified Accountants
2 Lake End Court
Taplow Road
Maidenhead
Berkshire
SL6 0JQ
19 July 2024
P. J. WILLIAMSON & SON LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
90,780
77,009
Current assets
Stocks
1,426,373
1,285,435
Debtors
4
22,453
93,520
Cash at bank and in hand
231,984
376,403
1,680,810
1,755,358
Creditors: amounts falling due within one year
5
(308,483)
(381,239)
Net current assets
1,372,327
1,374,119
Total assets less current liabilities
1,463,107
1,451,128
Creditors: amounts falling due after more than one year
6
(41,113)
(40,800)
Provisions for liabilities
(24,574)
(16,722)
Net assets
1,397,420
1,393,606
Capital and reserves
Called up share capital
9
2,783
2,783
Profit and loss reserves
1,394,637
1,390,823
Total equity
1,397,420
1,393,606

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

P. J. WILLIAMSON & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 July 2024
Mr T P Williamson
Director
Company registration number 00989792 (England and Wales)
P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

P. J. Williamson & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Lake End Court, Taplow Road, Taplow, Maidenhead, Berkshire, SL6 0JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods and property is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of management and consultancy services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
3 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
190,318
Additions
63,468
Disposals
(71,946)
At 31 October 2023
181,840
Depreciation and impairment
At 1 November 2022
113,309
Depreciation charged in the year
30,528
Eliminated in respect of disposals
(50,318)
Transfers
(2,459)
At 31 October 2023
91,060
Carrying amount
At 31 October 2023
90,780
At 31 October 2022
77,009

Included within tangible fixed assets detailed above are assets purchased under hire purchase contracts. The net book value of these assets at the year end amounted to £49,463 (2022: £31,774).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,053
42,625
Other debtors
12,400
50,895
22,453
93,520
P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
18,681
49,122
Taxation and social security
17,658
4,327
Other creditors
262,144
317,790
308,483
381,239
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
Other creditors
25,280
14,967
41,113
40,800
7
Loans and overdrafts
2023
2022
£
£
Bank loans
25,833
35,833
Other loans
-
0
250,000
25,833
285,833
Payable within one year
10,000
260,000
Payable after one year
15,833
25,833

The bank loan of £50,000 obtained by the company in 2020 had an outstanding balance of £25,833 (2022: £35,833) at the year end. The loan interest is charged at 2.5% per annum with the interest within the first year payable via the UK Government as a grant. The maturity date of the loan is in May 2026.

 

The hire purchase contracts are secured against the fixed assets as detailed within note 3.

 

 

P. J. WILLIAMSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
12,724
7,618
In two to five years
27,289
16,126
40,013
23,744
Less: future finance charges
(4,127)
(2,484)
35,886
21,260

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term remaining is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,420
2,420
2,420
2,420
B Ordinary shares of £1 each
363
363
363
363
2,783
2,783
2,783
2,783
10
Related party transactions

During the year a loan of £195,000 was received from a close family member of the Director. This loan is interest free and repayable on demand.

2023-10-312022-11-01false19 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr T P WilliamsonMrs K Williamsonfalsefalse009897922022-11-012023-10-3100989792bus:Director12022-11-012023-10-3100989792bus:CompanySecretary12022-11-012023-10-3100989792bus:RegisteredOffice2022-11-012023-10-31009897922023-10-31009897922022-10-3100989792core:OtherPropertyPlantEquipment2023-10-3100989792core:OtherPropertyPlantEquipment2022-10-3100989792core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3100989792core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3100989792core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3100989792core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3100989792core:CurrentFinancialInstruments2023-10-3100989792core:CurrentFinancialInstruments2022-10-3100989792core:Non-currentFinancialInstruments2023-10-3100989792core:Non-currentFinancialInstruments2022-10-3100989792core:ShareCapital2023-10-3100989792core:ShareCapital2022-10-3100989792core:RetainedEarningsAccumulatedLosses2023-10-3100989792core:RetainedEarningsAccumulatedLosses2022-10-3100989792core:ShareCapitalOrdinaryShares2023-10-3100989792core:ShareCapitalOrdinaryShares2022-10-3100989792core:PlantMachinery2022-11-012023-10-3100989792core:FurnitureFittings2022-11-012023-10-3100989792core:MotorVehicles2022-11-012023-10-31009897922021-11-012022-10-3100989792core:OtherPropertyPlantEquipment2022-10-3100989792core:OtherPropertyPlantEquipment2022-11-012023-10-3100989792core:WithinOneYear2023-10-3100989792core:WithinOneYear2022-10-3100989792core:BetweenTwoFiveYears2023-10-3100989792core:BetweenTwoFiveYears2022-10-3100989792bus:PrivateLimitedCompanyLtd2022-11-012023-10-3100989792bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3100989792bus:FRS1022022-11-012023-10-3100989792bus:AuditExemptWithAccountantsReport2022-11-012023-10-3100989792bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP