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Registration number: 10332044

Williamson Croft Accountants Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Williamson Croft Accountants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Williamson Croft Accountants Limited

Company Information

Directors

Mr Daniel Moon

Mr Damien Loughran

Registered office

York House
20 York Street
Manchester
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
Manchester
England
M2 3BB

 

Williamson Croft Accountants Limited

(Registration number: 10332044)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,035,000

-

Tangible assets

5

33,833

-

 

1,068,833

-

Current assets

 

Debtors

6

397,288

100

Cash at bank and in hand

 

68,850

9,945

 

466,138

10,045

Creditors: Amounts falling due within one year

7

(516,758)

(10,000)

Net current (liabilities)/assets

 

(50,620)

45

Total assets less current liabilities

 

1,018,213

45

Provisions for liabilities

(5,480)

-

Net assets

 

1,012,733

45

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,012,633

(55)

Shareholders' funds

 

1,012,733

45

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Williamson Croft Accountants Limited

(Registration number: 10332044)
Balance Sheet as at 31 October 2023

.........................................
Mr Daniel Moon
Director

.........................................
Mr Damien Loughran
Director

 

Williamson Croft Accountants Limited

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

1

General information

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

The address of its registered office is:
York House
20 York Street
Manchester
M2 3BB
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Group accounts not prepared

The company is part of a small group and has taken advantage of the exemption provided by the Companies Act 2006 and has not prepared group accounts.

Going concern

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

 

Williamson Croft Accountants Limited

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

Revenue recognition

Revenue represents amounts recoverable from clients for the provision of professional services during the year, excluding vat. Income arising from fixed fee assignments is recognised based on the degree of completion of the relevant service which is assessed on the basis of time spent. Where income is dependent on the occurrence of a critical event, no income is recognised until that event has occurred and the recovery of income is assured.

Amounts recoverable from client assignments in excess of amounts billed are included as accrued income in receivables. Amounts paid by clients in excess of amounts billed are included as deferred income in current liabilities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer and office equipment

33% Straight line

Furniture and fixtures

25% Reducing balance

Leasehold improvements

Straight line over the lease term

 

Williamson Croft Accountants Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Williamson Croft Accountants Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 0).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

1,150,000

1,150,000

At 31 October 2023

1,150,000

1,150,000

Amortisation

Amortisation charge

115,000

115,000

At 31 October 2023

115,000

115,000

Carrying amount

At 31 October 2023

1,035,000

1,035,000

 

Williamson Croft Accountants Limited

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

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

22,796

27,584

50,380

At 31 October 2023

22,796

27,584

50,380

Depreciation

Charge for the year

6,079

10,468

16,547

At 31 October 2023

6,079

10,468

16,547

Carrying amount

At 31 October 2023

16,717

17,116

33,833

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

247,461

-

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

10

-

100

Prepayments and accrued income

 

144,379

-

Other debtors

 

5,448

-

   

397,288

100

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

36,426

-

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

10

128,896

-

Taxation and social security

 

108,779

-

Accruals and deferred income

 

228,854

-

Other creditors

 

13,803

10,000

 

516,758

10,000

 

Williamson Croft Accountants Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments, guarantees and contingencies not included in the balance sheet is £721,734 (2022 - £Nil). Included within this balance is £688,380 which relates to cross guarantees provided in respect of a bank loan provided to the parent company Williamson Croft Holdings Ltd.

10

Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by Williamson Croft Holdings Ltd.

11

Parent and ultimate parent undertaking

The company's immediate parent is Williamson Croft Holdings Limited, incorporated in England and Wales.