Company registration number 06445739 (England and Wales)
WARDALE WILLIAMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
WARDALE WILLIAMS LIMITED
COMPANY INFORMATION
Directors
J Foreman
I Hakim
(Appointed 31 October 2023)
Company number
06445739
Registered office
Unit 317
Indian Mill Business Centre
Darwen
BB3 IAE
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
WARDALE WILLIAMS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
WARDALE WILLIAMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
31 Oct 2023
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,064
81,168
Investments
5
100
71,164
81,168
Current assets
Stocks
141,855
157,110
Debtors
6
110,650
111,331
Cash at bank and in hand
429,685
503,804
682,190
772,245
Creditors: amounts falling due within one year
7
(144,772)
(304,726)
Net current assets
537,418
467,519
Total assets less current liabilities
608,582
548,687
Creditors: amounts falling due after more than one year
8
(24,167)
(20,017)
Provisions for liabilities
(17,742)
(14,709)
Net assets
566,673
513,961
Capital and reserves
Called up share capital
51
51
Profit and loss reserves
566,622
513,910
Total equity
566,673
513,961
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial Period 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 directors acknowledge their 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 Period 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.
WARDALE WILLIAMS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
J Foreman
Director
Company registration number 06445739 (England and Wales)
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Wardale Williams Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 317, Indian Mill Business Centre, Darwen, BB3 IAE.
1.1
Reporting period
During the period under review, the company had seen a change in reporting period whereby the reporting date is 31 October instead of 30 April as previously reported. A longer period of 6 months in the current year is being reflected compared to the comparative figures which is only for a period of 12 months. Due to this fact, the comparative figures are not entirely comparable.
1.2
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised at the point supplies are made to customers.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
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:
Leasehold land and buildings
-
Improvments to property
10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.10
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 income statement 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 income statement, 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.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2023
Number
Number
Total
20
20
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 31 October 2023
354,477
Amortisation and impairment
At 1 May 2023 and 31 October 2023
354,477
Carrying amount
At 31 October 2023
At 30 April 2023
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 7 -
4
Tangible fixed assets
Leasehold land and buildings
Improvments to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
2
11,291
177,091
81,519
33,525
303,428
Additions
500
32,500
33,000
Disposals
(32,500)
(32,500)
At 31 October 2023
2
11,291
177,591
81,519
33,525
303,928
Depreciation and impairment
At 1 May 2023
10,372
117,069
69,136
25,683
222,260
Depreciation charged in the Period
153
7,116
1,964
1,371
365
10,969
Eliminated in respect of disposals
(365)
(365)
At 31 October 2023
10,525
124,185
71,100
27,054
232,864
Carrying amount
At 31 October 2023
2
766
53,406
10,419
6,471
71,064
At 30 April 2023
2
919
60,022
12,383
7,842
81,168
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 8 -
5
Fixed asset investments
2023
2023
£
£
Shares in group undertakings and participating interests
100
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
-
Additions
100
At 31 October 2023
100
Carrying amount
At 31 October 2023
100
At 30 April 2023
-
6
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
59,139
62,369
Other debtors
51,511
48,962
110,650
111,331
7
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
10,000
201,985
Trade creditors
58,600
66,716
Corporation tax
49,398
14,439
Other taxation and social security
13,790
9,518
Other creditors
7,484
6,568
Accruals and deferred income
5,500
5,500
144,772
304,726
WARDALE WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2023
Notes
£
£
Bank loans and overdrafts
24,167
20,017
9
Operating lease commitments
Lessee
Operating lease commitments not included in the balance sheet amount to £ 61,100 (April 2023: £61,100).
10
Related party transactions
Included in other debtors are amounts due from related companies in which J M Foreman is a director and shareholder.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.