REGISTERED NUMBER: 10899722 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WILLIAMS MARINE GROUP LIMITED |
REGISTERED NUMBER: 10899722 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WILLIAMS MARINE GROUP LIMITED |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
WILLIAMS MARINE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Anita Lyon FCA FCCA |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
REVIEW OF BUSINESS |
The group engaged in the development, manufacture and distribution of yacht tenders and sell directly to yacht builders and their official dealers and through a growing network of Sales and Service Centres. |
There have been no changes in the group's activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the group's activities in the next year. |
The Directors are pleased with the financial results for the year to 31 December 2023. The business continues to invest in Research & Development and sees the investment in both model improvements and new products as key for future business growth. |
Turnover increased during the year which exceeded budgeted expectations. The gross profit margin remained consistent at 29.05% (2022 : 28.58%). Profit before tax and dividends also remained consistent at 11.10% (2022 : 11.82%). |
The Directors continue to be committed to establishing the business as the world's leading jet tender manufacturer, by focusing on delivering both a high quality product and a high level of aftersales service to customers. |
The group is additionally focused on producing and developing products which would enable it to expand into the superyacht sector. |
The Directors are satisfied with the underlying financial strength and position of the group at the year end. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As in previous years, the Directors have assessed the principal risks and uncertainties affecting the group and consider the major risks to be ongoing volatility in global supply chains and fluctuating foreign exchange rates, particularly the Euro and Dollar rates - all of which are outside the directors' control. |
Although some markets have been affected more than others the Directors have sought to offset this by identifying new territories and developing and improving their products accordingly. |
The Directors are committed to growing the reputation of Williams products worldwide by offering market leading product design, user experience and aftersales service. |
ON BEHALF OF THE BOARD: |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£20 | - 28 April 2023 |
£20 | - 30 June 2023 |
£40 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 600,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Jamesons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAMS MARINE GROUP LIMITED |
Opinion |
We have audited the financial statements of Williams Marine Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAMS MARINE GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAMS MARINE GROUP LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non - compliance with laws and regulations was as follows: |
- |
The engagement partner ensured that the engagement team collectively had appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulation; |
- |
We identified the laws and regulations applicable to the company through discussion with directors and informed management and from our commercial knowledge and experience of the industry; |
- |
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including Companies Act 2006, taxation legislation, employment legislation and health and safety legislation; |
- |
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing documentation during the audit; and |
- |
Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance during the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
- |
Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- |
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | Reviewed the financial statements and records to identify any unusual or unexpected relationships; |
- | Tested journal entries to identify unusual transactions; |
- |
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | Investigated the rationale behind any significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | Enquiring of management as to actual and potential litigation and claims; |
- | Agreeing financial statement disclosures to underlying supporting documentation; |
- | Reviewing correspondence with HMRC and other applicable sources. |
There are inherent limitations in our audit procedures described above. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAMS MARINE GROUP LIMITED |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. |
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 Report of the Auditors. |
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 2006. Our 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 a Report of the Auditors 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. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 36,794,857 | 32,818,282 |
Cost of sales | 26,106,110 | 23,439,276 |
GROSS PROFIT | 10,688,747 | 9,379,006 |
Administrative expenses | 6,975,330 | 5,845,105 |
OPERATING PROFIT | 5 | 3,713,417 | 3,533,901 |
Interest receivable and similar income | 27,118 | 3,012 |
PROFIT BEFORE TAXATION | 3,740,535 | 3,536,913 |
Tax on profit | 6 | 996,217 | 751,419 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,744,318 | 2,785,494 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,744,318 | 2,785,494 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,744,318 |
2,785,494 |
Total comprehensive income attributable to: |
Owners of the parent | 2,744,318 | 2,785,494 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 1,287,826 | 1,630,716 |
Tangible assets | 10 | 2,581,705 | 1,771,533 |
Investments | 11 | - | - |
3,869,531 | 3,402,249 |
CURRENT ASSETS |
Stocks | 12 | 9,047,999 | 7,786,067 |
Debtors | 13 | 6,982,819 | 6,076,611 |
Cash at bank and in hand | 2,213,315 | 1,546,054 |
18,244,133 | 15,408,732 |
CREDITORS |
Amounts falling due within one year | 14 | 5,421,456 | 4,399,594 |
NET CURRENT ASSETS | 12,822,677 | 11,009,138 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 16,692,208 | 14,411,387 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(22,197 |
) |
(28,624 |
) |
PROVISIONS FOR LIABILITIES | 17 | (393,747 | ) | (250,817 | ) |
NET ASSETS | 16,276,264 | 14,131,946 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 90 | 90 |
Capital redemption reserve | 19 | 10 | 10 |
Other reserves | 19 | 8,434,784 | 8,434,784 |
Retained earnings | 19 | 7,841,380 | 5,697,062 |
SHAREHOLDERS' FUNDS | 16,276,264 | 14,131,946 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by: |
J R Hornsby - Director |
M D Hornsby - Director |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Other reserves | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 600,000 | 500,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 90 | 3,411,568 | 10 | 8,434,784 | 11,846,452 |
Changes in equity |
Dividends | - | (500,000 | ) | - | - | (500,000 | ) |
Total comprehensive income | - | 2,785,494 | - | - | 2,785,494 |
Balance at 31 December 2022 | 90 | 5,697,062 | 10 | 8,434,784 | 14,131,946 |
Changes in equity |
Dividends | - | (600,000 | ) | - | - | (600,000 | ) |
Total comprehensive income | - | 2,744,318 | - | - | 2,744,318 |
Balance at 31 December 2023 | 90 | 7,841,380 | 10 | 8,434,784 | 16,276,264 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,094,734 | 51,270 |
Tax paid | (545,951 | ) | (345,209 | ) |
Net cash from operating activities | 2,548,783 | (293,939 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,302,213 | ) | (1,006,576 | ) |
Sale of tangible fixed assets | - | 632 |
Interest received | 27,118 | 3,012 |
Net cash from investing activities | (1,275,095 | ) | (1,002,932 | ) |
Cash flows from financing activities |
Capital repayments in year | (6,427 | ) | 35,051 |
Equity dividends paid | (600,000 | ) | (500,000 | ) |
Net cash from financing activities | (606,427 | ) | (464,949 | ) |
Increase/(decrease) in cash and cash equivalents | 667,261 | (1,761,820 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,546,054 |
3,307,874 |
Cash and cash equivalents at end of year | 2 | 2,213,315 | 1,546,054 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,740,535 | 3,536,913 |
Depreciation charges | 834,930 | 680,437 |
Finance income | (27,118 | ) | (3,012 | ) |
4,548,347 | 4,214,338 |
Increase in stocks | (1,261,932 | ) | (1,725,259 | ) |
Increase in trade and other debtors | (906,206 | ) | (2,021,812 | ) |
Increase/(decrease) in trade and other creditors | 714,525 | (415,997 | ) |
Cash generated from operations | 3,094,734 | 51,270 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 2,213,315 | 1,546,054 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,546,054 | 3,307,874 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,546,054 | 667,261 | 2,213,315 |
1,546,054 | 667,261 | 2,213,315 |
Debt |
Finance leases | (35,051 | ) | 6,427 | (28,624 | ) |
(35,051 | ) | 6,427 | (28,624 | ) |
Total | 1,511,003 | 673,688 | 2,184,691 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Williams Marine Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts include Williams Jet Tenders Limited, which is 100% owned by Williams Marine Group Limited. The company has been consolidated into the group financial statements from acquisition. Williams Marine Group Limited exercises control over the company by virtue of its 100% shareholding. |
Significant judgements and estimates |
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 for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is considered that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Warranty Provision |
Historical warranty spend data is collated across all models and used to estimate future warranty spend based upon tenders sold and the balance of warranty period remaining. When historical information is unavailable, for example a launch of a new product, an estimate is made by reference to historic warranty spend on a similar size tender. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and benefits of product ownership transfer to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks and amounts recoverable on contracts |
Stocks are valued at the lower of cost, using the first in first out method, and net realisable value, after making due allowance for obsolete and slow moving items. |
Amounts recoverable on contracts are stated at sales value excluding VAT. |
Amounts recoverable on contracts include boats being built at the year end date but not completed. These are valued based upon a fair and reasonable estimate of the percentage of completion at the year end |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,390,709 | 4,413,989 |
Social security costs | 39,644 | 37,896 |
Other pension costs | 225,376 | 157,501 |
5,655,729 | 4,609,386 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 5 | 5 |
Admin | 37 | 34 |
Production | 90 | 87 |
Research & Development | 5 | 3 |
The average number of employees by undertakings that were proportionately consolidated during the year was 137 (2022 - 129 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 299,848 | 280,928 |
Directors' pension contributions to money purchase schemes | 17,990 | 11,262 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 149,924 | 140,464 |
Pension contributions to money purchase schemes | 8,995 | 5,631 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases | 650,499 | 600,956 |
Depreciation - owned assets | 492,041 | 337,548 |
Goodwill amortisation | 342,890 | 342,890 |
Auditors' remuneration | 21,358 | 17,075 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 882,868 | 673,724 |
Under/(over) provision in |
previous year | (29,580 | ) | (38,237 | ) |
Total current tax | 853,288 | 635,487 |
Deferred tax | 142,929 | 115,932 |
Tax on profit | 996,217 | 751,419 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,740,535 | 3,536,913 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
879,774 |
672,013 |
Effects of: |
Expenses not deductible for tax purposes | 12 | 4,267 |
Capital allowances in excess of depreciation | (77,566 | ) | (67,704 | ) |
Adjustments to tax charge in respect of previous periods | (29,580 | ) | (38,237 | ) |
Deferred tax movement | 142,929 | 115,932 |
Amortisation of goodwill | 80,648 | 65,148 |
Total tax charge | 996,217 | 751,419 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim | 600,000 | 500,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 3,438,893 |
AMORTISATION |
At 1 January 2023 | 1,808,177 |
Amortisation for year | 342,890 |
At 31 December 2023 | 2,151,067 |
NET BOOK VALUE |
At 31 December 2023 | 1,287,826 |
At 31 December 2022 | 1,630,716 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 | 1,720,864 | 1,181,334 | 690,228 |
Additions | 853,941 | 124,971 | 237,214 |
At 31 December 2023 | 2,574,805 | 1,306,305 | 927,442 |
DEPRECIATION |
At 1 January 2023 | 926,534 | 732,280 | 316,232 |
Charge for year | 165,357 | 131,069 | 129,517 |
At 31 December 2023 | 1,091,891 | 863,349 | 445,749 |
NET BOOK VALUE |
At 31 December 2023 | 1,482,914 | 442,956 | 481,693 |
At 31 December 2022 | 794,330 | 449,054 | 373,996 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 145,734 | 465,887 | 4,204,047 |
Additions | - | 86,087 | 1,302,213 |
At 31 December 2023 | 145,734 | 551,974 | 5,506,260 |
DEPRECIATION |
At 1 January 2023 | 64,720 | 392,748 | 2,432,514 |
Charge for year | 20,253 | 45,845 | 492,041 |
At 31 December 2023 | 84,973 | 438,593 | 2,924,555 |
NET BOOK VALUE |
At 31 December 2023 | 60,761 | 113,381 | 2,581,705 |
At 31 December 2022 | 81,014 | 73,139 | 1,771,533 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Unit 2, Vogue Business Park, Berinsfield, OX10 7LN |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 9,047,999 | 7,786,067 |
2023 | 2022 |
Finished Goods | 1,876,243 | 1,739,452 |
Raw Materials | 7,173,031 | 6,046,615 |
Total | 9,049,274 | 7,786,067 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 4,572,953 | 3,848,648 |
Amounts owed by group undertakings | 13,158 | 13,158 |
Amounts recoverable on contract | 1,466,408 | 1,273,166 |
Other debtors | 612,832 | 570,463 |
Prepayments | 317,468 | 371,176 |
6,982,819 | 6,076,611 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 16) | 6,427 | 6,427 |
Trade creditors | 3,123,914 | 2,840,188 |
Tax | 844,812 | 537,475 |
Social security and other taxes | 220,406 | 200,043 |
Other creditors | 876,537 | 484,293 |
Accrued expenses | 349,360 | 331,168 |
5,421,456 | 4,399,594 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 16) | 22,197 | 28,624 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 6,427 | 6,427 |
Between one and five years | 22,197 | 28,624 |
28,624 | 35,051 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 393,747 | 250,817 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 250,817 |
Provided during year | 142,930 |
Movement in year |
Balance at 31 December 2023 | 393,747 |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 90 | 90 |
19. | RESERVES |
Group |
Capital |
Retained | redemption | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 5,697,062 | 10 | 8,434,784 | 14,131,856 |
Profit for the year | 2,744,318 | 2,744,318 |
Dividends | (600,000 | ) | (600,000 | ) |
At 31 December 2023 | 7,841,380 | 10 | 8,434,784 | 16,276,174 |
Company |
Capital |
Retained | redemption | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 11,080,124 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 11,080,124 |
20. | PENSION COMMITMENTS |
The company operates a defined contribution 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 £225,376 (2022 - £157,502). Of the contributions paid, £17,990 (2022 - £11,262) relate to the directors. Contributions are charged to the profit and loss account as paid. |
21. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 430,046 | 430,046 |
22. | OTHER FINANCIAL COMMITMENTS |
The company had foreign currency options commitments at the year end totalling £159,553 (2022 : £379,747). |
WILLIAMS MARINE GROUP LIMITED (REGISTERED NUMBER: 10899722) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | RELATED PARTY DISCLOSURES |
During the year there were the following related party transactions: |
2023 | 2022 |
Purchases | £20,356 | £35,552 |
Trade creditors | £2,893 | £1,830 |
The above transactions are with a partnership which is owned by a connected party of two of the directors. |