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REGISTERED NUMBER: 05227633 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WILLIAMS JET TENDERS LIMITED

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


WILLIAMS JET TENDERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J R Hornsby
M D Hornsby
S Smith
D Bloice-Smith





SECRETARY: S Smith





REGISTERED OFFICE: Unit 2
Vogue Business Park
Berinsfield
Oxfordshire
OX10 7LN





REGISTERED NUMBER: 05227633 (England and Wales)





AUDITORS: Jamesons Limited
Chartered Accountants and Statutory Auditors
Jamesons House
Compton Way
Witney
OX28 3AB

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report 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 company is 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 company'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 company'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 business 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 company at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have assessed the principal risks and uncertainties affecting the company and consider the major risks to be a softening product market as well as the global political landscape and issues around global conflicts and political uncertainty.

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:





S Smith - Secretary


28 August 2024

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company 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.

J R Hornsby
M D Hornsby
S Smith
D Bloice-Smith

Other changes in directors holding office are as follows:

J McKnight - resigned 24 November 2023

DISCLOSURE IN THE STRATEGIC REPORT
All items required under Sch. 7 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Jamesons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



S Smith - Secretary


28 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAMS JET TENDERS LIMITED

Opinion
We have audited the financial statements of Williams Jet Tenders Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 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 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 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 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 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 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 JET TENDERS LIMITED


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 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, 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAMS JET TENDERS 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.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAMS JET TENDERS LIMITED


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.




Anita Lyon FCA FCCA (Senior Statutory Auditor)
for and on behalf of Jamesons Limited
Chartered Accountants and Statutory Auditors
Jamesons House
Compton Way
Witney
OX28 3AB

3 September 2024

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 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 6,632,440 5,502,216
OPERATING PROFIT 6 4,056,307 3,876,790

Interest receivable and similar income 27,118 3,012
PROFIT BEFORE TAXATION 4,083,425 3,879,802

Tax on profit 7 996,217 751,419
PROFIT FOR THE FINANCIAL YEAR 3,087,208 3,128,383

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

3,087,208

3,128,383

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 2,581,705 1,771,533
2,581,705 1,771,533

CURRENT ASSETS
Stocks 11 9,047,999 7,786,067
Debtors 12 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 13 5,421,456 4,399,594
NET CURRENT ASSETS 12,822,677 11,009,138
TOTAL ASSETS LESS CURRENT LIABILITIES 15,404,382 12,780,671

CREDITORS
Amounts falling due after more than one
year

14

(22,197

)

(28,624

)

PROVISIONS FOR LIABILITIES 16 (393,747 ) (250,817 )
NET ASSETS 14,988,438 12,501,230

CAPITAL AND RESERVES
Called up share capital 17 15,000 15,000
Retained earnings 18 14,973,438 12,486,230
SHAREHOLDERS' FUNDS 14,988,438 12,501,230

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




S Smith - Director


WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 15,000 9,857,847 9,872,847

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 3,128,383 3,128,383
Balance at 31 December 2022 15,000 12,486,230 12,501,230

Changes in equity
Dividends - (600,000 ) (600,000 )
Total comprehensive income - 3,087,208 3,087,208
Balance at 31 December 2023 15,000 14,973,438 14,988,438

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

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 JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE 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 4,083,425 3,879,802
Depreciation charges 492,041 337,548
Finance income (27,118 ) (3,012 )
4,548,348 4,214,338
Increase in stocks (1,261,932 ) (1,725,259 )
Increase in trade and other debtors (906,207 ) (2,021,813 )
Increase/(decrease) in trade and other creditors 714,525 (415,996 )
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 JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

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

1. STATUTORY INFORMATION

Williams Jet Tenders Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been fully amortised over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 3,926,138 3,836,457
Europe 22,552,398 17,154,116
Other 10,316,321 11,827,709
36,794,857 32,818,282

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,348,667 4,380,253
Social security costs 81,686 71,632
Other pension costs 225,376 157,502
5,655,729 4,609,387

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
137 129

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 628,523 542,136
Directors' pension contributions to money purchase schemes 41,187 23,351

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

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

6. 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
Auditors' remuneration 21,358 17,075
Research and development expenditure 491,443 511,593

7. 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 years (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 JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. 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 4,083,425 3,879,802
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

960,422

737,162

Effects of:
Expenses not deductible for tax purposes 12 4,266
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
Total tax charge 996,217 751,419

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 600,000 500,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS
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

11. STOCKS
2023 2022
£    £   
Stocks 9,047,999 7,786,067

20232022
Finished Goods1,876,2431,739,452
Raw Materials7,173,0316,046,615
Total9,049,2747,786,067

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 6,427 6,427
Trade creditors 3,123,914 2,840,188
Other creditors 876,537 484,293
Tax 844,812 537,475
Social security and other taxes 220,406 200,043
Accrued expenses 349,360 331,168
5,421,456 4,399,594

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 22,197 28,624

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

Non-cancellable operating leases
2023 2022
£    £   
Within one year 637,272 637,272
Between one and five years 962,034 1,599,306
1,599,306 2,236,578

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. LEASING AGREEMENTS - continued

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 393,747 250,817

Deferred
tax
£   
Balance at 1 January 2023 250,817
Provided during year 142,930
Movement in year
Balance at 31 December 2023 393,747

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,000 Ordinary £1 15,000 15,000

18. RESERVES
Retained
earnings
£   

At 1 January 2023 12,486,230
Profit for the year 3,087,208
Dividends (600,000 )
At 31 December 2023 14,973,438

19. 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 £225,375 (2022 - £157,502). Of the contributions paid, £41,187 (2022 - £23,351) relate to the directors. Contributions are charged to the profit and loss account as paid.

20. ULTIMATE PARENT COMPANY

Williams Marine Group Limited is regarded by the directors as being the company's ultimate parent company.

The parent company's registered office is the same address as this company's registered office and can be found on the Company Information page.The group accounts can be obtained from this address.

WILLIAMS JET TENDERS LIMITED (REGISTERED NUMBER: 05227633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

21. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 430,046

22. OTHER FINANCIAL COMMITMENTS

The company had foreign currency options commitments at the year end totalling £159,553 (2022 : £379,747).

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.