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REGISTERED NUMBER: 00229334 (England and Wales)












GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WILLIAM FREER LIMITED

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


WILLIAM FREER LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr R W Freer
Mr G K Whitehead Smith





SECRETARY: Mr R W Freer





REGISTERED OFFICE: 360 Melton Road
Leicester
LE4 7SL





REGISTERED NUMBER: 00229334 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

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.

REVIEW OF BUSINESS

William Freer Limited:
The company provides a flexible maintenance and reactive repairs service and related installation provision in areas of complimenting trades. The organisation services the public sector and private, industrial and commercial clients.

Duplus Architectural Systems Limited:
The company produce glazing for contractors and developers working in the construction industry. The process involves the design and manufacture of either third party or in house systems which are installed on site. Work is generally performed under standard construction industry contracts. The company has a competitive edge in this area brought about by its in-house design and production of its curtain walling system combined with the flexibility of using third party systems where appropriate.

The company continues to use its infrastructure and expertise to produce ancillary products such as its domestic rooflight range as security against variations of contract demand.

OBJECTIVES
William Freer Limited:
The company aims to increase business in the commercial, educational, and public sector.

The company aims to continue its expansion in medium size installation work directly to end users.

The company aims to increase revenues per engineer. The company aims to maximise the ratio of operational to administrative staff.

The Company aims to increase it's involvement in sustainable commercial energy and provide facility for the public sector carbon reduction strategy.

Duplus Architectural Systems Limited:
The company aims to increase productivity in areas of contract supervision and project design.

The company aims to increase the volume and range of its ancillary products.

The company intends to continue with investment in technologies which enable it to increase the productivity of its work force.

The company aims to foster long term relationships with professional contractors.


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

STRATEGY

William Freer Limited:
The company provides a flexible maintenance and reactive repairs service in areas of complimenting trades. The organisation positions itself between the low cost but limited resourced small trader and the inflexible national organisations offering the advantages of both.

To continue exploiting the changes in the structure of Government funding of education through online and direct marketing to increase the size of the customer base.

To provide a flexible and inclusive service to target customers reducing their in-house administrative costs.

To grow the volume of in demand direct installation work at a sustainable rate.

To invest in the understanding and application of low and zero carbon commercial products to reap rewards in the medium and long term.

Duplus Architectural Systems Limited:
The core of the company's business will continue to be its contracting operations. The organisation will work to continually improve the quality of the product and the efficiency of its delivery through a process of ongoing development and investment.

The company has a competitive edge in this area bought about by its in-house design and production of its curtain walling system combined with the flexibility of using third party systems where appropriate.

The company aims to develop products ancillary to its core operations which create synergies and the opportunity to increase profitability and reduce risk.

The company has addressed the supply issue relating to subcontracted installation with the adoption of directly employed site fixers to operate in areas of limited supply.

PERFORMANCE
William Freer Limited:
The company has consolidated it's recent growth and maintained profitability. Relationships with major customers have been strengthened and a number of new relationships established. The formation of the company's green division has had some initial success and shows signs of being able to generate significant business in future years.

Duplus Architectural Systems Limited:
The business has maintained it performance from 2023 but has continued to be affected by contracts stemming from the corona virus and Ukraine war induced inflation.

KEY PERFORMANCE INDICATORS
William Freer Limited

2023 2022
Profit/(loss) £224,183 £218,836
Sales per employee £77,564 £74,114


Duplus Architectural Systems Limited

2023 2022
Profit/(loss) (£7,824) £8,109
Sales per employee £170,543 £147,160

ON BEHALF OF THE BOARD:





Mr R W Freer - Director


5 September 2024

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

DIRECTORS' REPORT
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.

PRINCIPAL ACTIVITIES
William Freer Limited:
The principal activities of the company continue to be the provision of reactive and planned maintenance within the heating, catering, air conditioning, electrical and refrigeration industry and the installation of associated products.

Duplus Architectural Systems Limited:
The principal activities of the company during the year were the design, manufacture and installation of aluminium glazed roof structures, curtain walling, windows, doors and roof lights.

The group operates throughout the United Kingdom.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

Preference dividends of £464 were paid. The directors do not recommend payment of a final dividend.

DIRECTORS
Mr R W Freer has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr M J Whitehead - resigned 1 December 2023
Mr G K Whitehead Smith - appointed 1 July 2023

FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
The group's principal financial instrument is cash, the main purpose of which is to provide finance for its normal trading operations and for future investment. The group has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The main risks arising from the group's financial instruments are liquidity, credit and interest risks. The group has clear policies for managing each of these risks as summarised below.

Liquidity risk
The group aims to mitigate liquidity risk by managing cash generation by its operations and closely monitoring debtor collection.

Credit risk
Managing cashflow and credit risk is a priority of the group. All customers are subject to continuous credit checks to reduce exposure to bad debts and to maintain cashflow to support the working capital required for the operations within the business

Interest rate risk
The group reviews its exposure to interest rates regularly and considers the benefit (or otherwise) of hedging against adverse interest rate movements as part of these reviews.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

DIRECTORS' REPORT
for the year ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

AUDITORS
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R W Freer - Director


5 September 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WILLIAM FREER LIMITED


Opinion
We have audited the financial statements of William Freer Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WILLIAM FREER 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 Directors' Report.

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 pages four and five, 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.

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 an Auditors' Report 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:

Based on our understanding of the group and the industry, we have identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and breaches with the General Data Protection Regulation, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- Challenging assumptions made by management in their accounting estimates, in particular in relation to recognising amounts recoverable on contracts, the valuation and assumptions made by directors in relation to investment property and depreciation of fixed assets.

- Identifying and testing material journal entries, in particular those journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. The more remove non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

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 Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WILLIAM FREER 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 an Auditors' Report 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.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

10 September 2024

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4 12,932,400 11,135,663

Cost of sales (9,706,225 ) (8,294,873 )
GROSS PROFIT 3,226,175 2,840,790

Distribution costs (5,697 ) (15,590 )
Administrative expenses (3,110,451 ) (2,708,429 )
110,027 116,771

Other operating income 5 161,993 141,222
OPERATING PROFIT 7 272,020 257,993

Interest receivable and similar income 36 8
272,056 258,001

Interest payable and similar expenses 8 (464 ) (406 )
PROFIT BEFORE TAXATION 271,592 257,595

Tax on profit 9 (55,233 ) (30,650 )
PROFIT FOR THE FINANCIAL YEAR 216,359 226,945

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

216,359

226,945

Profit attributable to:
Owners of the parent 216,359 226,945

Total comprehensive income attributable to:
Owners of the parent 216,359 226,945

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

CONSOLIDATED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 11 379,045 323,764
Investments 12 - -
Investment property 13 4,220,018 4,220,018
4,599,063 4,543,782

CURRENT ASSETS
Stocks 14 889,930 633,719
Debtors 15 4,367,909 3,953,927
Cash at bank and in hand 31,674 105,855
5,289,513 4,693,501
CREDITORS
Amounts falling due within one year 16 (2,332,343 ) (1,854,121 )
NET CURRENT ASSETS 2,957,170 2,839,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,556,233

7,383,162

CREDITORS
Amounts falling due after more than one
year

17

(122,174

)

(172,174

)

PROVISIONS FOR LIABILITIES 21 (523,487 ) (516,775 )
NET ASSETS 6,910,572 6,694,213

CAPITAL AND RESERVES
Called up share capital 22 52,762 52,762
Share premium 23 1,131,756 1,131,756
Capital redemption reserve 23 30,312 30,312
Other reserves 23 3,106,288 3,106,288
Retained earnings 23 2,589,454 2,373,095
SHAREHOLDERS' FUNDS 6,910,572 6,694,213

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr R W Freer - Director


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

COMPANY BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 11 284,349 208,587
Investments 12 816,132 816,132
Investment property 13 4,220,018 4,220,018
5,320,499 5,244,737

CURRENT ASSETS
Stocks 14 408,943 273,886
Debtors 15 1,732,246 1,398,573
Cash at bank and in hand 31,674 106,217
2,172,863 1,778,676
CREDITORS
Amounts falling due within one year 16 (780,285 ) (501,082 )
NET CURRENT ASSETS 1,392,578 1,277,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,713,077

6,522,331

CREDITORS
Amounts falling due after more than one
year

17

(122,174

)

(172,174

)

PROVISIONS FOR LIABILITIES 21 (509,487 ) (492,924 )
NET ASSETS 6,081,416 5,857,233

CAPITAL AND RESERVES
Called up share capital 22 52,762 52,762
Share premium 1,131,756 1,131,756
Capital redemption reserve 30,312 30,312
Other reserves 3,106,288 3,106,288
Retained earnings 1,760,298 1,536,115
SHAREHOLDERS' FUNDS 6,081,416 5,857,233

Company's profit for the financial year 224,183 218,836

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr R W Freer - Director


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 52,762 2,011,372 1,131,756

Changes in equity
Profit for the year - 226,945 -
Total comprehensive income - 226,945 -
Fair value gains on
investment property - 134,778 -
Balance at 31 December 2022 52,762 2,373,095 1,131,756

Changes in equity
Profit for the year - 216,359 -
Total comprehensive income - 216,359 -
Balance at 31 December 2023 52,762 2,589,454 1,131,756
Capital
redemption Other Total
reserve reserves equity
£    £    £   
Balance at 1 January 2022 30,312 3,241,066 6,467,268

Changes in equity
Profit for the year - - 226,945
Total comprehensive income - - 226,945
Fair value gains on
investment property - (134,778 ) -
Balance at 31 December 2022 30,312 3,106,288 6,694,213

Changes in equity
Profit for the year - - 216,359
Total comprehensive income - - 216,359
Balance at 31 December 2023 30,312 3,106,288 6,910,572

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 52,762 1,317,279 1,131,756

Changes in equity
Profit for the year - 218,836 -
Total comprehensive income - 218,836 -
Balance at 31 December 2022 52,762 1,536,115 1,131,756

Changes in equity
Profit for the year - 224,183 -
Total comprehensive income - 224,183 -
Balance at 31 December 2023 52,762 1,760,298 1,131,756
Capital
redemption Other Total
reserve reserves equity
£    £    £   
Balance at 1 January 2022 30,312 3,106,288 5,638,397

Changes in equity
Profit for the year - - 218,836
Total comprehensive income - - 218,836
Balance at 31 December 2022 30,312 3,106,288 5,857,233

Changes in equity
Profit for the year - - 224,183
Total comprehensive income - - 224,183
Balance at 31 December 2023 30,312 3,106,288 6,081,416

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 58,038 (366,380 )
Finance costs paid (464 ) (406 )
Tax paid (28,131 ) -
Net cash from operating activities 29,443 (366,786 )

Cash flows from investing activities
Purchase of tangible fixed assets (221,404 ) (174,786 )
Sale of tangible fixed assets 19,197 141,537
Sale of investment property - 335,000
Interest received 36 8
Net cash from investing activities (202,171 ) 301,759

Cash flows from financing activities
Loan repayments in year (50,000 ) (37,500 )
Net cash from financing activities (50,000 ) (37,500 )

Decrease in cash and cash equivalents (222,728 ) (102,527 )
Cash and cash equivalents at beginning
of year

2

(150,433

)

(47,906

)

Cash and cash equivalents at end of year 2 (373,161 ) (150,433 )

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

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 271,592 257,595
Depreciation charges 166,240 170,196
Profit on disposal of fixed assets (19,197 ) (141,537 )
Finance costs 464 406
Finance income (36 ) (8 )
419,063 286,652
Increase in stocks (256,211 ) (143,582 )
Increase in trade and other debtors (413,982 ) (866,139 )
Increase in trade and other creditors 309,168 356,689
Cash generated from operations 58,038 (366,380 )

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 31,674 105,855
Bank overdrafts (404,835 ) (256,288 )
(373,161 ) (150,433 )
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 105,855 117,703
Bank overdrafts (256,288 ) (165,609 )
(150,433 ) (47,906 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 105,855 (74,181 ) 31,674
Bank overdrafts (256,288 ) (148,547 ) (404,835 )
(150,433 ) (222,728 ) (373,161 )
Debt
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (172,174 ) 50,000 (122,174 )
(222,174 ) 50,000 (172,174 )
Total (372,607 ) (172,728 ) (545,335 )

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

William Freer Limited is a group, limited by shares, registered in England and Wales. Its registered office address is 360 Melton Road, Leicester, LE4 7SL and the registered number is 00229334.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of William Freer Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods supplied and services rendered, net of VAT and trade discounts.

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

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated , revenue is recognised only to the extent that expenses recognised are recoverable.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold property - 20% straight line
Plant, equipment and tools - 20% straight line and 10% straight line
Fixtures and fittings - 20% straight line and 10% straight line
Motor vehicles - 50% straight line and 25% straight line

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

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 recognised in the profit and loss account.

Fixed asset investments
In the parent company financial statements, investments in subsidiaries 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 group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The annual amortisation charge for capital grants directly reflects the depreciation charge of such assets. See note 11 for the carrying amount of the tangible fixed assets, and note 2 for the useful economic lives for each class of assets.

Fair value of investment properties
The fair value of the investment properties is sensitive to the changes in the current rental market and the economic climate of the surrounding area. In the opinion of the directors, fair value can be measured reliably by the directors and seeking an external professional valuation would incur significant undue costs.

Work in progress
The group uses the percentage of completion method to account for its revenue on work in progress stock.

Significant assumptions are required to estimate the total costs and the recoverable variation works that will affect the stage of completion and the revenue respectively.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Installations and servicing 3,723,077 3,483,365
Roof lights & curtain walling 9,209,323 7,652,298
12,932,400 11,135,663

5. OTHER OPERATING INCOME
2023 2022
£    £   
Discounts received - 55
Rents received 201,532 182,434
Rent receivable - directors remuneration - (7,000 )
Rent receivable - other expenses (39,539 ) (34,267 )
161,993 141,222

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,339,319 3,092,990
Social security costs 333,265 321,053
Other pension costs 91,066 86,777
3,763,650 3,500,820

The average number of employees during the year was as follows:
2023 2022

Production staff 62 61
Administrative staff 29 27
Management staff 11 11
102 99

The average number of employees by undertakings that were proportionately consolidated during the year was 54 (2022 - 52 ) .

2023 2022
£    £   
Directors' remuneration 221,966 258,213
Directors' pension contributions to money purchase schemes 4,335 5,529

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 98,391 98,019

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 18,965 18,499
Depreciation - owned assets 166,240 170,196
Profit on disposal of fixed assets (19,197 ) (141,537 )
Foreign exchange differences - (465 )
Auditor`s remuneration 29,995 24,890

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Preference dividend 464 406

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. 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 48,521 30,650

Deferred tax 6,712 -
Tax on profit 55,233 30,650

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 271,592 257,595
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

67,898

48,943

Effects of:
Expenses not deductible for tax purposes 674 3,455
Capital allowances in excess of depreciation (13,274 ) -
Depreciation in excess of capital allowances - 9,743
Utilisation of tax losses - (39,620 )
Profit on disposal of fixed assets (4,799 ) (26,892 )
Change in rate of tax (1,978 ) -
Chargeable gains - 35,021
Deferred tax - adjustment in respect of prior years 12,809 -
Deferred tax - origination and reversal of timing differences (6,097 ) -
Total tax charge 55,233 30,650

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


11. TANGIBLE FIXED ASSETS

Group
Long Plant, Fixtures
leasehold equipment and Motor
property and tools fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 188,058 764,700 373,661 745,008 2,071,427
Additions 9,983 8,204 32,908 170,309 221,404
Disposals - (85,576 ) (44,744 ) (87,261 ) (217,581 )
At 31 December 2023 198,041 687,328 361,825 828,056 2,075,250
DEPRECIATION
At 1 January 2023 179,739 653,422 356,989 557,513 1,747,663
Charge for year 6,157 24,433 16,906 118,744 166,240
Eliminated on disposal - (85,693 ) (44,744 ) (87,261 ) (217,698 )
At 31 December 2023 185,896 592,162 329,151 588,996 1,696,205
NET BOOK VALUE
At 31 December 2023 12,145 95,166 32,674 239,060 379,045
At 31 December 2022 8,319 111,278 16,672 187,495 323,764

Company
Long Plant, Fixtures
leasehold equipment and Motor
property and tools fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 35,436 44,595 222,354 745,008 1,047,393
Additions 9,983 1,541 32,908 170,309 214,741
Disposals - - (44,744 ) (87,261 ) (132,005 )
At 31 December 2023 45,419 46,136 210,518 828,056 1,130,129
DEPRECIATION
At 1 January 2023 35,436 39,425 206,432 557,513 838,806
Charge for year 1,997 1,909 16,329 118,744 138,979
Eliminated on disposal - - (44,744 ) (87,261 ) (132,005 )
At 31 December 2023 37,433 41,334 178,017 588,996 845,780
NET BOOK VALUE
At 31 December 2023 7,986 4,802 32,501 239,060 284,349
At 31 December 2022 - 5,170 15,922 187,495 208,587

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


12. FIXED ASSET INVESTMENTS

Company
Investment
in
subsidiaries
£   
COST
At 1 January 2023
and 31 December 2023 816,132
NET BOOK VALUE
At 31 December 2023 816,132
At 31 December 2022 816,132

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Duplus Architectural Systems Limited
Registered office: 370 Melton Road, Leicester, LE4 7SL, England and Wales
Nature of business: Roof lights, curtain walling, windows & doors
%
Class of shares: holding
Ordinary 100.00


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,220,018
NET BOOK VALUE
At 31 December 2023 4,220,018
At 31 December 2022 4,220,018

Fair value at 31 December 2023 is represented by:
£   
Valuation in 1982 398,404
Valuation in 2014 2,019,013
Valuation in 2015 332,417
Valuation in 2016 88,518
Valuation in 2018 267,936
Cost 1,113,730
4,220,018

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,220,018
NET BOOK VALUE
At 31 December 2023 4,220,018
At 31 December 2022 4,220,018

Investment property comprises of residential and commercial properties. The fair value of the investment property has been arrived at using the directors valuation who review the property values on an annual basis making adjustments to them to reflect changes in economic conditions and improvements to them.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 1982 398,404
Valuation in 2014 2,019,013
Valuation in 2015 332,417
Valuation in 2016 88,518
Valuation in 2018 267,936
Cost 1,113,730
4,220,018

14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials and consumables 422,938 335,828 4,583 7,371
Work-in-progress 466,992 297,891 404,360 266,515
889,930 633,719 408,943 273,886

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 954,350 617,766 846,297 554,019
Amounts owed by group undertakings - - 765,304 744,754
Amount recoverable on contracts 3,081,258 3,015,203 - -
Other debtors - 3,895 - 3,895
Prepayments 158,804 143,566 120,645 95,905
4,194,412 3,780,430 1,732,246 1,398,573

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


15. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Non current other debtors 173,497 173,497 - -

Aggregate amounts 4,367,909 3,953,927 1,732,246 1,398,573

At the year end the Group had deposited £173,497 (2022: £173,497) with Evolution Insurance Company Limited as a guarantee against the Group failing to fulfill its obligations under a contract in place. The balance is not available to the Group until the contract is completed.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 454,835 306,288 50,000 50,000
Trade creditors 1,368,853 1,084,530 431,956 153,347
Corporation tax 51,040 30,650 50,863 30,650
Social security and other taxes 106,780 98,075 42,160 43,402
VAT 51,244 41,338 106,636 97,570
Other creditors 35,165 36,843 22,733 26,289
Accruals and deferred income 264,426 256,397 75,937 99,824
2,332,343 1,854,121 780,285 501,082

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 112,500 162,500 112,500 162,500
Preference shares (see note 18) 9,674 9,674 9,674 9,674
122,174 172,174 122,174 172,174

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 404,835 256,288 - -
Bank loans 50,000 50,000 50,000 50,000
454,835 306,288 50,000 50,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000 50,000 50,000
Preference shares 9,674 9,674 9,674 9,674
59,674 59,674 59,674 59,674
Amounts falling due between two and five years:
Bank loans - 2-5 years 62,500 112,500 62,500 112,500

Details of shares shown as liabilities are as follows:

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
9,674 Pref shares - share type 2 £1 9,674 9,674

The company has in issue 9,674 (2022 - 9,674) 6% redeemable cumulative preference shares of £1 each, classified as liabilities. These maybe redeemed in whole or part at any time by the directors out of undistributed profits on giving six months notice in writing to the members.

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Lessee

Operating lease payments represent rentals payable by the group for certain of its properties. Leases are negotiated for 10 years.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

Group Company
2023 2022 2023 2022
£ £ £ £
Within one year 190,000 190,000 - -
Between one and five years 475,000 665,000 - -
In more than five years - - - -
Total 665,000 855,000 - -

Duplus Architectural Systems Limited has outstanding operating lease commitments to the value of £332,496 (2022 - £427,500) on behalf of it's parent company William Freer Limited.

Lessor

The operating leases represent leases to third parties on the rental of commercial and residential properties. The leases are negotiated over terms of 1-9 years.

At the reporting end date the group had contracted with tenants for the following minimum lease payments under non-cancellable operating leases as follows:

Group Company
2023 2022 2023 2022
£ £ £ £
Within one year 100,250 178,262 100,250 178,262
Between one and five years 258,028 166,177 258,028 166,177
In more than five years 77,220 100,833 77,220 100,833
Total 435,498 445,272 435,498 445,272

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 404,835 256,288 - -
Bank loans 162,500 212,500 162,500 212,500
567,335 468,788 162,500 212,500

Duplus Architectural Systems Limited have an overdraft facility with Barclays Bank PLC. The overdraft is repayable on demand and is secured with fixed and floating charges over the company's assets.

The bank loan held within William Freer Limited relates to a Coronavirus Business Interruption Loan secured by a debenture over all assets of the company (dated 11 March 2021). The loan attracts interest of 3.3% per annum, with the first 12 months subsidised by the government, and is repayable in instalments over 5 years commencing in April 2022 and being fully repayable in March 2027.

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 523,487 516,775 509,487 492,924

Group
Deferred
tax
£   
Balance at 1 January 2023 516,775
Charge to Statement of Comprehensive Income during year 6,712
Balance at 31 December 2023 523,487

Company
Deferred
tax
£   
Balance at 1 January 2023 492,924
Charge to Statement of Comprehensive Income during year 16,563
Balance at 31 December 2023 509,487

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
52,762 Ordinary £1 52,762 52,762

The company has one class of ordinary shares which carry no right to fixed income.

23. RESERVES

Group and Company
Share premium account - This reserve records the amount above the nominal value received or shares sold less transaction costs.

Other reserve - This reserve is non-distributable arising on the revaluation of the group's investment properties.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the group.

Profit and loss reserves - This represents accumulated comprehensive income for the year and prior periods less dividends paid.

24. PENSION COMMITMENTS

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £91,066 (2022 - £86,777) were paid in the the year in respect of the defined contribution scheme. As at 31 December 2023 £18,080 (2022 - £18,089) was due to the scheme.

25. OTHER FINANCIAL COMMITMENTS

At the year end the group had deposited £173,497 (2022: £173,497) with Evolution Insurance Company Limited as a guarantee against the subsidiary Duplus Architectural Systems Limited failing to fulfill its obligations under a contract in place. The amount is held within cash at bank within the balance sheet in these financial statements. The cash is not available for general use whilst the guarantee is in place.

WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


26. RELATED PARTY DISCLOSURES

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

27. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R W Freer, a director throughout the current and previous year. Mr R W Freer owns 55.7% of the company's ordinary share capital.