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Registration number: 10689068

EKWilliams Accountants Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

EKWilliams Accountants Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 36

 

EKWilliams Accountants Limited

Company Information

Director

Mr P D J Brassington

Registered office

No. 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
Lancashire
BL5 3AJ

Auditors

SCCA Ltd
3 The Studios
320 Chorley Old Road
Bolton
Lancashire
BL1 4JU

 

EKWilliams Accountants Limited

Strategic Report for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is Chartered accountants and business advisors.

Fair review of the business

During the year ended 31 December 2023 the company acquired a minority shareholding in a number of Chartered accountancy firms and business advisors’ - Robert Whowell & Partners LLP and Kingscott Dix Limited. In addition to these acquisitions the company acquired additional share capital in Harold Sharp Ltd and Fiander Tovell Group Limited. All these additions can be seen in the Investments note within the financial statements.

The financial year ending 31 December 2023 showed an increase in the income of the group's Subsidiaries, this was expected due to the improving trading conditions during the year. The groups investment income from Associates continued to grow during the year as well, supported by the acquisitions mentioned previously made during the period. This overall growth was in line with the Directors' initial expectations for trade during 2023. The strategy of the group remains the same as the group will look to increase its investments in Associates and Subsidiaries, whilst investing in the long-term growth of its holdings.

This growth is expected to increase further moving forward as the company continues to look to invest and increase its ownership or shareholdings further in future years.

The directors are satisfied with the company’s performance overall and are confident in its ability to grow further in the coming years.

 

EKWilliams Accountants Limited

Strategic Report for the Year Ended 31 December 2023

Principal risks and uncertainties

- Financial risk management
The Company’s activity exposes it to a variety of financial risks that include foreign exchange risk.

Foreign exchange rate risk arises from transactions when investments are acquired in Sterling, but finance is acquired in Euros rather than Sterling. The primary foreign exchange exposure arises from net Euro costs. The risk is managed by the regular review of exchange rates by the Board and timing of acquisitions as well as fixing good conditions on the loan with the bank, including fixed interest rates for the duration of the loan. The company is looking to increase loans initially in Sterling to reduce this risk of exchange variations.

- Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company faces market pressures on pricing from competitors as well.

The company actively manages its working capital requirements to ensure it has sufficient funds for its operations. The company aims to mitigate liquidity and cash flow risk by managing working capital, assessing and monitoring the requirements of the business, whilst working alongside its Parent company to ensure that these requirements are met. The company is funded by the larger group if necessary.

The directors are aware of the risks and uncertainties that the current economic and trading environment bring to the business. The Board of directors meet on a regular basis and the risks and uncertainties facing the company are discussed and appropriate actions taken to mitigate any impact on the company's performance.

- Credit Risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. Credit risk is managed by close attention to credit control procedures.

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr P D J Brassington
Director

 

EKWilliams Accountants Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the for the year ended 31 December 2023.

Director of the group

The director who held office during the year was as follows:

Mr P D J Brassington

Dividend

The company has not paid any dividends during the current or previous financial year. The director does not recommend payment of a final dividend.

Future developments

The company expects to continue to act as a chartered accountants and business advisors within the United Kingdom.

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. The directors have the support of the company's shareholders; thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure of information to the auditor

The director has taken 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Reappointment of auditors

The auditors SCCA Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr P D J Brassington
Director

 

EKWilliams Accountants Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

EKWilliams Accountants Limited

Independent Auditor's Report to the Members of EKWilliams Accountants Limited

Opinion

We have audited the financial statements of EKWilliams Accountants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent company's 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

EKWilliams Accountants Limited

Independent Auditor's Report to the Members of EKWilliams Accountants Limited

We have nothing to report in this regard.

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's 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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s 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:

 

EKWilliams Accountants Limited

Independent Auditor's Report to the Members of EKWilliams Accountants Limited

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• Enquiring of management whether they are aware of any non-compliance with laws and regulations.
• Enquiring of management whether they are aware of any actual, suspected or alleged fraud.
• Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journal and fraudulent revenue recognition.
• Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included; the financial framework the company operates under (FRS102) , the UK Companies Act, tax legislation and data protection, anti-bribery and employment legislation.

Audit response to risks identified

Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
• Audited the risk of management override of controls, including through testing journal entries for appropriateness.
• Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
• Investigated the rationale behind any significant or unusual transactions included in the financial statements.

Fraudulent revenue recognition
To address the risk of fraudulent revenue recognition we:
• Performed testing on a sample of turnover transactions that occurred during the financial year.
• Performed cut-off testing on turnover around the year end.
• Performed testing on the valuation and recoverability of work in progress included at year end.

Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation.
• Enquiring of management as to actual and potential litigation claims they are aware of.
• Reviewing legal costs nominals for evidence of potential litigation or claims.
• Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

 

EKWilliams Accountants Limited

Independent Auditor's Report to the Members of EKWilliams Accountants Limited

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 auditor’s 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.

......................................
Mr Robert J Stafford BA (hons) (Senior Statutory Auditor)
For and on behalf of SCCA Ltd, Statutory Auditor

3 The Studios
320 Chorley Old Road
Bolton
Lancashire
BL1 4JU

12 September 2024

 

EKWilliams Accountants Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

31,721,550

26,681,521

Cost of sales

 

(2,811,909)

(2,529,062)

Gross profit

 

28,909,641

24,152,459

Administrative expenses

 

(24,960,505)

(21,107,912)

Other operating income

4

133,009

131,755

Operating profit

6

4,082,145

3,176,302

Income from participating interests

 

-

13,912

Income from other Fixed assets investments

 

977,616

793,898

Other interest receivable and similar income

2,817

-

Interest payable and similar expenses

7

(495,050)

(371,425)

   

485,383

436,385

Profit before tax

 

4,567,528

3,612,687

Tax on profit

10

(583,344)

(368,211)

Profit for the financial year

 

3,984,184

3,244,476

Profit/(loss) attributable to:

 

Owners of the company

 

1,113,916

819,519

Minority interests

 

2,870,268

2,424,957

 

3,984,184

3,244,476

 

EKWilliams Accountants Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

3,984,184

3,244,476

Share of associates and joint ventures other comprehensive income

(3,912,215)

(2,464,271)

Total comprehensive income for the year

71,969

780,205

Total comprehensive income attributable to:

Owners of the company

(2,798,299)

(1,644,752)

Minority interests

2,870,268

2,424,957

71,969

780,205

 

EKWilliams Accountants Limited

(Registration number: 10689068)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

4,058,810

4,074,579

Tangible assets

12

438,730

479,015

Investments

13

7,586,828

4,311,778

 

12,084,368

8,865,372

Current assets

 

Debtors

14

11,653,997

9,761,161

Cash at bank and in hand

 

1,103,210

1,176,849

 

12,757,207

10,938,010

Creditors: Amounts falling due within one year

16

(12,270,540)

(9,993,354)

Net current assets

 

486,667

944,656

Total assets less current liabilities

 

12,571,035

9,810,028

Creditors: Amounts falling due after more than one year

16

(9,197,706)

(6,508,671)

Net assets

 

3,373,329

3,301,357

Capital and reserves

 

Called up share capital

18

100

100

Retained earnings

2,470,619

1,356,700

Equity attributable to owners of the company

 

2,470,719

1,356,800

Minority interests

 

902,610

1,944,557

Shareholders' funds

 

3,373,329

3,301,357

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £2,476,331 (2022:£1,607,990).

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr P D J Brassington
Director

 

EKWilliams Accountants Limited

(Registration number: 10689068)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

80,783

100,992

Tangible assets

12

7,412

6,486

Investments

13

13,699,992

10,424,944

 

13,788,187

10,532,422

Current assets

 

Debtors

14

713,161

770,268

Cash at bank and in hand

 

208,634

157,047

 

921,795

927,315

Creditors: Amounts falling due within one year

16

(1,143,280)

(2,093,227)

Net current liabilities

 

(221,485)

(1,165,912)

Total assets less current liabilities

 

13,566,702

9,366,510

Creditors: Amounts falling due after more than one year

16

(8,232,532)

(6,508,671)

Net assets

 

5,334,170

2,857,839

Capital and reserves

 

Called up share capital

18

100

100

Retained earnings

5,334,070

2,857,739

Shareholders' funds

 

5,334,170

2,857,839

The company made a profit after tax for the financial year of £2,476,331 (2022 - profit of £1,607,990).

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr P D J Brassington
Director

 

EKWilliams Accountants Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

At 1 January 2023

100

1,356,703

1,356,803

1,944,557

Profit for the year

-

1,113,916

1,113,916

2,870,268

Other comprehensive income

-

-

-

(3,912,215)

Total comprehensive income

-

1,113,916

1,113,916

(1,041,947)

At 31 December 2023

100

2,470,619

2,470,719

902,610

Total equity
£

At 1 January 2023

3,301,360

Profit for the year

3,984,184

Other comprehensive income

(3,912,215)

Total comprehensive income

71,969

At 31 December 2023

3,373,329

Share capital
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

At 1 January 2022

100

537,181

537,281

1,983,871

Profit for the year

-

819,519

819,519

2,424,957

Other comprehensive income

-

-

-

(2,464,271)

Total comprehensive income

-

819,519

819,519

(39,314)

At 31 December 2022

100

1,356,700

1,356,800

1,944,557

Total equity
£

At 1 January 2022

2,521,152

Profit for the year

3,244,476

Other comprehensive income

(2,464,271)

Total comprehensive income

780,205

At 31 December 2022

3,301,357

 

EKWilliams Accountants Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

2,857,739

2,857,839

Profit for the year

-

2,476,331

2,476,331

At 31 December 2023

100

5,334,070

5,334,170

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

1,249,749

1,249,849

Profit for the year

-

1,607,990

1,607,990

At 31 December 2022

100

2,857,739

2,857,839

 

EKWilliams Accountants Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

3,984,184

3,244,476

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,008,289

913,182

Loss on disposal of tangible assets

5

314

803

Finance income

(978,714)

(807,810)

Finance costs

493,331

371,425

Income tax expense

10

583,344

368,211

 

5,090,748

4,090,287

Working capital adjustments

 

Increase in trade debtors

14

(1,911,103)

(424,280)

Increase/(decrease) in trade creditors

16

1,362,278

(856,414)

Cash generated from operations

 

4,541,923

2,809,593

Income taxes paid

10

(475,410)

(420,035)

Net cash flow from operating activities

 

4,066,513

2,389,558

Cash flows from investing activities

 

Interest received

978,714

807,810

Acquisitions of tangible assets

(153,236)

(112,610)

Proceeds from sale of tangible assets

 

(314)

(803)

Acquisition of intangible assets

11

(800,000)

(205,260)

Acquisitions of investments in joint ventures and associates

13

(3,275,049)

(10,890)

Net cash flows from investing activities

 

(3,249,885)

478,247

Cash flows from financing activities

 

Interest paid

(493,331)

(371,425)

Repayment of bank borrowing

 

(396,936)

(2,784,505)

Net cash flows from financing activities

 

(890,267)

(3,155,930)

Net decrease in cash and cash equivalents

 

(73,639)

(288,125)

Cash and cash equivalents at 1 January

 

1,176,849

1,464,974

Cash and cash equivalents at 31 December

 

1,103,210

1,176,849

 

EKWilliams Accountants Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

2,476,331

1,607,990

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

22,367

21,425

Finance income

(2,799,252)

(1,841,637)

Finance costs

252,588

209,388

Income tax expense

10

168,784

136,040

 

120,818

133,206

Working capital adjustments

 

Decrease in trade debtors

14

57,107

52,831

Decrease in trade creditors

16

(982,691)

(879,495)

Cash generated from operations

 

(804,766)

(693,458)

Income taxes paid

10

(136,040)

(93,718)

Net cash flow from operating activities

 

(940,806)

(787,176)

Cash flows from investing activities

 

Interest received

2,800,751

1,841,637

Acquisition of subsidiaries

13

-

(205,260)

Acquisitions of tangible assets

(3,084)

(5,613)

Acquisitions of investments in joint ventures and associates

13

(3,275,049)

(10,891)

Net cash flows from investing activities

 

(477,382)

1,619,873

Cash flows from financing activities

 

Interest paid

(254,087)

(209,388)

Proceeds from bank borrowing draw downs

 

1,723,862

(617,832)

Net cash flows from financing activities

 

1,469,775

(827,220)

Net increase in cash and cash equivalents

 

51,587

5,477

Cash and cash equivalents at 1 January

 

157,047

151,570

Cash and cash equivalents at 31 December

 

208,634

157,047

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
No. 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
Lancashire
BL5 3AJ

These financial statements were authorised for issue by the director on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis. At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have the support of the company's ultimate parent company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

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 avaliable sources. The estimate 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 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director does not consider any significant estimates or judgements are expected to affect the company's assets and liabilities over the next 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

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

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

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

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

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

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

12.5% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

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

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

Trade creditors

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

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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

Share capital

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

Dividends

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

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

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

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

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 Recognition and measurement
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries or associates, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangements constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplies. Amounts payable are classified as current liabilities. If payment is due within one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost, using the effective interest rate method.

 Impairment
Financial assets, other than those held at fair value through the profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

31,721,550

26,681,521

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

133,009

131,755

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of Tangible assets

(314)

(803)

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

192,520

176,465

Amortisation expense

815,769

736,717

Operating lease expense - plant and machinery

17,712

8,244

Loss on disposal of property, plant and equipment

314

803

7

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

495,050

371,425

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

17,199,175

14,778,203

Social security costs

37,934

27,651

Other short-term employee benefits

1,862

2,132

Pension costs, defined contribution scheme

179,221

199,417

Other employee expense

345,227

318,829

17,763,419

15,326,232

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

258

228

258

228

9

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

59,879

38,751

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

565,077

368,211

Deferred taxation

Arising from changes in tax rates and laws

18,267

-

Tax expense in the income statement

583,344

368,211

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

4,567,528

3,612,687

Corporation tax at standard rate

1,141,882

686,411

Tax increase from effect of capital allowances and depreciation

-

3,004

Effect of expense not deductible in determining taxable profit (tax loss)

575

532

Tax decrease from effect of dividends from UK companies

(760,108)

(198,862)

Tax increase/(decrease) from other tax effects

200,995

(122,874)

Total tax charge

583,344

368,211

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

5,898,491

5,898,491

Additions acquired separately

800,000

800,000

At 31 December 2023

6,698,491

6,698,491

Amortisation

At 1 January 2023

1,823,912

1,823,912

Amortisation charge

815,769

815,769

At 31 December 2023

2,639,681

2,639,681

Carrying amount

At 31 December 2023

4,058,810

4,058,810

At 31 December 2022

4,074,579

4,074,579

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

161,676

161,676

At 31 December 2023

161,676

161,676

Amortisation

At 1 January 2023

60,684

60,684

Amortisation charge

20,209

20,209

At 31 December 2023

80,893

80,893

Carrying amount

At 31 December 2023

80,783

80,783

At 31 December 2022

100,992

100,992

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

390,415

902,012

1,292,427

Additions

-

153,236

153,236

Disposals

-

(2,069)

(2,069)

At 31 December 2023

390,415

1,053,179

1,443,594

Depreciation

At 1 January 2023

292,231

521,181

813,412

Charge for the year

89,356

103,164

192,520

Eliminated on disposal

-

(1,068)

(1,068)

At 31 December 2023

381,587

623,277

1,004,864

Carrying amount

At 31 December 2023

8,828

429,902

438,730

At 31 December 2022

98,184

380,831

479,015

Included within the net book value of land and buildings above is £8,828 (2022 - £98,184) in respect of long leasehold land and buildings.
 

Company

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

14,355

14,355

Additions

3,084

3,084

At 31 December 2023

17,439

17,439

Depreciation

At 1 January 2023

7,869

7,869

Charge for the year

2,158

2,158

At 31 December 2023

10,027

10,027

Carrying amount

At 31 December 2023

7,412

7,412

At 31 December 2022

6,486

6,486

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

SRLV LLP

Elsley Court, 20-22 Great Titchfield Street,
London
W1W 8BE

Designated Member

9.59%

9.59%

England & Wales

HWB Holdings Limited

Highland House, Mayflower Close,
Chandlers Ford, Eastleigh,
Hampshire, SO53 4AR

Ordinary

51%

51%

England & Wales

EKWilliams Limited

1 Pavilion Square, Cricketers Way,
Westhoughton, Bolton,
BL5 3AJ

Ordinary

100%

100%

England & Wales

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Associates

Carston Holdings

1 Floor Tudor House,
16 Cathedral Road, Cardiff,
CF11 9LJ

Ordinary

37.1%

37.1%

England & Wales

Sampson West Accountancy Limited

39a Welbeck Street
London
W1G 8DH

Ordinary

11%

11%

England & Wales

Clement Rabjohns Limited

111/113 High Street,
Evesham,
WR11 4XP

Ordinary

26%

26%

England & Wales

Nyman Libson Paul LLP

Regina House,
124 Finchley Road,
London, NW3 5JS

Designated Member

2%

2%

England & Wales

Attention To Finance Group Limited

55 Loudoun Road
St Johns Wood
London
NW8 OD

Ordinary

2%

2%

England & Wales

Gerald Edelman LLP

73 Cornhill,
London,
EC3V 3QQ

Desigated Member

2%

2%

England & Wales

Harold Sharp Limited

5 Brooklands Place,
Brooklands Road,
Sale, Cheshire, M33 3SD

Ordinary

44.1%

14%

England & Wales

Fiander Tovell Group Limited

Stag Gates House,
63/64 The Avenue,
Southampton,
Hampshire, SO17 1XS

Ordinary

27%

17%

England & Wales

Wilder Coe Ltd

1st Floor Sackville House,
143-149 Fenchurch Street,
London, EC3M 6BL

Ordinary

26.5%

26.5%

England & Wales

Robert Whowell & Partners LLP

78 Loughborough Road,
Quorn, Leicestershire,
United Kingdom, LE12 8DX

Ordinary

21%

0%

England and Wales

Kingscott Dix Limited

Goodridge Court,
Goodridge Avenue,
Gloucester, GL2 5EN

Ordinary

12%

0%

England and Wales

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Subsidiary undertakings

SRLV LLP

The principal activity of SRLV LLP is Chartered Accountants

HWB Holdings Limited

The principal activity of HWB Holdings Limited is Chartered Accountants

EKWilliams Limited

The principal activity of EKWilliams Limited is Chartered Accountants

Associate undertakings

Carston Holdings

The principal activity of Carston Holdings is Chartered Accountants .
 

 

Sampson West Accountancy Limited

The principal activity of Sampson West Accountancy Limited is Chartered Accountants .
 

 

Clement Rabjohns Limited

The principal activity of Clement Rabjohns Limited is Chartered Accountants .
 

 

Nyman Libson Paul LLP

The principal activity of Nyman Libson Paul LLP is Chartered Accountants .
 

 

Attention To Finance Group Limited

The principal activity of Attention To Finance Group Limited is Chartered Accountants .
 

 

Gerald Edelman LLP

The principal activity of Gerald Edelman LLP is Chartered Accountants .
 

 

Harold Sharp Limited

The principal activity of Harold Sharp Limited is Chartered Accountants .
 

 

Fiander Tovell Group Limited

The principal activity of Fiander Tovell Group Limited is Chartered Accoutnants .
 

 
 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Wilder Coe Ltd

The principal activity of Wilder Coe Ltd is Chartered Accountants .
 

 

Robert Whowell & Partners LLP

The principal activity of Robert Whowell & Partners LLP is Chartered Accountants .
 

 

Kingscott Dix Limited

The principal activity of Kingscott Dix Limited is Chartered Accountants .
 

 

Company

2023
£

2022
£

Investments in subsidiaries

3,811,321

3,811,321

Investments in associates

9,888,671

6,613,623

13,699,992

10,424,944

Subsidiaries

£

Cost or valuation

At 1 January 2023

3,811,321

Provision

Carrying amount

At 31 December 2023

3,811,321

At 31 December 2022

3,811,321

Associates

£

Cost

At 1 January 2023

7,464,277

Additions

3,275,049

At 31 December 2023

10,739,326

Provision

At 1 January 2023

850,655

Carrying amount

At 31 December 2023

9,888,671

At 31 December 2022

6,613,623

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

14

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

6,747,189

5,923,119

211,410

200,146

Amounts owed by related parties

20

332,135

383,730

486,010

528,892

Other debtors

 

59,912

83,457

-

-

Prepayments

 

781,819

620,293

7,666

8,256

Gross amount due from customers for contract work

 

3,691,742

2,691,095

8,075

32,974

Deferred tax assets

10

41,200

59,467

-

-

   

11,653,997

9,761,161

713,161

770,268

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

1,103,210

1,176,849

208,634

157,047

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

2,204,897

1,282,749

-

-

Trade creditors

 

785,932

513,768

17,862

15,691

Amounts due to related parties

20

701,493

500,170

500,260

500,170

Social security and other taxes

 

2,528,120

2,217,792

86,064

66,435

Other payables

 

5,704,860

5,241,571

370,310

1,374,891

Income tax liability

10

345,238

237,304

168,784

136,040

 

12,270,540

9,993,354

1,143,280

2,093,227

Due after one year

 

Other non-current financial liabilities

 

9,197,706

6,508,671

8,232,532

6,508,671

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £179,221 (2022 - £199,417).

18

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

19

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

2,204,897

1,282,749

-

-

 

EKWilliams Accountants Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Related party transactions

Group

Summary of transactions with other related parties

ETL Holdings (UK) Limited as its a company with common ownership in investments and a shareholder in the company.
 Related party loan
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

6,800,135

6,800,135

Advanced

4,936,355

4,936,355

Repaid

(2,780,577)

(2,780,577)

Interest transactions

254,087

254,087

At end of period

9,210,000

9,210,000

2022

Other related parties
£

Total
£

At start of period

7,417,964

7,417,964

Advanced

2,962,784

2,962,784

Repaid

(3,580,613)

(3,580,613)

At end of period

6,800,135

6,800,135

Terms of loans from related parties

The interest rate applied is 3% per annum.