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REGISTERED NUMBER: 01178029 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

L M WILLIAMS (CHISLEHURST) LIMITED

L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


L M WILLIAMS (CHISLEHURST) LIMITED

Company Information
for the year ended 31 March 2024







Directors: L M Williams
P J Williams





Secretary: P J Williams





Registered office: 89-93 High Street
Chislehurst
Kent
BR7 5AG





Registered number: 01178029 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 10,809 11,679
Investments 6 900 900
11,709 12,579

Current assets
Stocks 119,485 119,897
Debtors 7 104,570 92,669
Cash at bank 482,430 486,076
706,485 698,642
Creditors
Amounts falling due within one year 8 492,106 484,865
Net current assets 214,379 213,777
Total assets less current liabilities 226,088 226,356

Capital and reserves
Called up share capital 9 100 100
Retained earnings 10 225,988 226,256
Shareholders' funds 226,088 226,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





L M Williams - Director


L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
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. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. This assessment has been made for a period of twelve months from the date of approving these financial statements.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised at the point of sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. The carrying values of tangible fixed assets are reviewed for impairment when events or changes indicate the carrying value may not be recoverable.

L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. Accounting policies - continued

Stocks
The company's stock is independently valued by Pol Valuers Limited.

The method of valuation is as follows:

i) Over the counter stock

The list of stock was recorded by the stock takers at retail shop prices and discounted as shown under coded headings to reduce them to notional cost values.

ii) Dispensary stock

This stock is valued at cost.

The stock take is not always taken on the balance sheet date due to the disruption that would be caused to the company's trade. A trading adjustment is made to eliminate any trading between the balance sheet date and the date of the stock take.

Obsolete and damaged stock are either excluded or included at the lower of cost and realisable value.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

3. Employees and directors

The average number of employees during the year was 12 (2023 - 10 ) .

L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
and 31 March 2024 3,237
Amortisation
At 1 April 2023
and 31 March 2024 3,237
Net book value
At 31 March 2024 -
At 31 March 2023 -

5. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 April 2023 80,067 15,562 95,629
Additions - 979 979
At 31 March 2024 80,067 16,541 96,608
Depreciation
At 1 April 2023 73,805 10,145 83,950
Charge for year 938 911 1,849
At 31 March 2024 74,743 11,056 85,799
Net book value
At 31 March 2024 5,324 5,485 10,809
At 31 March 2023 6,262 5,417 11,679

6. Fixed asset investments
Other
investments
£
Cost
At 1 April 2023
and 31 March 2024 900
Net book value
At 31 March 2024 900
At 31 March 2023 900

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors - 7,972
Other debtors 104,570 84,697
104,570 92,669

L M WILLIAMS (CHISLEHURST) LIMITED (REGISTERED NUMBER: 01178029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 212,183 168,953
Taxation and social security - 606
Other creditors 279,923 315,306
492,106 484,865

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

10. Reserves
Retained
earnings
£

At 1 April 2023 226,256
Deficit for the year (268 )
At 31 March 2024 225,988

11. Related party disclosures

At 31 March 2024, included within other creditors is £138,348 (2023: £119,874) owed to a director by the company. The loan is interest free and repayable on demand.

During the year, the company occupied premises rent free owned by a director of the company.