Company registration number SC032547 (Scotland)
THE WILLIAMSON GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE WILLIAMSON GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10 - 28
THE WILLIAMSON GROUP LIMITED
COMPANY INFORMATION
Directors
G V Williamson
M A Williamson
C A S Williamson
Secretary
C A S Williamson
Company number
SC032547
Registered office
5 Walker Road
Longman Industrial Estate
Inverness
United Kingdom
IV1 1TD
Auditor
Azets Audit Services
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
THE WILLIAMSON GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company in the year under review was that of wholesaling and retailing food and related produce, with haulage operations being carried out ancillary to this trade.
Business review
Work has continued developing a price effective and meaningful range for our customers and this has led to strong sales and a growing customer base.
Relations with suppliers and increased trade engagement has assisted in ensuring a strong product range that is priced competitively, with a particular focus on local suppliers wherever possible.
Continued investment in our vehicles and the opening of a new depot in Stornoway in 2024 will allow us to increase our capacity and stock holding.
Principal Risks and Uncertainties
The company operates in a fiercely competitive market and is always exposed to price risk. We work tirelessly with our supply partners to ensure continuity of supplies and fair bargaining with regard prevailing pricing. We are proud of the relationships which are central to our offering and sustainability.
Inflation on raw materials remains a constant and the company regularly reviews all supply source of commodity materials and the cost base of the business.
We are exposed to credit risk however this is offset with retained financial resources and a flexible payment system utilising card and direct debit payments.
The business is largely dependent on visitors to the Highlands however the latent demand to visit our area remains strong.
Financial key performance indicators
Our Key Performance Indicators for 2024 include sales, cash generated from operating activities and profit before tax.
Results
During the year, the company achieved turnover of £18.5m (2022 - £16.4m). Net cash generated from operating activities was £0.2m (2022 - £0.5m) with a profit before tax of £0.1m (2022 - £0.3m).
Future Developments
A review of the business in 2023 identified measures that could be taken into the future. These will be implemented, and the directors are confident that service to our customers will improve whilst increasing operational efficiency.
G V Williamson
Director
18 September 2024
THE WILLIAMSON GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company in the year under review was that of wholesaling and retailing food and related produce, with haulage operations being carried out ancillary to this trade.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G V Williamson
M A Williamson
C A S Williamson
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE WILLIAMSON GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
G V Williamson
Director
18 September 2024
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 4 -
Opinion
We have audited the financial statements of The Williamson Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
David MacCallum
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 September 2024
Chartered Accountants
Statutory Auditor
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
THE WILLIAMSON GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
18,475,032
16,431,399
Cost of sales
(16,861,403)
(14,721,352)
Gross profit
1,613,629
1,710,047
Administrative expenses
(1,578,332)
(1,449,950)
Other operating income
3
76,857
76,503
Operating profit
4
112,154
336,600
Interest receivable and similar income
8
2,014
Interest payable and similar expenses
9
(55,995)
(51,520)
Profit before taxation
56,159
287,094
Tax on profit
10
53,057
(38,741)
Profit for the financial year
109,216
248,353
Retained earnings brought forward
2,707,384
2,467,031
Dividends
11
(8,000)
Retained earnings carried forward
2,816,600
2,707,384
The income statement has been prepared on the basis that all operations are continuing operations.
THE WILLIAMSON GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,949,686
1,787,247
Investment properties
14
501,133
501,133
2,450,819
2,288,380
Current assets
Stocks
15
584,805
573,929
Debtors
16
1,258,153
1,303,268
Cash at bank and in hand
663,260
1,078,455
2,506,218
2,955,652
Creditors: amounts falling due within one year
17
(1,541,655)
(1,665,076)
Net current assets
964,563
1,290,576
Total assets less current liabilities
3,415,382
3,578,956
Creditors: amounts falling due after more than one year
18
(441,273)
(631,279)
Provisions for liabilities
21
(147,509)
(230,293)
Net assets
2,826,600
2,717,384
Capital and reserves
Called up share capital
23
2,000
2,000
Capital redemption reserve
24
8,000
8,000
Profit and loss reserves
24
2,816,600
2,707,384
Total equity
2,826,600
2,717,384
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
G V Williamson
Director
Company Registration No. SC032547
THE WILLIAMSON GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
294,165
594,249
Interest paid
(55,995)
(51,520)
Income taxes paid
(6,413)
(90,701)
Net cash inflow from operating activities
231,757
452,028
Investing activities
Purchase of tangible fixed assets
(246,734)
(381,782)
Proceeds from disposal of tangible fixed assets
6,160
35,000
Interest received
2,014
Net cash used in investing activities
(240,574)
(344,768)
Financing activities
Repayment of borrowings
(76,205)
(71,068)
Repayment of bank loans
(150,000)
(150,000)
Payment of finance leases obligations
(180,173)
(164,254)
Dividends paid
(8,000)
Net cash used in financing activities
(406,378)
(393,322)
Net decrease in cash and cash equivalents
(415,195)
(286,062)
Cash and cash equivalents at beginning of year
1,078,455
1,364,517
Cash and cash equivalents at end of year
663,260
1,078,455
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
The Williamson Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 Walker Road, Longman Industrial Estate, Inverness, United Kingdom, IV1 1TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Other income is recognised when it is receivable by the company.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Heritable property
2.5% on cost and not provided (land)
Improvements to property
2.5% on cost
Plant and machinery
10% on cost
Office equipment
10% on cost
Computers
25% on cost
Motor vehicles
25% on cost, 20% on cost and 16.67% on cost
Registration plates
2% on cost
Assets in the course of construction are not depreciated.
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 credited or charged to profit or loss.
1.6
Investment properties
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. Changes in fair value are recognised in profit or loss.
1.7
Borrowing costs related to fixed assets
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors and 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.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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. 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 suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
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.
1.16
Retirement benefits
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased 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.
1.18
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying
the company's accounting policies.
The directors are satisfied that accounting policies are appropriate and applied consistently. Key sources
of accounting estimation have been applied to the fair value of investment property, depreciation rates, the
provision against bad debts and the provision against obsolete stock. Each estimate has been considered
by the directors, and the basis for the estimate has been deemed to be reasonable.
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:
Fair value of investment properties
The valuation of investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future revenues from that particular property. As a result, the valuations the company places on its investment property are subject to a degree of uncertaintyand are made on the basis of assumptions which may be impacted in periods of volatility or low market activity.
The fair value of investment property is appraised each year on the basis of internal valuations. The best evidence of fair value is current price in an active market for similar investment property. In the absence of such information the directors determine the amount within a range of reasonable fair value estimates, taking into account such factors as tenancy details, property conditions, prevailing market yields and comparable market transactions.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
18,197,057
16,172,274
Haulage
104,925
110,699
Shop sales
173,050
148,426
18,475,032
16,431,399
2023
2022
£
£
Other revenue
Rent receivable
52,920
52,920
Sundry income
23,937
23,583
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,475,032
16,351,407
Rest of the world
-
79,992
18,475,032
16,431,399
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
146,586
103,401
Depreciation of tangible fixed assets held under finance leases
153,709
135,344
Loss/(gain) on disposal of tangible fixed assets
(6,160)
11,134
Operating lease charges
41,434
21,312
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,750
13,200
For other services
All other non-audit services
6,637
5,613
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production staff
71
67
Distribution staff
25
28
Administration staff
19
17
Total
115
112
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,069,460
2,866,230
Social security costs
265,268
255,579
Pension costs
91,096
76,556
3,425,824
3,198,365
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
243,510
283,420
Company pension contributions to defined contribution schemes
2,368
-
245,878
283,420
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
113,034
134,220
The company considers that Key Management Personnel consists of the Directors whose compensation during the year was £274,957 (2022 - £320,763).
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on tax refund
426
Other interest income
1,588
Total income
2,014
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
426
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank loans
30,013
21,070
Other finance costs:
Interest on finance leases
20,144
17,164
Other interest
5,838
13,286
55,995
51,520
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(29,727)
Adjustments in respect of prior periods
29,727
Total current tax
29,727
(29,727)
Deferred tax
Origination and reversal of timing differences
(82,784)
68,468
Total tax (credit)/charge
(53,057)
38,741
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 20 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
56,159
287,094
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
14,040
54,548
Tax effect of expenses that are not deductible in determining taxable profit
390
Unutilised tax losses carried forward
86,700
Adjustments in respect of prior years
29,727
Movement in pension fund accrual leading to an decrease/(increase) in taxation
(1,190)
Short term timing difference leading to an increase in taxation
(82,784)
68,468
Capital allowances in excess of depreciation
(101,130)
(83,758)
Unutilised charitable donations
673
Taxation (credit)/charge for the year
(53,057)
38,741
11
Dividends
2023
2022
£
£
Final paid
8,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
159,502
Disposals
(159,502)
At 31 December 2023
Amortisation and impairment
At 1 January 2023
159,502
Disposals
(159,502)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Tangible fixed assets
Heritable property
Improvements to property
Assets under construction
Plant and machinery
Office equipment
Computers
Motor vehicles
Registration plates
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
1,014,263
77,771
246,785
326,457
41,431
292,644
1,454,715
17,483
3,471,549
Additions
44,947
12,024
1,900
7,937
395,926
462,734
Disposals
(21,301)
(6,197)
(51,759)
(79,257)
At 31 December 2023
1,014,263
77,771
291,732
317,180
43,331
294,384
1,798,882
17,483
3,855,026
Depreciation and impairment
At 1 January 2023
272,414
16,598
271,273
29,173
206,430
885,614
2,800
1,684,302
Depreciation charged in the year
18,975
1,944
13,042
1,806
30,131
234,047
350
300,295
Eliminated in respect of disposals
(21,301)
(6,197)
(51,759)
(79,257)
At 31 December 2023
291,389
18,542
263,014
30,979
230,364
1,067,902
3,150
1,905,340
Carrying amount
At 31 December 2023
722,874
59,229
291,732
54,166
12,352
64,020
730,980
14,333
1,949,686
At 31 December 2022
741,849
61,173
246,785
55,184
12,258
86,214
569,101
14,683
1,787,247
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
506,075
479,567
Included in cost of heritable property is freehold land of £255,250 (2022 - £255,250) which is not depreciated.
14
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
501,133
The directors consider the carrying value of investment property to be representative of its fair value as at 31 December 2023.
If investment property had not been fair valued, it would have been included at cost of £501,133.
15
Stocks
2023
2022
£
£
Finished goods and goods for resale
584,805
573,929
There is no material difference between the replacement cost of stock and the amounts noted in the Statement of Financial Position.
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
995,802
939,713
Corporation tax recoverable
16,657
36,651
Other debtors
76,079
161,857
Prepayments and accrued income
169,615
165,047
1,258,153
1,303,268
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
19
150,000
150,000
Obligations under finance leases
20
148,921
147,772
Other borrowings
19
74,684
76,205
Trade creditors
883,857
1,061,668
Corporation tax
9,732
6,412
Other taxation and social security
127,129
102,628
Accruals and deferred income
147,332
120,391
1,541,655
1,665,076
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
19
212,500
362,500
Obligations under finance leases
20
228,773
194,095
Other borrowings
19
74,684
441,273
631,279
Finance lease creditors are secured over the assets concerned.
The other borrowings are secured by a standard security over 8 Burnett Road, Inverness, IV1 1TF.
Bank loans are secured by a standard security over 2 Walker Road, Inverness, IV1 1TD and 8 Burnett Road, Inverness, IV1 1TF and by a bond and floating charge over the assets of the company.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Loans and overdrafts
2023
2022
£
£
Bank loans
362,500
512,500
Other loans
74,684
150,889
437,184
663,389
Payable within one year
224,684
226,205
Payable after one year
212,500
437,184
In 2020 the company received a Coronavirus Business Interruption Loan of £750,000 from The Bank of Scotland. The loan is repayable over the period until May 2026 with repayments commencing in June 2021. Interest is charged at Bank of England base rate plus 2.15%.
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Amounts falling due within one year
148,921
147,772
Amounts falling due between one year and five years
228,773
194,095
377,694
341,867
The finance lease contracts above are in relation to motor vehicles.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
273,038
230,293
Tax losses
(125,529)
-
147,509
230,293
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 25 -
2023
Movements in the year:
£
Liability at 1 January 2023
230,293
Credit to profit or loss
(82,784)
Liability at 31 December 2023
147,509
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,096
76,556
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
Each share is entitled to one vote in any circumstance and each share is also entitled pari passu to dividend payments or any other distribution, including distribution arising from a winding up order.
24
Reserves
Capital redemption reserve
The capital redemption reserve relates to the equity component of shares bought back by the company in prior years.
Profit and loss account
The retained earnings account includes all current and prior year retained profits or losses less dividends paid.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
2,312
2,040
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Operating lease commitments
(Continued)
- 26 -
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
45,000
45,000
Between two and five years
60,000
15,000
105,000
60,000
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
268,990
240,708
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Corner on the Square Limited - a company in which G Williamson is a director and shareholder
-
54,096
-
45,187
Northern Corries Limited - a company in which G Williamson is a director and shareholder
67,647
54,907
3,675
-
Black Isle BA Limited - a company in which G Williamson was director and shareholder up to 8th April 2022
-
180,512
-
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Northern Corries Limited - a company in which G Williamson is a director and shareholder
-
3,509
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 27 -
J A Robertson & Co (Fruiterers) Limited 1986 Retirement Benefit Scheme
Company Pension Scheme
An annual rent of £115,000 (2022 - £115,000) has been charged to the company for the use of its premises at 5 Walker Road by the pension scheme.
At the year end a balance of £74,684 (2022 - £150,889) was included in creditors. Interest was charged on this balance at 7% per annum on outstanding balances totalling £8,148 (2022 - £18,078) in the year.
28
Directors' transactions
During the year the directors paid for business expenses of £18,697 (2022 - £18,606) personally and were reimbursed. The balance outstanding at the year end was £1,080 (2022 - £1,080) and this amount was included within trade creditors.
During the year the company paid expenses on behalf of the directors of £30,388 (2022 - £127,527) and the directors introduced funds to the company of £33,386 (2022 - £104,614).
During the year the company paid dividends of £nil (2022 - £8,000) to the directors.
The maximum overdrawn amount on the directors' current account during the year was £59,678 (2022 - £62,676). During the year interest of £nil (2022 - £1,588) was paid on overdrawn directors' current accounts. Directors' current accounts are repayable in cash in accordance with normal business terms.
Amount due from the directors as at the year end was £59,678 (2022 - £62,676) and is included within other debtors.
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
109,216
248,353
Adjustments for:
Taxation (credited)/charged
(53,057)
38,741
Finance costs
55,995
51,520
Investment income
(2,014)
Loss/(gain) on disposal of tangible fixed assets
(6,160)
11,134
Depreciation and impairment of tangible fixed assets
300,295
238,745
Movements in working capital:
Increase in stocks
(10,876)
(119,410)
Decrease/(increase) in debtors
25,121
(178,272)
(Decrease)/increase in creditors
(126,369)
305,452
Cash generated from operations
294,165
594,249
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
30
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,078,455
(415,195)
-
663,260
Borrowings excluding overdrafts
(663,389)
226,205
-
(437,184)
Obligations under finance leases
(341,867)
180,173
(216,000)
(377,694)
73,199
(8,817)
(216,000)
(151,618)
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