2023-01-012023-12-312023-12-31false04971074WILLIAM RUTHERFORD & SONS (HOLDINGS) 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WILLIAM RUTHERFORD & SONS (HOLDINGS) LIMITED

Registered Number
04971074
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

WILLIAM RUTHERFORD & SONS (HOLDINGS) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mr J C Rutherford
Mr W M Rutherford

Company Secretary

Mr W M Rutherford

Registered Address

East Mill Hills
Haydon Bridge
Hexham
NE47 6JS

Registered Number

04971074 (England and Wales)
WILLIAM RUTHERFORD & SONS (HOLDINGS) LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3252,590264,813
Investments411
252,591264,814
Current assets
Stocks8,8008,800
Debtors597,85688,025
Cash at bank and on hand46398
107,11996,923
Creditors amounts falling due within one year6(180,148)(139,355)
Net current assets (liabilities)(73,029)(42,432)
Total assets less current liabilities179,562222,382
Creditors amounts falling due after one year7(50,773)(107,554)
Provisions for liabilities8(30,000)(24,000)
Net assets98,78990,828
Capital and reserves
Called up share capital1,0001,000
Profit and loss account97,78989,828
Shareholders' funds98,78990,828
The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2024, and are signed on its behalf by:
Mr J C Rutherford
Director
Mr W M Rutherford
Director

Registered Company No. 04971074
WILLIAM RUTHERFORD & SONS (HOLDINGS) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings40
Plant and machinery5
Office Equipment5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year67
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 January 23141,984296,4701,220439,674
Additions-35,998-35,998
Disposals-(18,350)-(18,350)
At 31 December 23141,984314,1181,220457,322
Depreciation and impairment
At 01 January 238,747165,487627174,861
Charge for year1,05047,03413748,221
On disposals-(18,350)-(18,350)
At 31 December 239,797194,171764204,732
Net book value
At 31 December 23132,187119,947456252,590
At 31 December 22133,237130,983593264,813
4.Fixed asset investments
Investments in group undertakings and participating interests.

Investments in groups1

Total

££
Cost or valuation
At 01 January 2311
At 31 December 2311
Net book value
At 31 December 2311
At 31 December 2211

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables42,92365,563
Other debtors54,93322,462
Total97,85688,025
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables74,41246,221
Bank borrowings and overdrafts41,49046,697
Taxation and social security33,98710,316
Finance lease and HP contracts24,27131,320
Other creditors812-
Accrued liabilities and deferred income5,1764,801
Total180,148139,355
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts35,66772,989
Other creditors15,10634,565
Total50,773107,554
Finance lease and HP contracts equal to £15,106 (2022 - £34,565) are included within other creditors and are secured against the assets to which they relate.
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from the fair value adjustment on fixed assets.

2023

2022

££
Net deferred tax liability (asset)30,00024,000
Total30,00024,000