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Registration number: 07105795

A Williams Contract Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

A Williams Contract Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

A Williams Contract Services Limited

Company Information

Directors

Mr SI Williams

Mr CDA Williams

Mr RT Williams

Company secretary

Mr CDA Williams

Registered office

Ty Mari
Heol Horeb
Llandysul
SA44 4JN

 

A Williams Contract Services Limited

(Registration number: 07105795)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

989,742

1,340,051

Current assets

 

Stocks

5

377,673

517,000

Debtors

6

571,663

754,265

Cash at bank and in hand

 

22,778

9,224

 

972,114

1,280,489

Creditors: Amounts falling due within one year

7

(1,189,506)

(1,668,991)

Net current liabilities

 

(217,392)

(388,502)

Total assets less current liabilities

 

772,350

951,549

Creditors: Amounts falling due after more than one year

7

(216,150)

(477,997)

Net assets

 

556,200

473,552

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

555,200

472,552

Total equity

 

556,200

473,552

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

A Williams Contract Services Limited

(Registration number: 07105795)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr CDA Williams
Company secretary and director

   
     
 

A Williams Contract Services 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 & Wales.

The address of its registered office is:
Ty Mari
Heol Horeb
Llandysul
SA44 4JN

These financial statements were authorised for issue by the Board on 22 August 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

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

Plant & Machinery

15% reducing balance

 

A Williams Contract Services Limited

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

Office Equipment

20% reducing balance

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.

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 company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A Williams Contract Services Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

A Williams Contract Services Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

3,441

2,483,351

2,520

2,489,312

Additions

-

48,198

-

48,198

Disposals

-

(439,500)

-

(439,500)

At 31 December 2023

3,441

2,092,049

2,520

2,098,010

Depreciation

At 1 January 2023

-

1,147,112

2,149

1,149,261

Charge for the year

-

165,971

74

166,045

Eliminated on disposal

-

(207,038)

-

(207,038)

At 31 December 2023

-

1,106,045

2,223

1,108,268

Carrying amount

At 31 December 2023

3,441

986,004

297

989,742

At 31 December 2022

3,441

1,336,239

371

1,340,051

5

Stocks

2023
£

2022
£

Work in progress

170,073

348,500

Other inventories

207,600

168,500

377,673

517,000

6

Debtors

2023
£

2022
£

Trade debtors

916,236

1,009,923

Provision for impairment of debtors

(344,573)

(275,658)

Other debtors

-

20,000

571,663

754,265

7

Creditors

Creditors: amounts falling due within one year

 

A Williams Contract Services Limited

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

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

243,100

398,013

Trade creditors

 

372,008

569,813

Taxation and social security

 

378,107

405,026

Other related parties

 

170,787

296,139

Other creditors

 

25,504

-

 

1,189,506

1,668,991

Due after one year

 

Loans and borrowings

9

216,150

477,997

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

216,150

477,997

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,777

25,650

HP and finance lease liabilities

200,373

452,347

216,150

477,997

 

A Williams Contract Services Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

5,330

HP and finance lease liabilities

233,100

382,683

243,100

398,013

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr SI Williams

Interest free loan repayable on demand

(35,380)

366,076

(346,069)

(15,373)

         
       

Mr CDA Williams

Interest free loan repayable on demand

(244,815)

609,740

(520,339)

(155,414)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr SI Williams

Interest free loan repayable on demand

3,916

107,853

(147,148)

(35,380)

         
       

Mr CDA Williams

Interest free loan repayable on demand

(29,372)

847,887

(1,063,330)

(244,815)