Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.342023-01-01falseCommunity pharmacy38truetruefalse 06732147 2023-01-01 2023-12-31 06732147 2022-01-01 2022-12-31 06732147 2023-12-31 06732147 2022-12-31 06732147 c:Director1 2023-01-01 2023-12-31 06732147 d:MotorVehicles 2023-01-01 2023-12-31 06732147 d:MotorVehicles 2023-12-31 06732147 d:MotorVehicles 2022-12-31 06732147 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06732147 d:FurnitureFittings 2023-01-01 2023-12-31 06732147 d:FurnitureFittings 2023-12-31 06732147 d:FurnitureFittings 2022-12-31 06732147 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06732147 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06732147 d:Goodwill 2023-01-01 2023-12-31 06732147 d:Goodwill 2023-12-31 06732147 d:Goodwill 2022-12-31 06732147 d:CurrentFinancialInstruments 2023-12-31 06732147 d:CurrentFinancialInstruments 2022-12-31 06732147 d:Non-currentFinancialInstruments 2023-12-31 06732147 d:Non-currentFinancialInstruments 2022-12-31 06732147 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06732147 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06732147 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06732147 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06732147 d:ShareCapital 2023-12-31 06732147 d:ShareCapital 2022-12-31 06732147 d:RetainedEarningsAccumulatedLosses 2023-12-31 06732147 d:RetainedEarningsAccumulatedLosses 2022-12-31 06732147 c:FRS102 2023-01-01 2023-12-31 06732147 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06732147 c:FullAccounts 2023-01-01 2023-12-31 06732147 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06732147 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06732147 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06732147










M J WILLIAMS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M J WILLIAMS LTD
REGISTERED NUMBER: 06732147

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
84,166
137,323

Tangible assets
 5 
14,294
6,392

  
98,460
143,715

Current assets
  

Stocks
  
123,407
114,266

Debtors
  
2,008,398
1,387,541

Cash at bank and in hand
  
61,773
494,151

  
2,193,578
1,995,958

Creditors: amounts falling due within one year
 7 
(895,759)
(797,114)

Net current assets
  
 
 
1,297,819
 
 
1,198,844

Total assets less current liabilities
  
1,396,279
1,342,559

Creditors: amounts falling due after more than one year
  
(342,019)
(409,622)

Provisions for liabilities
  
(2,715)
(1,214)

Net assets
  
1,051,545
931,723


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,051,445
931,623

  
1,051,545
931,723


Page 1

 
M J WILLIAMS LTD
REGISTERED NUMBER: 06732147
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




Mr A Williams
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M J Williams Limited is a private company, limited by share capital, incorporated in England and Wales under registration number 06732147. The address of the registered office of the company is situated at Level 5a Maple House, 149 Tottenham Court Road, London, W1T 7NF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the assumption that the company will have the continued financial support of the shareholders. The shareholders of the company have sufficient resources to finance the company as and when the need arises.
The financial statements have been prepared on a going concern basis which is dependent on the financial support of the shareholders to ensure that the company will continue in operational existence for the foreseeable future.

Page 3

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Page 4

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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 Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
7 to 10 years straight line

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Delivery vans
-
25% reducing balance
Fixtures, fittings & equipment
-
25% reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, 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 profit or loss.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2022 - 34).

Page 7

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
3,345,960



At 31 December 2023

3,345,960



Amortisation


At 1 January 2023
3,208,637


Charge for the year on owned assets
53,157



At 31 December 2023

3,261,794



Net book value



At 31 December 2023
84,166



At 31 December 2022
137,323



Page 8

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Delivery vans
Fixtures, fittings & equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
10,790
50,041
60,831


Additions
-
12,666
12,666



At 31 December 2023

10,790
62,707
73,497



Depreciation


At 1 January 2023
10,173
44,266
54,439


Charge for the year on owned assets
154
4,610
4,764



At 31 December 2023

10,327
48,876
59,203



Net book value



At 31 December 2023
463
13,831
14,294



At 31 December 2022
617
5,775
6,392


6.


Debtors

2023
2022
£
£


Trade debtors
278,919
363,239

Amounts owed by group undertakings
331,799
-

VAT repayable
1,392,003
1,014,904

Prepayments
5,678
9,398

2,008,399
1,387,541


Page 9

 
M J WILLIAMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
84,763
84,763

Trade creditors
331,938
277,303

Other creditors
11,775
-

Corporation tax
170,279
126,092

Other taxation and social security
11,467
7,595

Directors loan account
277,674
284,514

Accruals
7,863
16,847

895,759
797,114


The bank loans were secured by way of fixed and floating charges over all the property and undertaking of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
342,019
409,622

342,019
409,622


The bank loans were secured by way of fixed and floating charges over all the property and undertaking of the company.


9.


Controlling party

The company was under the control of the directors Mr A Williams (50% share) and Ms M M Liau (50% share), by virtue of the fact that between them they own 100% of the issued share capital.

 
Page 10