Registered number
04092430
Williams of Petersfield Limited
Filleted Accounts
31 December 2023
Williams of Petersfield Limited
Registered number: 04092430
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 13,012 16,612
Tangible assets 5 3,030 6,060
16,042 22,672
Current assets
Debtors 6 315,924 311,207
Cash at bank and in hand 40,340 34,379
356,264 345,586
Creditors: amounts falling due within one year 7 (361,179) (351,621)
Net current liabilities (4,915) (6,035)
Total assets less current liabilities 11,127 16,637
Creditors: amounts falling due after more than one year 8 (28,018) (37,045)
Net liabilities (16,891) (20,408)
Capital and reserves
Called up share capital 6,892 6,892
Profit and loss account (23,783) (27,300)
Shareholders' funds (16,891) (20,408)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Doubtfire
Director
Approved by the board on 1 November 2024
Williams of Petersfield Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Going Concern
The company has an excess of liabilities over assets at 31st December 2023 and the company's ability to continue trading is dependant on the full support of the company's directors and shareholders. The directors consider that the company will continue to trade for the foreseeable future and accordingly the financial statements are prepared on a going concern basis.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 23,812
At 31 December 2023 23,812
Amortisation
At 1 January 2023 7,200
Provided during the year 3,600
At 31 December 2023 10,800
Net book value
At 31 December 2023 13,012
At 31 December 2022 16,612
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 34,251 4,300 38,551
At 31 December 2023 34,251 4,300 38,551
Depreciation
At 1 January 2023 28,191 4,300 32,491
Charge for the year 3,030 - 3,030
At 31 December 2023 31,221 4,300 35,521
Net book value
At 31 December 2023 3,030 - 3,030
At 31 December 2022 6,060 - 6,060
6 Debtors 2023 2022
£ £
Trade debtors 315,924 306,707
Prepayments - 4,500
315,924 311,207
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,496 22,533
Trade creditors 315,924 306,707
Taxation and social security costs 21,558 16,712
Other creditors 6,201 5,669
361,179 351,621
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,018 37,045
9 Other information
Williams of Petersfield Limited is a private company limited by shares and incorporated in England. Its registered office is:
60
Brackendale Road
Camberley
Surrey
GU152JY
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