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Registration number: 06747863

Williams Pitt (International) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Williams Pitt (International) Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Williams Pitt (International) Limited

Company Information

Director

VMA Benjamin

Company secretary

D A Brunero

Registered office

Salatin House
19 Cedar Road
Sutton
England
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Williams Pitt (International) Limited

(Registration number: 06747863)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

8,065

3,785

Current assets

 

Receivables

5

951,687

1,016,828

Cash at bank and in hand

 

192,845

278,059

 

1,144,532

1,294,887

Payables: Amounts falling due within one year

6

(304,191)

(281,465)

Net current assets

 

840,341

1,013,422

Total assets less current liabilities

 

848,406

1,017,207

Provisions for liabilities

(2,017)

(719)

Net assets

 

846,389

1,016,488

Equity

 

Called up share capital

8

110

110

Capital redemption reserve

83

83

Retained earnings

846,196

1,016,295

Shareholders' funds

 

846,389

1,016,488

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Williams Pitt (International) Limited

(Registration number: 06747863)
Statement of Financial Position as at 31 December 2023 (continued)

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

The financial statements of Williams Pitt (International) Limited were approved and authorised for issue by the director on 1 October 2024

.........................................

VMA Benjamin
Director

 

Williams Pitt (International) Limited

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

1

General information

Williams Pitt (International) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue 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.

 

Williams Pitt (International) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Improvements to property

20% on cost

Fixtures and fittings

20% on cost

Computer equipment

33% on cost

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.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables 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 receivables 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.

 

Williams Pitt (International) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Payables

Payables 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.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

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

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 9).

 

Williams Pitt (International) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

57,351

9,550

66,901

Additions

8,445

-

8,445

At 31 December 2023

65,796

9,550

75,346

Depreciation

At 1 January 2023

53,566

9,550

63,116

Charge for the year

4,165

-

4,165

At 31 December 2023

57,731

9,550

67,281

Carrying amount

At 31 December 2023

8,065

-

8,065

At 31 December 2022

3,785

-

3,785

5

Receivables

2023
£

2022
£

Trade receivables

477,538

297,000

Prepayments

22,607

28,463

Accrued income

451,542

691,365

951,687

1,016,828

 

Williams Pitt (International) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade payables

 

58,241

62,047

Social security and other taxes

 

50,117

29,198

Other payables

 

44,829

2,685

Accruals

 

66,810

66,471

Income tax liability

84,194

121,064

 

304,191

281,465

7

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

719

719

Additional provisions

1,298

1,298

At 31 December 2023

2,017

2,017

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

11,000

110

11,000

110

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The capital redemption reserve represents the nominal value the purchase of own shares that have been cancelled. This reserve is not distributable.