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COMPANY REGISTRATION NUMBER: 06115670
R N WILLIAMS & CO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
R N WILLIAMS & CO LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
12,540
16,545
CURRENT ASSETS
Debtors
6
243,539
279,816
Cash at bank and in hand
284,629
108,857
---------
---------
528,168
388,673
CREDITORS: amounts falling due within one year
7
191,432
118,086
---------
---------
NET CURRENT ASSETS
336,736
270,587
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
349,276
287,132
CREDITORS: amounts falling due after more than one year
8
15,833
25,833
PROVISIONS
Taxation including deferred tax
3,135
4,137
---------
---------
NET ASSETS
330,308
257,162
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
330,208
257,062
---------
---------
SHAREHOLDERS FUNDS
330,308
257,162
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
R N WILLIAMS & CO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Miss C J Richards
Director
Company registration number: 06115670
R N WILLIAMS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 53 Waterloo Road, Wolverhampton, West Midlands, WV1 4QQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of the these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based upon a proportion of the total expected consideration.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and other office equipment
-
15% reducing balance
Computer equipment
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. TANGIBLE ASSETS
Furniture and other office equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
8,020
20,310
28,330
-------
--------
--------
Depreciation
At 1 April 2023
6,707
5,078
11,785
Charge for the year
197
3,808
4,005
-------
--------
--------
At 31 March 2024
6,904
8,886
15,790
-------
--------
--------
Carrying amount
At 31 March 2024
1,116
11,424
12,540
-------
--------
--------
At 31 March 2023
1,313
15,232
16,545
-------
--------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
184,501
193,232
Other debtors
59,038
86,584
---------
---------
243,539
279,816
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,449
30,800
Trade creditors
10,432
6,225
Corporation tax
32,316
Social security and other taxes
63,043
29,998
Other creditors
57,192
51,063
---------
---------
191,432
118,086
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,833
25,833
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. OTHER FINANCIAL COMMITMENTS
At the year end the company had total commitments under operating leases of £26,058 (2023: £33,713).
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A F Randle
26,166
( 16,904)
9,262
Mr R N Williams
5,503
( 5,503)
--------
-------
--------
-------
26,166
5,503
( 22,407)
9,262
--------
-------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A F Randle
33,227
311
( 7,372)
26,166
Mr R N Williams
--------
----
-------
--------
33,227
311
( 7,372)
26,166
--------
----
-------
--------
Interest was charged on the above advances at HMRC's beneficial loan rate.
12. RELATED PARTY TRANSACTIONS
During the year a Director waived their entitlement to rent of £16,000 .