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Registration number: 06186636

Richard Williams Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Richard Williams Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Richard Williams Engineering Limited

Company Information

Directors

R Williams

Mrs R Williams

Registered office

Whitehouse Farm
Lincoln Road
Minting
Horncastle
LN9 5NS

 

Richard Williams Engineering Limited

(Registration number: 06186636)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

264,561

271,409

Current assets

 

Stocks

5

50,000

68,000

Debtors

6

130,584

167,154

Cash at bank and in hand

 

82,115

48,159

 

262,699

283,313

Creditors: Amounts falling due within one year

7

(290,072)

(309,859)

Net current liabilities

 

(27,373)

(26,546)

Total assets less current liabilities

 

237,188

244,863

Creditors: Amounts falling due after more than one year

7

(171,738)

(178,619)

Provisions for liabilities

(37,290)

(38,683)

Net assets

 

28,160

27,561

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

28,060

27,461

Shareholders' funds

 

28,160

27,561

For the financial year ending 30 April 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

 

Richard Williams Engineering Limited

(Registration number: 06186636)
Balance Sheet as at 30 April 2024

.........................................
R Williams
Director

.........................................
Mrs R Williams
Director

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Whitehouse Farm
Lincoln Road
Minting
Horncastle
LN9 5NS

These financial statements were authorised for issue by the Board on 22 January 2025.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

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.

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Trade 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.

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Trade 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.

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.

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 15 (2023 - 12).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

87,483

276,081

169,668

533,232

Additions

-

41,110

-

41,110

At 30 April 2024

87,483

317,191

169,668

574,342

Depreciation

At 1 May 2023

31,734

181,404

48,685

261,823

Charge for the year

-

17,130

30,828

47,958

At 30 April 2024

31,734

198,534

79,513

309,781

Carrying amount

At 30 April 2024

55,749

118,657

90,155

264,561

At 30 April 2023

55,749

94,677

120,983

271,409

Included within the net book value of land and buildings above is £55,749 (2023 - £55,749) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

20,000

28,000

Other inventories

30,000

40,000

50,000

68,000

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

57,235

82,136

Prepayments

3,349

5,018

Other debtors

70,000

80,000

 

130,584

167,154

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

52,957

126,207

Trade creditors

 

202,549

140,309

Taxation and social security

 

23,151

40,729

Accruals and deferred income

 

2,500

2,500

Other creditors

 

8,915

114

 

290,072

309,859



 

The bank loans are secured by way of a fixed and flosting charge over the undertaking and all assets of the Company.
Hire Purchase liabilities are secured upon the individual assets acquired.

 

Richard Williams Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

171,738

178,619

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

134,372

110,812

Hire purchase contracts

37,366

67,807

171,738

178,619

Current loans and borrowings

2024
£

2023
£

Bank borrowings

34,444

38,796

Hire purchase contracts

15,781

18,383

Other borrowings

2,732

69,028

52,957

126,207