IRIS Accounts Production v24.3.2.46 00405474 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model Ordinary 1.00000 Ordinary 'A' 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004054742023-03-31004054742024-03-31004054742023-04-012024-03-31004054742022-03-31004054742022-04-012023-03-31004054742023-03-3100405474ns15:EnglandWales2023-04-012024-03-3100405474ns14:PoundSterling2023-04-012024-03-3100405474ns10:Director12023-04-012024-03-3100405474ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100405474ns10:SmallEntities2023-04-012024-03-3100405474ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3100405474ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100405474ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100405474ns10:FullAccounts2023-04-012024-03-3100405474ns10:OrdinaryShareClass12023-04-012024-03-3100405474ns10:OrdinaryShareClass22023-04-012024-03-3100405474ns10:Director22023-04-012024-03-3100405474ns10:CompanySecretary12023-04-012024-03-3100405474ns10:RegisteredOffice2023-04-012024-03-3100405474ns5:CurrentFinancialInstruments2024-03-3100405474ns5:CurrentFinancialInstruments2023-03-3100405474ns5:ShareCapital2024-03-3100405474ns5:ShareCapital2023-03-3100405474ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3100405474ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3100405474ns5:RetainedEarningsAccumulatedLosses2024-03-3100405474ns5:RetainedEarningsAccumulatedLosses2023-03-3100405474ns5:PlantMachinery2023-04-012024-03-3100405474ns5:FurnitureFittings2023-04-012024-03-3100405474ns5:MotorVehicles2023-04-012024-03-3100405474ns5:ComputerEquipment2023-04-012024-03-3100405474ns5:LandBuildings2023-03-3100405474ns5:PlantMachinery2023-03-3100405474ns5:FurnitureFittings2023-03-3100405474ns5:LandBuildings2023-04-012024-03-3100405474ns5:LandBuildings2024-03-3100405474ns5:PlantMachinery2024-03-3100405474ns5:FurnitureFittings2024-03-3100405474ns5:LandBuildings2023-03-3100405474ns5:PlantMachinery2023-03-3100405474ns5:FurnitureFittings2023-03-3100405474ns5:MotorVehicles2023-03-3100405474ns5:ComputerEquipment2023-03-3100405474ns5:MotorVehicles2024-03-3100405474ns5:ComputerEquipment2024-03-3100405474ns5:MotorVehicles2023-03-3100405474ns5:ComputerEquipment2023-03-3100405474ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3100405474ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3100405474ns5:DeferredTaxation2023-03-3100405474ns5:DeferredTaxation2023-04-012024-03-3100405474ns5:DeferredTaxation2024-03-3100405474ns10:OrdinaryShareClass12024-03-3100405474ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 00405474 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

TED WILLIAMS MOTORS LIMITED

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TED WILLIAMS MOTORS LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T Williams
M E J Williams





SECRETARY: M E J Williams





REGISTERED OFFICE: 58 Hampton Road
Redland
Bristol
BS6 6JA





REGISTERED NUMBER: 00405474 (England and Wales)





ACCOUNTANTS: Gravita
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Balance Sheet
31 MARCH 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 157,096 161,498
Investment property 5 3,050,000 2,840,000
3,207,096 3,001,498

CURRENT ASSETS
Stocks 6 587,022 49,637
Debtors 7 - 68,210
Cash at bank 2,052,604 2,275,822
2,639,626 2,393,669
CREDITORS
Amounts falling due within one year 8 (240,416 ) (152,236 )
NET CURRENT ASSETS 2,399,210 2,241,433
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,606,306

5,242,931

PROVISIONS FOR LIABILITIES 9 (636,576 ) (564,403 )
NET ASSETS 4,969,730 4,678,528

CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Fair value reserve 2,282,691 2,115,075
Retained earnings 2,682,039 2,558,453
SHAREHOLDERS' FUNDS 4,969,730 4,678,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Balance Sheet - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





M E J Williams - Director


TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Ted Williams Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

Turnover
Turnover represents trading in the second-hand car market, net of VAT, and is recognised once a sale of goods has taken place.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment properties are revalued annually by the directors and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.

Investment properties are assessed for any indications of impairment and valued by the directors at an appropriate market value. The value is assessed by the director's based on their local knowledge and understanding of property asset values.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises cost of acquiring vehicles and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 140,000 22,065 2,644
DEPRECIATION
At 1 April 2023 6,667 5,402 1,715
Charge for year - 1,666 93
At 31 March 2024 6,667 7,068 1,808
NET BOOK VALUE
At 31 March 2024 133,333 14,997 836
At 31 March 2023 133,333 16,663 929

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 18,295 716 183,720
DEPRECIATION
At 1 April 2023 7,722 716 22,222
Charge for year 2,643 - 4,402
At 31 March 2024 10,365 716 26,624
NET BOOK VALUE
At 31 March 2024 7,930 - 157,096
At 31 March 2023 10,573 - 161,498

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2016 15,421 - -
Valuation in 2022 43,448 - -
Cost 81,131 22,065 2,644
140,000 22,065 2,644

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2016 - - 15,421
Valuation in 2022 - - 43,448
Cost 18,295 716 124,851
18,295 716 183,720

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,840,000
Disposals (145,000 )
Revaluations 355,000
At 31 March 2024 3,050,000
NET BOOK VALUE
At 31 March 2024 3,050,000
At 31 March 2023 2,840,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 1999 578,174
Valuation in 2006 300,000
Valuation in 2008 595,641
Valuation in 2014 264,385
Valuation in 2016 25,799
Valuation in 2021 1,000,000
Valuation in 2022 (208,449 )
Valuation in 2024 355,000
Cost 139,450
3,050,000

6. STOCKS
2024 2023
as restated
£    £   
Stocks 587,022 49,637

TED WILLIAMS MOTORS LIMITED (REGISTERED NUMBER: 00405474)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Other debtors - 65,000
VAT - 3,210
- 68,210

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 184,144 9,271
Corporation tax 19,584 364
Social security and other taxes 2,137 2,004
VAT 429 -
Other creditors - 2,500
Directors' current accounts 23,842 129,021
Accruals and deferred income 10,280 9,076
240,416 152,236

9. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 636,576 564,403

Deferred
tax
£   
Balance at 1 April 2023 564,403
Provided during year 72,173
Balance at 31 March 2024 636,576

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
3,750 Ordinary £1 3,750 3,750
1,250 Ordinary 'A' £1 1,250 1,250
5,000 5,000