Company registration number 04484125 (England and Wales)
WILLIAMS & HILL FORWARDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
WILLIAMS & HILL FORWARDING LIMITED
COMPANY INFORMATION
Directors
Mr O L Bradbeer-Dubery
Mr A L Siavoshian
Mr J Swabey
Mr M Edwards
Company number
04484125
Registered office
Unit 9 Space Waye
Feltham
Middlesex
TW14 0TH
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WILLIAMS & HILL FORWARDING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
WILLIAMS & HILL FORWARDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Business review

As directors we aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the business faces.

Williams and Hill Forwarding Limited continues to provide professional freight logistics in the fine art market. We consider that the company’s key performance indicators are those that communicate the financial performance and strength of the business, these being revenue, gross profit margin and the net profit margin.

The year ended 30 June 2024 has been a positive year with the company continuing to grow and adding to its assets.

 

Financial key performance indicators

As referred to above, the company’s senior management team use the following key performance indicators:

 

2024

2023

Revenue

14,702,836

15,797,988

Gross profit margin

63.50%

61.35%

Net profit margin

12.93%

14.35%

Principal risks and uncertainties

Credit risk

The business trades with only recognised, creditworthy third parties. It is the company’s policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is not significant.

 

Currency risk

The company is exposed to adverse changes to foreign exchange rates particularly US dollars and Euros. Management monitor exchange rates regularly and respond accordingly in order to minimise our risk and exposure to foreign exchange rate variances.

Future developments

The year to 30 June 2024 has been a good year and we plan to continue to develop our relationships with our new clients and expand on this where we can. We will also continue to invest in our staff to build skills that can be used to progress our plans.

On behalf of the board

Mr O L Bradbeer-Dubery
Director
6 February 2025
WILLIAMS & HILL FORWARDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of specialising in freight transport by road and air.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £836,305. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr O L Bradbeer-Dubery
Mr A L Siavoshian
Mr J Swabey
Mr M Edwards
Auditor

Sumer Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review and future developments and principal risks and uncertainties information.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr O L Bradbeer-Dubery
Director
6 February 2025
WILLIAMS & HILL FORWARDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLIAMS & HILL FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WILLIAMS & HILL FORWARDING LIMITED
- 4 -
Opinion

We have audited the financial statements of Williams & Hill Forwarding Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WILLIAMS & HILL FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WILLIAMS & HILL FORWARDING LIMITED
--
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

WILLIAMS & HILL FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WILLIAMS & HILL FORWARDING LIMITED
--
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of Williams & Hill Forwarding for the year ended 30 June 2022, were audited by another auditor who expressed an unmodified opinion on those statements.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
6 February 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
WILLIAMS & HILL FORWARDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,702,836
15,797,988
Cost of sales
(5,366,728)
(6,104,949)
Gross profit
9,336,108
9,693,039
Distribution costs
(713,958)
(702,430)
Administrative expenses
(6,127,214)
(6,358,204)
Other operating income
522,691
522,691
Amounts owed from group companies written off
4
(8,658)
-
0
Operating profit
5
3,008,969
3,155,096
Interest payable and similar expenses
8
(490,665)
(340,672)
Profit before taxation
2,518,304
2,814,424
Tax on profit
9
(617,490)
(547,587)
Profit for the financial year
1,900,814
2,266,837

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WILLIAMS & HILL FORWARDING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
271,817
321,205
Current assets
Debtors
13
10,039,559
10,636,333
Cash at bank and in hand
1,406,085
1,289,961
11,445,644
11,926,294
Creditors: amounts falling due within one year
14
(4,505,231)
(4,765,022)
Net current assets
6,940,413
7,161,272
Total assets less current liabilities
7,212,230
7,482,477
Creditors: amounts falling due after more than one year
15
(3,519,112)
(4,853,868)
Net assets
3,693,118
2,628,609
Capital and reserves
Called up share capital
20
12,307
12,307
Share premium account
72,693
72,693
Profit and loss reserves
3,608,118
2,543,609
Total equity
3,693,118
2,628,609

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2025 and are signed on its behalf by:
Mr O L Bradbeer-Dubery
Director
Company registration number 04484125 (England and Wales)
WILLIAMS & HILL FORWARDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
12,307
72,693
3,113,077
3,198,077
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
2,266,837
2,266,837
Dividends
10
-
-
(2,836,305)
(2,836,305)
Balance at 30 June 2023
12,307
72,693
2,543,609
2,628,609
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
1,900,814
1,900,814
Dividends
10
-
-
(836,305)
(836,305)
Balance at 30 June 2024
12,307
72,693
3,608,118
3,693,118
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

Williams & Hill Forwarding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 Space Waye, Feltham, Middlesex, TW14 0TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 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 £1.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
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. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statementstrue.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs
3 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Depreciation is provided on the following bases:

Short term leasheold property
Straight line over the life of the lease
Plant and machinery
33% straight line per annum
Fixture and fittings
33% straight line per annum
Motor Vehicles
25% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the useful lives of each asset, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,291,985
11,058,591
Europe
1,470,284
1,579,799
Rest of the world
2,940,567
3,159,598
14,702,836
15,797,988
4
Exceptional item
2024
2023
£
£
Expenditure
Amounts owed from group companies written off
8,658
-
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(91,005)
(121,733)
Fees payable to the company's auditor for the audit of the company's financial statements
21,804
41,820
Depreciation of owned tangible fixed assets
61,853
149,466
Depreciation of tangible fixed assets held under finance leases
79,075
76,124
Profit on disposal of tangible fixed assets
(667)
(1,800)
Operating lease charges
640,982
574,499
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
76
Admin
73
-
Total
77
76

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,971,896
3,168,444
Social security costs
304,688
331,322
Pension costs
94,406
185,641
3,370,990
3,685,407
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
137,282
155,476
Company pension contributions to defined contribution schemes
36,082
52,964
173,364
208,440

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

During the current year it was identified that an individual that was employed by the company, and was a director in another connected company to the group, was incorrectly included within directors' remuneration. This reclassification resulted in a reduction in remuneration for qualifying services by £88,735 and company pension contributions to defined contribution schemes by £1,321.

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
473,607
324,271
Interest on finance leases and hire purchase contracts
17,058
16,401
490,665
340,672
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
604,000
535,194
Adjustments in respect of prior periods
(610)
-
0
Total current tax
603,390
535,194
Deferred tax
Origination and reversal of timing differences
14,100
12,393
Total tax charge
617,490
547,587

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,518,304
2,814,424
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
629,576
576,841
Tax effect of expenses that are not deductible in determining taxable profit
4,165
13,661
Adjustments in respect of prior years
(610)
-
0
Group relief
(25,000)
(41,242)
Permanent capital allowances in excess of depreciation
11,482
(3,944)
Other permanent differences
379
-
0
Differences between current and deferred tax rate
-
0
2,238
Roundings
(2,502)
33
Taxation charge for the year
617,490
547,587

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 20.5% rate used in the comparative above reflects 2 months of this new rate and 10 months of the previous rate of 19%.

 

The 25% rate is used to measure UK deferred taxes in 2024 and in 2023 to the extent the related timing differences were expected to reverse after 1 April 2023.

 

10
Dividends
2024
2023
£
£
Final paid
836,305
2,836,305
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
11
Intangible fixed assets
Website development costs
£
Cost
At 1 July 2023 and 30 June 2024
25,581
Amortisation and impairment
At 1 July 2023 and 30 June 2024
25,581
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
12
Tangible fixed assets
Short term leasheold property
Plant and machinery
Fixture and fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
283,644
346,504
606,119
1,755,744
2,992,011
Additions
-
0
960
14,163
76,417
91,540
Disposals
-
0
-
0
-
0
(50,859)
(50,859)
At 30 June 2024
283,644
347,464
620,282
1,781,302
3,032,692
Depreciation and impairment
At 1 July 2023
283,644
345,654
423,542
1,617,966
2,670,806
Depreciation charged in the year
-
0
555
83,302
57,071
140,928
Eliminated in respect of disposals
-
0
-
0
-
0
(50,859)
(50,859)
At 30 June 2024
283,644
346,209
506,844
1,624,178
2,760,875
Carrying amount
At 30 June 2024
-
0
1,255
113,438
157,124
271,817
At 30 June 2023
-
0
850
182,577
137,778
321,205

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Fixture and fittings
33,003
55,008
Motor Vehicles
157,126
137,780
190,129
192,788
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,508,857
1,394,326
Amounts owed by group undertakings
7,877,209
8,620,098
Other debtors
154,328
173,563
Prepayments and accrued income
477,265
412,346
10,017,659
10,600,333
Deferred tax asset (note 18)
21,900
36,000
10,039,559
10,636,333
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
1,300,000
1,300,000
Obligations under finance leases
17
65,868
72,726
Trade creditors
1,188,323
1,127,553
Amounts owed to group undertakings
760,865
827,873
Corporation tax
251,842
202,358
Other taxation and social security
115,165
124,379
Other creditors
13,717
120
Accruals and deferred income
809,451
1,110,013
4,505,231
4,765,022

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
3,147,613
4,459,809
Obligations under finance leases
17
177,318
180,131
Accruals and deferred income
194,181
213,928
3,519,112
4,853,868

Accruals and deferred income includes amounts falling due in more than five years of £88,862 (2023 - £108,610).

 

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

 

During the financial year the loan balance increased with the introduction of the management buy out loan which was acquired to finance the management team's part purchase of the group.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
16
Loans and overdrafts
2024
2023
£
£
Bank loans
4,447,613
5,759,809
Payable within one year
1,300,000
1,300,000
Payable after one year
3,147,613
4,459,809

Included in bank loans is a balance of £4,447,613 (2023: £5,759,809) which relates to a loan facility with Barclays. £1,300,000 (2023: £1,300,000) of the total balance is due within 12 months and £3,147,613 (2023: £4,459,809) is due in more than 12 months of the balance sheet date. The loan is secured by a debenture granted by Williams & Hill Forwarding Limited and a cross guarantee and debenture by Williams & Hill Forwarding Limited, Williams & Hill Group Limited, Jaso Holdings Limited and Williams & Hill Storage & Distribution Limited. The loan incurs interest at 3.5% per annum above the Bank of England base rate.

.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
65,868
72,726
In two to five years
177,318
180,131
243,186
252,857

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Decelerated capital allowances
17,100
30,000
Pension liability
4,800
6,000
21,900
36,000
WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Asset at 1 July 2023
(36,000)
Charge to profit or loss
14,100
Asset at 30 June 2024
(21,900)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,406
185,641

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £19,279 (2023 - £23,933) were payable to the fund at the reporting date and are included in creditors.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
12,307
12,307
12,307
12,307

The company's ordinary shares are non-redeemable and carry no right to fixed income. Each share ranks equally in terms of voting rights and carries the right to one vote at general meetings of the company. All shares issued give rights to participate in all approved dividend distributions for that class of share and rights to participate in any capital distribution on winding up.

21
Financial commitments, guarantees and contingent liabilities

The company has provided a customs guarantee to HMRC in respect of the customs duties and taxes of the company and the amount of the guarantee is £640,000.

WILLIAMS & HILL FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, some of which are paid by a fellow group company which fall due as follows:

2024
2023
£
£
Within one year
1,343,540
1,325,601
Between two and five years
2,691,076
3,516,099
In over five years
1,253,845
1,649,796
5,288,461
6,491,496
23
Related party transactions
Other information

In accordance with the requirements in Section 33.1A of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

24
Ultimate controlling party

The ultimate controlling party is JAO Investments Ltd, a company registered in England. The parent company is Williams and Hill Group Ltd, which is the immediate parent company by virtue of its 100% share holding. The address of the registered office of the ultimate parent is 3 West Buildings, Worthing, West Sussex, BN11 3BS

 

The financial statements of the company are consolidated in both Williams and Hill Group Ltd and JAO Investments Limited. Copies of the consolidated financial statements are available from Companies House.

 

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