Company registration number 06583461 (England and Wales)
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,886
9,178
Current assets
Debtors
4
4,612,481
2,582,010
Cash at bank and in hand
1,762,744
2,065,540
6,375,225
4,647,550
Creditors: amounts falling due within one year
5
(2,132,388)
(1,368,315)
Net current assets
4,242,837
3,279,235
Total assets less current liabilities
4,245,723
3,288,413
Creditors: amounts falling due after more than one year
6
(112,545)
(200,985)
Net assets
4,133,178
3,087,428
Capital and reserves
Called up share capital
7
100
100
Share premium account
9,995
9,995
Profit and loss reserves
4,123,083
3,077,333
Total equity
4,133,178
3,087,428
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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 06583461 (England and Wales)
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Williams & Hill Storage & Distribution 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
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 statements.true
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.
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Motor vehicles
25% straight line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.7
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 in the company's balance sheet 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
Basic financial assets, which include trade and other debtors, amounts owed from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts owed from fellow group companies 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.
1.8
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.
1.9
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2023 - 21).
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
59,643
379,506
228,885
7,250
675,284
Depreciation and impairment
At 1 July 2023
59,643
375,515
223,698
7,250
666,106
Depreciation charged in the year
3,680
2,612
6,292
At 30 June 2024
59,643
379,195
226,310
7,250
672,398
Carrying amount
At 30 June 2024
311
2,575
2,886
At 30 June 2023
3,991
5,187
9,178
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
844,681
771,373
Amounts owed by group undertakings
3,160,689
1,215,689
Other debtors
594,211
580,948
4,599,581
2,568,010
Deferred tax asset
12,900
14,000
4,612,481
2,582,010
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
257,036
285,595
Amounts owed to group undertakings
1,308,748
565,692
Taxation and social security
287,107
250,467
Other creditors
279,497
266,561
2,132,388
1,368,315
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
112,545
200,985
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
9
Financial commitments, guarantees and contingent liabilities
Williams & Hill Forwarding Limited, a connected company, has a bank loan secured by way of full debenture and cross guarantee over all of the assets of the Williams and Hill Group Limited and its corporate shareholders. Hence the guarantors of this loan are JASO Holdings Limited, Williams and Hill Group Limited, Williams & Hill Forwarding Limited, and the company itself. The amount outstanding at the year end was £4,447,613 (2023 - £5,759,809).
10
Operating lease commitments
Lessee
Operating leases paid in the company are in the name of a fellow group company, therefore there is no commitment within this company.
WILLIAMS & HILL STORAGE & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
11
Related party transactions
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.
12
Parent company
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.