REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
T.B. WILLIAMSON & SON, LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
T.B. WILLIAMSON & SON, LIMITED |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
T.B. WILLIAMSON & SON, LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
67 March Road |
Edinburgh |
EH4 3SU |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
T.B. Williamson & Son, Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover consists of the sales value (excluding VAT) of all work done in the period under contracts to supply goods and services to third parties. |
Turnover includes rental income receivable from investment property held by the company. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments. |
Financial assets |
Cash and cash equivalents - comprise cash in hand and deposits held with banks. |
Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised. |
Financial liabilities |
Trade and other creditors are initially measured at the transaction price, including any transaction costs. |
Directors loans are initially measured at the transaction price and are subsequently measured at the undiscounted amount of the cash expected to be paid within the appropriate period of creditors falling due within one year and creditors falling due after more than one year. |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Long term contracts |
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2023 |
Reclassification/transfer | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Reclassification/transfer | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
During the year the freehold property was reclassified as investment property. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification/transfer | 486,000 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
The investment property was valued on an open market basis on 31 May 2024 by the Directors. If the investment property had not been revalued it would have been included at a cost of £221,135. |
7. | DEBTORS |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other creditors |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank overdrafts |
Other loans due to Directors | 159,796 | 164,996 |
Other loans | 20,750 | 20,750 |
The bank overdraft is secured by a bond and floating charge. |
The other loans are secured by a floating charge and an undertaking on all property and assets present and future of the company including uncalled capital. |
The other loans due to the directors are secured by a standard security over the company's freehold property, on the area known as 39 Mayfield Industrial Estate, Dalkeith, Midlothian. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2023 |
Transfer from revaluation reserve | 134,267 |
At 31 May 2024 |
The revaluation reserve reflects the allocation of the net gain on fair value fluctuation of investment property, net of deferred tax provision, and is not distributable to the shareholders. |
T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | RELATED PARTY DISCLOSURES |
As at the balance sheet date Mrs Shirley Williamson, Director, was due £73,039 (2023: £73,039) from the company which is included in other creditors falling due after more than one year. |
As at the balance sheet date T L Williamson, Director, was due £86,757 (2023: £91,957) from the company which is included in other creditors falling due after more than one year. |
As at the balance sheet date A P Williamson, Shareholder, was due £20,750 (2023: £20,750) from the company which is included in other creditors falling due after more than one year. |