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REGISTERED NUMBER: SC033097 (Scotland)















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: T L Williamson
Mrs S Williamson





SECRETARY: L Thomson





REGISTERED OFFICE: 7a Dundas Street
Edinburgh
EH3 6QG





REGISTERED NUMBER: SC033097 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
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 - 283,567
Investments 5 999 999
Investment property 6 486,000 -
486,999 284,566

CURRENT ASSETS
Debtors 7 95,564 96,285

CREDITORS
Amounts falling due within one year 8 53,873 58,998
NET CURRENT ASSETS 41,691 37,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,690

321,853

CREDITORS
Amounts falling due after more than one year 9 (180,546 ) (185,746 )

PROVISIONS FOR LIABILITIES (8,544 ) -
NET ASSETS 339,600 136,107

CAPITAL AND RESERVES
Called up share capital 23,100 23,100
Revaluation reserve 11 337,711 203,444
Retained earnings (21,211 ) (90,437 )
SHAREHOLDERS' FUNDS 339,600 136,107

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

T.B. WILLIAMSON & SON, LIMITED (REGISTERED NUMBER: SC033097)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





T L Williamson - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

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 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 380,000 273,150 22,843 15,995 691,988
Reclassification/transfer (380,000 ) - - - (380,000 )
At 31 May 2024 - 273,150 22,843 15,995 311,988
DEPRECIATION
At 1 June 2023 96,433 273,150 22,843 15,995 408,421
Reclassification/transfer (96,433 ) - - - (96,433 )
At 31 May 2024 - 273,150 22,843 15,995 311,988
NET BOOK VALUE
At 31 May 2024 - - - - -
At 31 May 2023 283,567 - - - 283,567

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 999
NET BOOK VALUE
At 31 May 2024 999
At 31 May 2023 999

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Reclassification/transfer 486,000
At 31 May 2024 486,000
NET BOOK VALUE
At 31 May 2024 486,000

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 260 231
Amounts recoverable on contract 3,206 3,924
Other debtors 3,097 3,129
6,563 7,284

Amounts falling due after more than one year:
Amounts owed by group undertakings 89,001 89,001

Aggregate amounts 95,564 96,285

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 5,242 3,579
Trade creditors 509 5,737
Taxation and social security 2,879 5,145
Other creditors 45,243 44,537
53,873 58,998

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Other creditors 180,546 185,746

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 5,242 3,579
Other loans due to Directors 159,796 164,996
Other loans 20,750 20,750
185,788 189,325

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 203,444
Transfer from revaluation reserve 134,267

At 31 May 2024 337,711

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.