2023-08-012024-07-312024-07-31false07691600WILLIAMS MINING ASSOCIATES 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WILLIAMS MINING ASSOCIATES LTD

Registered Number
07691600
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

WILLIAMS MINING ASSOCIATES LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

WILLIAMS, Derek Offei

Registered Address

124 City Road
London
EC1V 2NX

Registered Number

07691600 (England and Wales)
WILLIAMS MINING ASSOCIATES LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,7483,130
3,7483,130
Current assets
Debtors4210,301317,497
Cash at bank and on hand4,07512
214,376317,509
Creditors amounts falling due within one year5(204,861)(216,813)
Net current assets (liabilities)9,515100,696
Total assets less current liabilities13,263103,826
Creditors amounts falling due after one year6(13,150)(29,899)
Net assets11373,927
Capital and reserves
Called up share capital100100
Profit and loss account1373,827
Shareholders' funds11373,927
The financial statements were approved and authorised for issue by the Director on 14 February 2025, and are signed on its behalf by:
WILLIAMS, Derek Offei
Director
Registered Company No. 07691600
WILLIAMS MINING ASSOCIATES LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 Section 1A, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The financial statements have been prepared in pounds sterling (£), amounts are rounded to the nearest £1.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year32
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 August 2311,83111,831
Additions1,8671,867
At 31 July 2413,69813,698
Depreciation and impairment
At 01 August 238,7018,701
Charge for year1,2491,249
At 31 July 249,9509,950
Net book value
At 31 July 243,7483,748
At 31 July 233,1303,130
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables17,30957,023
Other debtors175,156191,570
Prepayments and accrued income17,83668,904
Total210,301317,497
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-1,088
Bank borrowings and overdrafts70,10883,213
Taxation and social security130,335122,154
Other creditors4,41810,358
Total204,861216,813
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,1509,899
Other creditors-20,000
Total13,15029,899
7.Directors advances, credits and guarantees
At the year end included in other debtors is an amount of £131,347 (2023: £143,651) due from the director of the company.