Company registration number 10373913 (England and Wales)
MCTEAR WILLIAMS & WOOD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MCTEAR WILLIAMS & WOOD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCTEAR WILLIAMS & WOOD LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
52,887
27,912
Current assets
Stocks
3,518,658
1,934,417
Debtors
5
412,016
349,144
Cash at bank and in hand
775,382
2,578,473
4,706,056
4,862,034
Creditors: amounts falling due within one year
6
(1,480,889)
(654,157)
Net current assets
3,225,167
4,207,877
Total assets less current liabilities
3,278,054
4,235,789
Creditors: amounts falling due after more than one year
7
(1,073,558)
Net assets
3,278,054
3,162,231
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,277,054
3,161,231
Total equity
3,278,054
3,162,231
MCTEAR WILLIAMS & WOOD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Mr A McTear
Director
Company registration number 10373913 (England and Wales)
MCTEAR WILLIAMS & WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
McTear Williams & Wood Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, Rouen Road, Norwich, NR1 1RE.
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 £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
McTear Williams & Wood Limited is a wholly owned subsidiary of McTear Williams & Wood (Holdings) Limited.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over ten years, as required by FRS 102.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Goodwill has been fully impaired in the comparative year leaving a £Nil carrying value as at 31 October 2024 (2023: £Nil). The board of directors consider this an appropriate valuation following the restructuring of the business including the incorporation of a holding company. The goodwill reflected an earlier incorporation of an unincorporated trading partnership, the value of which is no longer relevant following the restructuring, the impairment removes the potential for double counting were there to be a consolidated set of accounts produced.
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.
MCTEAR WILLIAMS & WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Fixtures and fittings
50% Straight Line
Computers
50% 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 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).
1.6
Stocks
Stocks include work in progress, where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.
Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.8
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of direct issue costs.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MCTEAR WILLIAMS & WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
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:
2024
2023
Number
Number
Total
63
55
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
47,652
Amortisation and impairment
At 1 November 2023 and 31 October 2024
47,652
Carrying amount
At 31 October 2024
At 31 October 2023
MCTEAR WILLIAMS & WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
485,850
Additions
55,601
At 31 October 2024
541,451
Depreciation and impairment
At 1 November 2023
457,938
Depreciation charged in the year
30,626
At 31 October 2024
488,564
Carrying amount
At 31 October 2024
52,887
At 31 October 2023
27,912
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
141,376
120,860
Corporation tax recoverable
49,176
Other debtors
130,604
44,039
Prepayments and accrued income
140,036
135,069
412,016
349,144
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,451
40,670
Corporation tax
33,388
Other taxation and social security
195,319
370,579
Other creditors
1,040,049
9,326
Accruals and deferred income
194,682
233,582
1,480,889
654,157
MCTEAR WILLIAMS & WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Other creditors includes £1,030,319 (2023: £nil) due to a former partner of the business acquired by the company in 2016, who is a current director, this is interest free and repayable subject to the cash requirements of the business.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
1,073,558
Other borrowings include £nil (2023: £1,073,558) due to a former partner of the business acquired by the company in 2016, who is a current director, this is interest free and repayable subject to the cash requirements of the business.
The company has cross guaranteed loans of its parent company up to a maximum of £3.25m.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
440,584
444,000