REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
T&C WILLIAMS (BUILDERS) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
T&C WILLIAMS (BUILDERS) LTD |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
T&C WILLIAMS (BUILDERS) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
First Floor |
Unit 4, Broadfield Court |
Sheffield |
South Yorkshire |
S8 0XF |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Revaluation reserve | 8 |
Capital redemption reserve | 8 |
Retained earnings | 8 | ( |
) |
The director acknowledges his 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&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
T&C Williams (Builders) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on the basis of the going concern assumption. |
The company was significantly impacted by the Covid-19 pandemic during the year ending June 2021. However, strategic initiatives aimed at increasing revenue while reducing overheads have been consistently implemented and are expected to continue generating positive results in the current financial year. Through ongoing performance reviews and the pursuit of targeted tender opportunities, the pipeline of secured work and potential tenders remains robust and in alignment with projections. |
To mitigate the effects of the pandemic and avoid redundancies, the company accessed two loans under the CBILS scheme. The associated interest costs have had a substantial negative impact on both profitability and cash flow. However, a £250,000 loan is expected to be repaid by July 2025, and the remaining £100,000 loan by November 2025. This will result in an annual improvement of £105,000 in cash flow and the elimination of loan interest expenses. |
Headcount reductions have occurred throughout the current and previous year, including the early retirement of a director. An additional redundancy at the head office took place after the balance sheet date. Despite these changes, operations have remained unaffected, and although redundancy-related costs for 2023 and 2024 impacted profitability and cash flow, the company is expected to realize significant savings in the future. |
The remaining director anticipates that these savings, along with other cost-cutting measures and revenue-enhancing strategies, will enable the company to return to profitability for the year ending 30 June 2025. |
Turnover |
Turnover represents amounts invoiced to customers, net of trade discounts and value added tax, except in respect of contracting activities, where turnover represents the value of work carried out during the year including amounts not yet invoiced. |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its estimated useful economic life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Asset class | Depreciation method and rate |
Freehold land | No depreciation is charged on freehold land |
Freehold property | Straight line over fifty years |
Plant and machinery | 10% reducing balance |
Fixtures, fittings and equipment | Straight line over five years on computer equipment and 10% reducing balance on other items. |
Motor vehicles | Straight line over five years |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Contractual activities |
Amounts recoverable on contracts, which are included in debtors are stated at the net sales value of the work done after provisions 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 received on account. |
Profit on individual contracts is taken only when their outcome can be foreseen with reasonable certainty and it based on the value of work performed less expenditure incurred to the year end, taking account of agreed claims. Full provision is made for all known or expected losses on individual contracts, taking a prudent view of future claims income, immediately such losses are foreseen. Profit for the year includes the benefit of claims settled on contracts completed in prior years. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | fittings |
land and | Plant and | and | Motor |
buildings | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
The freehold land and buildings were valued as at 17 June 2024 by Eddisons, Chartered Surveyors. The value has been determined by reference to market factors including evidence of transaction prices for similar property in the location where the property is situated. |
The value of the freehold land and buildings includes land of £50,000 on which no depreciation charge is made. |
The comparable amounts for freehold land and buildings at original historical cost were: |
2024 | 2023 |
£ | £ |
Cost | 55,023 | 55,023 |
Depreciation | 23,405 | 22,404 |
Book value | 31,618 | 32,619 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on long term contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Social security and other taxes |
VAT | 247,549 | 76,433 |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
T&C WILLIAMS (BUILDERS) LTD (REGISTERED NUMBER: 00729679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 July 2023 | 346,537 |
Deficit for the year | ( |
) | ( |
) |
Transfer from revaluation reserve |
2,499 |
- |
(2,499 |
) |
- |
- |
Revaluation | - | - | 41,000 | - | 41,000 |
At 30 June 2024 | ( |
) | 322,958 |
9. | CONTINGENT LIABILITIES |
As part of its normal course of business, the company has given guarantees and entered into counter-indemnities in respect of performance bonds relating to its contracts. At the balance sheet date performance bonds amounted to £Nil (2023 - £Nil). |
10. | RELATED PARTY DISCLOSURES |
During the period shareholders, provided interest free loans to the company amounting to £25,000 (2023 - £25,000). |