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Company Registration Number 02532405























W. & J. WILLIAMS (HAULAGE) LIMITED





FINANCIAL STATEMENTS





 31 MARCH 2025
























img4f70.png

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

COMPANY INFORMATION


Directors
D Clarke 
J Clarke 




Company secretary
D Clarke



Registered number
02532405



Registered office
100 Dealburn Road
Low Moor

Bradford

West Yorkshire

BD12 0RG




Independent auditor
Armstrong Watson Audit Limited
Statutory Auditor

Number 3

Acorn Business Park

Airedale Business Centre

Skipton

North Yorkshire

BD23 2UE





 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 33

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors are pleased with the results for the year which yet again has been especially challenging.
Despite the current cost of living challenges and a record number of transport companies going out of business, we have seen an increase in demand for our services from our customers across most sectors. This increase in demand is despite all costs rising for us and our customers. The continuing conflict within the Middle East and Ukraine has continued to disrupt the supply chain,  pushing up prices which need to be passed on down the line. 

Business review
 
Whilst we have seen an increase in turnover our operating cost remains high including interest rates, fuel, energy, and other increased costs being experienced within the current cost of living. Many increased costs are being experienced across the transport industry and by our customers. We have found it difficult to be able to pass these costs on.
Over the last few years, we have seen wages, business rates, insurance, utilities, truck and trailer prices, and truck tyres/parts prices, increase in record numbers, some between 20 and 50%. The continuing high interest rates again have a negative effect on business as companies continue not to invest. Our pallet network costs have also risen sharply.
 
We have continued to invest in the fleet, technology, and our premises as we continue to strive for the best. We have recently added another six Volvo trucks and twelve trailers to the fleet which will improve our fuel efficiency and improve our carbon footprint.
We are now looking to expend our warehousing with the acquisition of additional premises and continue to invest in IT, so customers continue to have transparency with real time tracking of their goods.
Whilst we continue to recruit using our own inhouse HR team, it has become clear that there is a significant shortage of drivers in the marketplace. This is worrying and again contributes to increasing costs. This is likely to be a significant challenge in the coming year.
We expect the coming year to be positive as the economy shows signs of growth and hopefully the continued fall of inflation and interest rates. The directors remain confident that with our committed team of staff, continuing loyal customer base and valued new customers, we will continue to expand.

Principal risks and uncertainties
 
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management and risk management. Compliance with regulation, legal and ethical standards is a high priority for the company. The company is exposed to a variety of different risks. These are discussed in the Directors' Report.
Page 1

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Financial key performance indicators
 
The company's key financial and other performance indicators during the year were as follows:

Unit
2025
2024
£
£
Turnover


£

9,539,996
 
7,942,049
 
Gross profit


£

1,974,850
 
1,320,986
 
Gross margin


%

20.7
 
16.6
 
Profit/(loss) for the financial year before taxation


£

301,051
 
(34,070)
 


This report was approved by the board and signed on its behalf.






................................................
D Clarke
Director

Date: 3 July 2025
Page 2

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of haulage contractors.

Results and dividends

The profit for the year, after taxation, amounted to £208,516 (2024 - loss £30,857).

The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

D Clarke 
J Clarke 

Page 3

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

Price risk, credit risk, liquidity risk and cash flow risk

The principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds available to meet amounts due.
Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.
The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Matters covered in the Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report instead under S414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Page 4

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Auditor

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
D Clarke
Director

Date: 3 July 2025
Page 5

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF W. & J. WILLIAMS (HAULAGE) LIMITED
 

Opinion


We have audited the financial statements of W. & J. Williams (Haulage) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF W. & J. WILLIAMS (HAULAGE) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF W. & J. WILLIAMS (HAULAGE) LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, 
 capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and 
 other management and review of appropriate industry knowledge;
• we assessed the extent of compliance with the laws and regulations identified above through making 
 enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained 
 alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their 
 knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and 
 regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected 
 relationships.
• tested journal entries to identify unusual transactions; and tested the operating effectiveness of key 
 controls over purchase cycles on a sample basis.
• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.  In response to the risk of irregularities and non-compliance with laws and regulations, we designed 
 procedures which included, but were not limited to: 
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
 
Page 8

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF W. & J. WILLIAMS (HAULAGE) LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Rohan Day (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Statutory Auditor
Skipton

3 July 2025
Page 9

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
9,539,996
7,942,049

Cost of sales
  
(7,565,146)
(6,621,063)

Gross profit
  
1,974,850
1,320,986

Administrative expenses
  
(1,483,865)
(1,234,327)

Other operating income
 5 
38,304
38,304

Operating profit
 6 
529,289
124,963

Interest receivable and similar income
 10 
8,110
6,835

Interest payable and similar expenses
 11 
(236,348)
(165,868)

Profit/(loss) before tax
  
301,051
(34,070)

Tax on profit/(loss)
 12 
(92,535)
3,213

Profit/(loss) for the financial year
  
208,516
(30,857)

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
484,422
-

Deferred tax on revaluation
  
(140,700)
-

Other comprehensive income for the year
  
343,722
-

Total comprehensive income for the year
  
552,238
(30,857)

The notes on pages 16 to 33 form part of these financial statements.
Page 10

 
W. & J. WILLIAMS (HAULAGE) LIMITED
REGISTERED NUMBER: 02532405

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 14 
7,070,201
6,319,292

Current assets
  

Stocks
 15 
129,410
101,789

Debtors: amounts falling due within one year
 16 
2,540,470
2,011,063

Cash at bank and in hand
 17 
153,550
161,062

  
2,823,430
2,273,914

Creditors: amounts falling due within one year
 18 
(3,008,133)
(2,263,226)

Net current (liabilities)/assets
  
 
 
(184,703)
 
 
10,688

Total assets less current liabilities
  
6,885,498
6,329,980

Creditors: amounts falling due after more than one year
 19 
(2,519,956)
(2,573,911)

Provisions for liabilities
  

Deferred tax
 22 
(1,071,156)
(837,921)

Net assets
  
3,294,386
2,918,148


Capital and reserves
  

Called up share capital 
 23 
100
100

Revaluation reserve
 24 
799,486
455,764

Profit and loss account
 24 
2,494,800
2,462,284

  
3,294,386
2,918,148


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D Clarke
Director

Date: 3 July 2025

The notes on pages 16 to 33 form part of these financial statements.
Page 11

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2023
100
455,764
2,593,141
3,049,005


Comprehensive income for the year

Loss for the year
-
-
(30,857)
(30,857)
Total comprehensive income for the year
-
-
(30,857)
(30,857)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)



At 1 April 2024
100
455,764
2,462,284
2,918,148


Comprehensive income for the year

Profit for the year
-
-
208,516
208,516

Surplus on revaluation of leasehold property
-
484,422
-
484,422

Deferred tax on revaluation
-
(140,700)
-
(140,700)
Total comprehensive income for the year
-
343,722
208,516
552,238


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(176,000)
(176,000)


At 31 March 2025
100
799,486
2,494,800
3,294,386


The notes on pages 16 to 33 form part of these financial statements.
Page 12

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
208,516
(30,857)

Adjustments for:

Depreciation of tangible assets
819,614
657,549

Loss on disposal of tangible assets
(1,332)
(23,394)

Interest paid
236,348
165,868

Interest received
(8,110)
(6,835)

Taxation charge
92,535
(3,213)

(Increase)/decrease in stocks
(27,621)
61,062

(Increase)/decrease in debtors
(529,409)
78,706

Increase/(decrease) in creditors
57,221
(68,850)

Corporation tax received/(paid)
-
(23,051)

Net cash generated from operating activities

847,762
806,985


Cash flows from investing activities

Purchase of tangible fixed assets
(1,088,008)
(1,184,769)

Sale of tangible fixed assets
3,239
27,064

Interest received
8,110
6,835

HP interest paid
(132,090)
(76,893)

Net cash from investing activities

(1,208,749)
(1,227,763)

Cash flows from financing activities

Repayment of loans
(84,618)
(56,229)

Repayment of/new finance leases
87,057
379,502

Movements on invoice discounting
631,294
384,417

Dividends paid
(176,000)
(100,000)

Interest paid
(104,258)
(88,975)

Net cash used in financing activities
353,475
518,715

Net (decrease)/increase in cash and cash equivalents
(7,512)
97,937
Page 13

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


2025
2024

£
£



Cash and cash equivalents at beginning of year
161,062
63,125

Cash and cash equivalents at the end of year
153,550
161,062


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
153,550
161,062

153,550
161,062


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025






At 1 April 2024
Cash flows
New finance leases
Other non-cash changes
At 31 March 2025
£

£

£

£

£

Cash at bank and in hand

161,062

(7,512)

-

-

153,550

Debt due after 1 year

(772,586)

-

-

76,603

(695,983)

Debt due within 1 year

(262,106)

(546,674)

-

(76,603)

(885,383)

Finance leases

(2,552,496)

814,392

(901,449)

-

(2,639,553)


(3,426,126)
260,206
(901,449)
-
(4,067,369)

The notes on pages 16 to 33 form part of these financial statements.
Page 15

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

W. & J. Williams (Haulage) Limited trading as Shipley Transport is a private company limited by shares incorporated and domiciled in the United Kingdom. It trades from its registered office at 100 Dealburn Road, Low Moor, Bradford, West Yorkshire, BD12 0RG.
The principal activity of the company is that of haulage contractors.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors believe that the company has adequate resources to continue in operational existence for a period of no less than 12 months from approval of the financial statements.
In reaching their conclusion, the directors have considered their cashflows for a period of twelve months from the date of approval of the financial statements. In doing so the directors have considered availability of funding, both externally and internally, and have concluded that there is sufficient and substantial headroom within the company's working capital facilities throughout the year. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
1% straight line, land not depreciated
Plant and machinery
-
15% reducing balance
Motor vehicles
-
10% - 25% reducing balance or over the term of the lease and 10% straight line to a residual value
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 17

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities


Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made ofthe amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. 

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid
or received. However, if the arrangements of a short-term instrument constitute a financing
transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an
out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
at the present value of future cash flows discounted at a market rate of interest for a similar debt
Instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the
case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income
 
Page 18

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.11
Financial instruments (continued)

.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial
Position when there is an enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and settle the liability simultaneously 


 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 19

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.18

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 20

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The key source of estimation uncertainty in applying accounting policies in the financial statements is the valuation of leasehold property.


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Haulage and storage
9,499,192
7,922,205

Maintenance work
40,804
19,844

9,539,996
7,942,049


All turnover arose within the United Kingdom.


5.


Other operating income

2025
2024
£
£

Net rents receivable
7,920
7,920

Government grants received
30,384
30,384

38,304
38,304


6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Fees payable to the company's auditor
16,000
13,000

Depreciation on tangible fixed assets
819,614
657,549

Other operating lease rentals
170,473
265,425

(Profit)/loss on disposal of tangible fixed assets
(1,332)
(23,394)
Page 21

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2025
2024
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,000
13,000

Fees payable to the Company's auditor and its associates in respect of:


All other services
3,392
8,209

3,392
8,209


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
3,385,990
2,787,645

Cost of defined contribution scheme
102,501
87,147

3,488,491
2,874,792


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Administration and support
13
12



Distribution
53
50



Other departments
13
16

79
78

Page 22

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
17,069
17,576

Company contributions to defined contribution pension schemes
36,000
36,000

53,069
53,576


During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2025
2024
£
£


Other interest receivable
8,110
6,835

8,110
6,835


11.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
58,388
65,147

Other loan interest payable
45,870
23,828

Finance leases and hire purchase contracts
132,090
76,893

236,348
165,868

Page 23

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


Taxation


2025
2024
£
£

Corporation tax


Adjustments in respect of previous periods
-
(283)


-
(283)


Total current tax
-
(283)

Deferred tax


Origination and reversal of timing differences
92,535
(2,930)

Total deferred tax
92,535
(2,930)


Tax on profit/(loss)
92,535
(3,213)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit/(loss) on ordinary activities before tax
301,051
(34,069)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
75,263
(8,517)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
50,404
2,719

Fixed asset differences
(25,536)
2,869

Adjustments to tax charge in respect of prior periods
(7,596)
(284)

Total tax charge for the year
92,535
(3,213)

Page 24

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Dividends

2025
2024
£
£


Ordinary shares
176,000
100,000

176,000
100,000


14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
2,300,000
504,631
6,077,760
227,993
9,110,384


Additions
-
33,504
1,040,876
13,628
1,088,008


Disposals
-
-
(7,139)
-
(7,139)


Revaluations
450,000
-
-
-
450,000



At 31 March 2025

2,750,000
538,135
7,111,497
241,621
10,641,253



Depreciation


At 1 April 2024
22,948
200,476
2,396,915
170,753
2,791,092


Charge for the year on owned assets
11,474
48,607
97,250
9,479
166,810


Charge for the year on financed assets
-
-
652,804
-
652,804


Disposals
-
-
(5,232)
-
(5,232)


On revalued assets
(34,422)
-
-
-
(34,422)



At 31 March 2025

-
249,083
3,141,737
180,232
3,571,052



Net book value



At 31 March 2025
2,750,000
289,052
3,969,760
61,389
7,070,201



At 31 March 2024
2,277,052
304,155
3,680,845
57,240
6,319,292

Page 25

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Motor vehicles
3,678,230
3,352,595

Motor Vehicles
3,678,230
3,352,595

Cost or valuation at 31 March 2025 is as follows:

Land and buildings
£


At cost
1,913,264
At valuation:

31 March 2025
836,736



2,750,000

Leasehold land and buildings is included at the revalued amount of £2,750,000 based on a valuation by the directors, on the basis of market value on 31 March 2025. 
In the opinion of the director, the fair value of the leasehold land and buildings at 31 March 2025 does not materially differ from the valuation. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2025
2024
£
£



Cost
1,913,264
1,913,264

Accumulated depreciation
(90,559)
(80,926)

Net book value
1,822,705
1,832,338

Page 26

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Stocks

2025
2024
£
£

Raw materials and consumables
129,410
101,789

129,410
101,789



16.


Debtors

2025
2024
£
£


Trade debtors
1,943,497
1,454,988

Other debtors
258,818
254,045

Prepayments and accrued income
338,155
302,030

2,540,470
2,011,063



17.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
153,550
161,062

153,550
161,062


Page 27

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

18.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank loans
62,606
70,622

Trade creditors
846,715
839,852

Other taxation and social security
218,639
194,537

Obligations under finance lease and hire purchase contracts
815,580
751,171

Invoice discounting
822,777
191,484

Other creditors
85,051
57,324

Accruals and deferred income
156,765
158,236

3,008,133
2,263,226


The following liabilities were secured:

2025
2024
£
£



Bank loans
62,606
70,622

Obligations under finance lease and hire purchases contracts
815,580
751,171

Invoice discounting
822,777
191,484

1,700,963
1,013,277

Details of security provided:

The bank loans are secured by fixed and floating charges over the undertaking, and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
The invoice discounting facility is secured on the debts to which it relates.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 28

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

19.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
695,983
772,586

Net obligations under finance leases and hire purchase contracts
1,823,973
1,801,325

2,519,956
2,573,911


The following liabilities were secured:

2025
2024
£
£



Bank loans
695,983
772,586

Obligations under finance lease and hire purchase contracts
1,823,973
1,801,325

2,519,956
2,573,911

Details of security provided:

The bank loans are secured by fixed and floating charges over the undertaking, and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 29

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

20.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
62,606
70,622


62,606
70,622

Amounts falling due 1-2 years

Bank loans
68,622
133,415


68,622
133,415

Amounts falling due 2-5 years

Bank loans
627,361
639,171


627,361
639,171


758,589
843,208



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
815,580
751,171

Between 1-5 years
1,739,600
1,801,563

Over 5 years
84,373
-

2,639,553
2,552,734
Page 30

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

22.


Deferred taxation




2025
2024


£

£






At beginning of year
837,921
840,851


Charged to profit or loss
92,535
(2,930)


Charged to other comprehensive income
140,700
-



At end of year
1,071,156
837,921

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
1,036,154
985,592

Short term timing differences
(1,761)
(2,950)

Losses carried forward
(103,937)
(144,721)

Capital gains
140,700
-

1,071,156
837,921


23.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



100 (2024 - 100) Ordinary shares of £1.00 each
100
100



24.


Reserves

Revaluation reserve

This reserve represents the unrealised profits on the revaluation of the company's leasehold property. The reserve is held net of deferred tax at the prevailing statement of financial position taxation rates.

Profit and loss account

This reserve represents cumulative profits or losses, net of any dividends paid and other adjustments.

Page 31

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

25.


Capital commitments


At 31 March 2025 the Company had capital commitments as follows:

2025
2024
£
£


Contracted for but not provided in these financial statements
-
396,471

-
396,471


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £102,501 (2024 - £87,147). Contributions totalling £7,042 (2024 - £7,421) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
113,858
110,329

Later than 1 year and not later than 5 years
258,667
38,136

Later than 5 years
29,458
-

401,983
148,465


28.


Transactions with directors

Dividends totalling £176,000 (2024 - £100,000) were paid in the year in respect of shares held by the company's directors.
Loans to directors have been granted by the company as detailed below:

Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
        %
        £
        £
        £
        £
        £

D Clarke

3

112,741

83,399
 
4,055
 
(88,033)

112,162

J Clarke

3

112,741

83,399
 
4,055
 
(88,033)

112,162


Page 32

 
W. & J. WILLIAMS (HAULAGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

29.


Related party transactions

During the year the company made advances to C Clarke, the daughter of D Clarke and J Clarke. Thei balance at the year end included within other debtors amounted to £9,619 (2024 - £12,806). The balance is interest free and repayable on demand.
During the year the company traded with Clarke & Son Transport Limited, a company in which B Clarke is a director. Purchases of £45,240 (2024 - £24,849) and sales of £95,017 (2024- £47,669) were made in the year and the balance due from Clarke & Son Transport Limited at the year end amount to £11,720 (2024 - £14,542). All transactions were made under normal market conditions.


Page 33