Company Registration No. 01190686 (England and Wales)
William Pye Limited
Annual Report and Unaudited Financial Statements
For the Year Ended
31 December 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM PYE LIMITED
William Pye Limited
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
WILLIAM PYE LIMITED
William Pye Limited
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
1,403,449
2,199,660
Current assets
Inventories
1,310,220
1,303,627
Trade and other receivables
4
740,321
758,761
Cash at bank and in hand
523,087
398,071
2,573,628
2,460,459
Current liabilities
5
(714,495)
(417,048)
Net current assets
1,859,133
2,043,411
Total assets less current liabilities
3,262,582
4,243,071
Non-current liabilities
6
(368,691)
(67,150)
Provisions for liabilities
(32,278)
(37,980)
Net assets
2,861,613
4,137,941
Equity
Called up share capital
7
100
100
Revaluation reserve
8
505,921
Capital redemption reserve
200
200
Retained earnings
2,861,313
3,631,720
Total equity
2,861,613
4,137,941
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
Mr W Pye
Director
Company Registration No. 01190686
WILLIAM PYE LIMITED
William Pye Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
100
200
3,843,721
3,844,021
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(127,001)
(127,001)
Dividends
-
-
-
(85,000)
(85,000)
Other movements
-
505,921
-
-
505,921
Balance at 31 December 2023
100
505,921
200
3,631,720
4,137,941
Year ended 31 December 2024:
Profit for the year
-
-
-
84,172
84,172
Other comprehensive income:
Revaluation of property, plant and equipment
-
(100,000)
-
-
(100,000)
Total comprehensive income for the year
-
(100,000)
-
84,172
(15,828)
Dividends
-
-
-
(1,260,500)
(1,260,500)
Transfers
-
-
405,921
405,921
Other movements
-
(405,921)
-
-
(405,921)
Balance at 31 December 2024
100
200
2,861,313
2,861,613
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
William Pye Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is Chapel Quarry, Chapel Hill Trading Est, Longridge, Preston, Lancashire, United Kingdom, PR3 3BU. The company is tax resident in the United Kingdom.
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.
1.2
Revenue
The revenue shown in the statement of total comprehensive income is derived from ordinary activities and represents the invoice value of goods and services provided during the year, exclusive of value added tax.
In respect of long term contracts and contracts for ongoing services, revenue is recognised by reference to the value of work certified during the period as assessed by quantity surveyors.
Revenue also includes the amounts receivable on the sale of sites developed by the company. The income is recognised once the sale is legally binding.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and machinery etc
15-25% straight line
Freehold land is not depreciated.
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.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.6
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) of a kind that quality as basic financial instruments. They are initially recognised at transaction value and subsequently at their settlement value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. The company's holiday and financial year are coterminous and no holiday entitlement is allowed to be carried forward.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2023 - 30).
2024
2023
Number
Number
Total
31
30
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
1,400,000
3,473,159
4,873,159
Additions
889,287
889,287
Disposals
(1,200,000)
(857,113)
(2,057,113)
At 31 December 2024
200,000
3,505,333
3,705,333
Depreciation and impairment
At 1 January 2024
2,673,499
2,673,499
Depreciation charged in the year
273,012
273,012
Impairment losses
100,000
100,000
Eliminated in respect of disposals
(744,627)
(744,627)
At 31 December 2024
100,000
2,201,884
2,301,884
Carrying amount
At 31 December 2024
100,000
1,303,449
1,403,449
At 31 December 2023
1,400,000
799,660
2,199,660
The carrying value of land and buildings comprises:
2024
2023
£
£
Freehold
1,300,000
Long leasehold
100,000
100,000
100,000
1,400,000
Plant and machinery with a carrying amount of £978,332 (2023 - £436,311) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Freehold land and buildings with a carrying amount of £794,080 were revalued at 31 December 2023 based on Directors valuation of £1,300,000.
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Property, plant and equipment
(Continued)
- 7 -
Leasehold land and buildings are carried at historical cost.
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
516,930
535,461
Other receivables
223,391
223,300
740,321
758,761
5
Current liabilities
2024
2023
£
£
Trade payables
276,292
125,450
Taxation and social security
40,832
52,953
Other payables
397,371
238,645
714,495
417,048
Included within other payables are obligations under finances leases totalling £311,736 (2023: £148,774) which are secured against the asset to which they relate.
6
Non-current liabilities
2024
2023
£
£
Other payables
368,691
67,150
Included within other payables are obligations under finances leases totalling £368,691 (2023: £67,150) which are secured against the asset to which they relate.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
66 Ordinary A shares of £1 each
66
66
34 Ordinary B shares of £1 each
34
34
100
100
WILLIAM PYE LIMITED
William Pye Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
505,921
Revaluation surplus arising in the year
(100,000)
Other movements
(405,921)
505,921
At the end of the year
505,921
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
£
£
193
965
10
Directors' transactions
During the year the company provided an unsecured interest free loan to a director which is repayable on demand. The amount outstanding at the balance sheet date £22,141 (2023: £34,134). No amounts were written off or waived.
Brought forward £34,134
Amounts advanced: £22,507
Amounts repaid: £34,500
Carried forward £22,141
11
Parent company
The company is a wholly owned subsidiary of William Pye (Holdings) Limited, a company incorporated in England. The group is small and the parent has taken advantage of exemptions to not produce consolidated financial statements.