WILLIAM RUTHERFORD & SONS (HOLDINGS) LIMITED


Directors	Mr J C Rutherford
	Mr W M Rutherford


Company Secretary	Mr W M Rutherford


Registered Address	East Mill Hills
	Haydon Bridge
	Hexham
	NE47 6JS


Registered Number	04971074 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Land and buildings	40
	Plant and machinery	5
	Office Equipment	5

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement.

	Financial instruments
	The company 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.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	6		6

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	141,984	314,118	1,220	457,322
Additions	-	1,802	-	1,802
Disposals	-	(12,802)	-	(12,802)
At 31 December 24	141,984	303,118	1,220	446,322
Depreciation and impairment
At 01 January 24	9,797	194,171	764	204,732
Charge for year	1,050	41,543	137	42,730
On disposals	-	(11,000)	-	(11,000)
At 31 December 24	10,847	224,714	901	236,462
Net book value
At 31 December 24	131,137	78,404	319	209,860
At 31 December 23	132,187	119,947	456	252,590

4.	Fixed asset investments
	Investments in group undertakings and participating interests.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	1	1
At 31 December 24	1	1
Net book value
At 31 December 24	1	1
At 31 December 23	1	1

	Notes
	¹Investments in group undertakings and participating interests

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	38,497	42,923
Other debtors	39,458	39,794
Total	77,955	82,717


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	74,230	74,411
Bank borrowings and overdrafts	28,309	41,490
Taxation and social security	30,801	18,848
Finance lease and HP contracts	19,815	24,271
Other creditors	812	812
Accrued liabilities and deferred income	5,253	5,175
Total	159,220	165,007


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	4,674	35,667
Other creditors	9,811	15,106
Total	14,485	50,773


	Finance lease and HP contracts equal to £9,811 (2023 - £15,106) are included within other creditors and are secured against the assets to which they relate.

8.	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 of the settlement can be made. The provision for deferred tax arises from the fair value adjustment on fixed assets.

	2024	2023
	£	£
Net deferred tax liability (asset)	19,000	30,000
Total	19,000	30,000

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		209,860		252,590
Investments	4		1		1
			209,861		252,591
Current assets
Stocks		4,300		8,800
Debtors	5	77,955		82,717
Cash at bank and on hand		10,132		463
		92,387		91,980
Creditors amounts falling due within one year	6	(159,220)		(165,007)
Net current assets (liabilities)			(66,833)		(73,027)
Total assets less current liabilities			143,028		179,564
Creditors amounts falling due after one year	7		(14,485)		(50,773)
Provisions for liabilities	8		(19,000)		(30,000)
Net assets			109,543		98,791
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			108,543		97,791
Shareholders' funds			109,543		98,791