Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Williams Automobiles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R F Williams

J H Williams

SECRETARY:

J H Williams

REGISTERED OFFICE:

Totteroak Courtyard

Horton

Chipping Sodbury

BRISTOL

BS37 6QG

REGISTERED NUMBER:

00408695

FIXED ASSETS

Intangible assets

4

-

15,000

Tangible assets

5

6,771,351

6,769,101

6,771,351

6,784,101

CURRENT ASSETS

Stocks

2,294,064

2,116,076

Debtors

6

248,335

247,628

Cash at bank and in hand

189,994

96,010

2,732,393

2,459,714

CREDITORS

Amounts falling due within one year

7

1,396,936

1,444,412

NET CURRENT ASSETS

1,335,457

1,015,302

TOTAL ASSETS LESS CURRENT LIABILITIES

8,106,808

7,799,403

CREDITORS

Amounts falling due after more than one year

8

(582,456

)

(332,608

)

PROVISIONS FOR LIABILITIES

(513,223

)

(513,540

)

NET ASSETS

7,011,129

6,953,255

CAPITAL AND RESERVES

Called up share capital

2,600

2,600

Non distributable reserves

2,693,242

2,693,242

Retained earnings

4,315,287

4,257,413

SHAREHOLDERS' FUNDS

7,011,129

6,953,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

R F Williams - Director

1.	STATUTORY INFORMATION

Williams Automobiles Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 25% on carrying value

Fixtures and Fittings - 25% on carrying value

Plant & Machinery - 25% on carrying value

Freehold Property - 2% on cost

Stocks

Stocks are valued at the most recent purchase price, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Investment properties

Investment properties are shown at their open market value. Changes in market value are reflected in the revaluation reserve except where a deficit is deemed to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

fees

£

COST

At 1 January 2024

15,000

Reclassification/transfer

(15,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

15,000

5.	TANGIBLE FIXED ASSETS

Freehold

Investment

Plant and

property

Properties

machinery

£

£

£

COST OR VALUATION

At 1 January 2024

438,965

6,395,000

171,792

Additions

-

-

7,991

Reclassification/transfer

-

-

-

At 31 December 2024

438,965

6,395,000

179,783

DEPRECIATION

At 1 January 2024

93,303

-

149,923

Charge for year

8,779

-

6,678

At 31 December 2024

102,082

-

156,601

NET BOOK VALUE

At 31 December 2024

336,883

6,395,000

23,182

At 31 December 2023

345,662

6,395,000

21,869

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

6,787

24,467

7,037,011

Additions

-

133

8,124

Reclassification/transfer

15,000

-

15,000

At 31 December 2024

21,787

24,600

7,060,135

DEPRECIATION

At 1 January 2024

5,512

19,172

267,910

Charge for year

4,069

1,348

20,874

At 31 December 2024

9,581

20,520

288,784

NET BOOK VALUE

At 31 December 2024

12,206

4,080

6,771,351

At 31 December 2023

1,275

5,295

6,769,101

Cost or valuation at 31 December 2024 is represented by:

Freehold

Investment

Plant and

property

Properties

machinery

£

£

£

Valuation in 2018

438,965

6,395,000

-

Cost

-

-

179,783

438,965

6,395,000

179,783

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Valuation in 2018

-

-

6,833,965

Cost

21,787

24,600

226,170

21,787

24,600

7,060,135

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

3,304,590

3,304,590

Aggregate depreciation

656,987

656,987

Value of land in freehold land and buildings

2,647,603

2,647,603

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

126,776

127,967

Prepayments and accrued income

31,418

27,123

Other debtors

90,141

92,538

248,335

247,628

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

64,219

133,646

Pension loans

150,152

74,571

Trade creditors

884,074

908,302

Tax

19,776

45,536

Social security and other taxes

13,459

11,941

VAT

15,671

5,456

Directors loans

140,530

66,132

Other creditors

3,231

8,496

Accruals and deferred income

105,824

190,332

1,396,936

1,444,412

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Pension loans

582,456

332,608

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

64,219

133,646

Pension loan fund

-

407,179

64,219

540,825

These loans are secured on the investment properties.

10.	RELATED PARTY DISCLOSURES

Included within other creditors is a loan received in 2023 from the pension fund of R F Williams, a director of the company. At the balance sheet date, the amount outstanding was £332,608 (2023: £407,179). The loan is being repaid over 5 years at an interest rate of 7.25% per annum.

During the year, the company received an additional loan from the pension fund of R F Williams. At the balance sheet date the amount outstanding was £400,000. The loan is being repaid over 5 years at an interest rate of 7.5% per annum.

The board of directors have made loans to the benefit of the company totalling £140,530 (2023: £66,132). The loans are unsecured, interest free and there are no terms as to repayment.

The company has paid to Mr & Mrs R F Williams the sum of £2,500 (2023: £2,500) in respect of a rent charge on a strip of land that the company uses adjacent to their home.

11.	ULTIMATE CONTROLLING PARTY

The directors Mr J H Williams and Mr R F Williams hold significant control over the company.