Company registration number 04484125 (England and Wales)
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
COMPANY INFORMATION
Directors
Mr O L Bradbeer-Dubery
Mr A L Siavoshian
Mr J Swabey
Mr M Edwards
Company number
04484125
Registered office
Unit 9 Space Waye
Feltham
Middlesex
TW14 0TH
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the ir strategic report for the year ended 30 June 2025.

Business review

As directors we aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the business faces.

Williams and Hill Limited continues to provide professional freight logistics in the fine art market. We consider that the company’s key performance indicators are those that communicate the financial performance and strength of the business, these being revenue, gross profit margin and the net profit margin.

The year ended 30 June 202 5 has been a positive year with the company focusing on improved magins.

Financial key performance indicators

As referred to above, the company’s senior management team use the following key performance indicators:

| 2025 | 2024
Revenue | 1 3,765,38 7 | 1 4,702,836
Gross profit margin | 64.99% | 6 3.50%
Net profit margin | 14.48% | 1 2.93%

Principal risks and uncertainties

Credit risk

The business trades with only recognised, creditworthy third parties. It is the company’s policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is not significant.

Currency risk

The company is exposed to adverse changes to foreign exchange rates particularly US dollars and Euros. Management monitor exchange rates regularly and respond accordingly in order to minimise our risk and exposure to foreign exchange rate variances.

Future developments

The year to 30 June 2025 has been a good year and we plan to continue to develop our relationships with our new clients and expand on this where we can. We will also continue to invest in our staff to build skills that can be used to progress our plans.

On behalf of the board

Mr O L Bradbeer-Dubery
Director
12 November 2025
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of specialising in freight transport by road and air.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,086,305. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr O L Bradbeer-Dubery
Mr A L Siavoshian
Mr J Swabey
Mr M Edwards
Auditor

Sumer Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review and future developments and principal risks and uncertainties information.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr O L Bradbeer-Dubery
Director
12 November 2025
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WILLIAMS & HILL LIMITED
- 4 -
Opinion

We have audited the financial statements of Williams & Hill Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 30 June 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 UK, including the FRC’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 report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WILLIAMS & HILL LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WILLIAMS & HILL LIMITED
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

- Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
12 November 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
13,765,387
14,702,836
Cost of sales
(4,818,856)
(5,366,728)
Gross profit
8,946,531
9,336,108
Distribution costs
(497,050)
(713,958)
Administrative expenses
(6,056,767)
(6,127,214)
Other operating income
522,691
522,691
Amounts owed from group companies written off
4
-
0
(8,658)
Operating profit
5
2,915,405
3,008,969
Interest receivable and similar income
8
33,762
-
0
Interest payable and similar expenses
9
(301,359)
(490,665)
Profit before taxation
2,647,808
2,518,304
Tax on profit
10
(654,400)
(617,490)
Profit for the financial year
1,993,408
1,900,814

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
22,074
-
0
Tangible assets
13
192,461
271,817
Investments
14
1,500
-
0
216,035
271,817
Current assets
Debtors
15
9,325,525
10,039,559
Cash at bank and in hand
1,672,840
1,406,085
10,998,365
11,445,644
Creditors: amounts falling due within one year
16
(3,707,324)
(4,505,231)
Net current assets
7,291,041
6,940,413
Total assets less current liabilities
7,507,076
7,212,230
Creditors: amounts falling due after more than one year
17
(2,906,855)
(3,519,112)
Net assets
4,600,221
3,693,118
Capital and reserves
Called up share capital
22
12,307
12,307
Share premium account
72,693
72,693
Profit and loss reserves
4,515,221
3,608,118
Total equity
4,600,221
3,693,118

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 November 2025 and are signed on its behalf by:
Mr O L Bradbeer-Dubery
Director
Company registration number 04484125 (England and Wales)
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
12,307
72,693
2,543,609
2,628,609
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
1,900,814
1,900,814
Dividends
11
-
-
(836,305)
(836,305)
Balance at 30 June 2024
12,307
72,693
3,608,118
3,693,118
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
1,993,408
1,993,408
Dividends
11
-
-
(1,086,305)
(1,086,305)
Balance at 30 June 2025
12,307
72,693
4,515,221
4,600,221
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
1
Accounting policies
Company information

Williams & Hill Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 Space Waye, Feltham, Middlesex, TW14 0TH.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements true.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 11 -

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation 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:

Website development costs
3 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Short term leasehold property
Straight line over the life of the lease
Plant and machinery
33% straight line per annum
Fixture and fittings
33% straight line per annum
Motor Vehicles
25% straight line per annum

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.

1.7
Fixed asset investments

Other investments consist of jewellery measured at fair value through the statement of comprehensive income.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.11
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.

1.12
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.

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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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 balance sheet 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 lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the useful lives of each asset, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,635,771
10,291,985
Europe
1,376,538
1,470,284
Rest of the world
2,753,078
2,940,567
13,765,387
14,702,836
2025
2024
£
£
Other revenue
Interest income
33,762
-
4
Exceptional item
2025
2024
£
£
Expenditure
Amounts owed from group companies written off
-
8,658
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(50,980)
(91,005)
Fees payable to the company's auditor for the audit of the company's financial statements
31,825
21,804
Depreciation of owned tangible fixed assets
55,100
61,853
Depreciation of tangible fixed assets held under finance leases
87,920
79,075
Profit on disposal of tangible fixed assets
-
(667)
Amortisation of intangible assets
1,886
-
Operating lease charges
677,951
640,982
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
4
4
Admin
66
73
Total
70
77

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,836,022
2,971,896
Social security costs
311,389
304,688
Pension costs
107,687
94,406
3,255,098
3,370,990
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
148,559
137,282
Company pension contributions to defined contribution schemes
44,882
36,082
193,441
173,364

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
33,762
-
0
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
286,154
473,607
Interest on finance leases and hire purchase contracts
15,205
17,058
301,359
490,665
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
652,000
604,000
Adjustments in respect of prior periods
-
0
(610)
Total current tax
652,000
603,390
Deferred tax
Origination and reversal of timing differences
2,400
14,100
Total tax charge
654,400
617,490

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,647,808
2,518,304
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
661,952
629,576
Tax effect of expenses that are not deductible in determining taxable profit
3,313
4,165
Adjustments in respect of prior years
-
0
(610)
Group relief
(33,356)
(25,000)
Permanent capital allowances in excess of depreciation
11,482
11,482
Other permanent differences
226
379
Roundings
10,783
(2,502)
Taxation charge for the year
654,400
617,490
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
11
Dividends
2025
2024
£
£
Final paid
1,086,305
836,305
12
Intangible fixed assets
Website development costs
£
Cost
At 1 July 2024
25,581
Additions
23,960
At 30 June 2025
49,541
Amortisation and impairment
At 1 July 2024
25,581
Amortisation charged for the year
1,886
At 30 June 2025
27,467
Carrying amount
At 30 June 2025
22,074
At 30 June 2024
-
0
13
Tangible fixed assets
Short term leasehold property
Plant and machinery
Fixture and fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
283,644
347,464
620,282
1,781,302
3,032,692
Additions
-
0
2,214
18,968
42,482
63,664
At 30 June 2025
283,644
349,678
639,250
1,823,784
3,096,356
Depreciation and impairment
At 1 July 2024
283,644
346,209
506,844
1,624,178
2,760,875
Depreciation charged in the year
-
0
1,156
75,948
65,916
143,020
At 30 June 2025
283,644
347,365
582,792
1,690,094
2,903,895
Carrying amount
At 30 June 2025
-
0
2,313
56,458
133,690
192,461
At 30 June 2024
-
0
1,255
113,438
157,124
271,817
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Tangible fixed assets
(Continued)
- 18 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Fixture and fittings
11,000
33,003
Motor Vehicles
133,692
157,126
144,692
190,129
14
Fixed asset investments
2025
2024
£
£
Other investments
1,500
-
0
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 July 2024
-
Additions
1,500
At 30 June 2025
1,500
Carrying amount
At 30 June 2025
1,500
At 30 June 2024
-
0
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,477,115
1,508,857
Amounts owed by group undertakings
7,236,201
7,877,209
Other debtors
18,691
154,328
Prepayments and accrued income
574,018
477,265
9,306,025
10,017,659
Deferred tax asset (note 20)
19,500
21,900
9,325,525
10,039,559
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
666,662
1,300,000
Obligations under finance leases
19
78,362
65,868
Trade creditors
1,263,983
1,188,323
Amounts owed to group undertakings
381,887
760,865
Corporation tax
349,392
251,842
Other taxation and social security
138,570
115,165
Other creditors
9,915
13,717
Accruals and deferred income
818,553
809,451
3,707,324
4,505,231

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
2,604,343
3,147,613
Obligations under finance leases
19
141,243
177,318
Accruals and deferred income
161,269
194,181
2,906,855
3,519,112

Accruals and deferred income includes amounts falling due in more than five years of £62,669 (202 4 - £88,862).

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

During the financial year the loan balance increased with the introduction of the management buy out loan which was acquired to finance the management team's part purchase of the group.

18
Loans and overdrafts
2025
2024
£
£
Bank loans
3,271,005
4,447,613
Payable within one year
666,662
1,300,000
Payable after one year
2,604,343
3,147,613
WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
18
Loans and overdrafts
(Continued)
- 20 -

Included in bank loans is a balance of £3,271,005 (2024 - £4,447,613) which relates to a loan facility with Barclays. £666,662 (2024 - £1,3 00,000) of the total balance is due within 12 months and £2,604,343 (2024 - £3,147,613) is due in more than 12 months of the balance sheet date. The loan is secured by a debenture granted by Williams & Hill Limited and a cross guarantee and debenture by Williams & Hill Forwarding Limited, Williams & Hill Group Limited, Jaso Holdings Limited, JAO Investments Limited, ELS Capital Limited, ALBD Investments Limited, Olma Holdings Limited and Williams & Hill Storage & Distribution Limited. The loan incurs interest at 2.75% per annum above the Bank of England base rate.

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
78,362
65,868
In two to five years
141,243
177,318
219,605
243,186

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Decelerated capital allowances
14,300
17,100
Pension liability
5,200
4,800
19,500
21,900
2025
Movements in the year:
£
Asset at 1 July 2024
(21,900)
Charge to profit or loss
2,400
Asset at 30 June 2025
(19,500)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,687
94,406

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £20,755 (202 4 - £19,279) were payable to the fund at the reporting date and are included in creditors.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
12,307
12,307
12,307
12,307

The company's ordinary shares are non-redeemable and carry no right to fixed income. Each share ranks equally in terms of voting rights and carries the right to one vote at general meetings of the company. All shares issued give rights to participate in all approved dividend distributions for that class of share and rights to participate in any capital distribution on winding up.

23
Financial commitments, guarantees and contingent liabilities

The company has provided a customs guarantee to HMRC in respect of the customs duties and taxes of the company and the amount of the guarantee is £640,000.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, some of which are paid by a fellow group company which fall due as follows:

2025
2024
£
£
Within one year
1,313,533
1,343,540
Between two and five years
1,775,821
2,691,076
In over five years
890,890
1,253,845
3,980,244
5,288,461
25
Related party transactions
Other information

In accordance with the requirements in Section 33.1A of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

WILLIAMS & HILL LIMITED
(FORMERLY WILLIAMS & HILL FORWARDING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
26
Ultimate controlling party

The ultimate controlling party is JAO Investments L td, a company registered in England. The parent company is Williams and Hill Group L td, which is the immediate parent company by virtue of its 100% share holding. The address of the registered office of the ultimate parent is 3 West Buildings, Worthing, West Sussex, BN11 3BS

The financial statements of the company are consolidated in both Williams and Hill Group L td and JAO Investments Limited. Copies of the consolidated financial statements are available from Companies House.

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