Registration number:
David Williams IFA Holdings Limited
for the Year Ended 31 March 2025
David Williams IFA Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
David Williams IFA Holdings Limited
Company Information
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Directors |
L Womack S J W Womack |
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Registered office |
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Auditors |
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David Williams IFA Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is a financial services holding company.
Fair review of the business
The Directors are pleased with the performance of the business through the latest financial year.
Principal risks and uncertainties
Whilst the company is strongly placed, it is impacted, in common with all business, by external factors.
The company however is run on a prudent basis, which allows the Board to be confident that from a position of financial strength the impact of these risks will be absorbed without deflecting it from the strategic developments planned for future years.
Some external factors that the company can be impacted by include, but are not limited to, changes in legislation and to the regulatory environment, economic downturn, loss of key staff and the failure of IT systems. The Board has in place and maintains a number of mitigating controls and procedures in order to reduce the aforementioned risks.
Financial risk
The company's principal financial assets are bank balances and cash and investments and is considered to have no significant cash flow risks given the healthy cash accumulation through ordinary trading.
Approved and authorised by the
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David Williams IFA Holdings 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 of the company
The directors who held office during the year were as follows:
Going concern
In preparing these financial statements, the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements.
Based on the current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence, along with the financial support of its directors, for a period of at least twelve months from the date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Sumer Auditco Limited are deemed to be reappointed under section 485 of the Companies Act 2006.
Approved and authorised by the
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David Williams IFA Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
David Williams IFA Holdings Limited
Independent Auditor's Report to the Members of David Williams IFA Holdings Limited
Opinion
We have audited the financial statements of David Williams IFA Holdings Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 31 March 2025 and of its loss 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
David Williams IFA Holdings Limited
Independent Auditor's Report to the Members of David Williams IFA Holdings Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 4], 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.
David Williams IFA Holdings Limited
Independent Auditor's Report to the Members of David Williams IFA Holdings Limited
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
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the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities; |
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the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls); |
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management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and |
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the industry and environment in which it operates. |
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We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
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laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, FCA reporting requirements, Company Law, tax and pension legislation and distributable profits legislation; |
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the timing of the recognition of commercial income; |
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compliance with legislation relating to GDPR, health and safety; |
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management bias in selecting accounting policies and determining estimates; |
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inappropriate journal entries; |
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recoverability of debtors; and |
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valuation of investments. |
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We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. |
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Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: |
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enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; |
David Williams IFA Holdings Limited
Independent Auditor's Report to the Members of David Williams IFA Holdings Limited
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enquiries with the same concerning any actual or potential litigation or claims; |
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discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; |
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assessment of matters reported to management and the result of the subsequent investigation; |
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obtaining an understanding of the relevant controls during the period; |
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obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; |
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review documentation relating to compliance with the regulations relating to Health and Safety and local employment law including certificates seen, insurance policy and health and safety statements; |
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challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; |
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identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; |
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assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; |
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reviewing the financial statements for compliance with the relevant disclosure requirements; |
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performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; |
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reviewing the minutes of Board meetings and correspondence with HMRC; |
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evaluating the underlying business reasons for any unusual transactions; and |
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considered the implementation of controls during the year. |
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No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
David Williams IFA Holdings Limited
Independent Auditor's Report to the Members of David Williams IFA Holdings Limited
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 2006. Our 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.
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For and on behalf of
33 Cavendish square
London
W1G 0PW
David Williams IFA Holdings Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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- |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
David Williams IFA Holdings Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
2024 |
|
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
David Williams IFA Holdings Limited
(Registration number: 11987966)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,725 |
4,725 |
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Other reserves |
1,274,030 |
1,274,030 |
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Retained earnings |
16,287,821 |
16,396,067 |
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Shareholders' funds |
17,566,576 |
17,674,822 |
Approved and authorised by the
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David Williams IFA Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Merger reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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|
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Loss for the year |
- |
- |
( |
( |
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At 31 March 2025 |
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|
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Share capital |
Merger reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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|
|
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Loss for the year |
- |
- |
( |
( |
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At 31 March 2024 |
4,725 |
1,274,030 |
16,396,067 |
17,674,822 |
David Williams IFA Holdings Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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2025 |
2024 |
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Cash flows from operating activities |
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
||
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Depreciation and amortisation |
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|
|
Loss on disposal of tangible assets |
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- |
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Finance costs |
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Working capital adjustments |
||
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Increase in trade debtors |
( |
- |
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Increase in trade creditors |
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Net cash flow from operating activities |
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|
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Cash flows from investing activities |
||
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
||
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Interest paid |
( |
( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
241,210 |
48,100 |
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's functional and presentational currency is GBP.
All amounts in the financial statements have been rounded to the nearest £1.
Going concern
In preparing these financial statements, the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements.
Based on the current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence, along with the financial support of its directors, for a period of at least twelve months from the date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
20% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
- |
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Pension costs, defined contribution scheme |
|
- |
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The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
|
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Remuneration |
- |
|
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Contributions paid to money purchase schemes |
|
- |
|
40,000 |
6,000 |
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Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
- |
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
|
Motor vehicles |
Total |
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Cost or valuation |
||
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At 1 April 2024 |
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Additions |
|
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Disposals |
( |
( |
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At 31 March 2025 |
- |
- |
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Depreciation |
||
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At 1 April 2024 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 March 2025 |
- |
- |
|
Carrying amount |
||
|
At 31 March 2025 |
- |
- |
|
At 31 March 2024 |
|
|
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Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 |
|
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Provision |
|
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Carrying amount |
|
|
At 31 March 2025 |
|
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At 31 March 2024 |
|
David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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|
2025 |
2024 |
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Subsidiary undertakings |
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5 Waterside Way, Northampton, NN4 7XD England and Wales |
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Subsidiary undertakings |
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David Williams IFA Limited The principal activity of David Williams IFA Limited is |
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Debtors |
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Current |
Note |
2025 |
2024 |
|
Amounts owed by related parties |
|
- |
|
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Other debtors |
|
|
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|
|
|
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Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
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Amounts due to related parties |
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Accruals |
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Due after one year |
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Loans and borrowings |
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David Williams IFA Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
945 |
|
4,725 |
|
|
|
3,780 |
- |
- |
|
|
|
|
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Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Other borrowings |
|
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Related party transactions |
The company has taken advantage of the exemption available in FRSI02 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
At the balance sheet date the company owed £10,995 (2024: £3,402) to a subsidiary.
At the balance sheet date the company was owed £4,663 (2024: £nil) from it's parent company.
At the balance sheet date the company owed £nil (2024: £20,910) to a director.
At the balance sheet date the company owed £8,564,866 (2024: £8,564,866) to former shareholders as part of a previous capital restructure.
13 Parent and ultimate parent untertaking
DWIFA Holdings 234 Limited own all of the shares in David Williams I F A Holdings Limited.
The company's immediate parent amd ultimate parent company is DWIFA Holdings 234 Limited, incorporated in England and Wales.